Venetia MineWelcomes

FUND MANAGERS DELEGATION

A GENERAL OVERVIEW

LOCATIONTANZANIA

WILLIAMSON

Lake Victoria

NAMIBIA

ZIMBABWE

MOZAMBIQUE

LESOTHO

SOUTH AFRICA

DEBMARINECape Town

KOFFIEFONTEIN

FINSCH

KIMBERLEY MINES

Kimberley

JohannesburgELIZABETH BAY

NAMDEBAUCHAS

Durban

PREMIER

MARSFONTEINTHE OAKS

Pretoria

GaboroneTSWAPONG

LETLHAKANEORAPA

JWANENG

NAMAQUALANDMINES

BOTSWANAVENETIAVENETIA

SWAZILAND

REGIONAL PLAN

BOTSWANA

VENETIA

Venetia to Johannesburgapproximately 500km

37km

80km

Alldays

To Ellisras

Pontdrif Beit Bridge

Musina

N1

To MakhadoWaterpoort

To Polokwane

153km

Railway

Line

Taaiboschgroet

RaditshabaEldorado

SoutpansbergKalkheuwel

Limpo

po R

iver

ZIMBABWEShashe River

HISTORY OF DISCOVERY

♦ 1903 - Diamond bearing gravels discovered on the farmSeta, 35km north-east of the present mine

♦ 1969 - De Beers undertook a soil-sampling programme

♦ 1974 - Discovery of a small kimberlite near Beit Bridge, Zimbabwe, leads to further sampling

♦ 1980 - Existence of Kimberlites confirmed in September

♦ 1988 - Feasibility study commissioned in July and completed inJuly 1989

♦ 1989 - Board approval of R1,1 billion project given in December

♦ 1992 - 30 month project with first production month being July

MISSIONTo contribute to the

Growth and Profitability of De Beers by mining diamonds

VISIONOur vision is to be the world leader in

Open Cast Diamond Mining

FOCUS 2002/2003

♦Performance Management

♦Culture

♦Cash flow and cost Management

♦Technology

♦People

MAKE TARGETS WITH A MOTIVATED WORKFORCE

FOCUS AREAS:

♦ Innovation

SAFETY, HEALTH & ENVIRONMENT

SAFETY ACHIEVEMENTS

1993 - NOSA 5 Stars

1995 - De Beers Chairman Safety Shield Award

1996 - NOSCAR Grading (1st year) - Government Mining Engineer Safety Flag Award

1997 - De Beers Chairman Safety Shield Award - NOSCAR Grading (2nd year)Implementation of the new Mine Health and Safety Act

1998 - NOSCAR Grading (3rd year)

1999 - NOSCAR Grading (4th year) 1 million Injury Free Manhours

2000 - NOSCAR Grading (5th year)

2001 - NOSCAR Grading (6th year) 1 million Injury Free Man-hours

2002 - 1 million Injury Free Man-hours

2003 - Platinum NOSCAR SHE integrated systems (7th year NOSCAR)

1.2

1.49

1.06

0.36

0.23 0.23

0.080.14

0.37

0.53

0.38

0.21

0.36

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002OPENCAST/SURFACE BENCHMARKINGLandau 0.46 Jwaneng 0.14New Vaal Colliery 0.38 Orapa 0.09Richards Bay 0.38 NMQ Mines 0.09Kleinkopje 0.27 NMQ Sands 0.08Namdeb 0.2 The Oaks 0

BENCHMARKING

3RD QTR 2002

DIAMOND MINE BENCHMARKINGBHP Diamonds 2.7 De Beers NB 0.2Argyle Diamonds 1.34 Debswana 0.11Diavik 0.49 Williamson 0.1De Beers SA 0.44 Snaplake 0De Beers Opex 0.26

BENCHMARKING

3RD QTR 2002

LOST TIME INJURY FREQUENCY RATE

ENVIRONMENTAL MILESTONES

1991 - Environmental Impact Assessment (EIA) completed.

1994 - Environmental Management Program Report (EMPR) completed.

1995 - EPPIC Award received for work at Wellfields.

1998 - Environmental Management System (EMS) implemented.

1999 - Rehabilitation Program reviewed.

1999 - Salvage Management System implemented.

2000 - ISO 14001 certification.

2001 - ISO14001 certification retained.Rehabilitation of Rugen Waste Rock dumpstarted (continuos rehabilitation).

2002 - Re-certified ISO14001 compliant byNOSA - NQA.Transplanted 8 Baobab trees

ENVIRONMENTAL STATISTICS

1.63

1.43

0.750.61

0.720.63

0.92

0.6

0.8

0.6

0.78

0.58

0.99

0.780.74

0.580.75

0.620.6

0.53

0.750.68

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

m3 per ton treated (total) m3 per ton treated (plant)

WATER

ENVIRONMENTAL STATISTICS (cont)

♦ Total mine water usage = 3.55 million m3/annum

♦ Total plant water usage = 3.2 million m3/annum

♦ Capacity of off-channel storage dam = 4 million m3

♦ Period water supply would last without river flow = 17 months(longest recorded no flow period = 19 months measured in 1945)

♦ Underground water abstraction governed by two factors:- Water depth below baseline - not to exceed 4m- Stress of trees - not to exceed 23 bar

♦ Water recovered from slimes dam = + 30%♦ Mean annual rainfall = 350mm♦ Mean annual evaporation = 2500mm

ISO CERTIFICATION

ISO 9002 obtained in 1996

ISO 14001 obtained in 2000

CURRENT STATISTICS

Life of Open Pit - 11 years

2002 tonnage treated - 4,7 Mt

2002 grade - 108 cpht

2002 caratage - 5,08 Mct

Type of mine - open pit

Number of employees - 809

LTIFR (2002) - 0,36

NOSA Grading - 5 Star (NOSCAR Platinum Status)

CURRENT STATISTICS (cont)

Surface area of K001and K002 - 17ha

Size of current pit - 121 ha

Ore treated to date - 43 million tons

Waste removed to date - 129 million tons

Carats recovered to date - 51 million carats

Largest diamond recovered - 272 carats

2nd largest diamond recovered - 258 carats

TONS TREATED CARATS RECOVERED

111 353

1576

45

3614

4969

4153

4922

3192

4353

3341

4284

3414

4336

3326

4495

337837393686

44984200

49774710

5077

6612

5348

300

800

1300

1800

2300

2800

3300

3800

4300

4800

5300

5800

6300

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

TONS TREATED CARATS RECOVERED

CONTOPS Jan’93 - Dec’94

CONTOPS Nov 2000

VENETIA MINE PLAN VIEW

K2

K1

TAILINGSDUMP

N PLANT

WASTEDUMP

WASTEDUMPSLIMES

DAM

MANAGEMENT OFFICESSECURITY ACCESS

MESSINA

SECURITY AREA: SECURITY AREA: 2 250h2 250h

WORKSHOPS

RECOVERY&

SORTHOUSE

GEOLOGY

SOUTHERN AFRICAN KIMBERLITE DISTRIBUTION

Cape Fold Belts

Kimberlite Fields

* Numbers depict age in millions of years

Kaapvaal Craton

Rhodesian Craton

Craton (after Mitchell1986)

Cape Town

ColossusOrapa80-90

Venetia510

Premier1 200

Dokolwayo300

Swartruggens150 Kroonstad

WinburgLesotho 80-90

E Griqualand150-190

Barkley West120Pofadder

Rietfontein70

W Namibia

Gibeon60-70

Jwaneng80-90

Sabong

CentralCape

70

NE Namibia

Kimberley60-90

SCHEMATIC GEOLOGICAL MODEL:VENETIA MINE K1 PIPE

Gneisses o

f the

Limpopo Belt

Crater Facies

Diatreme Facies

Root Facies

Original Surface at 530Ma

+/- 1 km of erosion

Present Surface

VENETIA KIMBERLITES

K002

K001

K003

K004

K005

K007 K012

K008

K011

K006

Copper Deposit

K016

Surface

Reserve/Resources as at 31 December 2002

Bench 9

Bench 35

108m

120m

400m

Bench 18Bench 21

36m

168m

ILLUSTRATION SHOWING K1 PROBABLE

RESERVE & RESOURCE

ILLUSTRATION SHOWING K1 PROBABLE

RESERVE & RESOURCE

SCHEMATIC OF OPEN PIT WASTE CUTS

SCHEMATIC & STATISTICS OF CUT 3

SCHEMATIC & STATISTICS OF CUT 4

ORE EXTRACTION WORK FLOW DIAGRAM

Plan & Schedule

Mine Design

Blast Design

Drill

Blast

Load

Haul

MTP

Waste

Crusher

ORE PROCESSING

Primary Crusher(From Ore Extraction)

-150 mm

Main Stockpile

Scrubbing

Screening

DMS Coarse Stockpile

-25mm +8mm

Fines DMS Coarse DMSTailings Dump

Recovery

Sort House

-8mm +1mm

DMS Fines Stockpile

Reconcentration Plant

Roll Crusher

Re-Crush Stockpile

SecondaryCrusher

+25mm

Slimesdam

Water Recovery

-1mm

ORE PROCESSING FLOW DIAGRAM

TONS PER MANHOUR

0.240.28

1.320.91

1.56

3.57

1.23

3.44

1.34

4.53

1.33

4.84

1.25

6.07

1.27

5.50

1.40

7.77

1.92

9.62

2.01

10.38

2.17

14.27

0123456789

101112131415

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

TONS TREATED PER MANHOUR TONS MINED PER MANHOUR

TON

S PE

R M

AN

HO

UR

CONTOPS Jan’93 - Dec’94

CONTOPS From 27/11/00Commissioning

PRODUCTION AND WORKING COST PER TON

Working costs in 2002 rands

0

5000

10000

15000

20000

25000

30000

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

Years

Tons

(000

)

R 0.00R 10.00R 20.00R 30.00R 40.00R 50.00R 60.00R 70.00R 80.00R 90.00R 100.00

Cos

t per

Ton

Tons Treated Waste Stripped Cost per Ton Treated Cost per Ton Mined

TECHNOLOGY

♦ Split shell mining method♦ Fleet Management Control System♦ Drill Monitoring System♦ Computer Aided Earthmoving System♦ Plant Control Expert System♦ Mine Planning System♦ Integrated Resource Asset Management System♦ Batcat Diamond Transport System♦ Scannex Personnel Scanner

REVISED SLOPE ANGLES

3737 5656

5050

5555

56565050

45453737

Results of Geotech study 1999/2000

5% General Risk factor (PoF), 15% above ramp Domain 4

UPSIZING OF THE TRUCK FLEET 1992-2001

90t136t

190t

PRODUCTION DATA FLOW

Barlows

ICI

Minred

&

Finance

MinRAS

SFS&

Gemcomfor

Windows

MicroStation FMCS

EMV Forecast

Talpac

SurPac

MTP

RecoveryDrill & Blast

Records

Whittle 4XAudit

Reports

Budget

SYSTEM DESIGN...

Management Information

ITRAMS / GEMSREPOSITORY

(SQL)

Exploration

Geotechnical

Geology & Reserves

Mine Design & Planning

Drilling and Blasting

Short Term Planning

Production Reconciliation

Load and Haul

Surveying

Mineral Inventory

Environment

SMART PARTNERSHIP

common objective

reduce working costs

efficiency improvements

increased productivity

innovation and technology

safety and training

COMMUNITY COMMITMENT

R100 000 TOWARDS:♦ Schools♦ Infrastructure♦ Pre-School Toys♦ Sports Development

♦ Soup Kitchen♦ Conservation Outings

♦ Social Worker (R50 000)♦ Three houses (maintained):

- physically impaired- mentally impaired- orphans

SCHOOLS

♦ Re-Engineering - roles, structure changes♦ Strategic Planning Sessions♦ Teambuilding ♦ Computers (R 200 000 computer centres in both schools) ♦ Winning Teams - focus on English (Maths, Science, Biology)♦ Teachers Salary Subvention - R 1,1 million ♦ Governing Body Representation♦ Pass Rate - overall from 38% to 75%

THE END