Investment Analysts And Fund Managers Visit

Union Platinum Mine

7 May 2004

Agenda

� Location� Safety and Environment� Geology� Resources and Reserves� Mining Method� Production� Metallurgy� Operating Cost� Capital Program� Human Resources� Key Business Issues

Location

%U

%U

%U

%U

%U

%U

%U

%U

%U

AMANDELBULT

UNION

BAFOKENG/RASIMONESTYLDRIFT JV

RUSTENBURG

POTGIETERSRUSTPLATINUMS LIMITED

TWICKENHAM

DER BROCHEN

LEBOWA PLATINUM MINES

ð

LIMPOPO

MPUMALANGA

GAUTENG

NORTH-WEST

RUSTENBURGPRETORIA

WITBANK

MOKOPANE (POTGIETERSRUS)

POLOKWANE (PIETERSBURG)

BELA BELA (WARMBATHS)

JOHANNESBURG

NORTHAM

PANDORA JV

BOOYSENDAL JV

MODIKWA

BURGERSFORT

LYDENBURG

PASCHASKRAAL JV

LegendBushveld Complex

Anglo Platinum

Anglo Platinum - Joint Venture

Impala Platinum Mines

Lonmin PLC

Northam Platinum Limited

Southern Era

Merensky

UG2

Platreef

UNKI PROJECT

Botswana

Zimbabwe

MozambiqueNamibia

±

Republicof

South AfricaPolokwane Smelter

0 2010

Kilometres

UNION LOCATION

Plan of RPM Union

SHE Strategy

! Creating a culture of safety, participation, quality, excellence and being performance driven.

� By being focused on:-

� Safe and sound mining practices

� Employee development

� Employee relations

� Cost efficiency

� Care for the environment

� Strategic management which will ensure ore body optimization, sustainable delivery and growth

Union Section�s VisionWe at Union Section Support the Vision & Values of

Anglo Platinum by:

� Care for our people

� Environmental care

� Consistent performance

� Continuous improvement

� Ensure sustainability

Union Section�s Ethos

RECENT SAFETY MILESTONES ON THE ROAD TO EXCELLENCE

�1.4 Million underground fatality free shifts.

� Surface Section �6,5 million fatality free shifts�fatality free for more than 9 years.

� Achieved ISO 14001 accreditation.

Union Section LTIFR� 2000 to 2003

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

ACTUAL 4.42 3.17 1.31 1.25

2000 2001 2002 2003

Safety Strategy

Greater participation by all

Behaviour Based Safety

Restructuring of SHE resource

Safer methods and equipment

Permanent Engineering solutions

Contractor Management

Fall of Ground prevention strategy

Geology

!(

AMANDELBULT

UNIONROODERAND

BAFOKENG/RASIMONE

RUSTENBURG

PANDORA JV

RUSTENBURG

1́0

Kilometres

UNION LOCATION ON LANDSAT IMAGE

Merensky - 20 Year PlanUnion Section

2004 - 08

2009 - 13

2014 - 18

2019 - 23

N

Union SectionUG2 - 20 Year Plan

2004 - 08

2009 - 13

2014 - 18

2019 - 23

N

ALL DRILLING SPACING

LEGEND

UNDERGROUND DRILLHOLES

SURFACE DRILLHOLES

m0

36

18

54

CONTACT REEF

LENS REEF

MERENSKY REEFMAIN REEF

SINGLE CHROME

POTHOLE REEF

POTHOLE REEF

SHALLOW SLUMP REEF

SLUMP REEF

Pseudo Marker

TARENTAAL

XENOLITHPYROXENITE

PYROXENITE

UG1 CHROMITITE LAYER

UG2 CHROMITITE LAYER

UG2 SLUMP

Mottled Anorthosite NORITE

PYROXENITE

DOWNDIPUPDIP

UNION ECONOMIC STRATIGRAPGY

MINERALISATION

" Merensky Reef

Mining predominantly Regional Pothole Merensky Reef.

Consistent width and grade

Dip angle 18 degrees

" UG2 Reef

Consistent width and grade

Leaders mined with main seam

The UG2 structure on the flanks is more complex than the central area.

Minor slumping

Dip angle 18 degrees

HW PYROXENITE

MAIN REEFPEGMATOID

FOOTWALLANORTHOSITE

0 5 1510 20 25

MAIN REEF CHARACTERISTICS

AVE~220CM

0 10 20 30 40 50 60

g/t

o o o o o o

O /\

/\ O

O /\

/\ O

O /\

/\ O

O /\

/\ O

O /\

/\ O

O /\

/\ O

O /\

FELSPATHIC

HARTZBURGITE

PEGMATOIDAL

FELSPATHIC

PYROXENITE

PYROXENITE

POTHOLE REEF CHARACTERISTICS

20CM

0 5 10 15g/t

O O O

O O

O O O

o /\

/\ O

Feldspathic

Harzburgite

Chromitite

Chromitite

Chromitite

Pyroxenite

Pyroxenite

Pegmatoidal

Felspathic

Pyroxenite

Mai

n Se

amLe

ader

sea

ms

80CM

155CM

UG2 CHARACTERISTICS

MAJOR STRUCTURAL FEATURES

DYKES

FAULTS

30M

25M

200M

150M

500M

Resources and Reserves

RESOURCES

8.1631.7Total Resources

9.003.8Indicated Resources

8.0427.9Inferred ResourcesMerensky Reef

4E Ounces4E In situ GradeTonnage (Mt)CategoryOre Body

4.63159.4Total Resources

4.385.8Indicated Resources

4.64153.6Inferred ResourcesUG2 Reef

4E Ounces4E In situ GradeTonnage (Mt)CategoryOre Body

1.1678.4Indicated ResourcesTailings

4E Ounces4E In situ GradeTonnage (Mt)CategoryOre Body

Reserves

6.6720.0Total Reserves

6.6415.1Probable Reserves

6.754.9Proved ReservesMerensky Reef

4E Ounces4E Head GradeTonnage (Mt)CategoryOre Body

3.9347.1Total Reserves

3.9034.1Probable Reserves

4.0113.1Proved ReservesUG2 Reef

4E Ounces4E Head GradeTonnage (Mt)CategoryOre Body

MONTHS AVAILABLE ORE RESERVES

0

5

10

15

20

25

1999 2000 2001 2002 2003

YEAR

MO

NTH

S

Mining Method

Mining MethodsMine Design

ScatteredMerensky

Breast special precautions

Mined

Conventional Breast

Mined

Mechanised LowProfile with Belts

Mined

Low ProfileBreast mining

DeclineSection

Spud & Richard Shaft UG2

Merensky

Mining Methods Mechanised F/WAccess with conventional

Mining

Tamrock Low Profile Roof Bolter

Sulzer Rig

4 South Portal

4 B Portal

Production

Equivalent Refined Pt Ounces

250000

260000

270000

280000

290000

300000

310000

320000

330000

Ounces

Ounces 307300 291,100 269,500 276,700 318,200

1999 2000 2001 2002 2003

Union Section

Tons Milled

2000000250000030000003500000400000045000005000000550000060000006500000

Tons Milled

Tons Milled 3749000 4159000 4466000 4562000 5882000

1999 2000 2001 2002 2003

History

Metallurgy

Metallurgical processing

UG2 Mer4E % of 4E Total % 100.00% 100.00%4E Platinum (% of 4E split) 60.74% 61.73%4E Palladium (% of 4E split) 27.52% 28.96%4E Rhodium (% of 4E split) 11.18% 7.34%4E Gold (% of 4E split) 0.56% 1.96%Pt Iridium (% of Pt split) 6.37% 3.89%Pt Osmium (% of Pt split) - -Pt Ruthenium (% of Pt split) 24.24% 17.20%

Prill Splits

Ivan Plant Tailings Retreatment

Operating Costs

RPM Union SectionCash on-mine cost per equivalent refined ounces

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Cash on-mine cost per equivalentrefined ounce

2786 3489 3876 4232

2000 2001 2002 2003

RPM Union SectionCash on-mine cost per ton milled

150

175

200

225

250

Cash on-mine cost per ton milled 195 211 235 229

2000 2001 2002 2003

Pie Graph - Cost Comparison 2003

Labour40%

Contractors9%

Stores31%

Utilities6%

Sundries6%

Amortisation8%

Labour Contractors Stores Utilities Sundries Amortisation

COST INITIATIVES

� Concentration of Production

� Lower Cost Decline Production

� On-mine Cost Reduction

� Move from deep mining to shallow mining.

• Move from conventional mining to safer, mechanised mining whereappropriate and cost effective.

• Convert current high profile mechanised to low profile mechanised.

• Increase UG2 M2 production at Spud shaft and Declines.

• Extra UG2 to be milled at Ivan plant.

• Mining, Metallurgical, People optimisation.

STRATEGY

Capital Programmes

Capital Expenditure 2000 to 2003

0

100000

200000

300000

400000

500000

600000

700000

2000 2001 2002 2003

R'000

� 4B and 4South

� Mortimer plant

� Airfields tailings dam

� Infrastructure

Capital Programs

Main items 2002 and 2003

4 South Portal

Fully Automatic Low Profile Roof Bolter

Tamrock EJC Low Profile Loader

Tip-point chain feeder

Mortimer UG2 Expansion to 230000 tpm

Slag Flotation Plant

Airfields Tailings Dam & Tailings Thickener

Larox Filter

Surface Railway

Northam Road Upgrades

Human Resources

Human Resources strategyUnion HR Summary of Strategic Thrusts

�

- Business Planning

- Performance Management

- Employee Communications

- Work Design

- Human Resources Development

- Recruitment Selection & Assessments

- Employment Equity

- Employee Relations

- Socio-Economic Development

Human Resources� Employee Relations

� Employee relations are sound and are guided by the employee relations policy which has been signed and accepted by all players.

� Employment of local employees.� 43.5 % of the UNION SECTION�S labour is from local communities

� Contractors� Contractors will be utilized in accordance with established policies and

procedures when and where it can be done in the most cost effective way.

� Training� UNION SECTION has both underground and surface training centers.� Anglo Platinum training department is certified ISO9001 compliant. (The

on mine facility compliance audit is scheduled for 13 May 2004.)� Focus for 2004 will be supervisory development, mentorship,

implementation of FOG regulations, Strata Control and Rock Engineering training.

Key Business Issues

� Efficiency Improvements� Cost Optimisation� HIV/Aids� Charter Compliance