African Rainbow Minerals Limited · JSE:ARI

African Rainbow Minerals — RBC Platinum Conference 2008

36 slides from African Rainbow Minerals's conference presentation, May 16, 2008

  1. Slide 1: ARM Platinum: Moving into overdrive

    ARM Platinum Moving into overdrive RBC Platinum conference 16 May 2008

  2. Slide 2: Perfect diversified commodity mix

    P f t diversified Perfect di ifi d commodity dit mix i 90% 2

  3. Slide 3: Growing diversified commodity business

    G Growing i diversified di ifi d commodity dit bbusiness i Attributable EBIT split between operations 12 months th tto 30 J June 2007 6 months th to t 31 D December b 2007 Iron Ore Manganese 20.6% 41.2% Manganese Nkomati* 19.3% Iron Ore 20.3% Chrome 12.6% Chrome 2.6% 5.3% Thermal Coal Nkomati* Therm

  4. Slide 4: ARM Platinum volume growth

    ARM Platinum volume growth E l Explorers, Juniors,????, J i ???? MMajors j 450 400 Modikwa Two Rivers Nkomati 0 .oz) 350 (‘000 nd ounces 300 PGMS 250 200 Thousan Atttributable P 150 100 50 - 2005a 2006a 2007a 2008e 2009e 2010e 4

  5. Slide 5: Power mitigation

    P Power mitigation iti ti • Dayshift – Nightshift • Compressed Air vs Diesel / Electric • Diesel / Gas Generators • Stockpile management • Shallow Deposits / Opencast 5

  6. Slide 6: Platinum Mine Optimisation

    Pl ti Platinum Mi Mine O Optimisation ti i ti • Western – Eastern – North – Zimbabwe • Reef Type, Width, Grade, Prill Split, F/W and H/W • Di St Dip, Strike ik (4 – 5 kkm), ) DDepth th • Mining Method – Production Statistics • Infrastructure - Water,power,road,rail,towns • Project Management • Timin

  7. Slide 7: Mine project – time versus depth

    Mine project – time versus depth 500 500m Depth from surface Modikwa Nkomati Two Rivers Opencast Plant 0 years 4 years 8 years Mine development 7

  8. Slide 8: Two Rivers

    FarM African Rainbow Minerals Two Rivers

  9. Slide 9: Two Rivers: Introduction

    Two Rivers: Introduction • Eastern Limb of Bushveld Complex • PGM Producer • 2.7 Mtpa (225,000 tpm) • 220 000 PGE oz pa (120 220,000 (120,000 000 Pt oz pa) • Joint Venture • ARM (55%) Management • Impala (45%) Smelting, Refining, Marketing • Fundamentals • Owner operator • Outsource concentrator & t

  10. Slide 10: Two Rivers: Mine – Shallow Deposit

    Two Rivers: Mine – Shallow Deposit • Dec 01 : Land Purchase • Sep 02 : Bulk Sample Shaft • Jan 04 : Trial Mining • Jun 05 : Project Approval • Aug 06 : Plant Commissioning (1 month early and 12% below budget) • Jan 07 : North Decline • Mar 07 : Plant Full Production • Mar 08 : UG Mining Full Product

  11. Slide 11: Two Rivers: Location

    Two Rivers: Location N th D North Decline li Analyst Visit – Sep 07 11

  12. Slide 12: Two Rivers: Geology

    Two Rivers: Geology Leno eon 7 Chromitite AngloPt Pyroxenite ° (Atock Mine) Som A vicenha (Twickenham) Pyroxenite Pyroxenite A Impala — <- 106 cm 185 cm AngloPt / ARM 572 cmg/t 781 omg/ ——— Pt:Pd=1:1 PtrPd= 5 © Burgersfort Salene Mining (Rhodium Reefs) a ARM/Tmplats a Steelpoort Fault / Two Rivers _

  13. Slide 13: Two Rivers UG2 Reef Section: North - South

    Two Rivers UG2 Reef Section : North - South 13

  14. Slide 14: Two Rivers Resource & Reserve Statement

    Two Rivers Resource & Reserve Statement As at Feb 2008 Grade (g/t) Moz Moz Category Mt Pt Pd Rh Au (3E+Au) (5E+Au) Pt 6E UG2 Resources Measured 14.78 2.54 1.56 0.47 0.05 4.62 5.52 1.21 2.62 Indicated 41.69 2.05 1.23 0.38 0.04 3.70 4.46 2.75 5.98 Total 56.47 2.18 1.32 0.40 0.04 3.94 4.74 3.96 8.60 UG

  15. Slide 15: Two Rivers: Mining

    African Rainbow Minerals Two Rivers: Mining 15

  16. Slide 16: Two Rivers: Decline Cross Section

    Two Rivers: Decline Cross Section 560m 430m Analyst Visit – Sep 07 16

  17. Slide 17: Two Rivers Operational Summary Statistics

    Two Rivers Operational Summary Statistics 2007 Steady Description Unit Actual State Safety LTIFR rate 3.6 - Fatal no 1 - Technical ROM '000 t , 1,277 3,068 , Tonnes Milled '000 t 2,044 2,700 Head Grade 4E g/t 3.49 3.42 Concentrator Recoveries 4E % 77.40 82.50 Ounces produced '000 oz 154 250 Platinum

  18. Slide 18: Two Rivers: Tonnes Milled Profile

    Two Rivers: Tonnes Milled Profile 250,000 Unprotected Ramp Up 200,000 Strike 150,000 Month erTons Tons pe 100 000 100,000 50,000 - May-07 Aug-06 Nov-06 Mar-07 Apr-07 2003 2004 2005 Jul-06 Sep-06 Oct-06 Dec-06 Jan-07 Feb-07 Jun-07 2008 2009 2010 2011 2012 History Actual Future Plan 18

  19. Slide 19: Industry Cost Curve

    ZAR R/ton Cash Opera ating Cost 0 100 200 300 400 500 600 700 800 900 WLTR (AMS) P (AQP) CTRP Kroondal (AQP) Everest (AQP) Source: BJM research Mimosa (AQP) Aquarius Group (AQP) a (IMP) Mimosa Kroondal ((AMS) 275 R/t Two Rivers s (ARI) Two Rivers Steady State: Zimplats s (ZIM) Zimplats s (IMP) Motot

  20. Slide 20: Modikwa

    FarM African Rainbow Minerals Modikwa

  21. Slide 21: Locality – Modikwa

    L Locality lit – Modikwa M dik Platinum Pl ti Mi Mine 21

  22. Slide 22: Modikwa Platinum Mine – lease area

    M dik Modikwa Platinum Pl ti Mi Mine – lease l area 24 8km 24.8km Mpumalanga Province Total lease area 14 278 ha 22

  23. Slide 23: Modikwa Resource Classification – Tonnage

    Modikwa Resource Classification – Tonnage 100 % JV (Milli (Millions)) Merensky UG2 Total 18.7 50.7 69.4 Measured (8.6%) (24.8%) (16.4%) 46.8 64.4 111.2 Indicated (21.5%) (31.5%) (26.3%) 152.0 89.6 241.6 Inferred (69.9%) (43.8%) (57.2%) Total 217.5 204.7 422.2 • Resource discounted for geological los

  24. Slide 24: Modikwa: Both Reefs under continuous evaluation

    Modikwa B th R Both Reefs f under d continuous ti evaluation l ti UG2 Investment Centres S3# N3# S2# N2# N1# S1# Merensky Investment Centres N3# S2# N2# N1# S1# 24

  25. Slide 25: Modikwa Breast stoping layout with footwall development

    Modikwa B Breast t stoping t i layout l t with ith ffootwall t ll ddevelopment l t Footwall Drive Mining Mining Direction Direction ASG PILLARS Mined Out Area Unmined Area See Enlargement Enlargement 4m 30 m Footwall Drive Muck Bay Cross Cut Travelling Way & SO 210 m Final Layout 25

  26. Slide 26: Modikwa Conversion from Dip to Breast Mining

    M dik Modikwa Conversion C i ffrom Di Dip tto B Breastt Mi Mining i 120 100 nels 80 No. of Pan 60 40 20 0 'Dec 07 'Dec 08 'Dec 09 'Dec 10 Standard Final Breast spacing at 210 m Interim Breast spacing at 100m Breast from Dip spacing at 70m • Onlyy breast mining g is taking gpplace ((dip p mining g co

  27. Slide 27: Modikwa Average Tons Milled per Month

    Modikwa A Average T Tons Milled Mill d per M Month th Merensky trial mining 250000 200000 Tons Milled 150000 100000 T 50000 0 '02 '03 '04 '05 '06 '07 H1 '08 Other Sources 75,545 44323 22886 28094 4,843 8,419 11,907 HG UG2 119,455 157,427 174,114 189,156 205,824 176,677 197,934 • H1 07 – Strike • Ste

  28. Slide 28: Modikwa Built-up Headgrade

    Modikwa B ilt Built-up H Headgrade d d 5 4 3 g /t 4 E 2 1 0 '03 '04 '05 '06 '07 H1 '08 UG2 HG BUH 3 22 3.22 4 28 4.28 4 47 4.47 4 46 4.46 4 40 4.40 4 51 4.51 28

  29. Slide 29: Nkomati

    FarM African Rainbow Minerals Nkomati

  30. Slide 30: Nkomati Nickel Project

    Nk Nkomati ti Ni Nickel k lPProject j t Nkomati Nickel is a 50:50 JV between ARM and Norilsk Nickel Total nickel in concentrate: 20 500 tpa Average grade: 0.35% Ni; Total plant capacity: 625 ktpa PCMZ Nickel in concentrate: 5 000 tpa MMZ Nickel in concentrate: 15 500 tpa Average grade: 0.25%Ni; PCMZ

  31. Slide 31: Nkomati

    FaxtM African Rainbow Minerals Nkomati 31

  32. Slide 32: Kalplats

    FarM African Rainbow Minerals Kalplats

  33. Slide 33: Kalplats

    K l l t Kalplats • Exploration • Pre-feasibility y in p progress g • Opencast Potential • Platinum Australia presentation later 33

  34. Slide 34: 2 x 2010 Delivering on growth plans in ARM Platinum

    2 x 2010 Delivering on growth plans in ARM Platinum At steady state Operation Project Production in Life of mine (100% basis) stage FY 2007 Production Financial year (years) Approaching 30 years on the Modikwa 274 174 PGMs 350 000 oz PGMs 2008/9 steady state UG2 orebody 20 yyears on the T Rivers Two

  35. Slide 35: ARM Platinum Summary

    ARM Platinum Summary • Eastern Limb • Shallow, Long Life Assets • E t bli h d PGM P Established Producer d • Positive Cash Flows • Growth G o t Potential ote t a 35

  36. Slide 36: Questions?

    36 FaoxrM African Rainbow Minerals Questions?

African Rainbow Minerals — RBC Platinum Conference 2008 on 6ix