| A record financial performance |
|
| Highlights include a record financial performance and the in-principle conclusion of
significant BEE transactions. These will be concluded during 2008, paving the way for
the regulatory authorities to consider our applications for conversion of our
mining rights. |
| |
| JOINT ACTING CHIEF EXECUTIVE OFfiCERS NORMAN MBAZIMA’S AND DUNCAN WANBLAD’S REVIEW |
| Challenges : Safety, operations & cost |
| Record earnings were achieved for the second year in a row. This was attributable to very high
metal prices and was achieved in a year characterised by significant challenges in terms of safety,
operations and costs. |
| |
| MARKET REVIEW |
| Markets robust and demand firm |
| Markets remained robust and demand firm during 2007. Demand has been growing while South
African producers were experiencing production problems, which had the effect of reducing
supply into the market. |
| |
| OPERATIONS REVIEW |
| Safety - process in place |
| Twenty-nine people lost their lives in accidents of our managed (25) and non-managed (4)
operations during 2007. A management process is being put in place to address this, and there is
close collaboration with Anglo American plc in this matter. |
| |
