| 3E: three elements: platinum, palladium and gold. |
| 4E: four elements. The grade at Anglo Platinum mines is
measured as the combined content of the four most
valuable precious metals: platinum, palladium, rhodium
and gold. |
| AAplc: Anglo American plc, registered in the UK. |
| After-tax operating profit as a percentage of average
operating assets: net profit excluding net investment
income and income from associates as a percentage of
average operating assets. |
| Aquarius: Aquarius Platinum (South Africa) (Pty)
Limited. |
| Au: gold. |
| Average operating assets: average of the aggregate of
total assets less capital work-in-progress, cash and cash
equivalents, Platinum Producers' Environmental Trust
and investments at the beginning and end of the
financial year. |
| Built-up head grade: the total 4E grams produced from
the concentrating process from concentrate, metallics
(where applicable) and tailings, divided by the total tons
milled. See definition of 4E above. |
| Capital expenditure: total capital expenditure on
mining and non-mining property, plant, equipment and
capital work-in-progress. |
| Concentrating: the process of separating milled ore
into a waste stream (tailings) and a valuable mineral
stream (concentrate) by flotation. The valuable minerals
in the concentrate contain almost all the base metal and
precious metal minerals; these minerals are treated
further by smelting and refining to obtain the pure
metals (PGMs, Au, Ni and Cu). |
| Cu: copper. |
| Current ratio: current assets as a ratio of current
liabilities. |
| Debt:equity ratio: interest-bearing borrowings, including
the short-term portion payable, as a ratio of shareholders'
equity. |
| Decline: a generic term used to describe a shaft at an
inclination below the horizontal and usually at the same
angle as the dip of the reef. |
| Development: any tunnelling operation that has for its
object either exploration or exploitation. |
| EBITDA: Earnings before interest, tax, depreciation and
amortisation. |
| Effective tax rate: total income statement taxation as a
percentage of profit before taxation. |
| Equivalent refined platinum: mine production and
purchases of metal in concentrate converted to
equivalent refined platinum production using Anglo
Platinum's standard smelting and refining recoveries. |
| Face advance: the average distance stope faces advance
per month; a measure of resource utilisation. |
| Flotation: in the flotation process, milled ore mixed
with water (pulp) is passed through a series of agitating
tanks. Various chemicals are added to the pulp in a
sequence that renders the valuable minerals hydrophobic
(water-repellent) and the non-valuable minerals
hydrophilic (water-loving). Air is dispersed through the
tanks and rises to the surface. The hydrophobic particles
attach to the rising air bubbles and are removed from
the main volume of pulp as a soapy froth. In this manner,
various combinations of flotation cells in series are
utilised to produce a concentrated stream of valuable
mineral particles, called the 'concentrate', and a waste
pulp stream, called 'tailings'. |
| g/t: grams per ton, the unit of measurement of grade.
One gram per ton is one part per million. |
| Gross profit margin: gross profit on metal sales
expressed as a percentage of gross sales revenue. |
| HDSA: Historically Disadvantaged South African |
| IFRS: International Financial Reporting Standards. |
| Immediately available ore reserves: ground available
for mining without any further development. |
| In situ: the original, natural state of the ore body before
mining or processing of the ore takes place. |
| JORC: the Australian Institute of Mining and Metallurgy
Joint Ore Reserves Committee Code. |
| kt: thousand tons. |
| ktpm: thousand tons per month. |
| Market capitalisation: number of ordinary shares in
issue multiplied by the closing share price as quoted on
the JSE Limited. |
| Merensky Reef: a band in the Bushveld sequence often
containing economic grades of PGMs. |
| Milling: a process to reduce broken ore to a size at
which concentrating can be undertaken. |
| Mining area: the area for which a mining authorisation/
right has been granted. |
| Ml: Million litres. |
| Mt: Million tons. |
| Net asset value: total assets less all liabilities, including
deferred taxation, which equates to shareholders' equity. |
| Net liquid assets: accounts receivable and cash and
cash equivalents less current liabilities. |
| Ni: nickel. |
| Oz: Troy ounce. |
| Pd: palladium. |
| PGI: Platinum Guild International. |
| PGM: platinum group metals, six elemental metals of
the platinum group nearly always found in association
with each other. Some texts refer to PGE (platinum
group elements). These metals are platinum, palladium,
rhodium, ruthenium, iridium and osmium. |
| Platreef: the name of the ore mined at PPRust. |
| Pt: platinum. |
| Rand revenue per platinum ounce sold: net sales
revenue divided by platinum ounces sold. |
| Refined ounces: refined metal available for sale. |
| Regional Pothole Reef: this is Merensky Reef that has
formed over a large area (several square kilometres) at
a lower stratigraphic position than normal and is a
feature of the Union and Amandelbult mines. |
| Return on average shareholders' equity: net profit
expressed as a percentage of average shareholders'
equity. |
| SAMREC: the South African Mineral Resources
Committee. |
| Stoping: operations directly associated with the
extraction of reef. |
| Stripping ratio: the number of units of unpayable
material that must be mined to expose one unit of
ore. |
| Sweepings: the final process in stoping operations, in
which the footwall is thoroughly cleaned to remove the
last portion of broken ore and fines. |
| Tailings: that portion of the ore from which most of the
valuable material has been removed by concentrating
and that is therefore low in value and rejected. |
| Ton: metric tonne, equal to 1,000 kg, unless otherwise
defined. |
| Total assets: the sum of non-current and current
assets. |
| tpm: tons per month. |
| Transition zone: the area on plan that defines the
change-over from Merensky Reef at its normal
stratigraphic elevation down to Regional Pothole Reef
at a lower stratigraphic elevation. The area has an
irregular and constantly varying width. |
| UG2: a chromite layer in the Bushveld sequence often
containing economic values of PGMs. |
| WBJV: Western Bushveld Joint Venture. |
| Xstrata: Xstrata South Africa (Pty) Limited. |
