| |
| |
| Lebowa Platinum Mines (managed – 100% owned) |
| SAFETY |
| The lost-time injury frequency rate at Lebowa
deteriorated from 2.35 in 2006 to 2.48 in 2007. Total
lost-time injuries rose by 11 to 168. |
|
|
| PRODUCTION |
| Equivalent refined platinum ounce production for 2007
of 94,300 ounces represented an 11% decline from
105,600 ounces in 2006. Production was hampered by
continued skilled labour shortages and absenteeism,
nationwide power failures at the start of the year,
stoppages relating to safety issues and a shortage of
timber for stope support in the first half of the year.
Tonnes milled declined by 14% to 1,333,000. Production
remains constrained due to long travelling times and
logistics lines, especially on the Merensky horizon, and
will continue to be so until the Brakfontein project is
commissioned. Lebowa increased the immediately
available ore reserve position from 10.7 months in 2006
to 13.6 months at the end of 2007. |
| |
| COSTS |
| Total cash on-mine costs increased by 21% to
R0.9 billion due to inflation, higher-than-inflation labour
cost increases, greater transport of ore costs and rising
housing costs due to a shortage of housing in the
region. The above cost increases and lower volumes
resulted in the cash on-mine costs per tonne milled to increase 41% to R644 per tonne, while cash on-mine
costs per equivalent platinum ounce increased by 36%
to R9,103 per ounce. |
| |
 |
| Felix Manyanga |
|
| |
| CAPITAL EXPENDITURE |
| Total capital expenditure for 2007 was R0.5 billion, an
increase of 55% from 2006, mainly associated with the
Brakfontein project. |
| |
| OUTLOOK |
| On 4 September 2007, Anglo Platinum and Anooraq
jointly announced the intention to conclude a transaction
during 2008 involving the sale of an effective 51% of
Lebowa Platinum Mines to Anooraq. Ore mined and
concentrated at Lebowa will continue to be smelted
and refined at Anglo Platinum's facilities through a
purchase of concentrate arrangement. |
| |
|
| |
|
| |
| Projects |
| Lebowa projects |
The implementation of the Brakfontein
Merensky project (120,000 tonnes per month)
continues to progress well and the decline
development remains on schedule. Raise line
development has started on two levels and
steady-state production remains on target for the
end of 2010. Construction of surface infrastructure
will be completed in 2008. At steady-state, the project
will provide sufficient feedstock for the upgraded
Merensky concentrator until 2021.
Middelpunt Hill Phase 2, a 45,000 tonne per month
replacement project, is currently on schedule and
expected to be completed during 2008.
The R1.7 billion Lebowa Middelpunt Hill Phase 3,
a 125 ktpm UG2 project, was approved in May 2007
prior to conclusion of the Transaction Framework
Agreement between Anglo Platinum and Anooraq
Resources in September 2007. In light of the recently
announced BEE transaction, capital expenditure has
been deferred. |
| |
|
|
|
|
|
|
