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| 3E: three elements: platinum, palladium and gold. |
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| 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. |
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| AAplc: Anglo American plc, registered in the UK. |
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| ACP: Anglo Platinum Converting Process, used at
Waterval Smelter complex in Rustenburg. |
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| 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. |
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| Aquarius: Aquarius Platinum (South Africa) (Pty)
Limited. |
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| Au: gold. |
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| 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. |
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| Base metal: a common metal that is not considered
precious, such as copper, tin or zinc. |
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| Built-up head grade: the total 4E grams produced
from the concentrating process from concentrate,
metallics (where applicable) and tailings, divided by
the total tonnes milled. See definition of 4E above. |
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| Capital expenditure: total capital expenditure on
mining and non-mining property, plant, equipment
and capital work-in-progress. |
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| 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). |
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| Cu: copper. |
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| Current ratio: current assets as a ratio of current
liabilities. |
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| Debt:equity ratio: interest-bearing borrowings,
including the short-term portion payable, as a ratio of
shareholders’ equity. |
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| 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. |
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| Development: any tunnelling operation that has as
its object either exploration or exploitation. |
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| EBITDA: Earnings before interest, tax, depreciation
and amortisation. |
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| Effective tax rate: total income statement taxation as
a percentage of profit before taxation. |
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| 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. |
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| ESOP: Anglo Platinum’s employee share ownership
plan. |
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| Face advance: the average distance stope faces
advance per month; a measure of resource utilisation. |
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| 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’. |
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| Furnance matte: product of smelting process. |
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| Greenfields project: a project situated on a previously
underdeveloped mineral resources. |
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| g/t: grams per tonne, the unit of measurement of
grade. One gram per tonne is one part per million. |
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| Gross profit margin: gross profit on metal sales
expressed as a percentage of gross sales revenue. |
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| HDSA: historically disadvantaged South African |
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| IFRS: International Financial Reporting Standards. |
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| Immediately available ore reserves: ground
available for mining without any further development. |
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| In situ: the original, natural state of the ore body
before mining or processing of the ore takes place. |
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| JORC: the Australian Institute of Mining and
Metallurgy’s Joint Ore Reserves Committee Code. |
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| kt: thousand tonnes. |
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| ktpm: thousand tonnes per month. |
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| LHD: load-haul dump. |
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| Market capitalisation: number of ordinary shares in
issue multiplied by the closing share price as quoted
on the JSE Limited. |
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| MCP: magnetic concentration plant. |
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| Merensky Reef: a band in the Bushveld sequence,
often containing economic grades of PGMs. |
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| Milling: a process to reduce broken ore to a size at
which concentrating can be undertaken. |
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| Mining area: the area for which a mining
authorisation/right has been granted. |
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| Ml: Million litres. |
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| Mt: Million tonnes. |
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| Net asset value: total assets less all liabilities, including
deferred taxation, which equates to shareholders’
equity. |
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| Net asset value as a percentage of market
capitalisation: shareholders’ equity expressed as a
percentage of market capitalisation. |
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| Net liquid assets: accounts receivable and cash and
cash equivalents less current liabilities. |
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| NOx emissions: emissions of nitrogen oxides from
diesel engines. |
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| Ni: nickel. |
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| Oz: Troy ounce. |
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| Pd: palladium. |
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| PGI: Platinum Guild International. |
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| 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. |
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| Platreef: the name of the ore mined at PPRust. |
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| Pt: platinum. |
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| Rand revenue per platinum ounce sold: net sales
revenue divided by platinum ounces sold. |
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| Refined ounces: refined metal available for sale. |
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| Refining: process whereby impurities or unwanted
elements are removed from a metal in a refinery.
Anglo Platinum’s two refineries undertake different
levels of refining. |
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| 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. |
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| Return on average shareholders’ equity: net profit
expressed as a percentage of average shareholders’
equity. |
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| SAMREC: the South African Mineral Resources Committee. |
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| Smelting: process of extracting metal from its ore
through processes involving heating and melting. |
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| Stoping: operations directly associated with the
extraction of reef. |
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| Stripping ratio: the number of units of unpayable
material that must be mined to expose one unit of ore. |
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| Sweepings: the final process in stoping operations, in
which the footwall is thoroughly cleaned to remove
the last portion of broken ore and fines. |
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| 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. |
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| Tonne: metric ton, equal to 1,000 kg, unless otherwise
defined. |
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| Total assets: the sum of non-current and current
assets. |
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| tpm: tonnes per month. |
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| 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. |
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| UG2: a chromite layer in the Bushveld sequence, often
containing economic values of PGMs. |
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| WBJV: Western Bushveld Joint Venture. |
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| Xstrata: Xstrata South Africa (Pty) Limited. |
