Mining		Plant and		Decommissioning		Motor		Total
		properties		equipment		asset		vehicles
		R000		R000		R000		R000		R000
1.	Fixed assets
	30 June 2003
	Property, plant and equipment
	- at cost	262 953		2 201 005		6 943		12 337		2 483 238
	- accumulated depreciation	45 010		1 099 617		2 054		2 354		1 149 035
		217 943		1 101 388		4 889		9 983		1 334 203
	Reconciliation of movement in fixed assets
	- balace at beginning of year	228 573		1 010 007		4 292		6 902		1 249 774
	- additions	236		167 207				8 315		175 758
	- present value of decommissioning
	asset capitalised (note 7)					822				822
	- disposals							(5 044)		(5 044)
	- depreciation charged for the year	(10 866)		(75 826)		(225)		(2 142)		(89 059)
	- depreciation on disposals during the year							1 952		1 952
	- balance at end of year	217 943		1 101 388		4 889		9 983		1 334 203
	30 June 2002
	Property plant and equipment
	Property plant and equipment
	- at cost	262 717		2 033 798		6 121		9 066		2 311 702
	- accumulated depreciation	34 144		1 023 791		1 829		2 164		1 061 928
		228 573		1 010 007		4 292		6 902		1 249 774
	Reconciliation of movement in fixed assets
	- balance at beginning of year	239 431		1 011 701		4 434		5 593		1 261 159
	- reallocations			628				(628)
	- additions			84 185				5 985		90 170
	- present value of decommissioning of asset
	capitalised (note 7)					61				61
	- disposals			(49)				(3 490)		(3 539)
	- depreciation charged for the year	(10 858)		(75 231)		(203)		(1 912)		(88 204)
	- depreciation on disposals during the year			20				1 354		1 374
	- impairments			(11 247)						(11 247)
	- balance at end of year	228 573		1 010 007		4 292		6 902		1 249 774

Fixed property has been secured by a notarial bond in favour of Northam Platinum Restoration Trust Fund to meet future decommissioning and restoration costs (see note 3).
 

				2003		2002
				R000		R000
2.	Unlisted investments
	Book value			183		173
	The unlisted investments comprising equity investments in
	various mining industry service organisations are valued by
	the directors at R183 000 (2002 - R173 000)
3.	Northam Platinum Restoration Trust Fund
	The company contributes to a dedicated environmental
	restoration trust fund to provide for the estimated
	decommissioning and environmental restoration costs
	at the end of the mine's life.
	The balance in the fund was as follows:
	- balance at beginning of year			8 568		7 128
	- contributions made during the year			879		703
	- net income earned during the year			1 015		737
	- balance at end of year			10 462		8 568
	In addition the company has passed a notarial bond for
	R27.3 million over certain of the mine's freehold property
	in favour of the fund to ensure that the fund will be able
	to meet future rehabilitation obligations.
4.	Inventories
	Metals on hand and in transit			304 985		215 472
	Consumable stores			34 171		33 780
				339 156		249 252
5.	Share capital
	Authorised
	350 000 000 (2002 - 350 000 000) shares of 1 cent each			3 500		3 500
	Issued
	231 538 500 (2002 : 230 914 500) shares of 1 cent each			2 315		2 309
	Share premium			2 075 814		2 288 684
				2 078 129		2 290 993
The unissued shares other than those reserved for the Northam Platinum Share Option Scheme are under the control of the directors until the date of the next annual general meeting.    Details of share capital and shares held by the directors are contained in the Directors' Report.

				2003		2002
				R000		R000
6.	Deferred tax
	The principal components of the deferred tax liability/(asset)
	are as follows:
	Deferred tax liability
		- fixed assets		328 869		250 877
		- metal stocks		7 358		7 167
		- other assets		5 010		-
				341 237		258 044
	Deferred tax asset
		- employee benefits		10 620		8 694
		- decommissioning and environmental restoration		294		247
				10 914		8 941
	Net deferred tax liability/(asset)			330 323		249 103
	The change in the deferred tax balance is reconciled as follows:
	Deferred tax liability at beginning of year			249 103		69 723
		- charge for the year		81 220		179 380
		- temporary differences in respect of fixed assets		77 992		181 714
		- depreciation component included in metals on hand and in transit		191		(1 189)
		- temporary difference in respect of accounts receivable		5 010		(109)
		- temporary difference in respect of employee benefits		(1 926)		(1 104)
		- temporary difference in respect of long-term provisions		(47)		68
	Deferred tax liability at end of year			330 323		249 103

				2003		2002
				R000		R000
7.	Long term provisions
	Provision for decommissioning costs
		- balance at beginning of year		9 025		7 903
		- present value of decommissioning asset capitalised (note 1)		822		61
		- unwinding of discount (note 9)		632		553
		- charged to operating costs (note 9)		487		508
		- balance at end of year		10 966		9 025
	Provision for restoration costs
		- balance at beginning of year		368		276
		- unwinding of discount (note 9)		26		19
		- charged to operating costs (note 9)		82		73
		- balance at end of year		476		368
	Environmental rehabilitation obligation at year end			11 442		9 393
	Environmental rehabilitation obligation before funding			11 442		9 393
	Less: Northam Platinum Restoration Trust Fund (note 3)			10 462		8 568
	Net environmental obligation			980		825
	Future value of decommissioning obligation			42 435		37 370
	Future value of restoration obligation			4 314		4 070
	Future value of rehabilitation obligation			46 749		41 440
The future value of the environmental rehabilitation obligation will be paid over to the Northam Platinum Restoration Trust Fund (note 3) over the remaining life of the mine which is currently estimated at 20 years. The present value of the enviromental restoration obligation is determined by applying a pre-tax discount rate of 10% over the remaining life of the mine.

				2003		2002
				R000		R000
8.	Total revenue
	Total revenue comprises:
	- sales revenue			1 471 999		1 560 685
	- net investment income			64 140		52 023
	- sundry revenue			26 662		20 852
				1 562 801		1 633 560
9.	Operating costs
	Operating costs comprise mining and concentrating costs excluding
	depreciation and consist of the following principal categories:
	- labour			401 860		331 903
	- stores			346 201		260 471
	- utilities			81 217		74 832
	- sundries			173 822		135 155
	- provision for decommissioning and restoration costs (note 7)
		- unwinding of discount		658		572
		- inflation adjustment		569		581
				1 004 327		803 514
	Operating costs include the following:
		Auditors remuneration
		- external audit fees - current year		574		425
		- external audit fees - prior year adjustment		73		51
		- internal audit fees		1 694		2 279
		- expenses		94		223
		Directors' remuneration
		- non executive fees		884		901
		- executive remuneration		1 542		1 438
		Operating lease rentals
		- office equipment		364		357
		- premises		355		552
	Details of directors' remuneration are contained in the directors' report on page 36

			2003		2002
			R000		R000
10.	Depreciation and impairments
	Depreciation of mining properties plant and equipment consists of the following:
	- mining property		10 866		10 858
	- plant and equipment		75 826		75 231
	- decommissioning asset		225		203
	- vehicles		2 142		1 912
	Impairments
	- plant and equipment		-		11 247
			89 059		99 451
11.	Investment income
	Investment income consists of the following:
	- interest received		63 125		51 286
	- growth in Northam Platinum Restoration Trust Fund		1 015		737
			64 140		52 023
12.	Net sundry revenue
	Net sundry revenue is arrived at as follows:
	- impairment of unlisted investments		-		(59)
	- gain/(loss) on translation of foreign currencies		(2 318)		16 775
	- hedging profits (realised)		6 628		-
	- hedging profits (unrealised)		16 700		-
	- metal leasing costs		(280)		-
	- profit on sale of fixed assets		505		480
	- toll treatment revenue - net		1 263		2 452
	- other		1 448		1 145
			23 946		20 793

					2003		2002
					R000		R000
13.	Tax
	Non mining tax				22 757		20 623
	Mining tax				39 693
	Deferred tax				81 220		179 380
					143 670		200 003
	Secondary tax on companies				54 931		59 118
					198 601		259 121
	The tax charge is reconciled as follows:
	Tax at statutory rates				142 054		197 386
	Other adjustments				1 616		2 617
					143 670		200 003
		13.1	State's share of profit
			The formula for determining the State's share of profit is:
			Y = 15 - 120 X
			where Y = the percentage of divisible profit payable to the State and
			X = the ratio of mining profit (after deduction of redeemable capital expenditure) to mining revenue expressed as a percentage
			The amount as determined by the above formula is subject to a surcharge of 1.25%.
			No provision has been made for State's share of profit as the company
			had estimated unredeemed capital expenditure of R1 422 497 000
			(2002: R1 714 552 000) at 30 June 2003.
		13.2	Mining tax
			The current rate of mining tax applicable to the company is 30%.
			No provision was made for mining tax in 2002 as the company had estimated unredeemed capital expenditure of R171 886 000
		13.3	Non-mining tax
			Non-mining revenue is subject to a rate of 30%	.
		13.4	Secondary tax on companies
			Secondary tax on companies is levied at the rate of 12.5% of net dividends declared.
		13.5	Deferred tax is provided at the statutory rate of 30% for all temporary differences
		13.6	Capital gains tax at an effective rate of 15% is payable on any gains realised on the disposal of mining properties.

				2003		2002
				R000		R000
14.	Earnings per share
		Earnings and headline earnings per share is based on profit attributable
		to members and an average of 231 313 068 (2002: 230 744 049) shares
		in issue during the year. Headline earnings are reconciled to net income
		for the year as follows:
		Net income for the year		274 913		398 831
		Impairments - plant and equipment		-		11 247
		Impairments - unlisted investments		-		59
		Profit on sale of fixed assets		(505)		(480)
		Tax effect		152		(3 230)
		Headline earnings		274 560		406 427
		Fully diluted earnings per share is based on the profit attributable to
		members and an average of 235 108 275 (2002: 232 696 600) shares
		in issue during the year.
		The number of fully diluted shares are calculated as follows:
		Average number of ordinary shares in issue during the year		231 313 068		230 744 049
		Average number of Northam Share Option Scheme options
		outstanding during the year		3 795 207		1 952 551
				235 108 275		232 696 600
15.	Cash generated from operations
		Profit before taxation and interest paid		473 514		657 952
		Adjusted for non cash items
		- impairment of unlisted investment		-		59
		- profit on disposal of fixed assets		(505)		(480)
		- Depreciation and impairments		89 059		99 451
		- Increase in long-term provisions		1 227		1 153
		Interest received		(63 125)		(51 286)
				500 170		706 849
16.	Change in working capital
		Inventories		(89 904)		34 962
		Accounts receivable		(56 279)		(3 414)
		Accounts payable		48 482		26 974
				(97 701)		58 522