Ten year statistical review

	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001
Operating performance
Merensky
Tons milled	1 002 208	1 050 404	1 059 624	1 341 057	1 424 160	1 434 198	1 541 234	1 582 421	1 288 141	1 576 926
Head grade – g/ton (3PGEs + Au)	5.9	5.8	5.6	5.6	6.1	6.2	6.0	5.9	6.1	5.8
UG2
Tons milled	1 036 017	1 054 687	963 033	928 149	878 924	715 946	691 353	636 717	643 286	371 374
Head grade – g/ton (3PGEs + Au)	4.5	4.4	4.4	4.4	4.5	4.4	4.3	4.0	3.8	3.9
Combined
Tons milled	2 038 225	2 105 091	2 022 657	2 269 206	2 303 084	2 150 144	2 232 587	2 219 138	1 931 427	1 948 300
Head grade – g/ton (3PGEs + Au)	5.2	5.1	5.0	5.1	5.5	5.6	5.5	5.3	5.3	5.4
Precious metals in concentrates produced – kg*	9 999	9 408	9 113	10 087	11 247	10 115	10 592	10 354	8 458	8 725
Precious metals in concentrates purchased – kg*	2 106	487	–	404
Precious metals sold – kg*	12 313	10 362	8 586	10 703	11 285	9 922	11 733	9 174	8 944	8 306
Revenue – R/kg*	288 255	280 609	409 159	297 292	189 286	137 517	130 874	145 273	160 367	172 733
Operating costs – R/kg*	239 769	219 691	193 409	148 872	120 475	120 862	109 392	106 309	105 587	92 751
Cash costs – R/kg*	215 900	199 680	175 197	135 248	109 441	110 005	99 532	96 880	94 861	83 750
Precious metals in concentrates produced – oz*	321 475	302 474	292 989	324 296	361 599	325 214	340 547	332 888	271 931	280 516
Precious metals in concentrates purchased – oz*	67 709	15 657	–	12 989
Precious metals sold – oz*	395 879	333 147	276 059	344 101	362 821	318 992	377 239	294 947	287 546	267 042
Price realised – US$/oz*	1 185	1 001	1 722	1 288	918	686	597	498	497	705
Operating costs – US$/oz*	983	766	821	643	586	607	493	365	325	379
Cash costs – US$/oz*	885	696	744	584	532	552	449	333	292	342

Sales per metal – oz
Platinum	242 596	202 141	169 611	212 484	221 580	196 056	236 792	179 108	177 580	168 294
Palladium	116 303	97 940	81 103	96 888	109 721	94 420	108 648	89 086	86 758	79 558
Rhodium	28 655	27 271	20 666	28 180	24 085	22 093	23 849	20 744	17 325	13 295
Gold	8 325	5 795	4 678	6 549	7 435	6 423	7 950	6 009	5 883	5 895
Total – 3PGE + Au	395 879	333 147	276 059	344 101	362 821	318 992	377 239	294 947	287 546	267 042

Prices realised – US$/oz
Platinum	1 452	1 152	1 668	1 206	1 017	855	782	605	491	590
Palladium	384	236	400	342	265	201	216	265	407	773
Rhodium	2 193	2 660	7 553	5 310	3 107	1 338	573	621	1 076	1 952
Gold	1 093	878	832	654	529	424	390	322	292	268
Basket – 3PGE + Au	1 185	1 001	1 722	1 288	918	686	597	498	497	705

Prices realised – R/kg
Platinum	353 507	325 730	396 780	278 054	210 131	171 186	171 534	175 249	159 696	144 493
Palladium	93 417	66 509	94 894	79 258	54 653	40 287	47 123	79 415	130 256	189 351
Rhodium	532 925	721 775	1 792 075	1 225 945	635 590	269 687	123 701	183 223	339 741	478 194
Gold	266 527	249 094	196 990	151 337	109 156	84 487	85 892	97 165	96 450	65 781
Basket – 3PGE + Au	288 255	280 609	409 159	297 292	189 286	137 517	130 874	145 273	160 367	172 733
Financial performance
Operating margin – %	19.9	25.7	58.6	53.8	42.5	17.6	22.4	25.7	37.4	50.2
Effective tax rate – %	34.2	37.9	36.7	36.9	34.3	33.9	35.4	42.6	39.5	37.1
Return on shareholders’ equity – %	7.3	7.6	56.5	60.5	39.2	15.8	16.1	15.7	20.6	27.1
Return on total assets – %	6.4	6.7	36.2	39.8	25.7	11.2	11.5	12.8	17.3	24.3
Current ratio	3.1	3.0	3.1	3.1	3.4	2.8	3.3	3.2	7.2	8.2
Acid ratio	1.8	1.7	1.9	2.2	2.3	1.7	2.1	1.3	5.0	5.1
US Dollar/Rand exchange rate – average	7.59	8.92	7.32	7.20	6.39	6.19	6.90	9.05	10.13	7.60
– at year end	7.67	7.67	7.83	7.04	7.14	6.69	6.20	7.57	10.27	8.04
Share performance
Weighted average number of shares in issue – 000	360 292	343 162	238 007	236 747	233 704	231 578	231 540	231 313	230 744	230 311
Number of shares at year end – 000	360 642	359 910	238 688	237 226	236 003	231 969	231 544	231 539	230 915	230 565
Operating cash flow per share – cents	239.4	195.6	649.9	656.8	364.8	164.8	221.5	168.6	323.9	347.7
Earnings per share – cents	177.9	183.7	627.2	560.2	301.9	108.2	108.0	115.7	172.3	227.2
Headline earnings per share – cents	177.8	172.2	627.2	560.1	301.9	108.2	108.0	115.5	175.5	233.7
Dividends per share – cents	40.0	78.0	330.0	525.0	280.0	70.0	105.0	90.0	170.0	235.0
Capital repayments per share – cents	–	–	–	–	–	–	20.0	55.0	75.0	–
Dividend cover	4.4	2.2	1.9	1.1	1.1	1.5	1.0	1.3	1.0	1.0
Net assets value per share – cents	2 449.0	2 315.0	1 217.0	1 004.0	848.0	689.0	684.0	655.0	820.0	852.0
Share price (cents)
– high	5 772	7 035	7 984	6 190	3 800	1 280	1 345	2 210	2 000	1 860
– low	2 700	1 650	3 800	3 400	1 240	775	825	955	1 000	765
– at year end	4 550	3 000	6 760	4 800	3 784	1 260	890	1 230	1 665	1 525
Platinum sector index at year end	73 490.0	63 030.0	128 520.0	101 130.0	70 346.9	29 043.5	23 373.7	28 545.9	29 252.3	35 070.6
Compound return over 5 years – %	35.7	36.9	45.8	32.3	25.5	21.6	29.2	49.5	58.3	32.0
Average monthly volume of shares traded – 000	17 188	13 655	13 920	12 339	5 542	5 384	4 916	4 906	8 014	11 054
Annual liquidity (%)	57.2	47.8	70.2	62.5	28.5	27.9	25.5	25.5	41.7	57.6

NORTHAM ANNUAL REPORT 2010