Announcements 2002

13 Dec 2002

Northam Platinum Limited announces that Ian Watson will be retiring as Managing Director with effect from 31 December 2002.

Ian will be succeeded by Glyn Lewis, who will report to the Board as General Manager.

Mvelaphanda Resources will assume responsibility for Northam's Corporate Office in Johannesburg.

Ian has served as managing director since 1998 during which time the company experienced a dramatic turnaround from a marginal producer to a solid and reliable producer of PGMs.

Ian was the manager of Northam during its development phase, and pioneered the use of hydropower. Shortly after his appointment as managing director in 1998, he steered the company during the vicissitudes of the demise of Gold Fields South Africa, and was instrumental in the successful commissioning of the UG2 plant, which increased the company's production capacity. Over the past four years Northam has produced shareholder returns equivalent to 71% compound per annum.

Glyn Lewis has over 20 years experience in deep level mining. Prior to joining Northam, Glyn was responsible for the Tarkwa Gold project in Ghana. This included the rehabilitation of a derelict underground mine, the delineation of a 13 million ounce opencast resource and the design, construction and commissioning on schedule of a 7.2 million ton per annum opencast heap-leach project at a capital cost of US$160 million.