Trading statement

Shareholders are advised that the group’s earnings and headline earnings per share for the six months ended 31 December 2011 are estimated to increase by between 136% and 156%. Earnings for the six months ended 31 December 2010 were 21 cents per share.

The higher earnings reflect the effects of significantly improved production from the Zondereinde division and a 10% higher average rand basket price received over the period. Production in the previous comparable period was adversely affected by a six week long strike, safety stoppages and challenging mining conditions. Difficult mining conditions on the Merensky reef horizon persisted during the period under review whilst a number of Section 54 safety related stoppages also interrupted production processes. No shifts were lost as a result of industrial action.

The weighted average number of shares in issue at 31 December 2011 was 382 416 190, compared to 360 747 809 shares in issue at 31 December 2010.

This estimate has not been reviewed by the company auditors.

It is anticipated that the interim results for the six months ended 31 December 2011 will be released on or about 24 February 2012.

Johannesburg
3 February 2012

Sponsor:
One Capital