the group and arm mining consortium limited armmc have established a 50 50 jointly c 611790

Anglo Platinum Limited (2010)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS [extract]

18. JOINT VENTURES [extract]

Jointly controlled assets

Modikwa Platinum Mine

The Group and ARM Mining Consortium Limited (ARMMC) have established a 50:50 jointly controlled operation, known as the Modikwa Platinum Mine Joint Venture (Modikwa). Modikwa operates a mine and a processing plant on the Eastern Limb of the Bushveld Complex.

Kroondal Platinum Mine

The Group and Aquarius Platinum (South Africa) (Proprietary) Limited (Aquarius) have pooled certain mineral rights and infrastructure. The two parties share 50:50 in the profits from the jointly controlled mine, which is managed by Aquarius.

Marikana Platinum Mine

The Group and Aquarius have pooled certain mineral rights and infrastructure. The two parties share 50:50 in the profits from the jointly controlled mine, which is managed by Aquarius.

Bafokeng-Rasimone Platinum Mine

The Group and Royal Bafokeng Resources (Proprietary) Limited (RBR) had entered into a 50:50 joint venture. In terms of the agreement, the Group contributed the operating mine and the related mineral rights to the venture, while RBR contributed certain mineral rights.

On 7 December 2009, the Group exchanged 17% of its direct interest in BRPM for a 25.4% interest in RB Plat. As the Group still retained 33% of BRPM and continued to exert joint control over the operations of BRPM, the Group’s proportionate share of the results and net assets of BRPM were included in the results and net assets of the Group. However, upon listing of RB Plat on 8 November 2010, the Group lost joint control of its direct interest in BRPM but retained significant influence over its operations. As a result, the 33% direct shareholding in BRPM is being equity accounted. (Refer Note 17)

Mototolo Platinum Mine

The Group and Xstrata Kagiso Platinum Partnership have entered into a 50:50 joint venture. In terms of the agreement, each party has contributed a similar amount of in situ PGM reserves and resources, from Xstrata’s Thorncliffe farm, adjacent to its Thorncliffe chrome mine and the Group’s bordering farm, part of its Der Brochen project area.