Report of the independent auditors
	TO THE MEMBERS OF KUMBA RESOURCES LIMITED
	We have audited the financial statements and the group financial statements of Kumba Resources Limited, set out here for the 18-month period ended 31 December 2004. These financial statements are the responsibility of the company’s directors. Our responsibility is to express an opinion on these financial statements based on our audit.
	Scope
	We conducted our audit in accordance with statements of South African Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement.
	An audit includes:
	– Examining on a test basis, evidence supporting the amounts and disclosures in the financial statements; – Assessing the accounting principles used and significant estimates made by management; and – Evaluating the overall financial statement presentation.
	We believe that our audit provides a reasonable basis for our opinion.
	Audit opinion
	In our opinion the financial statements fairly present, in all material respects, the financial position of the company and of the group at 31 December 2004 and the results of their operations and cash flows for the period then ended in accordance with South African Statements of Generally Accepted Accounting Practice and International Financial Reporting Standards, and in the manner required by the Companies Act in South Africa.
	Deloitte & Touche
	Registered Accountants and Auditors Chartered Accountants (SA)
	Sandton
	15 February 2005
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