13.   MACRO-ECONOMICS AND COMMODITY PRICES

13.8  

Base Case Commodity Projections

The information with respect to commodity prices and macro-economic forecasts are based on:

• The CPI for South Africa, Namibia, Australia, China and the United States;
• South African, Australian and Chinese exchange rates quoted against a denomination of one United States dollar;
• Projected Commodity Prices.

These commodity prices and macro-economic forecasts have been prepared under the direction of each individual or organisation named below:

• Iron Ore, Coal, Base Metals and Industrial Minerals

  Mr Eddie Fourie, Manager Strategic Services and commodity analyst at Kumba, who will serve as competent person in this regard. Mr Fourie has 30 years’ mining industry experience, nine of which have been at Kumba.

• Heavy Minerals

  The heavy minerals price forecasts and market outlook was provided by TZ Minerals International (Proprietary) Limited (“TZMI”) on a nominal and real 2005USD basis: TZMI specialises in the collection, analysis and distribution of data on the titanium minerals, zircon and TiO2 pigment industries. David Moore of TZMI agreed to act as the competent person in this regard.

The information provided from Table 13.1 to Table 13.4 is non-confidential information. No commodity price information on industrial minerals is provided as this information is considered confidential by Kumba.

Table 13.1  

Table 13.2  

Table 13.3  

Table 13.4