14. MINING ASSETS VALUATION

14.6 Post-Tax – Pre-Finance Cash Flows

Tables 14.5 to 14.42 inclusive, present the post-tax pre-finance nominal cash flows for the Material Properties.

Note that these tables are not financial statements (Income Statements; Cash Flow Statements and Balance Sheet Statements) as may be customary for determining the consolidated cash flow positions for companies. Further, no account is taken of movements in working capital at the Company level, or deferrals of tax liabilities between accounting periods, as may be the case in the generation of such financial statements. The Material Properties valuations are derived from reported cash flows commencing 1 January 2006.

Tables (click thumbnail to enlarge)

Table 14.11 Thabazimbi Mine: FM in ZAR Nominal Terms (2006 to 2010)
STATISTIC	F. Year	Units	Totals	2006	2007	2008	2009	2010
	Project Year		LoM	1	2	3	4	5
Production
	Total Headfeed	(Mt)	14	3.0	3.0	3.0	3.0	2.4
Sales Volumes
	Lump	(Mt)	5	1.1	1.1	1.1	1.1	0.8
	Fine	(Mt)	7	1.4	1.4	1.4	1.5	1.2
	Total Sales	(Mt)	12	2.5	2.5	2.5	2.5	2.0
Financial – Nominal
	Net Revenue	(ZARm)	2,295	488	477	452	491	386
	Total Working Costs	(ZARm)	(1,618)	(358)	(331)	(306)	(337)	(285)
	Operating Profit	(ZARm)	678	131	146	146	154	101
	Capital Expenditure	(ZARm)	(73)	(28)	(22)	(19)	(4)
	Net Change in Working
	Capital	(ZARm)	(350)	(66)	(72)	(77)	(100)	(34)
	Tax Liability	(ZARm)	(175)	(30)	(36)	(37)	(44)	(29)
	Final Net Free Cash	(ZARm)	80	7	16	13	7	37
	Final Net Free Cash
	– Real	(ZARm)	71	7	15	12	6	31

Table 14.12

Grootegeluk Mine: FM in ZAR Nominal Terms (2006 to 2025) – Scenario I (Excluding Inferred Resources)

Table 14.13

Grootegeluk Mine: FM in ZAR Nominal Terms (2006 to 2025) – Scenario II (Including Inferred Resources)

Table 14.14

Grootegeluk Mine: FM in ZAR nominal terms (2026 to 2045) – Scenario II (Including Inferred Resources)

Table 14.15

Leeuwpan Mine: FM in ZAR Nominal Terms (2006 to 2020)

Table 14.16

Leeuwpan Mine: FM in ZAR Nominal Terms (2021 to 2035)

Table 14.17

Tshikondeni Mine: FM in ZAR Nominal Terms (2006 to 2014)

Table 14.18

Table 14.18 Arnot Colliery: FM in ZAR Nominal Terms⁽¹⁾(2006 to 2018)

Table 14.19

Table 14.19 Matla Colliery: FM in ZAR Nominal Terms⁽¹⁾(2006 to 2020)

Table 14.20

Matla Colliery: FM in ZAR Nominal Terms⁽¹⁾(2021 to 2024)

Table 14.21 New Clydesdale Colliery: FM in ZAR Nominal Terms (2006 to 2012)
STATISTIC	Calendar Year	Units	Totals	2006	2007	2008	2009	2010	2011	2012
	Project Year		LoM	1	2	3	4	5	6	7
Production
Mining
	RoM Underground	(Mt)	14.4	2.4	2.3	2.1	1.9	1.9	1.9	1.9
Processing
	Feed Tonnage	(Mt)	14.4	2.4	2.3	2.1	1.9	1.9	1.9	1.9
Saleable Product Tonnage		(Mt)	10.2	1.8	1.7	1.5	1.3	1.3	1.3	1.3
	Recovery	(%)	70.2	75	74	73	68	68	68	67
Sales
	Export A grade	(Mt)	7.8	1.1	1.1	1.0	1.2	1.2	1.2	1.2
	Inland A grade	(Mt)	0.5				0.1	0.1	0.1	0.1
	Inland – other	(Mt)	1.9	0.7	0.7	0.5
	Total	(Mt)	10.2	1.8	1.7	1.5	1.3	1.3	1.3	1.3
Financial – Nominal
	Export A grade	(ZARm)	2,567	329	335	285	344	405	424	444
	Inland A grade	(ZARm)	125				30	31	33	31
	Inland – other	(ZARm)	271	92	98	81
	Total Revenue	(ZARm)	2,963	421	433	366	373	437	457	475
	Total Working Costs	(ZARm)	(1,819)	(293)	(287)	(248)	(221)	(239)	(267)	(265)
Variable Production Costs		(ZARm)	(1,761)	(284)	(278)	(240)	(214)	(231)	(259)	(256)
	Fixed Costs	(ZARm)	(58)	(9)	(9)	(8)	(7)	(8)	(9)	(9)
	Operating Profit	(ZARm)	1,144	128	147	118	153	198	190	210
	Capital Expenditure	(ZARm)	(151)	(24)	(58)	(18)	(16)	(20)	(7)	(7)
Working Capital Movement		(ZARm)	81	73	(2)	2	(3)	(4)	1	14
	Tax Liability	(ZARm)	(233)	(30)	(16)	(36)	(57)	(52)	(24)	(17)
Final Net Free Cash		(ZARm)	842	147	71	67	77	121	160	199
Final Net Free Cash – Real		(ZARm)	715	147	68	61	67	100	126	148
Unit Production Cost (Real)
RoM Coal Mined		(ZAR/RoM-t)	19.1	121.7	116.5	109.1	100.5	103.6	110.3	104.1
Saleable Coal Produced		(ZAR/sales-t)	27.3	163.0	156.9	148.7	148.9	153.4	163.4	155.7


Table 14.22 North Block Complex: FM in ZAR Nominal Terms (2006 to 2012)
STATISTIC	Calendar Year	Units	Totals	2006	2007	2008	2009	2010	2011
	Project Year		LoM	1	2	3	4	5	6
Production
Mining
RoM Coal Underground		(Mt)	0.4	0.3	0.1
RoM Coal Opencast		(Mt)	7.5	1.9	1.9	1.0	1.0	1.0	0.7
Processing
	Feed Tonnage	(Mt)	7.9	2.2	1.9	1.0	1.0	1.0	0.7
Saleable Product Tonnage		(Mt)	7.6	2.1	1.8	1.0	1.0	1.0	0.7
	Recovery	(%)	98	96	95	97	100	100	100
Sales
	Metallurgical Coal	(Mt)	0.7	0.3	0.4
	Eskom Coal	(Mt)	6.9	1.8	1.5	0.9	1.0	1.0	0.7
	Total	(Mt)	7.6	2.1	1.8	1.0	1.0	1.0	0.7
Financial – Nominal
	Metallurgical Coal	(ZARm)	58	24	26	9
	Eskom Coal	(ZARm)	647	155	141	84	93	98	76
	Total Revenue	(ZARm)	705	179	167	93	93	98	76
	Total Working Costs	(ZARm)	(602)	(149)	(135)	(89)	(77)	(81)	(72)
Variable Production Costs		(ZARm)	(587)	(145)	(131)	(87)	(75)	(79)	(70)
	Fixed Costs	(ZARm)	(15)	(4)	(4)	(2)	(2)	(2)	(2)
	Operating Profit	(ZARm)	103	30	32	3	17	17	4
	Capital Expenditure	(ZARm)	(36)	(7)	(7)	(4)	(4)	(14)
Working Capital Movement		(ZARm)	58	52		4	(1)		4
	Tax Liability	(ZARm)	(17)	(4)	(7)		(3)	(1)	(1)
	Final Net Free Cash	(ZARm)	108	70	18	3	8	2	7
Final Net Free Cash – Real		(ZARm)	104	70	17	3	7	2	5
Unit Production Cost (Real)
	RoM Coal Mined	(ZAR/RoM-t)	10.1	68.1	66.1	81.1	66.6	66.9	76.3
	Saleable Coal Produced	(ZAR/sales-t)	10.3	71.1	69.5	83.7	66.6	66.9	76.3

Table 14.23

Sintel Char Project: FM in ZAR Nominal Terms (2006 to 2025)

Table 14.24

Inyanda Project: FM in ZAR Nominal Terms (2006 to 2018)

Table 14.25

Mafube JV Phase II Project: FM in ZAR Nominal Terms (2006 to 2021) – Scenario I (Excluding Nooitgedacht Inferred Resources)

Table 14.26

Mafube JV Phase II Project: FM in ZAR Nominal Terms (2006 to 2027) – Scenario II (Including Nooitgedacht Inferred Resources)

Table 14.27

Belfast Project: FM in ZAR Nominal Terms (2006 to 2020)

Table 14.28

Belfast Project: FM in ZAR Nominal Terms (2021 to 2035)


Table 14.29 Ingcambu Project: FM in ZAR Nominal Terms (2006)
STATISTIC	Calendar Year	Units	Totals	2006
	Project Year		LoM	1
Mining
	C Upper Opencast	(kt)	206	205.5
	C Lower Opencast	(kt)	121	121.1
	C Lower Underground	(kt)	370	370.0
	Total RoM	(kt)	697	696.6
Processing
	Feed Tonnage	(kt)	697	696.6
	Export Product Tonnage	(kt)	246	245.5
	Eskom Middling Tonnage	(kt)	371	371.5
	Recovery	(%)	89	89
Sales
	Export Steam Coal	(kt)	246	246
	Eskom Middling Coal	(kt)	371	371
	Total	(kt)	617	617
Financial– Nominal
	Export Steam Coal	(ZARm)	75	75
	Eskom Middling Coal	(ZARm)	17	17
	Total Revenue	(ZARm)	92	92
	Total Working Costs	(ZARm)	(81)	(81)
	Operating Profit	(ZARm)	11	11
	Capital Expenditure	(ZARm)
	Working capital movement	(ZARm)	1	1
	Tax Liability	(ZARm)
	Final Net Free Cash	(ZARm)	12	12