15.2
|
Equity Values
The following tables show how the equity values for Kumba, Eyesizwe, Exxaro and Kumba Iron Ore were derived:
|
|
|
15.2.1
|
Kumba
|
|
|
|
Table 15.1 Kumba Equity Value Analysis – Scenario I
|
| Valuation Components |
|
Value of |
|
Attributable |
|
| Units |
Operation |
Attributable |
Value |
| Enterprise Value
| (ZARm) |
(ZARm) |
(%) |
(ZARm) |
| Iron Ore
| |
|
|
|
| Sishen Mine
| (ZARm) |
22,170 |
100% |
22,170 |
| Sishen South Project |
(ZARm) |
489 |
100% |
489 |
| Thabazimbi Mine |
(ZARm) |
53 |
100% |
53 |
| Coal
| |
|
|
|
| Grootegeluk Mine
| (ZARm) |
5,736 |
100% |
5,736 |
| Leeuwpan Mine |
(ZARm) |
1,256 |
100% |
1,256 |
| Tshikondeni Mine |
(ZARm) |
109 |
100% |
109 |
| Sintel Char Project |
(ZARm) |
116 |
100% |
116 |
| Inyanda |
(ZARm) |
330 |
50% |
165 |
| Heavy Minerals
| |
|
|
|
| Hillendale Mine, Fairbreeze Project,
| |
|
|
|
| Block P
| (ZARm) |
143 |
100% |
143 |
| Ticor Smelter |
(ZARm) |
384 |
100% |
384 |
| Tiwest JV |
(ZARm) |
5,925 |
50% |
2,963 |
| Base Metals
| |
|
|
|
| Rosh Pinah
| (ZARm) |
573 |
89.5% |
513 |
| Zincor |
(ZARm) |
658 |
100% |
658 |
| Chifeng |
(ZARm) |
434 |
22% |
96 |
| Industrial Minerals
| |
|
|
|
| Glen Douglas
| (ZARm) |
46 |
100% |
46 |
| Kumba FerroAlloys |
(ZARm) |
86 |
100% |
86 |
| Mineral Rights, Exploration
| |
|
|
|
| Properties and Non-LoM Resources
| (ZARm) |
|
|
1,682 |
| Total
| (ZARm) |
|
|
36,665 |
| Valuation Adjustments
| (ZARm) |
|
|
(4,078) |
| Equity Value
| (ZARm) |
|
|
32,586 |
| Ordinary Shares in Issue on
| |
|
|
|
| 1 January 2006
| (No) |
|
|
306,000,000 |
| Equity Value Per Share |
(ZAR/share) |
|
|
106.49 |
(1)
| For detail relating to the values ascribed to: Mineral Rights, Exploration Properties and Non-LoM Resources; and Valuation Adjustments refer to Table 14.182 and Table 14.185, respectively.
|
(2)
| ZAR/AUD = 4.77 on 1 January 2006 (Applied to Tiwest).
|
(3)
| ZAR/RMB = 0.86 on 1 January 2006 (Applied to Chifeng).
|
|
Table 15.2 Kumba Equity Value Analysis – Scenario II
|
| Valuation Components
| |
Value of |
|
Attributable |
| |
Units |
Operation |
Attributable |
Value |
| Enterprise Value
| (ZARm) |
(ZARm) |
(%) |
(ZARm) |
| Iron Ore
| |
|
|
|
| Sishen Mine
| (ZARm) |
23,171 |
100% |
23,171 |
| Sishen South Project
| (ZARm) |
489 |
100% |
489 |
| Thabazimbi Mine
| (ZARm) |
53 |
100% |
53 |
| Coal
| |
|
|
|
| Grootegeluk Mine
| (ZARm) |
7,500 |
100% |
7,500 |
| Leeuwpan Mine
| (ZARm) |
1,256 |
100% |
1,256 |
| Tshikondeni Mine
| (ZARm) |
109 |
100% |
109 |
| Sintel Char Project
| (ZARm) |
116 |
100% |
116 |
| Inyanda Project
| (ZARm) |
330 |
50% |
165 |
| Heavy Minerals
| |
|
|
|
| Hillendale Mine, Fairbreeze Project,
| |
|
|
|
| Block P
| (ZARm) |
143 |
100% |
143 |
| Ticor Smelter
| (ZARm) |
384 |
100% |
384 |
| Tiwest JV
| (ZARm) |
5,925 |
50% |
2,963 |
| Base Metals
| |
|
|
|
| Rosh Pinah
| (ZARm) |
573 |
89.5% |
513 |
| Zincor
| (ZARm) |
658 |
100% |
658 |
| Chifeng
| (ZARm) |
434 |
22% |
96 |
| Industrial Minerals
| |
|
|
|
| Glen Douglas
| (ZARm) |
46 |
100% |
46 |
| Kumba FerroAlloys
| (ZARm) |
86 |
100% |
86 |
| Mineral Rights, Exploration Properties and Non-LoM Resources
| (ZARm) |
|
|
1,682 |
| Total
| (ZARm) |
|
|
39,429 |
| Valuation Adjustments
| (ZARm) |
|
|
(4,078) |
| Equity Value
| (ZARm) |
|
|
35,351 |
| Ordinary Shares in Issue on
| |
|
|
|
| 1 January 2006
| (No) |
|
|
306,000,000 |
| Equity Value Per Share
| (ZAR/share) |
|
|
115.53 |
(1)
| For detail relating to the values ascribed to: Mineral Rights, Exploration Properties and Non-LoM Resources; and Valuation Adjustments refer to Table 14.182 and Table 14.185, respectively.
|
(2)
| ZAR/AUD = 4.77 on 1 January 2006 (Applied to Tiwest).
|
(3)
| ZAR/RMB = 0.86 on 1 January 2006 (Applied to Chifeng).
|
|
|
|
|
15.2.2
|
Eyesizwe
|
|
|
|
Table 15.3 Eyesizwe Equity Value Analysis – Scenario I
|
| Valuation Components
| |
Value of |
|
Attributable |
| |
Units |
Operation |
Attributable |
Value |
| Enterprise Value
| (ZARm) |
(ZARm) |
(%) |
(ZARm) |
| Arnot Colliery
| (ZARm) |
201 |
100% |
201 |
| Matla Colliery
| (ZARm) |
517 |
100% |
517 |
| New Clydesdale Colliery
| (ZARm) |
520 |
100% |
520 |
| North Block Complex
| (ZARm) |
89 |
100% |
89 |
| Inyanda Project
| (ZARm) |
330 |
50% |
165 |
| Mafube JV Phase II Project
| (ZARm) |
446 |
50% |
223 |
| Belfast Project
| (ZARm) |
208 |
100% |
208 |
| Incgambu Project
| (ZARm) |
11 |
50% |
5 |
| Mineral Rights, Exploration Properties
| |
|
|
|
| and Non-LoM Resources
| (ZARm) |
|
|
268 |
| Total
| (ZARm) |
|
|
2,196 |
| Valuation Adjustments
| (ZARm) |
|
|
(187) |
| Equity Value
| (ZARm) |
|
|
2,009 |
(1)
| For detail relating to the values ascribed to: Mineral Rights, Exploration Properties and Non-LoM Resources; and Valuation Adjustments refer to Table 14.183 and Table 14.186, respectively.
|
|
Table 15.4 Eyesizwe Equity Value Analysis – Scenario II
|
| Valuation Components
| |
Value of |
|
Attributable |
| |
Units |
Operation |
Attributable |
Value |
| Enterprise Value
| (ZARm) |
(ZARm) |
(%) |
(ZARm) |
| Arnot Colliery
| (ZARm) |
201 |
100% |
201 |
| Matla Colliery
| (ZARm) |
517 |
100% |
517 |
| New Clydesdale Colliery
| (ZARm) |
520 |
100% |
520 |
| North Block Complex
| (ZARm) |
89 |
100% |
89 |
| Inyanda Project
| (ZARm) |
330 |
50% |
165 |
| Mafube JV Phase II Project
| (ZARm) |
882 |
50% |
441 |
| Belfast Project
| (ZARm) |
208 |
100% |
208 |
| Incgambu Project
| (ZARm) |
11 |
50% |
5 |
| Mineral Rights, Exploration Properties
| |
|
|
|
| and Non-LoM Resources
| (ZARm) |
|
|
268 |
| Total
| (ZARm) |
|
|
2,414 |
| Valuation Adjustments
| (ZARm) |
|
|
(187) |
| Equity Value
| (ZARm) |
|
|
2,228 |
(1)
| For detail relating to the values ascribed to: Mineral Rights, Exploration Properties and Non-LoM Resources; and Valuation Adjustments refer to Table 14.183 and Table 14.186, respectively.
|
|
|
|
|
15.2.3
|
Exxaro
|
|
| |
Table 15.5 Exxaro Equity Value Analysis – Scenario I
|
| Valuation Components
| |
Value of |
|
Attributable |
| |
Units |
Operation |
Attributable |
Value |
| Enterprise Value
| (ZARm) |
(ZARm) |
(%) |
(ZARm) |
| Iron Ore
| |
|
|
|
| Sishen Mine
| (ZARm) |
22,170 |
20% |
4,434 |
| Sishen South Project
| (ZARm) |
489 |
20% |
98 |
| Thabazimbi Mine
| (ZARm) |
53 |
20% |
11 |
| Coal
| |
|
|
|
| Grootegeluk Mine
| (ZARm) |
5,736 |
100% |
5,736 |
| Leeuwpan Mine
| (ZARm) |
1,256 |
100% |
1,256 |
| Tshikondeni Mine
| (ZARm) |
109 |
100% |
109 |
| Arnot Colliery
| (ZARm) |
201 |
100% |
201 |
| Matla Colliery
| (ZARm) |
517 |
100% |
517 |
| New Clydesdale Colliery
| (ZARm) |
520 |
100% |
520 |
| North Block Complex
| (ZARm) |
89 |
100% |
89 |
| Sintel Char Project
| (ZARm) |
116 |
100% |
116 |
| Inyanda Project
| (ZARm) |
330 |
100% |
330 |
| Mafube JV Phase II Project
| (ZARm) |
446 |
50% |
223 |
| Belfast Project
| (ZARm) |
208 |
100% |
208 |
| Incgambu Project
| (ZARm) |
11 |
50% |
5 |
| Heavy Minerals
| |
|
|
|
| Hillendale Mine, Fairbreeze Project,
| |
|
|
|
| Block P
| (ZARm) |
143 |
100% |
143 |
| Ticor Smelter
| (ZARm) |
384 |
100% |
384 |
| Tiwest JV
| (ZARm) |
5,925 |
50% |
2,963 |
| Base Metals
| |
|
|
|
| Rosh Pinah
| (ZARm) |
573 |
89.5% |
513 |
| Zincor
| (ZARm) |
658 |
100% |
658 |
| Chifeng
| (ZARm) |
434 |
22% |
96 |
| Industrial Minerals
| |
|
|
|
| Glen Douglas
| (ZARm) |
46 |
100% |
46 |
| Kumba FerroAlloys
| (ZARm) |
86 |
100% |
86 |
| Mineral Rights, Exploration Properties
| |
|
|
|
| and Non-LoM Resources
| (ZARm) |
|
|
1,426 |
| Total
| (ZARm) |
|
|
20,167 |
| Valuation Adjustments
| (ZARm) |
|
|
(5,813) |
| Equity Value
| (ZARm) |
|
|
14,354 |
| Ordinary Shares in Issue on
| |
|
|
|
| 1 January 2006
| (No) |
|
|
306,000,000 |
| Equity Value Per Share
| (ZAR/share) |
|
|
46.91 |
(1)
| For detail relating to the values ascribed to: Mineral Rights, Exploration Properties and Non-LoM Resources; and Valuation Adjustments refer to Table 14.184 and Table 14.187, respectively.
|
(2)
| ZAR/AUD = 4.77 on 1 January 2006 (Applied to Tiwest).
|
(3)
| ZAR/RMB = 0.86 on 1 January 2006 (Applied to Chifeng).
|
|
Table 15.6 Exxaro Equity Value Analysis – Scenario II
|
| Valuation Components
| |
Value of |
|
Attributable |
| |
Units |
Operation |
Attributable |
Value |
| Enterprise Value
| (ZARm) |
(ZARm) |
(%) |
(ZARm) |
| Iron Ore
| |
|
|
|
| Sishen Mine
| (ZARm) |
23,171 |
20% |
4,634 |
| Sishen South Project
| (ZARm) |
489 |
20% |
98 |
| Thabazimbi Mine
| (ZARm) |
53 |
20% |
11 |
| Coal
| |
|
|
|
| Grootegeluk Mine
| (ZARm) |
7,500 |
100% |
7,500 |
| Leeuwpan Mine
| (ZARm) |
1,256 |
100% |
1,256 |
| Tshikondeni Mine
| (ZARm) |
109 |
100% |
109 |
| Arnot Colliery
| (ZARm) |
201 |
100% |
201 |
| Matla Colliery
| (ZARm) |
517 |
100% |
517 |
| New Clydesdale Colliery
| (ZARm) |
520 |
100% |
520 |
| North Block Complex
| (ZARm) |
89 |
100% |
89 |
| Sintel Char Project
| (ZARm) |
116 |
100% |
116 |
| Inyanda Project
| (ZARm) |
330 |
100% |
330 |
| Mafube JV Phase II Project
| (ZARm) |
882 |
50% |
441 |
| Belfast Project
| (ZARm) |
208 |
100% |
208 |
| Incgambu Project
| (ZARm) |
11 |
50% |
5 |
| Heavy Minerals
| |
|
|
|
| Hillendale Mine, Fairbreeze Project,
| |
|
|
|
| Block P
| (ZARm) |
143 |
100% |
143 |
| Ticor Smelter
| (ZARm) |
384 |
100% |
384 |
| Tiwest JV
| (ZARm) |
5,925 |
50% |
2,963 |
| Base Metals
| |
|
|
|
| Rosh Pinah
| (ZARm) |
573 |
89.5% |
513 |
| Zincor
| (ZARm) |
658 |
100% |
658 |
| Chifeng
| (ZARm) |
434 |
22% |
96 |
| Industrial Minerals
| |
|
|
|
| Glen Douglas
| (ZARm) |
46 |
100% |
46 |
| Kumba FerroAlloys
| (ZARm) |
86 |
100% |
86 |
| Mineral Rights, Exploration Properties
| |
|
|
|
| and Non-LoM Resources
| (ZARm) |
|
|
1,426 |
| Total
| (ZARm) |
|
|
22,349 |
| Valuation Adjustments
| (ZARm) |
|
|
(5,813) |
| Equity Value
| (ZARm) |
|
|
16,536 |
| Ordinary Shares in Issue on
| |
|
|
|
| 1 January 2006
| (No) |
|
|
306,000,000 |
| Equity Value Per Share
| (ZAR/share) |
|
|
54.04 |
(1)
| For detail relating to the values ascribed to: Mineral Rights, Exploration Properties and Non-LoM Resources; and Valuation Adjustments refer to Table 14.184 and Table 14.187, respectively.
|
(2)
| ZAR/AUD = 4.77 on 1 January 2006 (Applied to Tiwest).
|
(3)
| ZAR/RMB = 0.86 on 1 January 2006 (Applied to Chifeng).
|
|
|
|
|
15.2.4
|
Kumba Iron Ore
Details of Kumba Iron Ore’s equity value is provided for information purposes. Further details on Kumba Iron Ore will be contained in a CPR that will be issued with the pre-listing statement during September 2006.
Table 15.7 Kumba Iron Ore Equity Value Analysis – Scenario I
|
| Valuation Components
| |
Value of |
|
Attributable |
| |
Units |
Operation |
Attributable |
Value |
| Enterprise Value
| (ZARm) |
(ZARm) |
(%) |
(ZARm) |
| Iron Ore
| |
|
|
|
| Sishen Mine
| (ZARm) |
22,170 |
74% |
16,406 |
| Sishen South Project
| (ZARm) |
489 |
74% |
362 |
| Thabazimbi Mine
| (ZARm) |
53 |
74% |
39 |
| Mineral Rights, Exploration Properties
| |
|
|
|
| and Non-LoM Resources
| (ZARm) |
|
|
485 |
| Total
| (ZARm) |
|
|
17,292 |
| Valuation Adjustments
| (ZARm) |
|
|
75 |
| Equity Value
| (ZARm) |
|
|
17,367 |
| Ordinary Shares in Issue on
| |
|
|
|
| 1 January 2006
| (No) |
|
|
306,000,000 |
| Equity Value Per Share
| (ZAR/share) |
|
|
56.75 |
(1)
| Further details on Kumba Iron Ore will be contained in a CPR that will be issued with the pre-listing statement during September 2006.
|
|
Table 15.8 Kumba Iron Ore Equity Value Analysis – Scenario II
|
| Valuation Components
| |
Value of |
|
Attributable |
| |
Units |
Operation |
Attributable |
Value |
| Enterprise Value
| (ZARm) |
(ZARm) |
(%) |
(ZARm) |
| Iron Ore
| |
|
|
|
| Sishen Mine
| (ZARm) |
23,171 |
74% |
17,147 |
| Sishen South Project
| (ZARm) |
489 |
74% |
362 |
| Thabazimbi Mine
| (ZARm) |
53 |
74% |
39 |
| Mineral Rights, Exploration Properties
| |
|
|
|
| and Non-LoM Resources
| (ZARm) |
|
|
485 |
| Total
| (ZARm) |
|
|
18,032 |
| Valuation Adjustments
| (ZARm) |
|
|
75 |
| Equity Value
| (ZARm) |
|
|
18,107 |
| Ordinary Shares in Issue on
| |
|
|
|
| 1 January 2006
| (No) |
|
|
306,000,000 |
| Equity Value Per Share
| (ZAR/share) |
|
|
59.17 |
(1)
| Further details on Kumba Iron Ore will be
contained in a CPR that will be issued with the pre-listing statement during
September 2006.
|
|
|
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