Projects - Highlights
Inferred Resources
Current estimate of Inferred PGM Resource and grades based on exploration data to 1 May 2006:
The above figures do not include the potential of the recent additional tenements in Aurora with Anglo Platinum.
Exploration Activities - Project Locations
PPD Projects Overall expenditure (subject to fund raising)
Aurora - Decision to proceed made in year 2.
Grass Valley - Feasibility costs could be brought forward to Year 1 with sufficient funding plus costs would reduce if JV with metallurgy partner.
Corporate - Includes all non-direct costs, legal, compliance, other investigations. Dual listing conceptually in Year 2.
Black Economic Empowerment (BEE)
The South African Mining Charter 2004 legislated that mining projects must have 15% ownership by Black Economic Empowerment (BEE) groups by 2009, increasing to 26% ownership by 2014:
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The BEE requirement is applied when exploration moves to mining project status
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A detailed BEE plan must be an integral part of any full feasibility study.
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The Charter has created some uncertainty as many BEE groups have limited funding.
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PPD in co-operation with the South African Department of Minerals and Energy has formulated a consultative approach to communities for its projects and PPD intends to fully comply with the BEE regime at the appropriate time.