Year end presentation 30 September 2002

Today’s presentation

• Operations report and update

• Organic growth/expansion update

• Market report and analysis

• Financial report

• Strategic developments including BEE

Operational highlights

• Total tonnes ore milled +7%

• Refined production of PGM’s +8%

• Smelter successfully commissioned

• Expansion plan remains on time and on budget

Financial highlights

• Operating profit $331million

• Earnings per share 121.5c

• Total net debt at 30 September

2002 $155million

• Final dividend of 42c per share making

the total dividend for the year 72c

Strategic highlights

• $75 million invested in Ashanti

• Indepgold in Zimbabwe sold for $15.5 million

• Use of assets within the secondary markets

• Strategic developments

Balance sheet management

• Balance sheet restructuring early

in the year highly successful

• Year end gearing level 23%

• Continued commitment to tight

balance sheet management

610

1163

New production records setPGM oz’000 refined

Refined production of Platinum

Refined production of PGM’s

1999 2000 2001 2002

660

1236

717

1358

757

1468

Unit costs

2001 2002 2001 2002

SAR cash cost per PGM oz(excludes royalties)

US$ cash cost per PGM oz(excludes royalties)

SAR US$

1594

1780 197

168

0.48

0.65

0.44

0.62

0.52

0.32

0.45

SafetyFatality rate: surface and underground

7Fatalities per FY:

Rat

e per

1000 e

mplo

yees

per

annum

10 7 10 9 6 11

Industry

1996 1997 1998 1999 2000 2001 2002

0

0.2

0.4

0.6

0.8

Successfully commissioned during 2002 at a final cost of $51million

Growth milestoneNew smelter

Both the Eastern Platinum C Stream Concentrator (pictured) and the K4South Concentrator were successfully commissioned in October 2002

Growth milestoneNew concentrators at Karee and Eastern

Hossy shaft. One of the four new shafts currently being sunk by Lonplats

Growth milestoneShaft projects

Construction of shafts and infrastructure to commence in 2003

Growth milestonePandora

600

700

800

900

1000

2000 2001 2002 2003 2004 2005 2006 2007 20080

20

40

60

80

100

120

140

Future growth profileProduction and Capex profile 2000-2008

Capex Actualproductionprofile

FY 2002productionprofile

FY 2003productionprofile

Financial year

Pt ozsThousands US$ million

Note: Above figures reflect major replacement and expansion Capex.

The platinum market

• Strong price recovery• Platinum fundamentals

remain sound• Autocatalyst demand

buoyant• Record offtake by

Chinese jewellerymarket

US$ per Platinum oz

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

2001 2002

300

400

500

600

The palladium market

• Russian spotsupplies controlled

• Palladium fundamentalscharacterised byweak demand andinventory overhang

• Automakers drawdown stocks

US$ per Palladium oz

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

2001 2002

300

400

500

600

The rhodium market

600

700

800

900

1000

1100

1200

• Rhodium fundamentalswholly dependent onautocatalysis

• Affected by automakersinventory management

• Thin markets capped byproducer selling

• New lower trading range

US$ per Rhodium oz

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

2001 2002

Market summaryJohnson Matthey reported

Platinum

• Record demand

• Widening deficit

• Strong Chinese and Autocatalyst off-take

Palladium

• Demand down 28% to eight year low

• Inventory draw down by US auto companies

• Russian spot supply withheld

• Signs of stability in dental / electronic demand

Financial results

Highlights

Turnover

EBITDA

Operating profit

Profit before tax

Earnings per share

Dividends per share

Gearing at year end - on equity

- on total

2002$ million

2001$ million

697

372

331

332

121.5c

72.0c

23%

18%

866

541

490

523

153.7c

64.0c

nil

nil

Summary of results

EBITDA

Depreciation – standard

Depreciation - Zimbabwe impairment

Associate's operating loss

Operating profit

Net interest and similar items

Profit before tax

EBITDA margin

2002$ million

2001$ million

372

(39)

-

(2)

331

1

332

53%

541

(39)

(12)

-

490

33

523

62%

Operating profit variance analysis

Operating profit at 31st September 2001

Lonplats - prices

- volumes

- costs

Zimbabwe

Head Office - exploration

- other

Operating profit - 30th September 2002

$ million

490

(225)

51

6

15

(10)

4

331

Summary of results

Profit before tax

Tax

Minority interest

Profit for the year

2002$ million

2001$ million

332

(75)

(72)

185

523

(150)

(99)

274

121.5

153.7

20012002

EPScents

Tax

Current tax - excl exch

- on local exch

Deferred tax

STC

Exchange - current tax

- deferred tax

Tax charge

Tax rate excl exch

2002$ million

2001$ million

71

5

36

16

(29)

(24)

75

37%

132

6

20

38

(19)

(27)

150

36%

EPS analysis

EPS as reported

EPS pre buybacks/capital return

EPS enhancement

121.5c

107.9c

12.6%

2002

Trading cash flow

Net cash inflow from operating activities

Net interest

Tax paid

Trading cash flow

Trading cash flow per share

359

3

(181)

181

118.9c

525

17

(109)

433

242.9c

2002$ million

2001$ million

Free cash flow

Trading cash flow

Capital expenditure

Minority dividends paid

Free cash flow

Free cash flow per share

181

(152)

(36)

(7)

(4.6)c

433

(115)

(88)

230

129.0c

2002$ million

2001$ million

Net cash flow

Free cash flow

Acquisitions and financial investment

Shares issued

Shares bought back

Capital return

Equity dividends paid

Net cash (outflow)/inflow

2002$ million

2001$ million

(7)

(78)

3

(128)

(360)

(109)

(679)

230

(17)

4

(19)

-

(110)

88

Balance sheet highlights

Equity interests

Net (borrowings)/cash

Gearing - on equity

- on total

Return on equity

Return on capital employed

Return on operating assets

2002$ million

2001$ million

675

(155)

23%

18%

21%

38%

52%

1077

523

Nil

Nil

27%

71%

99%

Enterprise value

Market cap

Less:

(Borrowings)/net cash

Enterprise value

Total cash paid to shareholders during 2002 - $597m

2002$ million

2001$ million

1881

(155)

2036

2180

523

1657

growth

23%

Financial summary

• Capital distribution of around $0.5bn

• Return on operating assets of 52%

• Dividend increase of 13% to 72c per share

• Enterprise value enhanced by 23%

• Gearing of 23% at year end

Strategic developments

Strategic developments

North America

Lonmin’s venturewith Wallbridge

explores for PGM’sin Sudbury Canada

United Kingdom

Lonmin’s head office is basedin London. It is the onlyfocused PGM producer withit’s primary listing on the LSE

Australia

Lonmin has investmentsin two PGM explorationcompanies

Tanzania

Lonmin has entered into ajoint venture to explore forPGMs in Tanzania

South Africa

Lonmin Platinum which is owned 73% butoperated 100% by Lonmin is the third largest ofthe South African PGM producers, and is locatedin the North West province. The Group maintainsa regional office in Johannesburg and Lonmin islisted on the JSE

Australian investmentHelix and Platinum Australia

Munni MunniPGM project

Panton PGM project Helix• Lonmin has taken an 11.8%

equity interest and has spentA$8.7m on exploration drilling onthe Munni Munni project

• No further spend is anticipatedpending final evaluation of data

Platinum Australia• Lonmin holds 39% of PLA and

has underwritten a rights issuefor A$3.1m

• Resource - Top Reef 10.6mt @5.6g/t (Pt+Pd+Au)

• Economics depend on thedevelopment of a commerciallyviable metallurgical process. Testwork continues as part of theFeasibility Study

Canadian investments

Wallbridge

• US $4.5m committed toexploration for PGM's in Sudbury

• Attractive targets identified

Tanzanian investments

Mibango

• agreement signed:August 2003

• US$1.0m committed toexploration

Secondary processing

• Ample smelting and refining capacity available

• Opportunities exist - optimise mass pulls

- support junior miners

- recycle material

• Recycle material build up to an estimated rate

of some 100,000 ounces of annualised PGM’s

over 2003

• Flexibility to be maintained

Gold investments

• Independence gold in Zimbabwe sold in October

2002 for $15.5m

• $75m invested in Ashanti M.E.N.'s

• Equity conversion via rights issue within a year

• Ashanti balance sheet strengthened

• Equity dilution maintained at 28%. Dilution to

below 20% avoided

• Ashanti investment value protected and Lonmin

well positioned for exit

BEE approach

• Lonmin supports the Government objectives

• Consultations with Impala have commenced

• Lonmin are targeting a timely solution

• South African capital market participants must

recognise the need for liberation of HDP savings

for broad based BEE use

HDSA EquityShareholding

HDSA ProcurementPolicies

Employment Equityand Skills Development

Corporate SocialInvestments

HDSA EquityShareholding

Employment Equityand Skills Development

HDSA ProcurementPolicies

Corporate SocialInvestments

Lonmin’s current positionvs. anticipated BEE scorecard

Lonmin Empowerment

Vision

Summary

Lonplats

Gold

Financial

Corporate

• Growth on track• Recycle opportunity• BEE

• Zimbabwe sold• Ashanti strengthened

• Tight balance sheet• High yield

• Impala• Other opportunities

• Continue to manage diligently• Gradual build up• Timely solution targeted

• Rights issue and seek exit

• Maintain• Maintain

• Continue to seek solution• Remain open minded and

opportunistic

Status Quo Strategy

Questions and answers

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