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					Roadshow Presentation
Optimum Coal Holdings
11 March 2010
    Disclaimer

This presentation is not for release, publication or distribution (directly or indirectly) in or into the United States, Canada, Australia or Japan. Neither these materials nor the presentation constitutes or forms part of any offer of securities in the United States
or in any other jurisdiction.


These materials are being supplied to you solely for your information and for use at the presentation. The presentation, these materials and their contents are confidential and may not be reproduced, redistributed or passed on, directly or indirectly, to any
other person or published, in whole or in part, by any medium or for any purpose. By attending the meeting at which this presentation is made, or by reading these materials, you will be deemed to have (i) agreed to all of the following restrictions and
made the following undertakings and (ii) acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of these materials ands the presentation.


These materials and the presentation are being made available to and are only directed at: (i) persons who are outside the United Kingdom; or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the “Order”); or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”).
Any person who is not a Relevant Person should not act or rely on the materials and presentation or any of their respective contents.


Neither these materials nor the presentation constitutes or forms part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, or any offer to underwrite or otherwise acquire any shares in Optimum Coal Holdings
Limited (“Optimum Coal”) or any other securities nor shall they or any part of them nor the fact of their distribution or communication form the basis of, or be relied on in connection with, any contract, commitment or investment decision in relation thereto
nor do they constitute a recommendation regarding shares or securities of Optimum Coal. Any such offer of securities would be made, if at all, by means of a prospectus or offering memorandum to be issued by Optimum Coal. Any decision to purchase
securities in the context of any offering should be made solely on the basis of information contained in the final form of any prospectus or other offering memorandum published in relation to such an offering and any supplements thereto.


The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from registration under the U.S.
Securities Act. There will be no public offering of securities in the United States.


The information included in this presentation may be subject to updating, completion, revision, verification and amendment and such information may change materially. No person is under any obligation to update or keep current the information
contained in the presentation and these materials or to provide access to additional information, and any opinions expressed in relation thereto are subject to change without notice.


In particular, statements in these materials (other than statements of historical fact), including those regarding the possible or assumed future or other performance of Optimum Coal or its subsidiaries, industry growth or other trend projections, may
constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause actual results, performance, achievements or developments to be materially
different from those expressed or implied by the forward-looking statements contained in these materials. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct and you should not place undue reliance
on such forward-looking statements, which speak only as at the date of this presentation. In addition, past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made
regarding future performance.


None of Optimum Coal, Morgan Stanley & Co. International plc (“Morgan Stanley”), Rand Merchant Bank, a division of FirstRand Bank Limited (“Rand Merchant Bank”) or J.P. Morgan Equities Limited (“J.P. Morgan”), and together with Morgan Stanley
and Rand Merchant Bank, the “Managers”, give or make any undertaking, guarantee, representation, warranty or other assurance, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this
presentation, and no reliance should be placed on such information. None of Optimum Coal, its directors, officers or employees, or the Managers, or any of their respective affiliates, advisers or representatives accept any responsibility or liability
whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.


This presentation includes market share and industry data obtained by Optimum Coal from industry publications and surveys and internal surveys. Optimum Coal does not have access to the facts and assumptions underlying the numerical data, market
data and other information extracted from publicly available sources. As a result, Optimum Coal is unable to verify such numerical data, market data and other information. Optimum Coal assumes no responsibility for the correctness of any market share
or industry data included in the materials and presentation.


The merits or suitability of any securities must be independently determined by prospective investors on the basis of their own investigation and evaluation of Optimum Coal. Any such determination should involve, among other things, an assessment of
the legal, tax, accounting, regulatory, financial, credit and other related aspects of the securities. Prospective investors are recommended to seek their own financial and other advice and should rely solely on their own judgment, review and analysis in
evaluating Optimum Coal, its business and its affairs.


The Managers are acting exclusively for Optimum Coal and no one else in connection with the matters referred to in the materials and presentation and will not be responsible to anyone else for providing the protections afforded to their clients or for
providing advice in relation to such matters or any transaction or arrangement referred to in the materials and presentation.




                                                                                                                                                                                                                                                                         2
The Offer and Listing Details

 Expected listing date     -   Monday, 29 March 2010
 Ord. Shares Outstanding   -   224.4m shares
 Offer Size/Range          -   42.75m shares, ZAR34 to ZAR37
 Primary/Secondary         -   24m primary shares, 18.75m secondary shares
 Greenshoe                 -   6m shares from Company (ca. 15% of base offering)
 Listing                   -   JSE Main Board, General Mining Sector
 Selling Shareholders      -   AMCI Capital 12m shares,
                               BEE and other shareholders 6.75m shares
 Offering Structure        -   Private Placement
                           -   Single institutional tranche - retail and private clients only
                           -   Reg. S to institutional investors outside the US
                           -   Rule 144A to QIBs in the US
 Bookrunners               -   Morgan Stanley, Rand Merchant Bank, JP Morgan
 Sponsoring Broker         -   Rand Merchant Bank
 Lock-up                   -   BEE: Until May 2014
                           -   Other shareholders: 180 days
                                                                                                3
Table of Contents

1. Company Overview

2. Thermal Coal Demand

3. Key Value Drivers

4. Value Discussion

5. Financial Overview

6. Offer Structure




                         4
Presenting Team

       Mike Teke                Henry White                  Peter Gain
 Chief Executive Officer      Operations Director       Non-executive Director




      Doug Gain              Kobus Breytenbach              Tom Borman
   Financial Director      Investor Relations Officer   Non-executive Director




                                                                                 5
          Section 1


Company Overview
Optimum Coal’s Value Proposition

 Pure-play, South African thermal coal Group

 South Africa’s 6th largest thermal coal producer & 4th largest thermal coal exporter

 Significant supplier of coal to Eskom

 Proven ex-BHPB mines and management, with available surplus processing and rapid rail loading
 capacity

 Organic volume growth with reducing cost profile and as yet to be exploited synergies

 Low gearing & strong balance sheet provides platform for acquisitive growth

 More than BEE compliant

 The natural SA coal consolidator




                                                                                           7
 Optimum Coal at a Glance

                                                                                                                                      South African Export
Key Facts                                                                                                                             Thermal Coal Producers 2008(1)
                                                                                                                                      (Mt)
Optimum Coal Holdings
   6th largest thermal coal producer and 4th largest exporter of                                                                              Anglo Coal
                                                                                                                                               Anglo Coal                                                                          16.8
   thermal coal in South Africa, 6.5 Mt export entitlement
   through RBCT                                                                                                                                     Xstrata
                                                                                                                                                     Xstrata                                                            13.8
   70% BEE owned, acquired from BHP Billiton June 2008
   2009 Sales (2): $439 MM, EBITDA (2): $159 MM, margin:                                                                                                BHP
                                                                                                                                                         BHP                                              10.0
   36%
Optimum Collieries                                                                                                                            Optimum
                                                                                                                                            Optimum                                        5.8
                                                                                                                                       + Koornfontein (4)
   3rd largest opencast coal mine in South Africa
   Coal resources of 779 Mt, reserves of 272.8 Mt                                                                                                Optimum
                                                                                                                                                  Optimum                           4.0
   9.3 Mt of coal sold in 2009 (3), including 4.0 Mt of export
   coal                                                                                                                                              Exxaro
                                                                                                                                                      Exxaro                       3.5

Koornfontein Mines                                                                                                                                     Sasol
                                                                                                                                                        Sasol                     3.3
   Access to additional 1.5 Mt controlled RBCT entitlement
   through 91% effective stake in Siyanda Coal (4)                                                                                                      Total
                                                                                                                                                         Total                2.3
   2009 Sales (2): $154 MM, EBITDA (2): $46 MM, margin: 30%
   Coal resources of 149 Mt, reserves of 46.5 Mt                                                                                                     Kangra
                                                                                                                                                    Kangra                   2.0
   4.3 Mt coal sold in 2009 (5), including 2.0 Mt export coal
                                                                                                                                           Koornfontein
                                                                                                                                            Koornfontein                    1.8
Development and Exploration
   Schoonoord, Vlakfontein and Overvaal coal development                                                                                        Shanduka
                                                                                                                                               Shanduka                    1.4
   projects and Mpefu exploration project provide long-term
   output growth potential
                                                                                                                                                                 0.0               5.0              10.0              15.0               20.0
                                                                                                                                              Source:      Woodmac, Company Data
Notes:
1. Optimum Collieries production shown for FY2009 (July2008-June2009), Koornfontein Mines production shown for FY2009 (Mar2008-Feb2009)
2. EBITDA defined as operating profit/(loss) before finance costs plus (a) share-based payment expense, (b) depreciation and (c) amortisation as determined in accordance with IFRS, Converted using ZAR/USD exchange rate of 9.03 ZAR/USD
   for Optimum Collieries and 8.69 ZAR/USD for Koornfontein Mines
3. June year end
4. After completion of acquisition of 21.85% effective stake from Siyanda Resources (Pty) Ltd, (subject to Competition Commission approval) and acquisition of 49.99% from Sentula Mining Ltd (subject to shareholder approval), closing of both
   transactions expected by April 2010
5. February year end
                                                                                                                                                                                                                                                   8
Strategically Located In the Main
Coal Producing Region


                                                                           Limpopo
                                      Botswana


                                                                               Mpumalanga
                                                                                  O
                                                                    Gauteng    K    V    Swaziland
                                                 North West                           O                                                                                                                    Mpumalanga
              Namibia
                                                           Free State
                                                                                 Kwa-Zulu
                                                                                               R
                                                                                  Natal                                                                                          Optimum
                           Northern Cape                            Lesotho                                                          Rapid Load Out
                                                                                                                                                                        Optimum
                                                                                                                                                                                                      Mpumalanga
                                                     Eastern Cape                                                                                                                                    Schoonoord
                   Western Cape
   Atlantic
   Ocean                                                      Indian Ocean
                                                                                                                           Koornfontein
                                                                                                                              Koornfontein
                                                                                                                                                                                                        Vlakfontein
     Operating Mines        Infrastructure Investments      Development/Exploration Projects
                                                                                                                                                                                                            Vlakfontein
 O Optimum Collieries (Including Schoonoord Project (100%)           K Koornfontein Mines (91%) (1)


 V Vlakfontein Project (100%)      O Overvaal Project (100%)        M Mpefu Project (100%)                                                                                              Overvaal

 R RBCT (11%) (2)
                                                                                                                                                                                                                      Overvaal
                                                                                                                                Optimum Coal Assets                       RBCT Line
     580 km Rail line to RBCT




Note:
1.  Optimum will have an effective 91% after completion of acquisition of 21.85% effective stake from Siyanda Resources (Pty) Ltd (subject to Competition Commission approval) and acquisition of 49.998% from Sentula Mining Ltd
    (subject to shareholder approval). Closing of both transactions expected Q2 2010
2.  Koornfontein’s 1.5Mt of entitlement combined with that of Optimum’s 6.5Mt results in 11% ownership of RBCT entitlement


                                                                                                                                                                                                                                    9
Recent Transactions

Koornfontein                                                  Mercuria Energy Group
  Optimum owned 38.3% of Koornfontein Holdings (Pty) Ltd        During February and March 2010, Mercuria subscribed for
                                                                an effective 24.36 million shares at an average price of
  ―   19.1% effective interest in Koornfontein Mines
                                                                R35 per share for a total of R852.5 million investment in
  November 2009 – Siyanda Resources Transaction                 Optimum Coal
  ― Acquired a further 43.7% of Koornfontein Holdings (Pty)
     Ltd from Siyanda Resources (Pty) Ltd for R310 million      In February 2010, Mercuria entered into a ten year
  ― Increased ownership of Koornfontein Holdings (Pty) Ltd      marketing alliance agreement with Optimum Coal to
     from 38.2% to 82% (effective 41% of Koornfontein           market all uncommitted export coal at 1.5% - 2.5%
     Mines)                                                     commission
  ― Competition Commission approval received on 10
     March 2010

  February 2010 – Sentula Mining Transaction
  ―   Acquired 49.998% of Siyanda Coal (Pty) Ltd from
      Sentula Mining Ltd for R670 million
  ―   Transaction still subject to Sentula Mining Ltd
      shareholder approval scheduled for 31 March 2010
      ― Irrevocable undertakings to approve the
        transaction from over 60% of shareholders
        received
  ―   Increased effective interest in Koornfontein Mines to
      91.0%
Optimum Coal Current Ownership and Assets

   Optimum Coal is a truly South African mining company with 70% BEE ownership

                                                                     BEE / HDSA 70%


                                                                                                                                                                                           Executive
     Monkoe Coal            Micsan              Mobu                                 Kwini Mining           Employee           Community          Warrior Coal                                                AMCIC
                                                                  Mlu Kwini                                                                                                                Employee
     Investments         Investments          Resources                             Investments (1)          Trust               Trust                                    Mercuria                           Warrior             Other
                                                                                                                                                                                             Share
                                                                                                                                                                          Energy                             Mauritius        Individuals
                                                                      BEE                                                                                                                  Incentive
          BEE                 BEE                 BEE                                      BEE                  BEE                 BEE                BEE                                                   Limited
                                                                                                                                                                                             Trust



                  6.24%               8.91%               2.67%              0.89%               11.59%              11.14%                11.14%           16.94%                5.06%             0.89%           18.72%          5.81%




                                                                                            Optimum Coal Holdings



          Group Services                                             Operations                                          Export & Logistics                          Coal Development /                           Platinum Investments
                                                                                                                                                                     Exploration Projects

                       100%                                  100%                                91% (2)                               11% (3)

                                                                                                                                                                                                                  26%
                                                                                                                                                                            Schoonoord (100%)
            OC Services                       Optimum Collieries                 Koornfontein Mines (2)                          RBCT                                                                                       Hoedspruit

                                                                                                                                                                             Vlakfontein (100%)                   26%
                                                                                                                                                                                                                            Kruidfontein
                                                                                                                                                                              Overvaal (100%)

                                                                                                                                                                                Mpefu (100%)

Notes:
1. Mercuria Energy owns 48% of Kwini Mining Investments (Pty) Ltd
2. Optimum will have an effective 91% after completion of acquisition of 21.85% effective stake from Siyanda Resources (Pty) Ltd (subject to Competition Commission approval) and acquisition of 49.998% from Sentula Mining Ltd
   (subject to shareholder approval). Closing of both transactions expected Q2 2010
3. Koornfontein mines has 1.5 Mtpa of RBCT entitlement (2% of RBCT)                                                                                                                                                                         11
 Corporate Governance
                            King 3 Complaint Board of Directors

     King 3 compliant                                                       Sivi           Bobby
                                                 Chair and Deputy Chair
     Board of Directors                                                     Gounden        Godsell (1)
                                                                            Chairman       Deputy Chair
     constituted in
     February 2010
                                                 Executive Directors        Mike Teke      Doug Gain      Henry White
                                                                            CEO            Financial      Operations
                                BOARD                                                      Director       Director
     Strong independent
                                                 Non—executive Directors    Tom Borman     Peter Gain     Mlu Kwini     Eliphus
     directors with the                                                                                                 Monkoe
     necessary skills

                                                 Independent Directors      Loutjie Smit   Lulu Letlape   Nomavuso      Deon
                                                                                                          Mnxasana      Dhlomo
     Wide range of skills
     and proven track
     records                                     Audit & Risk Management    Loutjie Smit   Tom Borman     Nomavuso
                                                 Committee                  Chairman                      Mnxasana
                                SUB-COMMITTEES




                                                 HSEC Committee             Bobby          Eliphus        Sivi
                                                                            Godsell        Monkoe         Gounden
                                                                            Chairman

                                                 Nominations &              Bobby          Sivi           Nomavuso
                                                 Remunerations Committee    Godsell        Gounden        Mnxasana
                                                                            Chairman


                                                 Transformation Committee   Lulu Letlape   Sivi           Bobby
                                                                            Chairman       Gounden        Godsell



Note:
1. Independent                                                                                                                    12
             Section 2


Thermal Coal Demand
  Favourable Thermal Coal Demand Outlook


   RBCT Exports Shifting Towards India                                                         Global Energy Demand – 2005–2030
                      2008                                          2009                       MM Barrels of Oil Equivalent per Day                            2006-2030
              Other                                           Other                            35,000                                                             CAGR
              (11.7 Mt)                                       (6.5 Mt)
              19%                                             11%
                                               Other Asia
                                               (7.4 Mt)                                        30,000
                                               12%                                                                                                                3.1%
Other Asia
(4.3 Mt)                                         China
7%                                                                                 Europe
                                                 (1.4 Mt)                                      25,000
                                                 2%                                (28.1 Mt)
                                                                                                                                                                  0.9%
   India                                                                           46%
                                   Europe
   (6.8 Mt)                        (38.9 Mt)           India
   11%                             63%                 (17.7 Mt)                               20,000
                                                       29%
   Source: RBCT
                                                                                               15,000
    India and China Thermal Coal Imports                                                                                                                          2.7%

   (Mt)
                                                                                               10,000
     80                                                        58
                                                         42              46 54   52 57
     60                                     36
                       32         31
     40      24
                                                                                                5,000                                                             2.4%
     20
      0
    -20                                -3                                                                                                                         -1.3%
                                                  -8                                                 0
    -40                     -21
    -60                                                                                                      2000           2010           2020         2030
                -43
            2005          2006    2007         2008         2009E    2010E       2011E               Liquids                       Gas                          Coal
          India               China                                                                  Nuclear                       Renewables
  Source: AME                                                                                  Source: DOE EIA International Energy Outlook, May 2009




                                                                                                                                                                           14
          Section 3


Key Value Drivers
Key Value Drivers


1. Existing Production Supported By Well Invested Infrastructure And Extensive Reserves

2. Koornfontein Adds Significant Infrastructure Advantage and Production Flexibility

3. New Projects Provide Strong Growth Profile

4. Significant Upside To Existing CPR Scenario

5. RBCT Allocation And Rail Capacity Available

6. Eskom Price Upside For New Mines




                                                                                          16
1
     Existing Production Supported By Well Invested
     Infrastructure And Extensive Reserves

Optimum Collieries                                       Optimum Collieries Production Profile

    Developed and well invested infrastructure:          FY ROM production, Mt

    ―     9 draglines, 20km of conveyor belts            21

    ―     3 modern processing plants
    ―     Rapid rail load-out facility                   18
                                                                                                     16.2       16.5    16.3
                                                                                                                                     16.1
    Coal reserves of 272.8 Mt included in 22 year mine                              15.4
    plan                                                 15
                                                                                                      4.0       4.0      4.0
                                                                                     3.3                                             4.0
    ―     resource tail of 506 Mt                                   12.5
                                                         12          0.4
    Near-term production growth driven by:
                                                                     1.7
                                                                                     2.9
    Boschmanspoort Mine
                                                                                                      5.6
    ―     New underground project to expand ROM           9
                                                                     4.1             1.7                        8.1      7.8
          tonnage                                                                                                                    8.7

    ―     Capex of ZAR558 MM, 93% spent as of 10 Feb      6                                           1.0
          2010, development started 2008                                             4.9
                                                                                                      3.8       0.9      1.2
    ―     5 coal mining sections, up to 4 Mt ROM          3          6.3
                                                                                                                                     1.1
    Kwagga North Extension                                                                                      3.2      3.4
                                                                                     2.6                                             2.2
                                                                                                      1.8
    ―     Opencast extension to Kwagga mining area        0                                                     0.3
    ―     Capex of ZAR722 MM, 11% spent as of 10 Feb                2009           2010E             2011E     2012E    2013E       2014E
          2010                                                         Kwagga                          Pullenshope              Eikeboom
                                                                       Kwagga North                    Boschmanspoort
    ―     Up to 10 Mt of ROM at peak production
                                                              Source: SRK Competent Persons Report




                                                                                                                                            17
2
          Koornfontein Adds Significant Infrastructure
          Advantage and Production Flexibility

Koornfontein Brings Key Benefits                     Historical Export Production
                                                     Mt
          3 wash plants with 9 Mt total capacity
                                                     2.5
          Rapid load-out facility
          Saleable product of 3.8 Mt in year to             2.0                                    2.0
          February 2010                              2.0
                                                                                     1.8
                                                                        1.7
          ― Exports: 2.0 Mt                                                                               RBCT
                                                                                                          Entitlement
          ― Eskom: 1.6 Mt                            1.5

          ― Fine coal: 0.2 Mt
          Overland conveyor system                   1.0

          Coal resources of 149 Mt
          ― 4 Seam: 130.1 Mt                         0.5
          ― 2 Seam: 18.7 Mt
          Potential to significantly optimise        0.0
          production profile                               2007
                                                                  (1)
                                                                        2008
                                                                               (1)
                                                                                     2009
                                                                                            (1)
                                                                                                  2010E
                                                                                                          (2)




Notes:
1. Per CPR – Table 2.3
2. Latest estimate for year-ended 28 February 2010

                                                                                                                18
3            New Projects Provide Strong Growth Profile

        Optimum Coal – Export Volumes Growth Profile (1)                                                                                                                     Comments
        Mt
         12                                                   At March 2010                                                                                                         SRK base scenario as of
                                                                                                                                                                                    July 2009
                                                                                                                                             1.6        10.4

                                                                                                                                                                                    Committed to achieve
                                                                                                                                 0.4
           9
                                                                                             1.0         8.2         0.2                                                            annual export targets
                                                                                0.2
                                                                    0.7                                                                                                             New projects and
                                            0.9         6.3
                                                                                                                                                                                    Koornfontein acquisition
           6                    1.4
                                                                                                                                                                                    provide portfolio effect to
                    4.0
                                                                                                                                                                                    enhance production and
                                                                                                                                                                                    capital efficiency
           3




           0




Notes:
1. Incremental volumes shown for each new project
2. Optimum will have an effective 91% after completion of acquisition of 21.85% effective stake from Siyanda Resources (Pty) Ltd (subject to Competition Commission approval) and acquisition of 49.998% from Sentula Mining Ltd (subject to
    shareholder approval). Closing of both transactions expected Q2 2010.
                                                                                                                                                                                                                                               19
4         Significant Upside To Existing CPR Scenario

PF Optimum Coal Capex Programme
(2010–2014)(1)                                                                                                      Key Capex Items
ZAR MM
 2,400                                       2,310                                                                        2010-2012 Optimum Collieries:
                                                                                                                          ― Boschmanspoort project - ZAR358 MM
                                                                                                                          ― Kwagga North project - ZAR612 MM
                                               778
                                                                                                                          ― Water Treatment Plant - ZAR348 MM
 1,800
                                                                                                                          2010-2012 Koornfontein Mines:
                                                                                                                          ― New seam development including
                                                                                                                            production equipment and infrastructure -
                                                                                                                            ZAR413MM
 1,200                                         703
                              1,083
                                                                                                                          ― Environmental - ZAR105 MM
                923              159

                                                              805
                                                                                                                          2011 New Projects:
                118

                                               235            176
                                                                                                                          ― Vlakfontein - ZAR703 MM
    600                                                        41
                                                                     19                                                   ― Overvaal - ZAR778 MM
                                 924                           87
                                                                             406             415
                805                                                            38               26                        Potential to optimise front-ended capex profile
                                                                             57              70
                                              595                            22 30               32
                                                              483
                                                                                             111                          Cash flows to increase going forward based on
                                                                            258
                                                                                           175                            existing business plan
      0
               2009           2010            2011           2012            2013           2014
          Optimum                Koornfontein             Vlakfontein             Overvaal             Schoonoord
Source:      SRK, Company Data



Notes:
1. 2009 Optimum Coal capex based on June FY, 2009 Koornfontein Mines capex based on Feb YE, 2010-2014 Optimum Coal and Koornfontein Mines capex based on June YE            20
5          RBCT Allocation And Rail Capacity Available

Access To Key Export Infrastructure                                                                                            Richards Bay Coal Terminal Allocations
                                                                                                                               (Mt), 76 Mt total incl. Quattro
                                                                                                                                            19.8        18.0
                                                                                                                                 20.0
        RBCT – one of the largest export coal terminals                                                                          15.0
                                                                                                                                                                    15.1

        in the world                                                                                                             10.0                                            8.0 (1)
                                                                                                                                                                                                     4.1       4.0                  3.6
        ― Cheapest coal export solution of scale                                                                                   5.0                                                                                                      1.9      1.7
                                                                                                                                   0.0
        ― 76 Mt design capacity




                                                                                                                                               Anglo




                                                                                                                                                                      Xstrata




                                                                                                                                                                                                                                                     Kangra
                                                                                                                                                                                                      Total




                                                                                                                                                                                                                                    Sasol
                                                                                                                                                          BHP




                                                                                                                                                                                                                  Quattro Program




                                                                                                                                                                                                                                            Exxaro
                                                                                                                                                                                  Koornfontein




                                                                                                                                                                                                                                                      Coal
                                                                                                                                                                                   Optimum+
        ― Phase V Expansion Project – 91 Mt




                                                                                                                                                                                          (2)
              capacity
        4th largest South African coal exporter
                                                                                                                                  Source: Richards Bay Coal Terminal
        ― 11% Pro Forma ownership of RBCT (2)
        ― Largest single BEE shareholder at RBCT                                                                                                                                                  Mpumalanga
        ― Total RBCT allocation of 8.0 Mt (1)(2)
        Sufficient rail capacity available                                                                                                                                      Optimum
        ― Rapid load out facilities with loading                                                                                            Rapid Load Out
                                                                                                                                                                      Optimum Mpumalanga
              capacity of 13Mt                                                                                                                                                                    Schoonoord
        ― Current rail capacity is 8Mt
        ― Industry working with Transnet to improve                                                                                      Koornfontein
                                                                                                                                            Koornfontein
                                                                                                                                                                                                    Vlakfontein
              efficiency                                                                                                                                                                               Vlakfontein
        ― Flexibility in the system to increase export
                                                                                                                                                                                   Overvaal
              tonnages                                                                                                                                                                                        Overvaal
                                                                                                                                           Optimum Coal Assets                                   RBCT Line
Notes:
1. Excluding total 441kt commitment to Quattro participant usage
2. Pro forma for acquisition of 22% effective stake from Siyanda Resources and acquisition of 49.9% from Sentula Mining, both subject to customary closing conditions, closing expected in 1H 2010
                                                                                                                                                                                                                                                              21
6       Eskom Price Upside For New Mines

Positive Outlook For Eskom Demand                                        Mines Located Close to Power Stations
    NERSA approved cumulative Eskom tariff increases of 24.8% in
    2010, followed by 25.8% in 2011 and 25.9% in 2012 as Eskom is                                               Mpumalanga
    looking to raise ZAR385Bn for power expansion program
    Existing contracts
                                                                                                   Optimum
    ―    Optimum Collieries: R93/ton or R4/GJ for 23CV/kg
                                                                                                  Optimum
    ―    Koornfontein middlings old: R105/t or R5/GJ for 20CV/kg                  Hendrina
                                                                                  Power Station
                                                                                                            Mpumalanga
                                                                                                        Arnot
                                                                                                        Power Station
    ―    Koornfontein middlings new: (as of Feb 2010) R130/t or
         R6.5/GJ for 20CV/kg
                                                                                                           Schoonoord
    Substantial investment in additional power stations in response to
    growing electricity demand                                                   Komati

    ―    Aiming to increase capacity to over 60,000 MW by 2017;          Koornfontein
                                                                                 Power Station
                                                                                                         Vlakfontein
         80,000 MW by 2026                                                                                               Camden

    Rising coal demand and constrained coal supply
                                                                                  Koornfontein
                                                                                                                         Vlakfontein
                                                                                                                         Power Station

    ―    35 – 40 Mtpa of new coal required by 2018
                                                                                                              Overvaal
 Opportunity                                                                                                                      Ove
    Recommissioning and building of new power stations
    ―   Komati Power Station is located at Koornfontein
    ―   Camden Power Station is located at Overvaal and near to                                   Optimum Coal Assets     Power Stations

        Vlakfontein
    ―   Arnot Power Station located near to Schoonoord
    New mine development will require profitable Eskom pricing


                                                                                                                                           22
      Section 4


CPR Valuation
 CPR Valuation - updated with latest Net Debt and
 Equity Interest in Koornfontein Mines

Sum of the Parts Value Attributable to OCH(1)(2)
(ZARm)
                                                                                                                                                                   Shares in Issue                                     224,488,437
                                                Coal Operations and Logistics
12,000                                                                                                                                                             Equity Value per Share                                         42.20

                                                                                                                                          1,419                      10,116                      (642)
                                                                                                                                                                                                                               9,474
  9,000                                                                          1,147                       8,697

                                                    6,352



  6,000




  3,000

                      1,198


         0
                         OCT                      Optimum                  Koornfontein               Total Operating                   Projects             Aggregate Value       PF                                    Equity Value
                                                  Collieries                Mines 91%                     Assets                                              of Coal Assets Net Debt Position
                                                                                                                                                                                  Mar-10
Source: SRK MER (real model) as at 1 December 2009. Valuation as at 1 July 2009

Notes:
1. Koornfontein valued at 19.2% interest in the SRK report as was pre transaction, interest now increased to 91%. Value shown is at current 91% interest based on valuation of 19.2% interest at time of SRK valuation.
2. Primary valuation (DCF) method for coal assets taken rather than secondary methods (transaction comparables) Flat FX rate of 8.75ZAR/USD used. Real WACC of 7.96% used for Optimum, 8.96% used for Koornfontein, 10.96% used for
   Vlakfontein, 10.96% used for Overvaal, 7.96% used for Schoonoord and 7.96% used for Optimum Coal Terminal. LT real export coal price of c.616R/t used beginning 2016 for Optimum, 613R/t beginning 2017 for Koornfontein, 612.5R/t
   beginning 2016 for Vlakfontein, 616.9R/t beginning 2016 for Schoonoord. PF Net debt/cash position supplied by OCH
                                                                                                                                                                                                                                          24
DCF Valuation Assumptions per CPR

Export Coal Price (1)                                                Discount Rates Applied to DCF (2)
                                                                     (%)
(ZAR / Ton)
                                                                      15.00
 850.00
                                         814

 800.00                                           782
                                                                      12.00
                                                                                                                   10.96       10.96
                                 765

 750.00                                                                                      8.96
                                                                       9.00
                                                                                7.96                     7.96

 700.00
                    698   698
                                                                       6.00
                                                        682
 650.00
                                                               613

                                                                       3.00
 600.00



 550.00                                                                0.00
                  June    June    June    June   June   June   LT               Opt        Ktn Mines     OC     Vlakfontein   Overvaal
                  2010    2011    2012    2013   2014   2015                  Collieries               Terminal



Notes:
1. June year-end basis
2. Real terms
                                                                                                                                         25
           Section 5


Financial Overview
Summary of Financial and Reporting Procedures
                                       Audited Historical Reporting
                            Year End                  Historical Information Available                              Timing

                                         Audited accounts under IFRS for FY2009 (Jul 2008 – Jun 2009)              Available
                                         post acquisition from BHPB in June 2008

Optimum Coal                             Interim accounts for 1H 2010 (Jun 2009 – Dec 2009)                    Feb/Mar 2010
Holdings (“Optimum”)          June
                                         Historical financial information for Optimum Collieries based on
                                         BHPB internal reporting uses internal cost allocations and transfer
                                         pricing, and is therefore not comparable

                                         Audited accounts under IFRS for FY2008 / 2009 (Mar 2007 – Feb             Available
Main Street 431 (Pty) Ltd                2008 / Mar 2008 – Feb 2009)
                            February                                                                               Available
(“Koornfontein Mines”)                   Interim accounts for 1H 2009 and 2010 (Mar 2008 – Aug 2008 and            Jan 2010
                                         Mar 2009 – Aug 2009)
Pro Forma                                Pro Forma financial information as of and for 6 months ending 31
                              N/A                                                                              Feb/Mar 2010
Financial Information                    December 2009

                                                       Ongoing Reporting Frequency
                               Management / Internal Accounts                            Consolidated IFRS
Profit & Loss Statement                   Monthly                                            Semi-annually
Balance Sheet                             Monthly                                            Semi-annually
Cash Flow Statement                       Monthly                                            Semi-annually
Budget                                    Annually                                                 n/a
Forecast                                  Monthly                                                  n/a
                                                                                                                               27
 Optimum Coal Holdings Financial Highlights (1)

    ZAR MM

                                                                                                                                              FY2009                                                                       FY2010
                                                                                                                              6 Months to                               12 Months to                                                6 Months to
                                                                                                                                  Dec-08                                     Jun-09                                                     Dec-09
    Income Statement/ Balance Sheet Highlights
        Revenue                                                                                                                           2,551                                       3,965                                                    1,500
        EBITDA                                                                                                                            1,154                                       1,440                                                    454 (3)
        % Margin                                                                                                                           45%                                          36%                                                      30%
        Net Income                                                                                                                           615                                         747                                                         70
        % Margin                                                                                                                           24%                                          19%                                                        5%
        Net Debt / (Cash)                                                                                                                 (412)                                        (252)                                                       231



        Coal Sales Volume
        Export (kt)                                                                                                                       2,117                                       4,187                                                    2,562
        Inland (kt)                                                                                                                            23                                           49                                                       23
        Eskom (kt)                                                                                                                        2,737                                       5,042                                                    2,500
    Average Realised Price
        Export (ZAR/t)                                                                                                                    1,057                                          813                                                       480
        Export (US$/t) (2)                                                                                                                   119                                            90                                                       63
        Inland (ZAR/t)                                                                                                                    1,221                                          893                                                       596
        Eskom (ZAR/t)                                                                                                                          87                                           85                                                       93
Notes:
1. Optimum Coal results based on IFRS audited OCH Group audited financial statements for the years ended 30 June 2008 and 2009 and reviewed results. Includes Koornfontein as 19.1% associate
2. Based on FY2009 (year ended 30 June 2009), 1H 2009 (six months ended 31 December 2008) and 1H 2010 (six months ended 31 December 2009) average ZAR/USD exchange rates of 9.03, 8.86, and 7.65 respectively
3. EBITDA includes other income of R479.9 million, including a net rehabilitation provision release of R391.8 million and a once-off profit on disposal of shares of R88.1 million. No material credits of this nature were included in previous periods
                                                                                                                                                                                                                                                           28
Optimum Coal – Cash Cost Structure and
Dynamics
                                                                                        Cash Cost Reconciliation for Optimum
Optimum                 (1)                                                             Collieries
On-Mine Cash Cost per ROM Ton (ZAR/ton)
                                                                                                                        12 Months to   6 Months to
 250                                                                                    ZAR MM                              June 09        Dec 09

 200                170                             177                   177           Total On-Mine Cash Costs               2,233         1,148
 150
                                                                                        Rail and Port Costs                     414           261
 100
                                                                                        Total Cash Costs                       2,647         1,409
  50
    0                                                                                   Saleable Tonnes (kt)                   9,194         4,749
           6 months to Dec 08                12 months to Jun 09   6 months to Dec 09   Total Cash Cost per Saleable
                                                                                        Ton (ZAR/t)                           287.96        296.84

Optimum On-Mine Operating Cost Structure (2009) (1)
                                                                                        Eskom Sales Revenue                     453           232
                                              Others
                                              10%                                       Total Cash Costs Net of Eskom
                              Utilities                                                 Revenue                                2,194         1,177
                              2%                              Consumables
                                                              33%                       Export Saleable Tonnes (kt)            3,966         2,512

                        Labour                                                          All-in Cash Cost per Export
                        23%                                                             Ton (ZAR/t)                           553.33        468.88


                                               Contractor Fees                             Cost optimisation to be achieved through
                                               32%
                                   Total: ZAR 2,233 MM
                                                                                           increased ROM and export volumes
                    On-Mine Cash Cost per ton of ZAR177/t
Notes:
1. Optimum Coal financial year end is June
                                                                                                                                                     29
 Koornfontein Mines Financial Highlights (1)
    ZAR MM

                                                                                                                 FY2008                                       FY2009                                              FY2010
                                                                                                        12 Months to                           6 Months to                     12 Months to                       6 Months to
                                                                                                             Feb-08                                Aug-08                           Feb-09                            Aug-09
    Income Statement
       Revenue                                                                                                          462                                  663                            1,341                               599
       EBITDA                                                                                                             95                                 269                              396                               105
       % Margin                                                                                                       21%                                  41%                               30%                               18%
       Net Income                                                                                                       407                                  152                              191                                 70
       % Margin                                                                                                       88%                                  23%                               14%                               12%
       Net Debt / (Cash)                                                                                                278                                  110                                43                                63


       Coal Sales Volume
       Export (kt)                                                                                                   1,190                                   867                            2,038                            1,104
       Inland (kt)                                                                                                          2                                    4                              14                              184
       Eskom (kt)                                                                                                    1,435                                1,322                             2,247                               994
    Average Realised Price
       Export (ZAR/t)                                                                                                   368                                  593                              578                               477
       Export (US$/t) (2)                                                                                                 52                                   76                               66                                56
       Inland (ZAR/t)                                                                                                   140                                    49                               47                                40
       Eskom (ZAR/t)                                                                                                      58                                   71                               72                                71

Notes:
1. Koornfontein results based on IFRS audited Main Street 431 (Pty) Ltd audited financial statements for the years ended 29 February 2008 and 28 February 2009. 100% of Koornfontein shown. Current ownership is 91% pro forma for
   acquisition of 22% effective stake from Siyanda Resources and acquisition of 49.9% from Sentula Mining, both subject to customary closing conditions, closing expected in 1H 2010
2. Based on FY 2008 (year ending February 29 2008), FY 2009 (year ending February 28 2009), 1H 2009 (six months ending August 31 2008) and 1H 2010 (six months ending August 31 2009) average ZAR/USD exchange rates of 7.08, 8.69,
   7.76 and 8.54 respectively                                                                                                                                                                                                          30
 Koornfontein Mines – Cash Cost Structure and
 Dynamics
                                                                                                     Cash Cost Reconciliation for
                                                                                                     Koornfontein Mines
 Koornfontein (1)
On-Mine Cash Cost per ROM Ton (ZAR/ton)
                                                                                                                                        12 Months to     6 Months to
 250                                                                                                 ZAR MM                                  Feb 09          Aug 09
                                                                                       237
                    230                                229                                           Total On-Mine Cash Costs                    700            389

                                                                                                     Rail and Port Costs                           92            66

                                                                                                     Total Cash Costs                            792            455

 200                                                                                                 Saleable Tonnes (kt)                    4,263 (2)         2,387
           6 months to Aug 08               12 months to Feb 09                 6 months to Aug 09
                                                                                                     Total Cash Cost per Saleable Ton
                                                                                                     (ZAR/t)                                  185.93          190.46

 Koornfontein On-Mine Operating Cost Structure (2009) (2)
                                                                                                     Eskom Sales Revenue                         162             47
                                   Buy-Ins                         Consumables                       Total Cash Costs Net of Eskom
                                   20%                             22%                               Revenue                                     630            408

                          Others                                                                     Export Saleable Tonnes (kt)               2,052           1,103
                          10%                                           Contractor Fees              All-in Cash Cost per Export Ton
                                                                        13%                          (ZAR/t)                                  307.28          369.98
                           Utilities
                           3%

                                                  Labour
                                                  32%
                              Total: ZAR 700 MM
                     On-Mine Cash Cost per ton of ZAR229/t
 Notes:
 1. Koornfontein financial year end is February
 2. Includes benefit of 2Mt of discard reclaimed and beneficiated during FY09
                                                                                                                                                                  31
Balance Sheets


ZAR MM                                                              Optimum (1)                                                         Koornfontein (2)

                                                     Jun-2008                          Jun-2009                             Feb-2008                          Feb-2009
PPE                                                     3,627                             4,315                                 705                               738
Rehabilitation Investments                               984                              1,103                               149 (3)                             159
RBCT Shares                                              850                               850                                  144                               144
Other Non-Current Assets                                 867                              1,277                                   -                                 -
Total Non-Current Assets                                6,328                             7,545                                 998                              1,041


Inventories                                              153                               246                                   63                                36
Accounts Receivable                                      309                               181                                   36                                59
Cash and Cash Equivalents                                   -                              402                                   28                               167
Other Current Assets                                        -                                3                                    5                                 -
Total Current Assets                                     462                               832                                  132                               262


Total Assets                                            6,790                             8,377                                1,130                             1,303


Notes:
1. Optimum Coal results based on IFRS audited OCH Group audited financial statements for the years ended 30 June 2008 and 2009. Includes Koornfontein as 19.2% associate
2. Koornfontein results based on IFRS audited Main Street 431 (Pty) Ltd audited financial statements for the years ended 29 February 2008 and 28 February 2009. 100% of
   Koornfontein shown. Current ownership is 19.2%, acquisition of additional effective 21.8% for control is subject to certain closing conditions. Transaction is expected to close in
   first half of 2010
3. Koornfontein rehabilitation asset ZAR149 MM was a receivable as at 28 February 2008
                                                                                                                                                                                         32
Balance Sheets (cont’d)

ZAR MM                                                              Optimum (1)                                                         Koornfontein (2)

                                                     Jun-2008                          Jun-2009                            Feb-2008                           Feb-2009
Long Term Debt                                             -                                 -                                  232                               153
Environmental Liabilities                               2,147                             2,291                                 164                               187
Other Non-Current Liabilities                           669 (3)                           1,069                                 135                               196
Total Non-Current Liabilities                           2,816                             3,360                                 531                               536


Short Term Debt                                          107                               150                                  74                                 60
Accounts Payable                                         282                               609                                  112                                96
Other Short Term Liabilities                               -                                55                                   4                                 13
Total Current Liabilities                                489                               814                                  190                               169


Total Liabilities                                       3,305                             4,174                                 721                               705


Total Equity                                            3,485                             4,203                                 409                               598
Net Debt                                                 207                            (234) (4)                               278                                43
Notes:
1. Optimum Coal results based on IFRS audited OCH group audited financial statements for the years ended 30 June 2008 and 2009. Includes Koornfontein as 19.2% associate
2. Koornfontein results based on IFRS audited Main Street 431 (Pty) Ltd audited financial statements for the years ended 29 February 2008 and 28 February 2009. 100% of
   Koornfontein shown. Current ownership is 19.2%, acquisition of additional effective 21.8% for control is subject to certain closing conditions. Transaction is expected to close
   in first half of 2010
3. Other non-current liabilities comprises deferred tax in FY08 and FY09, finance lease liability and share appreciation right liabilities in FY09
4. Includes short and long term debt, cash and cash equivalents (excluding Optimum Coal restricted cash of ZAR18.7 MM in 2009 and ZAR0.03 MM in 2008}
                                                                                                                                                                                      33
Debt Facilities and Terms


                     Optimum Facilities                             Siyanda Coal (Koornfontein) Facilities


     Term facility                                                  Investec Senior term facility comprising various
                                                                    term, capex and working capital tranches maturing
     –    Comprehensive ZAR1,150 MM senior debt facility at
                                                                    in 1 to 3 years
          JIBAR +4% to be implemented, comprising:
           –   ZAR600 MM Capex tranche;                             Total debt facility of ZAR175 MM of which ZAR120
           –   ZAR200 MM Working Capital tranche; and               MM drawn as at 31 October 2009
           –   ZAR350 MM Acquisition Finance tranche                Facility carries interest at the South African prime
           –   Security provided includes all OCM and OCT assets,   rate of interest +1%
               plus interests in Koornfontein
                                                                    Mining rights, company assets and RBCT shares
     –    As at 01 March 2010, R600 MM drawn on Capex               pledged as security for the facility
          facility and R100 MM on working capital facility

 –       In addition, joint lenders to provide ZAR450 MM
         unfunded line, comprising:
           –   ZAR350 MM Coalcor guarantee; and
           –   ZAR100 MM LC line for $ coal hedging




                                                                                                                           34
Leverage and Hedging Policies

                                     Optimum Facilities                                  Siyanda Coal (Koornfontein) Facilities

Gearing                                                                              Gearing
       As at 30 June 2009, OCH was 3.5% leveraged (1) which is low                      As at 28 February 2009, Koornfontein was 26%
       compared to industry peers                                                       leveraged (1) however substantial debt repayments have
                                                                                        been made during the current year
       Assuming a drawdown of the ZAR1,150 MM debt facility
       gearing ratio would increase to 21.5% based on total                             Currently ZAR120 MM debt outstanding, but assuming a
       shareholder equity of ZAR4.2 Bn as at 30 June 2009                               full drawdown of the ZAR175 MM debt facility, gearing
                                                                                        ratio would be 23% based on total shareholder equity of
       Long term target of 30/70 debt equity ratio
                                                                                        ZAR598 MM as at 28 February 2009

Hedging Policy
                                                                                     Hedging Policy
       US$ export coal price
                                                                                        US$ export coal price
       –          Policy is to opportunistically fix US$ coal price in
                  increments of up to 2Mtpa                                             –      Historically, Koornfontein was required, as part of
                                                                                               its BECSA coal supply agreement, to fix the price
       –          Elective agreement entered into with BECSA for up to 2                       of 4.05 Mt during the period July 2006 to June
                  Mt in calendar year 2011. Currently, 1,020 kt of calendar                    2009 at ca. US$54/t
                  year 2011 export coal has been fixed at US$87/t
                                                                                        –      Currently, no USD fixed pricing is being
       USD/ZAR policy                                                                          implemented
       –          Sales - policy is not to take ZAR cover on export sales               USD/ ZAR policy
       –          Input costs - dynamic policy, ad hoc case by case basis               –      Koornfontein have hedged exposure on ca. $5
                                                                                               MM per month March 2009 to December 2009
                                                                                               through use of both export collars and export
                                                                                               forwards

Notes:
1. Leverage/gearing calculated as debt divided by total shareholders equity + debt


                                                                                                                                                     35
Dividends, Taxation and Royalties
Dividends
   Declare 25% of annual free cash flow generated – subject to capital, growth and other business requirements
   Dividends paid and any dividend proposed will be dependent upon the operating results, financial condition, investment strategy, capital
   requirements and other factors
   – Currently anticipated that most of the cash available and cash generated by the business will be invested in the continued growth of our
       activities and the reduction of debt
   Latest dividend of ZAR 120 million was declared on 10 October 2008 in respect of the period from 1 July 2008 to 31 October 2008, no further
   dividends have been proposed or declared since this date

Taxation
   The standard corporate income tax rate in South Africa is 28%
   Mining capital expenditure may be offset against taxable profit for the purposes of taxation
   Any capital not redeemed in any single year is able to be rolled over for taxation purposes into the following year


Royalties
Background
   The Mining and Petroleum Resources Royalty Act 28 of 2008 (the “Royalty Act”) imposes a royalty on mining revenues, based on a formula
   contained within the Royalty Act
   The effective commencement date of the Royalty Act has been deferred to 1 March 2010
Formula
   MPRDA incorporates a formula which is set out as follows : Gross Sales x {0.5% + ([EBIT/(Gross Sales x 9)] x 100)}
   ―       The minimum tax is 0.5% of gross sales and the maximum 7%
   The trigger for the royalty is a “transfer” that results in a sale, on which the royalty is leviable. The definition of transfer incorporates a disposal,
   consumption destruction and loss. For budget purposes, gross sales is assumed to be the income statement sales amount
   Earnings before interest and taxes (EBIT) equates to the taxable income of the company including a deduction for capital expenditure
                                                                                                                                                               36

				
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