It is a credit to operational management that they
have not taken their eye off the ball, and that they
have continued to produce at healthy levels while operating safely and efficiently to protect the lives
and livelihoods of employees.
Northam’s financial year runs from 1 July to 30 June. This integrated annual report seeks to present to shareholders a holistic overview of the company’s financial and non-financial performance for the period 1 July 2012 to 30 June 2013.
Northam’s financial year runs from 1 July to 30 June. This integrated annual report seeks to present to stakeholders a holistic overview of the company’s financial and non-financial performance for the period 1 July 2012 to 30 June 2013. For purposes of context previous years’ data is presented in certain instances.
Northam Platinum Limited (Northam) is listed on the Johannesburg Stock Exchange (JSE) in South Africa, and the company reports in line with the JSE’s listings requirements. Reporting is also in line with International Financial Reporting Standards (IFRS), the new South African Companies Act, and SAMREC’s guidance in respect of the reporting of mineral reserves and mineral resources. Northam is committed to reporting in line with the King Report on Corporate Governance for South Africa 2009 (King III) and has reported on the application of these guidelines in the corporate governance section of its annual integrated report. Northam has also adopted the Global Reporting Initiative’s G3 (GRI version 3.1) guidelines as the basis of reporting, and has declared a B+ level of report. Northam has in place a significant level of internal and external control. The internal audit function is undertaken by KPMG Services Proprietary Limited (KPMG) on an outsourced basis, to provide an independent appraisal function with specific responsibility for examining and evaluating the group’s systems of internal control in the mitigation of business risks, and to assist members of management to effectively discharge their duties.
The group’s consolidated annual financial statements have been audited by the external auditor, Ernst & Young Inc. (Ernst & Young), and the independent auditor’s report may be found in the annual financial statements. Certain non-financial key performance indicators (KPIs) have been assured by independent assurance provider, Environmental Resources Management Limited (ERM) in respect of Northam’s application of the GRI G3 application, alignment with AA1000 AccountAbility Principles of Inclusivity, Materiality and Responsiveness and selected Performance Indicators (KPIs). ERM’s statement of assurance may be found in the sustainability report.
Any data restatement has been indicated. Information in the annual financial statements covers the group’s managed operations, viz the Zondereinde mine and metallurgical complex and the Booysendal mine.
Except where specifically stated, Northam reports ore resources, reserves, production and grades in terms of three platinum group elements plus gold
(3PGE + Au). R signifies rands – the South African currency.