---









SALE OF CONCENTRATE AGREEMENT



between/amongst



RUSTENBURG PLATINUM MINES LIMITED



and



LEBOWA PLATINUM MINES LIMITED





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TABLE OFCONTENTS


|1.  | PARTIES                                                                              | 2 
|--- | ------------------------------------------------------------------------------------ | --
|    |                                                                                      |   
|2.  | INTERPRETATION                                                                       | 2 
|    |                                                                                      |   
|3.  | INTRODUCTION                                                                         | 16
|    |                                                                                      |   
|4.  | COMMENCEMENT, DURATION AND SUSPENSIVE CONDITION                                      | 16
|    |                                                                                      |   
|5.  | SALE AND PURCHASE                                                                    | 20
|    |                                                                                      |   
|6.  | DELIVERY PLAN                                                                        | 22
|    |                                                                                      |   
|7.  | DELIVERY OF CONCENTRATE                                                              | 23
|    |                                                                                      |   
|8.  | WEIGHING, SAMPLING AND ASSAYING TO DETERMINE THE
      TRANSFER QUANTITY AND QUALITY | 24
|    |                                                                                      |   
|9.  | PRICE                                                                                | 28
|    |                                                                                      |   
|10. | PAYMENT                                                                              | 40
|    |                                                                                      |   
|11. | RISK AND OWNERSHIP                                                                   | 40
|    |                                                                                      |   
|12. | CONFIDENTIALITY                                                                      | 41
|    |                                                                                      |   
|13. | FORCE MAJEURE                                                                        | 43
|    |                                                                                      |   
|14. | DISPUTE RESOLUTION                                                                   | 45
|    |                                                                                      |   
|15. | DOMICILIUM                                                                           | 48
|    |                                                                                      |   
|16. | COSTS                                                                                | 50
|    |                                                                                      |   
|17. | VAT                                                                                  | 50
|    |                                                                                      |   
|18. | GOVERNING LAW                                                                        | 51
|    |                                                                                      |   
|19. | SEVERABILITY OF PROVISIONS                                                           | 51
|    |                                                                                      |   
|20. | GENERAL                                                                              | 51
|    |                                                                                      |   
|21. | CESSION, ASSIGNMENT, SUB-GRANTING, HYPOTHECATION,
      ALIENATION                   | 53
|    |                                                                                      |   
|22. | BREACH                                                                               | 53
|    |                                                                                      |   
|23. | CANCELLATION OF MEMORANDUM OF AGREEMENT (SMELTING AND
      REFINING)                | 54



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CIS/ANGL12-CS28 1104/JL/Clean 20/12/2007

SALE OF CONCENTRATE AGREEMENT

|1. | PARTIES
|-- | -------

|1.1 | RUSTENBURG PLATINUM MINES LIMITED
|--- | ---------------------------------
|    |                                  
|    | AND                              
|    |                                  
|1.2 | LEBOWA PLATINUM MINES LIMITED    

|2. | INTERPRETATION
|-- | --------------

|2.1 | The headnotes to the clauses of this agreement are
      inserted for reference purposes only and shall not govern or affect the
      meaning or interpretation thereof.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                          
|2.2 | In this agreement the following terms shall bear the
      following meanings :                                                                                          

|2.2.1 | AFSA | Arbitration Foundation of Southern Africa;                                                                                               
|----- | ---- | -----------------------------------------------------------------------------------------------------------------------------------------
|      |      |                                                                                                                                          
|2.2.2 | ARQ  | Anooraq Resources Corporation, a company incorporated in
      accordance with the laws of British Columbia, Canada, under No. 10022-2033



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|2.2.3 | Average Annual Increase | the average annual percentage inflationary rate increase
      calculated for the preceding Calendar Year applied with effect from 1 July
      every year according to the following formula:
|----- | ----------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                         |                                                                                                                                                                                               
|      |                         | A = (X x B) + (Y x SACPI) + (Z x
      C)                                                                                                                                                     

where

| | A = | the Average Annual Increase;                                                                                                   
| | --- | -------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                
| | X = | the labour cost portion of total cash operating cost of
      smelting, treatment and refining of the Refiner;                 
| |     |                                                                                                                                
| | Y = | non-labour or non-utilities cost portion of total cash
      operating cost of smelting, treatment and refining of the Refiner;
| |     |                                                                                                                                
| | Z = | the utilities cost portion of                                                                                                  



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| |     | total cash operating cost of
        smelting, treatment and refining of the Refiner;                                                                                         
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                               
| | B = | weighted annual average increase
        (expressed as a percentage) in wages for the smelting, treatment and refining
        division of the Refiner, calculated as follows:
| |     |                                                                                                                                                                               
| |     | B =                                                                                                                                                                           
| |     |                                                                                                                                                                               
| |     |                                                                                                                                                                               
| |     |                                                                                                                                                                               
| |     |                                                                                                                                                                               



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unions ;

A2, B2, C2 = the actual annual wage
increase (expressed as a percentage) for each particular band;

SA CPI = the average annual rate of
change (expressed as a percentage) in the CPI for December of the year in
question, which annual change shall be determined by comparing the CPI published
for the month of December in question with the CPI published in respect of the
corresponding month in the previous year;

CPI = the Consumer Price Index for all
  metropolitan areas as published in the Government Gazette by Statistics South
  Africa, or such other index reflecting the official rate of inflation in the
  Republic of South Africa as may replace it;



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C = the average annual rate of change
(expressed as a percentage) of the applicable inflationary index for utilities
as published by Statistics South Africa for December of the year in question,
namely the producers price index for electricity, gas and water for commodities
for South African consumption, which annual change shall be determined by
comparing the index published for the month of December in question with the
index published in respect of the corresponding month in the previous year;

|2.2.4 | Business Day         | any day other than a Saturday, Sunday or official public
      holiday in the Republic of South Africa;
|----- | -------------------- | -------------------------------------------------------------------------------------------------------
|      |                      |                                                                                                        
|2.2.5 | Calendar Year        | January 1st to December 31st;                                                                          
|      |                      |                                                                                                        
|2.2.6 | Commercial Committee | the Commercial Committee referred to in clause 8.9;                                                    
|      |                      |                                                                                                        
|2.2.7 | Company              | Lebowa Platinum Mines Limited, a public company
      incorporated in accordance with                  



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|      |                 | the laws of the Republic of South Africa under
      Registration No. 1963/006144/06, acting by itself or through its duly
      appointed contractor;                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|----- | --------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.2.8 | Completion Date | the closing date as that term is defined in the agreement
      headed "Holdco Sale of Shares Agreement"to be entered into
      between inter alia, Plateau Resources (Proprietary) Limited and
      Rustenburg Platinum Mines Limited;                                                                                                                                                                                                                                                                                                                                                                       
|      |                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|2.2.9 | Concentrate     | any treatable product bearing Payable Metals which is
      obtained from mining and processing the ore bodies in, on and under the
      Properties, which, as at the Signature Date, is obtained through the
      process of crushing and flotation whereby the Payable Metals, including
      waste, are treated in a Concentrator before the commencement of the
      smelting and refining process and which will be filter cake and not
      slurry. The Concentrate arising from each separately identifiable
      Concentrator will be treated, for purposes of this agreement, as a
      separate



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|       |                      | Concentrate stream to which the provisions of this
      agreement shall be separately applied, unless the context clearly
      indicates otherwise. It is specifically recorded that, as at the Signature
      Date, the Companys business consists of 2 (TWO) separately identifiable
      Concentrate streams, namely the Merensky Concentrator and the UG2
      Concentrator;
|------ | -------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                      |                                                                                                                                                                                                                                                                                                                                                                                       
|2.2.10 | Concentrator Manager | the juristic entity or natural person nominated by New
      Opco and appointed by the Company to manage the day-to-day operations of
      the Concentrators on behalf of the Company;                                                                                                                                                                                               
|       |                      |                                                                                                                                                                                                                                                                                                                                                                                       
|2.2.11 | Concentrators        | any facilities which are utilised to treat the ore
      extracted from the Mine and which produce a Concentrate;                                                                                                                                                                                                                                                                     
|       |                      |                                                                                                                                                                                                                                                                                                                                                                                       
|2.2.12 | Cost Month           | a Month, or other notified periods of not more than 31
      (THIRTY ONE) days, as determined by the Refiner for the cost accounting
      system applied for the Smelter                                                                                                                                                                                                             



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|       |                      | from time to time;                                                                                                                                                                                                                                           
|------ | -------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                      |                                                                                                                                                                                                                                                              
|2.2.13 | Deleterious Material | any material, which in the reasonable view of the
      Refiner, may or will cause harm or damage to the equipment of the Refiner
      and/or which may or will have a negative effect on the operations,
      environment and/or the potential recoveries;
|       |                      |                                                                                                                                                                                                                                                              
|2.2.14 | Dry Mass             | the mass of Concentrate after deducting the relevant
      moisture content;                                                                                                                                                                                 
|       |                      |                                                                                                                                                                                                                                                              
|2.2.15 | 4T Grade             | the Concentrate grade, calculated as the total number of
      grammes of platinum (Pt) + palladium (Pd) + rhodium (Rh) + gold (Au) per
      dry Tonne of Concentrate;                                                                                      
|       |                      |                                                                                                                                                                                                                                                              
|2.2.16 | Interim Period       | the period defined as such in the Main Agreement, as read
      with clause 10.4 of the Main Agreement;                                                                                                                                                      
|       |                      |                                                                                                                                                                                                                                                              
|2.2.17 | JEC                  | the Joint Evaluation Committee referred to in clause 8.1;                                                                                                                                                                                                    



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2.2.18
    Main Agreement
    the sale of business agreement entered into between the
      Company and New Opco simultaneously with this agreement for the sale of
      the Companys business to New Opco and to which a draft of this agreement
      was attached as Annexure 4;2.2.19
    Mass
    Dry Mass unless otherwise stated;2.2.20
    Mine
    when used as a noun, shall mean the excavations and
      associated workings operated by the Company or its contractor/s on the
      Properties, including the Concentrators, the mining area (as defined in
      section 1 of MPRDA), and all buildings, structures, roads and
      appurtenances used or intended to be used for the purposes of searching
      for, winning, exploitation and concentrating of Payable Metals underlying
      the Properties;2.2.21
    Month
    a calendar month;2.2.22
    New Opco
    Richtrau No 177 (Proprietary) Limited, a private company
      incorporated in


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accordance with the laws of South Africa under
      Registration Number 2007/016001/07;2.2.23
    Parties
    the Refiner and the Company and Party means a reference
      to either one of them;2.2.24
    Payable Metals
    the metals upon which the selling price (being the price
      payable by the Refiner to the Company under this agreement) is to be
      determined, namely platinum, palladium, rhodium, gold, iridium (Ir) and
      ruthenium (Ru) and the base metals nickel (Ni), and copper (Cu);2.2.25
    Prime
    the publicly quoted basic rate of interest (per centum,
      per annum, compounded monthly in arrear and calculated on a 365 (THREE
      HUNDRED AND SIXTY FIVE) day year irrespective of whether the year is a
      leap year) from time to time published by the Standard Bank of South
      Africa Limited as being its prime overdraft interest rate for its most
      favoured corporate customers as certified by any manager of such bank


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whose authority, appointment and
      designation need not be proved;2.2.26
    Properties
    the following properties :-the farm Diamand 422 KS;- a portion of the farm Zeekoegat
      421 KS;- the farm Middelpunt 420 KS;- the farm Umkoanestad 419 KS;- the farm Wintersveld 417 KS;- the farm Brakfontein 464 KS;- the farm Jagdlust 418 KS
      (portion 1 and the remaining extent);2.2.27
    Quarter
    a calendar quarter ending on the
      last day of each March, June, September and December of each Calendar Year
      of this agreement;


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|2.2.28 | Quotational Period | the Cost Month preceding the Month in which payment is to
      be made, which is used for determining pricing (being the consideration
      payable by the Refiner to the Company under this agreement) and exchange
      rate;
|------ | ------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                    |                                                                                                                                                                                                                                   
|2.2.29 | Referee            | a referee appointed in accordance with the provisions of
      clause 14.1;                                                                                                                                                       
|       |                    |                                                                                                                                                                                                                                   
|2.2.30 | Refiner            | Rustenburg Platinum Mines Limited, a public company
      incorporated in accordance with the laws of South Africa under
      Registration No. 1931/003380/06;                                                                   
|       |                    |                                                                                                                                                                                                                                   
|2.2.31 | Refinery           | a facility or facilities utilised by the Refiner for the
      further treatment of the product arising from the Smelter;                                                                                                         
|       |                    |                                                                                                                                                                                                                                   
|2.2.32 | Signature Date     | the date on which the last Party to sign this agreement
      signs it;                                                                                                                                                           
|       |                    |                                                                                                                                                                                                                                   
|2.2.33 | Smelter            | the facility designated by the Refiner for the treatment
      of the Concentrates referred to in this agreement; unless otherwise
      specified,                                                                               



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|       |       | this shall initially be the Polokwane Smelter although
      thereafter, it shall be any other smelter designated by the Refiner in
      writing, provided that the Refiner shall use its reasonable endeavours to
      ensure that the closest smelter to the Mine is used at all times and that
      such smelter shall be situated within the Republic of South Africa;
|------ | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |       |                                                                                                                                                                                                                                                                                                                                                                              
|2.2.34 | Tonne | a metric tonne within the meaning of the term attributed
      to it by the International System of Units (SI), and being equivalent to 1
      000 (ONE THOUSAND) kilograms; and                                                                                                                                                                                            
|       |       |                                                                                                                                                                                                                                                                                                                                                                              
|2.2.35 | US$   | the currency of the United States of America.                                                                                                                                                                                                                                                                                                                                

|2.3 | If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it is only in the definition clause, effect shall be
      given to it as if it were a substantive provision of this
  agreement.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                       
|2.4 | Any reference to an enactment is to that enactment as at
      the Signature Date and, in the event that any right and/or obligation
      shall arise in terms of this agreement in respect of and/or in connection
      with such enactment after the                              



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|    | Signature Date, such reference shall be to that enactment
      as amended and/or replaced as at the date for performance of such right
      and/or obligation.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                 
|2.5 | Unless inconsistent with the context, an expression which
      denotes:                                                                                        

|2.5.1 | any gender includes the other genders;                              
|----- | --------------------------------------------------------------------
|      |                                                                     
|2.5.2 | a natural person includes an artificial person and vice
      versa;
|      |                                                                     
|2.5.3 | the singular includes the plural and vice
  versa.                  

|2.6 | Where any term is defined within the context of any
      particular clause in this agreement, the term so defined, unless it is
      clear from the clause in question that the term so defined has limited
      application to the relevant clause, shall bear the meaning ascribed to it
      for all purposes in terms of this agreement, notwithstanding that that
      term has not been defined in this interpretation clause.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.7 | The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the party responsible for the
      drafting or preparation of this agreement, shall not apply.                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.8 | The schedules to this agreement form an integral part
      hereof and words and expressions defined in this agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedules.                                                                                                                                                                                                                



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|3. | INTRODUCTION                                                                                                                                                                                                                                                                                  
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                               
|   | In terms of clause 9.2 of the Main Agreement, the Company
      has undertaken to sell the Concentrate derived from the ore mined from the
      Properties to the Refiner on the terms and conditions set out in this
      agreement and the Refiner has agreed to purchase the
Concentrate.
|   |                                                                                                                                                                                                                                                                                               
|4. | COMMENCEMENT, DURATION AND SUSPENSIVE
      CONDITION                                                                                                                                                                                                                                         

|4.1 | Subject to clause 4.9, this agreement shall commence on 1
      January 2008, notwithstanding the Signature Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4.2 | This agreement shall endure from 1 January 2008 until a
      period of 5 (FIVE) years after the Completion Date has elapsed
      ("Initial Period"); provided that Plateau Resources (Proprietary)
      Limited (provided that it is at the time at least a 51% (FIFTY ONE
      PERCENT) direct or indirect shareholder in the Company) shall be entitled
      to elect, by notice in writing given to the Refiner prior to the end of
      the fourth year after the Completion Date, to extend this agreement for a
      further 5 (FIVE) years after the end of the Initial Period on the terms
      and conditions set out herein (save for this clause 4.2).
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4.3 | With effect from the date of expiry of the Interim
      Period, the Refiner will conclude a Sale of Concentrate Agreement with New
      Opco on the terms and conditions set out in the draft agreement attached
      hereto as Annexure B.                                                                                                                                                                                                                                                                                                                                                                                                                         



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|4.4 | The Parties record that as at the Signature Date there is
      no Deleterious Material in the Concentrate.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|4.5 | Should there be any material change in the process of
      producing Concentrate, or should there be any change in applicable law,
      which potentially results in new Deleterious Material being present in the
      Concentrate, the Company shall, prior to the delivery of such Concentrate,
      provide the Refiner with an analysis of all substances contained in the
      Concentrate to be produced, to enable the Refiner to identify all
      Deleterious Material that may be contained in the Concentrate. The
      analysis will be a Concentrate analysis by x-ray fluorescence and a trace
      element scan by Inductive Coupled Plasma. The Refiner shall, within 10
      (TEN) days after receipt of the analysis from the Company, provide a list
      of the Deleterious Material, identified by the analysis, which is
      contained in the Concentrate. This list will set out the maximum
      acceptable limit of each individual Deleterious Material that the Refiner
      will accept. The Parties shall agree on a final list of Deleterious
      Material and maximum acceptable limit for such Deleterious Material,
      failing which agreement within 20 (TWENTY) Business Days of the analysis
      being delivered the matters in dispute will be referred by either Party to
      a Referee to determine whether a substance is Deleterious Material and
      what the maximum acceptable limit shall be.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|4.6 | Notwithstanding anything to the contrary in this
      agreement, should the Refiner find the Concentrate to contain any
      Deleterious Material of which it was not made aware in writing by the
      Company in terms of clause 4.5 or which is in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



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|    | excess of the limits as per the document agreed by the
      Parties or settled by the Referee in terms of clause 4.5, then the Refiner
      shall notify the Company in writing of the presence of such Deleterious
      Material in the Concentrate, following which the Company shall have a 90
      (NINETY) day period during which to rectify the Concentrate by removing
      the Deleterious Material or reducing the relevant Deleterious Material to
      the agreed acceptable level, as the case may be. During the aforementioned
      90 (NINETY) day period, no further deliveries of Concentrate shall be
      accepted by the Refiner unless the Company has proven that the Concentrate
      has been rectified by removing the relevant Deleterious Material or
      reducing the relevant Deleterious Material to the agreed acceptable level,
      as the case may be. Should the Company not rectify the Concentrate by
      removing the relevant Deleterious Material or reducing the relevant
      Deleterious Material to the agreed acceptable level, as the case may be,
      within the 90 (NINETY) day period, then the Refiner shall be entitled to
      terminate this agreement forthwith, provided that, in the event that the
      Parties are in dispute as to whether any material is Deleterious Material,
      then the aforesaid period of 90 (NINETY) days shall only run from the date
      of final determination by the Referee under clause 14.1 that the material
      in question is Deleterious Material. Any dispute as to whether any
      material is Deleterious Material or not and what the maximum acceptable
      level is shall be referred to the Referee in terms of clause
  14.1.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|4.7 | In regard to any Concentrate containing Deleterious
      Material which the Refiner refuses to accept in terms of clause 4.6, the
      Company shall be entitled to dispose of such Concentrate to a third party
      provided that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           



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|4.7.1 | it is not reasonably possible to remove the Deleterious
      Material or reduce the Deleterious Material to an agreed acceptable
      level;                                     
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                    
|4.7.2 | the Concentrate so sold to a third party shall be limited
      to the Concentrate so refused by the Refiner;                                                                      
|      |                                                                                                                                                                                    
|4.7.3 | the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;                                                    
|      |                                                                                                                                                                                    
|4.7.4 | the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.

|4.8 | Termination, cancellation or lapsing of this agreement
      shall not in any way prejudice either Partys right to claim damages from
      the other and notwithstanding any such termination, cancellation or
      lapsing, the Parties shall be and remain liable for all obligations and
      liabilities of the relevant Party then outstanding and/or which relate to
      the period on or after such termination, cancellation or lapsing. In
      particular, the Refiner shall deal with all Concentrate delivered to it
      prior to such termination, cancellation or lapsing under the terms and
      conditions of this agreement.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|4.9 | This agreement is suspensive upon the Main Agreement
      becoming unconditional (other than any condition requiring this agreement
      to be concluded).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



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|5. | SALE AND
PURCHASE
|-- | -----------------

|5.1 | The Company shall sell all of the Concentrate produced
      from ore mined from the Properties to the Refiner for so long as this
      agreement is in force and on the terms set out in this agreement. For the
      avoidance of doubt, the Company shall procure that all Concentrate derived
      from ore (regardless of the owner of the ore or the Concentrate, as the
      case may be) derived from the Properties, shall be sold to the Refiner,
      subject to the terms of this agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|5.2 | The Refiner shall be required to purchase all of the
      Concentrate produced at the Mine and delivered for and on behalf of the
      Company in accordance with the provisions of this agreement save that, in
      the event of the Refiner being unable to accept delivery owing to
      unscheduled maintenance or repairs (which shall be all maintenance and
      repairs other than scheduled maintenance and repairs as defined in
      clause 5.3 below) which result in downtime, the Refiner shall, by notice
      in writing, designate an alternative facility for delivery or defer
      delivery whilst such maintenance or repairs as are necessary are carried
      out. The additional transport and other charges to transport the
      Concentrate to the alternative facility over and above the charges to
      transport the Concentrate to the Polokwane Smelter shall be borne by the
      Company and the Refiner equally. If the Refiner chooses to designate an
      alternative facility outside of the borders of South Africa, then any
      additional transport and other charges (including customs and export
      levies, surcharges and taxes) incurred by the Company to deliver the
      Concentrate outside of the borders of South Africa in excess of the
      standard transport charges to deliver Concentrate to
the



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|    | Polokwane Smelter shall be borne by the Refiner. During
      the period that the Refiner is unable to accept delivery and has not
      designated an alternative facility and has deferred delivery, the Company
      shall be entitled to make alternative arrangements to sell the Concentrate
      to a third party during the period of the downtime and for a maximum
      period of 3 (THREE) months after the anticipated end of the downtime (as
      notified and adjusted by the Refiner from time to time); provided that the
      Company resumes the sale of all of its Concentrate to the Refiner in terms
      of this agreement once the Refiner is again able to accept delivery on
      condition that such resumption shall take place only after the expiry of
      the said period of the alternative arrangements aforesaid. In terms of
      this clause, the Refiner will be obliged to provide the Company with a
      written estimate of the time required to complete such maintenance or
      repairs and an estimated date from which the Refiner will resume receipt
      of Concentrate from the Company, which written estimate the Refiner will
      update from time to time, but in any event on at least a weekly
    basis.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|5.3 | In the event of the Refiner being unable to accept
      delivery owing to scheduled maintenance or repairs (which for purposes of
      this clause shall mean all maintenance or repairs of which at least 6
      (SIX) Months written notice is given by the Refiner to the Company and
      which shall endure for no longer than 3 (THREE) Months)) which result in
      downtime, the Refiner must designate in writing an alternative facility
      for delivery whilst such maintenance or repairs are carried out. The
      additional transport charges to transport the Concentrate to the
      alternative facility over and above the charges to transport
  the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



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Concentrate to the Polokwane Smelter
shall be borne by the Refiner. If the Refiner chooses to designate an
alternative facility outside of the borders of South Africa, then any additional
transport and other charges (including customs and export levies, surcharges and
taxes) incurred by the Company to deliver the Concentrate outside of the borders
of South Africa in excess of the standard transport charges to deliver
Concentrate to the Polokwane Smelter shall be borne by the Refiner.

|6. | DELIVERY PLAN
|-- | -------------

|6.1 | Forthwith after commencement of this agreement, the
      Company shall procure that the Concentrator Manager furnishes a delivery
      plan to the Refiner for each Month, for the then current Calendar Year,
      which delivery plan shall contain estimated details of the quantum of dry
      Tonnes of Concentrate, contained quantities of Payable Metals, percentage
      moisture, and percentage chromite, and thereafter, by not later than 30
      (THIRTY) days prior to the commencement of each Month, the Company shall
      procure that the Concentrator Manager confirms the delivery plan for that
      Month and provides a revised delivery plan for the remaining Months of the
      Calendar Year.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|6.2 | The Company shall further procure that the Concentrator
      Manager furnishes to the Refiner an indicative forecast of the delivery
      plan for the term of this agreement, which delivery plan shall contain
      estimated details of the quantum of dry Tonnes of Concentrate, contained
      quantities of Payable Metals, percentage moisture, and percentage chromite
      to be delivered in each                                                                                                                                                                                                                                                                                                                   



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|    | Calendar Year. Thereafter, by not later than 120 (ONE
      HUNDRED AND TWENTY) days prior to the commencement of each year, the
      Company shall procure that the Concentrator Manager furnishes to the
      Refiner, a revised indicative forecast of the delivery plan for each of at
      least the next 3 (THREE) Calendar Years.                                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|6.3 | The Company shall use its reasonable endeavours to
      deliver Concentrate in accordance with the delivery plans furnished in
      accordance with clauses 6.1 and 6.2. Should the Company deviate from the
      monthly delivery plans in clause 6.1 in respect of either the quantum of
      dry Tonnes of Concentrate or the contained quantities of Payable Metals or
      the percentage moisture or the percentage chromite by more than 20%
      (TWENTY PERCENT) for a continuous 6 (SIX) month period, this shall be
      deemed to be a breach by the Company for purposes of clause
  22.

|7. | DELIVERY OF
CONCENTRATE
|-- | -----------------------

|7.1 | The Company shall be responsible for procuring that the
      Concentrator Manager arranges the deliveries of Concentrate sold in terms
      of this agreement by road transport to the Smelter and the costs of such
      transport shall be paid by the Company subject to the provisos in clause
      5. The point of delivery for each truck load of Concentrate shall be the
      receiving facility at the Smelter for the purposes of evaluating the
      Concentrate delivered. The date of delivery will be determined by the time
      at which the Concentrate is received by the Refiner at the receiving
      facility.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|7.2 | Each delivery shall constitute a Concentrate batch and
      the batches delivered in a day shall constitute the daily Concentrate lot,
      in terms of the operational protocol referred to in clause 8.2.                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                         
|7.3 | The Refiner shall procure that, on arrival at the
      Smelter, the weight of Concentrate shall be recorded. The manner of weight
      determination shall be as determined by the JEC, failing which, as
      determined by a Referee.                              
|    |                                                                                                                                                                                                                                                                         
|7.4 | The Company and the Refiner may by written agreement
      provide for delivery of Concentrate by other means of transport and such
      agreement shall provide for appropriate methods for determination of
      weight and quality of the Concentrate so
delivered.

|8. | WEIGHING, SAMPLING AND ASSAYING TO DETERMINE THE
      TRANSFER QUANTITY AND QUALITY
|-- | ------------------------------------------------------------------------------------

|8.1 | A JEC shall be established by the Company and the Refiner
      in order to monitor the ongoing process of Concentrate weighing, sampling
      and assaying for the determination of the transfer quantities and
      qualities. The JEC shall consist of an equal number of representatives of
      each of the Refiner and the Company. For as long as the Company has not
      nominated a person to sit on the JEC, the JEC will not be formed, and the
      Refiner shall apply its own protocols and processes in regard to the
      matters referred to in clause 8.2. Each Party shall be entitled to remove
      and replace its representative/s upon notice in writing to the other,
      provided that Plateau Resources (Proprietary)
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|    | Limited shall exercise the said rights of appointment or
      removal on behalf of the Company upon Plateau Resources (Proprietary)
      Limited holding an effective majority shareholding in New Opco.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|8.2 | The operational details of the weighing, sampling,
      moisture determination, analytical techniques and sample return mechanisms
      shall be agreed between the Parties through the JEC in accordance with the
      principles contained herein and the operational details shall be defined
      in a suitable operating protocol, prior to the commencement of this
      agreement, which shall be signed by the Company and the Refiner. A quorum
      of the JEC shall consist of at least 1 (ONE) of the representatives
      appointed by each of the Refiner and the Company being present. All JEC
      decisions shall be made by unanimous vote. A dispute at the JEC shall be
      referred to the Commercial Committee for resolution. The Parties shall
      adhere to all processes contained in the said protocol. The protocol may
      only be amended by agreement in writing between the Parties.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|8.3 | The Company may send a representative to the Smelter to
      be present during the weighing and sampling of the Concentrate. If no
      representative of the Company is present for these activities, the Refiner
      may proceed immediately with the weighing and sampling to facilitate the
      Concentrate transfer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|8.4 | The Refiner shall analyse the Concentrate analytical lot
      samples in accordance with the agreed analytical procedure as defined in
      the JEC operating protocol.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          



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|8.5 | On receipt of the analytical results, the Refiner shall
      communicate its findings by facsimile or email to such persons as are
      nominated by the Company in writing from time to time.                                                                                                                                                                                                                                                                                     
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.6 | As soon as the Refiner and the Company determine the
      metal contents for each element belonging to a specific lot as further set
      out in the protocol referred to in clause 8.2, the Refiner shall be
      allowed to release any reserve samples into process.                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.7 | The Refiner shall, at the end of each Cost Month, prepare
      a reconciliation of the Concentrate delivered to the Smelter, showing the
      mass of Concentrate received, adjusted to a dry basis, which shall be
      deemed to be the tonnage of Concentrate delivered by the Company to the
      Smelter in that Cost Month.                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.8 | The Refiner shall also prepare an estimate of the quantum
      of the Payable Metals, for the tonnage of Concentrate deemed to have been
      delivered, as well as the percentage moisture and percentage chromite, and
      the grade, all on a cumulative Monthly basis.                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.9 | In terms of this clause 8, the Refiner and the Company
      shall each be represented by at least one nominated person who, together,
      shall form the Commercial Committee for the purposes of this agreement.
      The Commercial Committee shall deal with all commercial matters arising in
      terms of this agreement. All decisions of the Commercial Committee shall
      be made by unanimous vote. A quorum of the Commercial Committee shall
      consist of all



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|     | the representatives on the Commercial Committee. Any JEC
      recommendations, related to settlement, shall be agreed by the Commercial
      Committee before being implemented. A dispute at the Commercial Committee
      shall be referred to a Referee and the provisions of clause 14.1 shall
      apply.                                                                                                                                                                       
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|8.10 | For as long as the Company has not nominated a person to
      sit on the Commercial Committee, the Commercial Committee shall not be
      formed.                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|8.11 | Each Party shall be entitled to remove and replace its
      representative/s on the Commercial Committee upon notice in writing to the
      other, provided that Plateau Resources (Proprietary) Limited shall
      exercise the said rights of appointment or removal on behalf of the
      Company while it holds an effective majority shareholding in New
    Opco.                                                                                                              
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|8.12 | Any dispute on the Commercial Committee shall be referred
      to a Referee for determination if on a technical issue and the provisions
      of clause 14.1 shall apply, while non-technical issues shall be referred
      to arbitration in accordance with clause 14.2. In the event that the
      members of the Commercial Committee cannot agree on whether the matter
      should be referred to an expert or arbitration, the dispute will be
      referred to arbitration.



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|9. | PRICE
|-- | -----

|9.1 | The purchase price of the Concentrate delivered on behalf
      of the Company to the Smelter in each Cost Month shall be determined in
      accordance with the following formula :
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

"  "

Where

| | C | = | the total price to be paid by the Refiner to the Company
      exclusive of VAT
| | - | - | -------------------------------------------------------------------------------

| | D | = | "  "
| | - | - | ----
| |   |   |     
| | E | = | "  "
| |   |   |     
| | F | = | "  "
| |   |   |     
| | G | = | "  "
| |   |   |     
| | H | = | " 
"

| | PT | means the value of Platinum ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------



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average Platinum price per ounce
denominated in US$ during the Quotational Period. The average shall be
determined using :

| | - | the official morning and afternoon fixes made for
      Platinum during the Quotational Period on the London Platinum and
      Palladium Market;    
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                      
| | - | the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places;   
| |   |                                                                                                                                                      
| | - | the daily averages shall be averaged for the Quotational
      Period, and rounded to four decimal places, to yield the average Platinum
      price.

| | PD | means the value of Palladium ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the average Palladium price per ounce denominated in US$ during the
      Quotational Period. The average shall be determined using :
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | - | the official morning and afternoon fixes during the
      Quotational Period made for palladium on the London Platinum and Palladium
      Market;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                   
| | - | the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places;



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| | - | the daily averages shall be averaged for the Quotational
      Period, and rounded to four decimal places, to yield the average Palladium
      price.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------

| | RH | means the value of Rhodium ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the average Rhodium price per ounce denominated in US$ during the
      Quotational Period. The average shall be determined using :
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | - | the NY dealer Rhodium weekly high and low prices during
      the Quotational Period as reported in Platts Metals week;                                                                                                                                                                                                                                                                                                                                                                         
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | the weekly prices in Platts Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Fridays date shall be used to determine within which
      Quotational Period the Fridays price will be used to determine the
      average price per ounce. That is, if the Fridays price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period.

| | AU | means the value of Gold ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the average Gold price per ounce denominated in US$ for the Quotational
      Period. The average shall be determined using :
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | - | the official morning and afternoon fixes made for Gold
      during the Quotational Period on the London Bullion Market;                          
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                   
| | - | the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places;
| |   |                                                                                                                                                   
| | - | the daily averages shall be averaged for the Quotational
      Period, and rounded to four decimal places, to yield the average Gold
      price. 

| | IR | means the value of Iridium ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the average Iridium price per ounce denominated in US$ during the
      Quotational Period. The average shall be determined using:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | - | the NY dealer Iridium weekly high and low prices during
      the Quotational Period as reported in Platts Metals week;                                                                                                                                                                                                                                                                                                                                                                        
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | the weekly prices in Platts Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Fridays date shall be used to determine within which
      Quotational Period the Fridays price will be used to determine the
      average price per ounce. That is if the Fridays price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period.



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| | RU | means the value of Ruthenium ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the average Ruthenium price per ounce denominated in US$ during the
      Quotational Period. The average shall be determined using:
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | - | the NY dealer Ruthenium weekly high and low prices during
      the Quotational Period as reported in Platts Metals week;                                                                                                                                                                                                                                                                                                                                                                      
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | the weekly prices in Platts Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Fridays date shall be used to determine within which
      Quotational Period the Fridays price will be used to determine the
      average price per ounce. That is if the Fridays price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period.

| | NI | means the value of Nickel Tonnes contained in the
      Concentrate delivered on behalf of the Company in the Cost Month, valued
      at the average of the Nickel price denominated in US$ during the
      Quotational Period, less US$75.00 per Tonne. The average shall be
      determined using the official London Metal Exchange monthly average cash
      price for Nickel Metal as published by Metals Bulletin, rounded to four
      decimal places.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | CU | means the value of Copper Tonnes contained in the
      Concentrate delivered on behalf of the Company in the Cost Month, valued
      at the average Copper price denominated in US$ during the Quotational
      Period, less US$160.00 per Tonne. The average shall be determined using
      the official London Metal Exchange monthly average cash price for grade A
      Copper Metal as published by Metals Bulletin, rounded to four decimal
      places.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | BS | means the number of batch samples
      taken in that Cost Month                                                                                                                                                                                                                                                                                                                                                                                                    
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | CS | ZAR780 (sampling cost per batch
      sample)                                                                                                                                                                                                                                                                                                                                                                                                                       
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | Tc | Tonnes of Concentrate produced in
      that Cost Month                                                                                                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | Cc | Treatment charge per Tonne of
      Concentrate of ZAR700                                                                                                                                                                                                                                                                                                                                                                                                           
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | P  | means the sum of the applicable penalties as more fully
      defined in clauses 9.7 and 9.8.                                                                                                                                                                                                                                                                                                                                                                       

|9.2 | All values shall be expressed in South African Rand.
      Prices shall be converted to South African Rand for the US$ prices and for
      each applicable currency during the Quotational Period by using
  :
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | - | the historical South African Rand Exchange daily bid high
      and bid low rates quoted by Reuters in respect of the applicable currency
      during the Quotational Period;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                               
| | - | the daily bid high and bid low values shall be averaged
      to yield a daily average exchange rate;                                                                         
| |   |                                                                                                                                                                               
| | - | the daily averages shall then be averaged for the
      Quotational Period, and rounded to four decimal places, to yield the
      average exchange rate.                     

|9.3 | The amounts expressed in South African Rand, referred to
      in clause 9.1 shall be increased annually by the same percentage increase
      as the Annual Average Increase. The increase shall be effective for
      payment due from 1 July of each year; commencing with effect from 1 July
      2008.                                                                                                                                                                                                                                                    
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|9.4 | The discounts from the prices for Copper and Nickel
      expressed in US$, referred to in clause 9.1, shall be adjusted annually,
      by increasing such discounts by the percentage increase in the consumer
      price index (all urban consumers) for the United States of America for the
      previous Calendar Year, as published by the United States Department of
      Labour Bureau of Labour Statistics. The annual adjustment shall be
      effective for payment due from 1 July of each year; commencing with effect
      from 1 July 2008.



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|9.5 | An example of the calculation of the values for the
      Payable Metals and the corresponding price for Concentrate delivered on
      behalf of the Company, referred to in this clause 9, is set out in
      annexure A to this agreement.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                               
|9.6 | The following conversion factors and rounding rules shall
      be applied in calculations :                                                                                                                                                  

|9.6.1 | 1 (ONE) kilogram is equal to 32.1507 (THIRTY TWO decimal
      ONE FIVE ZERO SEVEN) troy ounces exactly.                            
|----- | ------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                     
|9.6.2 | 1 (ONE) kilogram is equal to 2.2046 (TWO decimal TWO ZERO
      FOUR SIX) pounds exactly.                                           
|      |                                                                                                                                     
|9.6.3 | Kilograms shall be rounded to 4 decimal places while troy
      ounces, Tonnes and pounds shall be rounded to 3 decimal places.     
|      |                                                                                                                                     
|9.6.4 | All metal prices shall be stated in US$ rounded to four
      decimal places.                                                       
|      |                                                                                                                                     
|9.6.5 | All metal values shall be stated in US$ rounded to two
      decimal places.                                                        
|      |                                                                                                                                     
|9.6.6 | All metal values shall then be converted to South African
      Rands in accordance with clause 9.2 rounded to two decimal
  places.
|      |                                                                                                                                     
|9.6.7 | All penalties shall be rounded to two decimal
    places.                                                                           



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|9.6.8 | Any value-added tax shall be rounded to two decimal
      places.
|----- | -----------------------------------------------------------------

|9.7 | Certain penalties shall be applied to the Concentrate
      delivered on behalf of the Company in order to compensate for associated
      cost treatment liabilities on the part of the Refiner.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                  
|    | The following penalties shall apply :                                                                                                                                                            

|9.7.1 | The moisture content of the Concentrate delivered by the
      Company, shall be less than 15% (FIFTEEN PERCENT) by Mass. A penalty of
      ZAR33.00 (THIRTY THREE SOUTH AFRICAN RANDS) shall be levied per percentage
      point or part thereof of the moisture percentage above 15% (FIFTEEN
      PERCENT), calculated based on a weighted Monthly average, on each dry
      Tonne of Concentrate delivered by the Company in that Month. Should the
      moisture content exceed 20% (TWENTY PERCENT) the Refiner shall be entitled
      to refuse to accept delivery of the Concentrate. Any Concentrate so
      refused by the Refiner may be sold by the Company to a third party
      provided that :
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.7.1.1 | the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;                     
|------- | ---------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                  
|9.7.1.2 | the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the
  Refiner;



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|9.7.1.3 | the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.7.2 | If the weighted Monthly average 4(T) Grade of the
      Concentrate delivered is less than 185 (ONE HUNDRED AND EIGHTY FIVE) g/t,
      the minimum target grade, a penalty of ZAR60.00 (SIXTY SOUTH AFRICAN
      RANDS) per 5g/t or part thereof below the minimum target grade shall be
      applied to each Tonne of Concentrate delivered in that Month. If the
      weighted Monthly average 4(T) Grade of the Concentrate delivered is less
      than 120 (ONE HUNDRED AND TWENTY) g/t, the Refiner shall be entitled to
      refuse to accept delivery of the Concentrate. Any Concentrate so refused
      by the Refiner may be sold by the Company to a third party provided that
      :
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.7.2.1 | the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;                                                                       
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                    
|9.7.2.2 | the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;                                                    
|        |                                                                                                                                                                                    
|9.7.2.3 | the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.



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|9.8 | In addition to the penalties in clause 9.7 the following
      chromite penalties shall apply, namely, a penalty shall be levied per
      Tonne of contained chromite (Cr203) on the combined
      (for all Concentrators) weighted Monthly average of Concentrate delivered
      in which the contained chromite exceeds 2% (TWO PERCENT) by Mass of the
      Dry Mass of Concentrate received according to a sliding scale as set out
      in the table below.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Contained Chromite (Cr203) per Tonne
      of Concentrate
    Penalty (ZAR) per Tonne of Contained
      Chromite (Cr203)2.0% <Cr203< 2.5%
    R22
      0002.5% <Cr203< 3.0%
    R38
      0003.0% <Cr203< 4.0%
    R55
      0004.0% <Cr203< 5.0%
    R82
      000Cr203>5.0%
    R165 000


|9.9 | Should the combined (for all Concentrators) weighted
      Monthly average contained chromite exceed 3% (THREE PERCENT)]of the Dry
      Mass of Concentrate, the Refiner shall have the right to refuse to accept
      delivery of the Concentrate. Should the Refiner choose to accept delivery
      of the Concentrate containing chromite in excess of 3% (THREE PERCENT) of
      the Dry Mass of Concentrate, then a penalty per Tonne of contained
      chromite (Cr203) shall be applicable as per the
      table set out in clause 9.8. Any Concentrate so refused by the Refiner may
      be sold by the Company to a third party provided that
:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|9.9.1 | the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;                                                                       
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                    
|9.9.2 | the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;                                                    
|      |                                                                                                                                                                                    
|9.9.3 | the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.

|9.10 | The monetary amounts referred to in clauses 9.7.1, 9.7.2
      and 9.8 shall be increased annually by the same percentage as the Annual
      Average Increase. The increase shall be effective from 1 July of each
      year; commencing with effect from 1 July 2008.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                         
|9.11 | In the event that any price element or exchange rate
      ceases to be published, the Parties will agree a substitute price or in
      the absence of agreement, such substitute price will be determined by
      arbitration in terms of clause 14.                 
|     |                                                                                                                                                                                                                                                                         
|9.12 | For the avoidance of doubt, all of the provisions of this
      clause 9, except as specifically otherwise provided in terms of clauses
      9.8 and 9.9 above, shall be applied to each separately identifiable
      Concentrate stream independently.               



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|10. | PAYMENT
|--- | -------

|10.1 | Payment for Concentrate delivered on behalf of the Company
        to the Refiner in any Cost Month shall be made by the Refiner by electronic
        fund transfer or cheque, without deduction or set-off in South African
        rands, on the last day of the " " Cost Month following the month
        in which delivery of the relevant lot of Concentrate takes place. This
        means that the Quotational Period shall be the " " Cost Month
        following the delivery month.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10.2 | The Company shall ensure that timeous invoices, including
      value-added tax invoices, are issued to the Refiner to enable payment to
      be made in terms of this clause 10. The Refiner shall ensure the timeous
      provision of all information required by the Company to enable the Company
      to provide timeous invoices.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                            
|10.3 | Any amount due but unpaid by the Refiner to the Company
      shall bear interest at Prime plus 2% (TWO PERCENT), from the date upon
      which payment fell due until the date of final payment, both days
      inclusive. Such interest shall be payable together with the capital sum
      due.                                      

|11. | RISK AND OWNERSHIP                                                                                                                    
|--- | --------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                       
|    | On discharge of the Concentrate
      at the delivery point, risk in and ownership of the Concentrate shall pass
      to the Refiner.



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|12. | CONFIDENTIALITY
|--- | ---------------

|12.1 | The Parties shall at all times during the currency of
      this agreement, keep all details as to the quantity of Concentrate
      delivered and the values of Payable Metals in Concentrate, strictly
      confidential.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|12.2 | Notwithstanding the provisions of clause 12.1, the
      Refiner shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is bona fideand necessary for the purposes of
      carrying out its duties under this agreement, or where such disclosure is
      required in terms of applicable law, or to any holding company of a Party
      (including but not limited to Anglo Platinum Limited and/or Anglo American
      Plc) for such companies to take informed decisions regarding this
      agreement.                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|12.3 | Notwithstanding the provisions of clause 12.1, the
      Company shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is required to be given, made or published by law or under
      the rules and regulations of any relevant stock exchange or any applicable
      regulatory authority, in which case the Company shall, to the extent
      possible, give the Refiner reasonable written notice thereof together with
      drafts or copies thereof, as soon as is reasonable practicable provided
      that in the event that the Company becomes legally compelled to disclose
      any such information, the Company will provide the Refiner with prompt
      notice, to the extent possible, so that it may seek
a



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|     | protective order or other appropriate remedy and/or waive
      compliance with the provisions of this clause 12. In the event that such
      protective order or other remedy is not obtained, or that the Refiner
      waives compliance with the provisions of this clause 12, the Company may
      disclose without liability under this clause 12 only that portion of such
      information which the Company, after receiving legal advice is legally
      required to be disclosed and shall co-operate with the Refiner to obtain
      reliable assurance that confidential treatment will be afforded such
      information that is so disclosed.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|12.4 | Notwithstanding the provisions of clause 12.1, the
      Company shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is required to be given to a financier of the Mine and/or
      the Concentrator and/or the Company and/or any holding company of the
      Company, in which case copies of the relevant disclosure shall be given to
      the Refiner prior to such disclosure and the relevant financier shall sign
      an appropriate confidentiality undertaking drafted by the Refiner prior to
      such disclosure.         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|12.5 | The obligation of confidentiality in terms of clause 12.1
      shall cease to apply to any information which ceases to be confidential or
      becomes public knowledge through no fault of the
Parties.                                                                                                                                                                                                                                                                                                                                                                                                                                                        



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|13. | FORCE MAJEURE
|--- | -------------

|13.1 | Subject to the provisions of clause 5.2, if any Party is
      prevented or restricted directly or indirectly from carrying out all or
      any of its obligations under this agreement from any cause beyond the
      reasonable control of that Party (including without limiting the
      generality of the aforegoing, war, civil commotion, riot, insurrection,
      strikes, lock-outs, fire, explosion, flood and acts of God, or by invasion
      or sit-ins at the Mine, Concentrator, Smelter and/or Refinery where a
      Party is prevented from occupying or operating any part of the Mine,
      Concentrator, Smelter and/ or Refinery by combination of workmen or
      interference by trades union), the Party so affected shall be relieved of
      its obligations hereunder during the period that such event and its
      consequences continue but only to the extent so prevented and shall not be
      liable for any delay or failure in the performance of any obligations
      hereunder of loss or damages either general, special or consequential
      which the other Parties may suffer due to or resulting from such delay or
      failure, provided always that written notice shall within 48 (FORTY-EIGHT)
      hours of the occurrence constituting Force Majeure be given of any such
      inability to perform by the affected Party and provided further that the
      obligation to give such notice shall be suspended to the extent
      necessitated by such Force Majeure.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|13.2 | If the Refiner is the Party invoking Force Majeure in
      terms of clause 13.1 within another 48 (FORTY EIGHT) hours after the 48
      (FORTY EIGHT) hours referred to in clause 13.1, the Refiner shall advise
      the Company of an alternative facility for delivery, failing which the
      Company shall be entitled to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        



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|     | make alternative arrangements to sell the Concentrate to
      a third party during the period of the Force Majeure and for a maximum
      period of 3 (THREE) months after the anticipated end of the Force Majeure
      (as notified and adjusted by the Refiner from time to time); provided that
      the Company resumes the sale of all of its Concentrate to the Refiner in
      terms of this agreement once the Refiner is again able to accept delivery
      on condition that such resumption shall take place only after the expiry
      of the said period of the alternative arrangements aforesaid. In terms of
      this clause, the Refiner will be obliged to provide the Company with a
      written estimate of the time required to overcome the Force Majeure event
      and an estimated date from which the Refiner will resume receipt of
      Concentrate from the Company, which written estimate the Refiner will
      update from time to time, but in any event on at least a weekly
    basis.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|13.3 | Any Party invoking Force Majeure shall use its best
      endeavours to terminate the circumstances giving rise to Force Majeure and
      upon termination of the circumstances giving rise thereto, shall forthwith
      give written notice thereof to the other Parties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|13.4 | If the full and proper implementation of this agreement
      is precluded by any of the events or a combination of the events
      contemplated in clause 13.1 for a period of more than 12 (TWELVE)
      consecutive Months at any one time, then and in such event the Parties
      shall endeavour to conclude new arrangements equitable to both of them and
      should they fail to agree upon any such new arrangements within 90
      (NINETY) days of any of the Parties calling upon
the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                



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others to do so, then any of the
Parties shall be entitled to terminate this agreement.

|14. | DISPUTE
RESOLUTION
|--- | ------------------

|14.1 | Where there is reference in this agreement to
      determination of a dispute by reference to a Referee either Party may give
      written notice to the other Party of its intention to refer the dispute to
      a Referee, in which case the following provisions shall apply
  :
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.1.1 | the Company shall nominate 3 (THREE) persons as Referees
      all of whom shall be individuals with appropriate knowledge of the subject
      matter submitted to him or her, independent and free from any conflict or
      interest in dealing with the matter submitted to him or her;
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                             
|14.1.2 | the Company shall nominate the persons mentioned in
      clause 14.1.1 by notice in writing to the Refiner within 14 (FOURTEEN)
      days of the date of the notice referring dispute for determination by a
      Referee;                                                               
|       |                                                                                                                                                                                                                                                                                             
|14.1.3 | the Refiner shall select 1 (ONE) of the Companys
      appointees within 14 (FOURTEEN) days of the furnishing of the list by the
      Company to the Refiner;                                                                                                                             
|       |                                                                                                                                                                                                                                                                                             
|14.1.4 | the Referee shall at all times be acting solely as an
      expert and not as an arbitrator;                                                                                                                                                                                                



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|14.1.5 | the Referee shall decide the matter submitted to him or
      her and the procedure to be followed including, but not limited to, the
      questions of the holding of a hearing or a decision on the basis of
      written documents, the representation of parties at any hearing, and of
      the costs of such proceedings, in such manner and on such basis as he or
      she in his or her sole discretion considers to be fair, just and equitable
      under the circumstances then prevailing, subject to the proviso that both
      Parties shall be entitled to an equal opportunity for the submission of
      such written and/or oral representations as the Referee may, in his or her
      discretion, determine;
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|14.1.6 | accordingly, neither the Arbitration Act, any other Act
      of Parliament or Law nor the rules of law, custom and practice governing
      hearings, evidence or procedure need be observed or taken into account by
      him or her;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|14.1.7 | both Parties shall be bound to continue with such
      proceedings and, insofar as may be necessary, irrevocably consent thereto
      including, but not limited to, the continuation of such proceedings should
      either Party unilaterally withdraw therefrom;                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|14.1.8 | the decision of the Referee shall be final and binding on
      both Parties, and not capable of review, appeal or reference to
      arbitration in terms of clause 14.2 and may be made an Order of any Court
      selected by either Party, for which purpose the other Party consents to
      its jurisdiction.                                                                                                                                                                                                                                                                                                                                                                                                                    



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|14.2 | Unless otherwise specifically provided for in this
      agreement, in the event of there being any dispute or difference between
      the Parties arising out of this agreement, the said dispute or difference
      shall on written demand by either Party be submitted to arbitration in
      Johannesburg in accordance with the Arbitration Foundation of South Africa
      (AFSA) rules for commercial arbitration, which arbitration shall be
      administered by AFSA.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|14.3 | Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the Parties to the dispute or failing
      agreement within 10 (ten) business days of the demand for arbitration,
      then any Party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 (ten) years standing as such. The person so nominated shall be the
      duly appointed arbitrator in respect of the dispute. In the event of the
      attorneys of the Parties to the dispute failing to agree on any matter
      relating to the administration of the arbitration, such matter shall be
      referred to and decided by the arbitrator whose decision shall be final
      and binding on the Parties to the dispute.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|14.4 | Any Party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      



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|14.5 | Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.                                                                                                 
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                      
|14.6 | Any arbitration in terms of this clause 14 (including any
      appeal proceedings) shall be conducted in cameraand the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.        
|     |                                                                                                                                                                                                                                                                                                                      
|14.7 | This clause 14 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
Agreement.                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                      
|14.8 | The Parties agree that the written demand by a party to
      the dispute in terms of clause 14.2 that the dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.

|15. | DOMICILIUM
|--- | ----------

|15.1 | The Parties hereto choose domicilia citandi et executandi
      for all purposes of and in connection with this Agreement as
    follows:
|---- | -----------------------------------------------------------------------------------------------------------------------------------------

|The
      Company | : | The Company Secretary        
|----------------- | - | -----------------------------
|                  |   | Lebowa Platinum Mines Limited
|                  |   | 55 Marshall Street           
|                  |   | Johannesburg                 
|                  |   | 2001                         



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|Facsimile   | : | (011) 373 5111                   
|----------- | - | ---------------------------------
|            |   |                                  
|            |   |                                  
|The Refiner | : | The Company Secretary            
|            |   | Rustenburg Platinum Mines Limited
|            |   | 55 Marshall Street               
|            |   | Johannesburg                     
|            |   | 2001                             
|            |   |                                  
|Facsimile   | : | (011) 373 5111                   

provided that copies of all notices
shall be served on New Opco at:

|          |   | The Company Secretary                 
|--------- | - | --------------------------------------
|          |   | Richtrau No. 177 (Proprietary) Limited
|          |   | 55 Marshall Street                    
|          |   | Johannesburg                          
|          |   | 2001                                  
|          |   |                                       
|Facsimile | : | (011) 373 5111                        

as well as at:

|          |   | The Company Secretary                 
|--------- | - | --------------------------------------
|          |   | Richtrau No. 179 (Proprietary) Limited
|          |   | 55 Marshall Street                    
|          |   | Johannesburg                          
|          |   | 2001                                  
|          |   |                                       
|Facsimile | : | (011) 373 5111                        

|15.2 | Either Party hereto shall be entitled to change its
      domicilium from time to time, provided that any new domicilium selected by
      it shall be an address other than a box number in the Republic of South
      Africa, and any such change shall only be effective upon receipt of notice
      in writing by the other Party of such change.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|15.3 | All notices, demands, communications or payments intended
      for either Party shall be made or given at such Partys domicilium for the
      time being.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                             
|15.4 | A notice sent by one Party to another Party shall be
      deemed to be received:                                                                           

|15.4.1 | on the same day, if delivered by hand; and                                                                            
|------ | ----------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                       
|15.4.2 | on the same day of transmission if sent by telefax, with
      receipt received confirming completion of
transmission.

|15.5 | Notwithstanding anything to the contrary herein contained
      a written notice or communication actually received by a Party shall be an
      adequate written notice or communication to it notwithstanding that it was
      not sent to or delivered at its chosen domicilium citandi et
      executandi.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16. | COSTS                                                                                         
|--- | ----------------------------------------------------------------------------------------------
|    |                                                                                               
|    | Each Party shall bear its own costs incurred in
      negotiating and drafting this agreement.
|    |                                                                                               
|17. | VAT                                                                                           
|    |                                                                                               
|    | All amounts cited in this agreement are cited exclusive
      of Value Added Tax.             



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|18. | GOVERNING LAW                                                                                                                                                                                                                                                                                                                                                        
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                      
|    | This agreement shall be governed by and shall be
      interpreted in accordance with the laws of South Africa. Subject to clause
      14, each of the Parties consents and submits to the non-exclusive
      jurisdiction of the High Court of South Africa (Witwatersrand Local
      Division) for all purposes in connection with this agreement.              
|    |                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                      
|19. | SEVERABILITY OF PROVISIONS                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                      
|    | Any provision of this Contract that is prohibited or
      unenforceable in any jurisdiction is ineffective as to that jurisdiction
      to the extent of the prohibition or unenforceability. That does not
      invalidate the remaining provisions of this Contract nor affect the
      validity or enforceability of that provision in any other jurisdiction.
|    |                                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                      
|20. | GENERAL                                                                                                                                                                                                                                                                                                                                                              

|20.1 | This document constitutes the sole record of the
      agreement between the Parties in regard to the subject matter of this
      agreement.                                  
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                
|20.2 | Neither of the Parties shall be bound by any express or
      implied term, representation, warranty, promise or the like, not recorded
      herein.                          
|     |                                                                                                                                                                                
|20.3 | No addition to, variation or consensual cancellation of
      this agreement shall be of any force or effect unless in writing and
      signed by or on behalf of the Parties.



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|20.4 | No indulgence which any of the Parties (the Grantor)
      may grant to the others (the Grantees) shall constitute a waiver of any
      of the rights of the Grantor, who shall not thereby be precluded from
      exercising any rights against the Grantees which might have arisen in the
      past or which might arise in the future.                                                                                                                                                                                                                                                                                                                                                                                                                         
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|20.5 | The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to produce the
      doing of all such things, the performance of all such actions and the
      taking of all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
      conditions and import of this agreement.                                                                                                                                                                                                                                                                                                                                                     
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|20.6 | This agreement shall be binding on the successors in
      title of the Company to the Mine and each shall ensure on a disposal or
      alienation of the Mine that their rights and obligations hereunder are
      ceded and assigned to the acquirer. Furthermore, on the first day after
      the Interim Period the Company shall procure that New Opco concludes a new
      agreement with the Refiner on the terms and conditions set out in Annex
      B hereto. The Refiner shall ensure on a disposal of its interests in the
      properties on which the Smelter is situated and/or the Smelter that its
      successors in title are bound by the provisions of this agreement subject
      to the termination provisions set out in this
agreement.



---

|CIS/ANGL12-CS28
|---------------
|1104/JL/Clean  
|20/12/2007     
|Page 53        

|21. | CESSION, ASSIGNMENT, SUB-GRANTING, HYPOTHECATION,
      ALIENATION                                                                                                                    
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                       
|    | Neither of the Parties shall be entitled to cede or
      assign any of their rights or obligations under this agreement without the
      prior written consent of the other Parties.
|    |                                                                                                                                                                                       
|22. | BREACH                                                                                                                                                                                

|22.1 | If either party hereto commits a breach or fails in the
      observance of any of the terms and conditions hereof and fails to remedy
      such default or breach within 30 (THIRTY) days of delivery of written
      notice requiring it so to do, or, if such breach is not capable of being
      remedied within 30 (THIRTY) days, if the party in breach fails to commence
      remedying it within the said period and fails thereafter to remedy it
      within a reasonable period of time, then the aggrieved party shall be
      entitled to cancel this agreement against the defaulting party or to claim
      immediate payment and/or performance by the defaulting party of all of the
      defaulting party's obligations whether or not the due date for payment
      and/or performance shall have arrived, in either event without prejudice
      to the aggrieved party's rights to claim damages. The aforegoing is
      without prejudice to such other rights as the aggrieved party may have at
      law; provided always that, notwithstanding anything to the contrary
      contained in this agreement, the aggrieved party shall not be entitled to
      cancel this agreement, for any breach by the defaulting party unless such
      breach is a material breach going to the root of this agreement and is
      incapable of being remedied by a payment in money, or if it is capable of
      being remedied by a payment in money, the
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

|CIS/ANGL12-CS28
|---------------
|1104/JL/Clean  
|20/12/2007     
|Page 54        

defaulting party fails to pay the
amount concerned within 30 (THIRTY) days after such amount has been determined.

|23. | CANCELLATION OF MEMORANDUM OF AGREEMENT (SMELTING
      AND REFINING)
|--- | ---------------------------------------------------------------------

|23.1 | It is recorded that the Company has entered into an
      agreement with, inter alia, the Refiner on 10 August 1995 styled a
      memorandum of agreement (smelting and refining) in terms of which the
      Refiner accepts and smelts concentrate owned by the Company and the
      Refiner agrees to refine the precious metals together with their
      associated minerals for and on behalf of the Company.                                                                     
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|23.2 | It is hereby recorded that the Company has given written
      notice to the Refiner and the other parties to the said agreement
      terminating such agreement with effect from 1 January 2008, but subject to
      the fulfilment of the suspensive condition in clause4.9.                                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|23.3 | It is further recorded that a base metals agency
      agreement and precious metals agency agreement exist by and between the
      Company and the Refiner. To the extent that these agreements are of full
      force and effect as at 1 January 2008, the Parties shall procure the
      termination of these agreements to the extent that they relate to the
      Company and to the extent that they have any bearing or relation to the
      subject matter of this agreement.



---

|CIS/ANGL12-CS28
|---------------
|1104/JL/Clean  
|20/12/2007     
|Page 55        

|23.4 | It is further recorded that the pipeline in process under
      the agreement referred to in clause 23.1 as at 31 December 2007 shall be
      sold by the Company to the Refiner for a purchase price equal to the net
      realisable value thereof as at 31 December 2007 which amount shall be
      agreed to by the Parties and failing agreement by 15 February 2008 then as
      determined by an independent merchant bank, who shall be acting as an
      expert and not as an arbitrator and whose decision shall be final and
      binding on the Parties and not capable of review or appeal except in the
      case of manifest error.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

THUS DONE AND EXECUTED at JOHANNESBURG on the _____ day
of _______________ 2007 written in the presence of the undersigned
witnesses.

AS WITNESSES:

|1. |  |  | For and on behalf of
|-- |  |  | --------------------
|   |  |  | THE REFINER         
|   |  |  |                     
|   |  |  |                     
|2. |  |  |                     
|   |  |  | DIRECTOR            

THUS DONE AND EXECUTED at ________________ on the _____ day of
____________ 2007 written in the presence of the undersigned witnesses.

AS WITNESSES:

|1. |  |  | For and on behalf of
|-- |  |  | --------------------
|   |  |  | THE COMPANY         
|   |  |  |                     
|   |  |  |                     
|2. |  |  |                     
|   |  |  | DIRECTOR            



---



---



---



---

Annexure B deleted and replaced in its entirety by Annexure B to
the Third Addendum to the Sale of Concentrate Agreement dated March 28,
2008

---



---



---



---



---



---



---



---



---



---



---



---

ANGL12-CS19 (RS\AGR\AMPLATS\ANOORAQ ADDENDA\
ANGL12-CS19 SECOND ADDENDUM TO SALE OF CONCENTRATE AGR) MT/AC/gvh
11.06.09



SECOND ADDENDUM TO THE SALE OF

BUSINESS AGREEMENT AND FIRST ADDENDUM TO

THE CONTRACTOR AGREEMENT



between



RUSTENBURG PLATINUM MINES LIMITED



and



LEBOWA PLATINUM MINES LIMITED





---

ANGL12-CS19 (RS\AGR\AMPLATS\ANOORAQ ADDENDA\
ANGL12-CS19 SECOND ADDENDUM TO SALE OF CONCENTRATE AGR) MT/AC/gvh



SECOND ADDENDUM TO THE SALE OF

BUSINESS AGREEMENT AND FIRST ADDENDUM TO

THE CONTRACTOR AGREEMENT

between

RUSTENBURG PLATINUM MINES LIMITED

and

LEBOWA PLATINUM MINES LIMITED

(the Agreements)



AMENDMENT TO THE AGREEMENTS

The definition of Fulfilment Date in each of the Agreement is
hereby and deleted and the following substituted therefor:

Fulfilment Date
    the last day of the calendar
      month during which the Transfer is registered.




---

|ANGL12-CS19                     
|--------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\
|ANGL12-CS19 SECOND ADDENDUM TO  
|SALE OF CONCENTRATE AGR)        
|MT/AC/gvh                       
|Page 2                          



THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2009.



For and on behalf of

RUSTENBURG PLATINUM MINES
LIMITED

by

_____________________________________who warrants his
authority hereto



THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2009.



For and on behalf of

LEBOWA PLATINUM MINES
LIMITED

by

_____________________________________who warrants his
authority hereto



---

ANGL12-CS19 (RS\AGR\AMPLATS\ANOORAQ ADDENDA\
ANGL12-CS19 THIRD ADDENDUM TO SALE OF CONCENTRATE AGR)
AC25.06.09



THIRD ADDENDUM TO THE SALE OF

CONCENTRATE AGREEMENT



between



RUSTENBURG PLATINUM MINES LIMITED



and



LEBOWA PLATINUM MINES LIMITED





---

ANGL12-CS19 (RS\AGR\AMPLATS\ANOORAQ ADDENDA\
ANGL12-CS19 THIRD ADDENDUM TO SALE OF CONCENTRATE AGR) AC

THIRD ADDENDUM TO THE SALE OF CONCENTRATE

AGREEMENT DATED 28 MARCH 2008 AS AMENDED

between

RUSTENBURG PLATINUM MINES LIMITED

and

LEBOWA PLATINUM MINES LIMITED

(the Agreement)

|1. | AMENDMENTS TO THE
AGREEMENT
|-- | ---------------------------

|1.1 | Clause 4 of the Agreement is hereby amended
  by:
|--- | -------------------------------------------------

|1.1.1 | the deletion of the phrase This agreement shall endure
      from 1 January 2008 until a period of 5 (FIVE) years after the Completion
      Date has elapsed (Initial Period); provided that: where it
      appears in clause 4.2 and the substitution therefor of the phrase Subject
      to clause 4.3, this agreement shall endure from 1 January 2008 until 31
      December 2012 (Initial Period); provided that:.
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                    
|1.1.2 | the deletion of clause 4.3 and the substitution therefor
      of the following:                                                                                                                                                                                                                                                                                                                                                   



---

|ANGL12-CS19                     
|--------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\
|ANGL12-CS19 THIRD ADDENDUM TO   
|SALE OF CONCENTRATE AGR)        
|AC                              
|Page 2                          

| | 4.3 | Notwithstanding the provisions of clause 4.2 or any other
      provisions of this agreement, this agreement shall terminate with effect
      from the date of expiry of the Interim Period, it being recorded that the
      Refiner and New Opco have entered into the Sale of Concentrate Agreement
      attached hereto as Annexure B, which agreement is conditional on the
      Initial Period expiring and this agreement thereupon terminating. Such
      Sale of Concentrate Agreement will commence on the day immediately
      following the day on which such agreement shall have become
      unconditional.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.2 | Annexure B to the Agreement is hereby deleted and the
      draft agreement annexed to this addendum shall be substituted therefor as
      Annexure B to the Agreement.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | SIGNATURE OF ANNEXURE                                                                                                                                                                                                                           
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                 
|   | Rustenburg Platinum Mines Limited and Richtrau No 177
      (Proprietary) Limited shall sign the Sale of Concentrate Agreement, a
      draft of which is annexed to this addendum, contemporaneously with the
      signature of this addendum.



---

|ANGL12-CS19                     
|--------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\
|ANGL12-CS19 THIRD ADDENDUM TO   
|SALE OF CONCENTRATE AGR)        
|AC                              
|Page 3                          



THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2009.



For and on behalf of

RUSTENBURG PLATINUM MINES
LIMITED

by

_____________________________________who warrants his
authority hereto



THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2009.



For and on behalf of

LEBOWA PLATINUM MINES
LIMITED

by

_____________________________________
  who warrants his authority hereto



---

|ANGL12-CS19                     
|--------------------------------
|(RS\AGR\AMPLATS\ANOORAQ ADDENDA\
|ANGL12-CS19 THIRD ADDENDUM TO   
|SALE OF CONCENTRATE AGR)        
|AC                              
|Page 4                          

We, Richtrau No 177 (Proprietary) Limited, by our signature to
this addendum, hereby agree to be bound by the provisions of clause 2 of this
addendum.



THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2009.



For and on behalf of

RICHTRAU NO 177 (PROPRIETARY)
LIMITED

by

_____________________________________
  who warrants his authority hereto



---





ANNEXURE B



SALE OF CONCENTRATE AGREEMENT



between/amongst



RUSTENBURG PLATINUM MINES LIMITED



and



RICHTRAU NO. 177 (PROPRIETARY) LIMITED



---

TABLE OFCONTENTS


|1.  | PARTIES                                                                                    | 2 
|--- | ------------------------------------------------------------------------------------------ | --
|    |                                                                                            |   
|2.  | INTERPRETATION                                                                             | 2 
|    |                                                                                            |   
|3.  | INTRODUCTION                                                                               | 15
|    |                                                                                            |   
|4.  | COMMENCEMENT,
      DURATION AND SUSPENSIVE CONDITION                                      | 15
|    |                                                                                            |   
|5.  | SALE
      AND PURCHASE                                                                    | 19
|    |                                                                                            |   
|6.  | DELIVERY
      PLAN                                                                        | 21
|    |                                                                                            |   
|7.  | DELIVERY
      OF CONCENTRATE                                                              | 22
|    |                                                                                            |   
|8.  | WEIGHING,
      SAMPLING AND ASSAYING TO DETERMINE THE TRANSFER QUANTITY AND
      QUALITY | 23
|    |                                                                                            |   
|9.  | PRICE                                                                                      | 27
|    |                                                                                            |   
|10. | PAYMENT                                                                                    | 39
|    |                                                                                            |   
|11. | RISK
      AND OWNERSHIP                                                                   | 39
|    |                                                                                            |   
|12. | CONFIDENTIALITY                                                                            | 40
|    |                                                                                            |   
|13. | FORCE
      MAJEURE                                                                        | 42
|    |                                                                                            |   
|14. | DISPUTE
      RESOLUTION                                                                   | 44
|    |                                                                                            |   
|15. | DOMICILIUM                                                                                 | 47
|    |                                                                                            |   
|16. | COSTS                                                                                      | 49
|    |                                                                                            |   
|17. | VAT                                                                                        | 49
|    |                                                                                            |   
|18. | GOVERNING
      LAW                                                                        | 49
|    |                                                                                            |   
|19. | SEVERABILITY
      OF PROVISIONS                                                           | 50
|    |                                                                                            |   
|20. | GENERAL                                                                                    | 50
|    |                                                                                            |   
|21. | CESSION,
      ASSIGNMENT, SUB-GRANTING, HYPOTHECATION, ALIENATION                         | 51
|    |                                                                                            |   
|22. | BREACH                                                                                     | 52



---

CIS/ANGL12-CS28 1116/JL/Clean 20/12/2007

SALE OF CONCENTRATE AGREEMENT

|1. | PARTIES
|-- | -------

|1.1 | RUSTENBURG PLATINUM MINES LIMITED           
|--- | --------------------------------------------
|    |                                             
|    | AND                                         
|    |                                             
|1.2 | RICHTRAU NO. 177 (PROPRIETARY)
      LIMITED

|2. | INTERPRETATION
|-- | --------------

|2.1 | The headnotes to the clauses of this agreement are
      inserted for reference purposes only and shall not govern or affect the
      meaning or interpretation thereof.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                          
|2.2 | In this agreement the following terms shall bear the
      following meanings :                                                                                          

|2.2.1 | AFSA | Arbitration Foundation of
      Southern Africa;                                                                                         
|----- | ---- | -----------------------------------------------------------------------------------------------------------------------------------------
|      |      |                                                                                                                                          
|2.2.2 | ARQ  | Anooraq Resources Corporation, a company incorporated in
      accordance with the laws of British Columbia, Canada, under No. 10022-2033



---

|CIS/ANGL12-CS28
|---------------
|1116/JL/Clean  
|20/12/2007     
|Page 3.        

|2.2.3 | Average Annual Increase | the average annual percentage inflationary rate increase
      calculated for the preceding Calendar Year applied with effect from 1 July
      every year according to the following formula:
|----- | ----------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                         |                                                                                                                                                                                               
|      |                         | A = (X x B) + (Y x SACPI) + (Z x
      C)                                                                                                                                                     

where

| | A = | the Average Annual Increase;                                                                                                   
| | --- | -------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                
| | X = | the labour cost portion of total cash operating cost of
      smelting, treatment and refining of the Refiner;                 
| |     |                                                                                                                                
| | Y = | non-labour or non-utilities cost portion of total cash
      operating cost of smelting, treatment and refining of the Refiner;
| |     |                                                                                                                                
| | Z = | the utilities cost portion of                                                                                                  



---

|CIS/ANGL12-CS28
|---------------
|1116/JL/Clean  
|20/12/2007     
|Page 4         

| |     | total cash operating cost of
        smelting, treatment and refining of the Refiner;                                                                                         
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                               
| | B = | weighted annual average increase
        (expressed as a percentage) in wages for the smelting, treatment and refining
        division of the Refiner, calculated as follows:
| |     |                                                                                                                                                                               
| |     | B =                                                                                                                                                                           
| |     |                                                                                                                                                                               
| |     |                                                                                                                                                                               
| |     |                                                                                                                                                                               
| |     |                                                                                                                                                                               



---

|CIS/ANGL12-CS28
|---------------
|1116/JL/Clean  
|20/12/2007     
|Page 5         

unions ;

A2, B2, C2 = the actual annual wage
increase (expressed as a percentage) for each particular band;

SA CPI = the average annual rate of
change (expressed as a percentage) in the CPI for December of the year in
question, which annual change shall be determined by comparing the CPI published
for the month of December in question with the CPI published in respect of the
corresponding month in the previous year;

CPI = the Consumer Price Index for all
  metropolitan areas as published in the Government Gazette by Statistics South
  Africa, or such other index reflecting the official rate of inflation in the
  Republic of South Africa as may replace it;



---

|CIS/ANGL12-CS28
|---------------
|1116/JL/Clean  
|20/12/2007     
|Page 6         

C = the average annual rate of change
(expressed as a percentage) of the applicable inflationary index for utilities
as published by Statistics South Africa for December of the year in question,
namely the producers price index for electricity, gas and water for commodities
for South African consumption, which annual change shall be determined by
comparing the index published for the month of December in question with the
index published in respect of the corresponding month in the previous year;

2.2.4
    Business Day
    any day other than a Saturday, Sunday or official public
      holiday in the Republic of South Africa;2.2.5
    Calendar Year
    January 1st to December 31st;2.2.6
    Commercial Committee
    the Commercial Committee referred to in clause 8.9;2.2.7
    Company
    Richtrau No. 177 (Proprietary) Limited, a private company
      incorporated in


---

|CIS/ANGL12-CS28
|---------------
|1116/JL/Clean  
|20/12/2007     
|Page 7         

|      |             | accordance with the laws of the Republic of South Africa
      under Registration No. 2007/016001/07, acting by itself or through its
      duly appointed contractor;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|----- | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2.2.8 | Concentrate | any treatable product bearing Payable Metals which is
      obtained from mining and processing the ore bodies in, on and under the
      Properties, which, as at the Signature Date, is obtained through the
      process of crushing and flotation whereby the Payable Metals, including
      waste, are treated in a Concentrator before the commencement of the
      smelting and refining process and which will be filter cake and not
      slurry. The Concentrate arising from each separately identifiable
      Concentrator will be treated, for purposes of this agreement, as a
      separate Concentrate stream to which the provisions of this agreement
      shall be separately applied, unless the context clearly indicates
      otherwise. It is specifically recorded that, as at the Signature Date, the
      Companys business consists of 2 (TWO) separately identifiable Concentrate
      streams, namely



---

|CIS/ANGL12-CS28
|---------------
|1116/JL/Clean  
|20/12/2007     
|Page 8         

|       |                      | the Merensky Concentrator and the UG2 Concentrator;                                                                                                                                                                         
|------ | -------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                      |                                                                                                                                                                                                                             
|2.2.9  | Concentrator Manager | the juristic entity or natural person nominated by New
      Opco and appointed by the Company to manage the day-to-day operations of
      the Concentrators on behalf of the Company;                                     
|       |                      |                                                                                                                                                                                                                             
|2.2.10 | Concentrators        | any facilities which are utilised to treat the ore
      extracted from the Mine and which produce a Concentrate;                                                                                                           
|       |                      |                                                                                                                                                                                                                             
|2.2.11 | Cost Month           | a Month, or other notified periods of not more than 31
      (THIRTY ONE) days, as determined by the Refiner for the cost accounting
      system applied for the Smelter from time to time;                                
|       |                      |                                                                                                                                                                                                                             
|2.2.12 | Deleterious Material | any material, which in the reasonable view of the
      Refiner, may or will cause harm or damage to the equipment of the Refiner
      and/or which may or will have a negative effect on the operations,
      environment



---

|CIS/ANGL12-CS28
|---------------
|1116/JL/Clean  
|20/12/2007     
|Page 9         

|       |                | and/or the potential recoveries;                                                                                                                                                                                                                                                                           
|------ | -------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                |                                                                                                                                                                                                                                                                                                            
|2.2.13 | Dry Mass       | the mass of Concentrate after deducting the relevant
      moisture content;                                                                                                                                                                                                                               
|       |                |                                                                                                                                                                                                                                                                                                            
|2.2.14 | 4T Grade       | the Concentrate grade, calculated as the total number of
      grammes of platinum (Pt) + palladium (Pd) + rhodium (Rh) + gold (Au) per
      dry Tonne of Concentrate;                                                                                                                                    
|       |                |                                                                                                                                                                                                                                                                                                            
|2.2.15 | Interim Period | the period defined as such in the Original Agreement;                                                                                                                                                                                                                                                      
|       |                |                                                                                                                                                                                                                                                                                                            
|2.2.16 | JEC            | the Joint Evaluation Committee referred to in clause 8.1;                                                                                                                                                                                                                                                  
|       |                |                                                                                                                                                                                                                                                                                                            
|2.2.17 | Mass           | Dry Mass unless otherwise stated;                                                                                                                                                                                                                                                                          
|       |                |                                                                                                                                                                                                                                                                                                            
|2.2.18 | Mine           | when used as a noun, shall mean the excavations and
      associated workings operated by the Company or its contractor/s on the
      Properties, including the Concentrators, the mining area (as defined in
      section 1 of MPRDA), and all buildings, structures, roads and
      appurtenances used



---

|CIS/ANGL12-CS28
|---------------
|1116/JL/Clean  
|20/12/2007     
|Page 10        

|       |                    | or intended to be used for the purposes of searching for,
      winning, exploitation and concentrating of Payable Metals underlying the
      Properties;                                                                                                                              
|------ | ------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                    |                                                                                                                                                                                                                                                                                         
|2.2.19 | Month              | a calendar month;                                                                                                                                                                                                                                                                       
|       |                    |                                                                                                                                                                                                                                                                                         
|2.2.20 | Original Agreement | the agreement for the Sale of Concentrate between the
      Refiner and Lebowa Platinum Mines Limited to which a draft of the
      agreement was annexed as Annexure B;                                                                                                              
|       |                    |                                                                                                                                                                                                                                                                                         
|2.2.21 | Parties            | the Refiner and the Company and Party means a reference
      to either one of them;                                                                                                                                                                                                  
|       |                    |                                                                                                                                                                                                                                                                                         
|2.2.22 | Payable Metals     | the metals upon which the selling price (being the price
      payable by the Refiner to the Company under this agreement) is to be
      determined, namely platinum, palladium, rhodium, gold, iridium (Ir) and
      ruthenium (Ru) and the base metals nickel (Ni), and copper (Cu);
|       |                    |                                                                                                                                                                                                                                                                                         
|2.2.23 | Prime              | the publicly quoted basic rate of interest (per centum,
      per annum, compounded                                                                                                                                                                                                     



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|CIS/ANGL12-CS28
|---------------
|1116/JL/Clean  
|20/12/2007     
|Page 11        

monthly in arrear and calculated on a 365 (THREE HUNDRED
      AND SIXTY FIVE) day year irrespective of whether the year is a leap year)
      from time to time published by the Standard Bank of South Africa Limited
      as being its prime overdraft interest rate for its most favoured corporate
      customers as certified by any manager of such bank whose authority,
      appointment anddesignation need not be proved;2.2.24
    Properties
    the following properties :-the farm Diamand 422 KS;- a portion of the farm Zeekoegat
      421 KS;- the farm Middelpunt 420 KS;- the farm Umkoanestad 419 KS;- the farm Wintersveld 417 KS;- the farm Brakfontein 464 KS;


---

|CIS/ANGL12-CS28
|---------------
|1116/JL/Clean  
|20/12/2007     
|Page 12        

|       |                    | - the farm Jagdlust 418 KS (portion 1 and the remaining
      extent);                                                                                                                                                            
|------ | ------------------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                    |                                                                                                                                                                                                                                   
|2.2.25 | Quarter            | a calendar quarter ending on the last day of each March,
      June, September and December of each Calendar Year of this agreement;                                                                                              
|       |                    |                                                                                                                                                                                                                                   
|2.2.26 | Quotational Period | the Cost Month preceding the Month in which payment is to
      be made, which is used for determining pricing (being the consideration
      payable by the Refiner to the Company under this agreement) and exchange
      rate;
|       |                    |                                                                                                                                                                                                                                   
|2.2.27 | Referee            | a referee appointed in accordance with the provisions of
      clause 14.1;                                                                                                                                                       
|       |                    |                                                                                                                                                                                                                                   
|2.2.28 | Refiner            | Rustenburg Platinum Mines Limited, a public company
      incorporated in accordance with the laws of South Africa under
      Registration No. 1931/003380/06;                                                                   
|       |                    |                                                                                                                                                                                                                                   
|2.2.29 | Refinery           | a facility or facilities utilised by the Refiner for the
      further treatment of the product                                                                                                                                   



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|       |                | arising from the Smelter;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|------ | -------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|2.2.30 | Signature Date | the date on which the last Party to sign this agreement
      signs it;                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|       |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|2.2.31 | Smelter        | the facility designated by the Refiner for the treatment
      of the Concentrates referred to in this agreement; unless otherwise
      specified, this shall initially be the Polokwane Smelter although
      thereafter, it shall be any other smelter designated by the Refiner in
      writing, provided that the Refiner shall use its reasonable endeavours to
      ensure that the closest smelter to the Mine is used at all times and that
      such smelter shall be situated within the Republic of South Africa;
|       |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|2.2.32 | Tonne          | a metric tonne within the meaning of the term attributed
      to it by the International System of Units (SI), and being equivalent to 1
      000 (ONE THOUSAND) kilograms; and                                                                                                                                                                                                                                                                                                                                                
|       |                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|2.2.33 | US$            | the currency of the United States of America.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    



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|2.3 | If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it is only in the definition clause, effect shall be
      given to it as if it were a substantive provision of this
  agreement.                                                                                                                                   
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                          
|2.4 | Any reference to an enactment is to that enactment as at
      the Signature Date and, in the event that any right and/or obligation
      shall arise in terms of this agreement in respect of and/or in connection
      with such enactment after the Signature Date, such reference shall be to
      that enactment as amended and/or replaced as at the date for performance
      of such right and/or obligation.

|2.5 | Unless inconsistent with the context, an expression which
      denotes:
|--- | ------------------------------------------------------------------------

|2.5.1 | any gender includes the other genders;                              
|----- | --------------------------------------------------------------------
|      |                                                                     
|2.5.2 | a natural person includes an artificial person and vice
      versa;
|      |                                                                     
|2.5.3 | the singular includes the plural and vice
  versa.                  

|2.6 | Where any term is defined within the context of any
      particular clause in this agreement, the term so defined, unless it is
      clear from the clause in question that the term so defined has limited
      application to the relevant clause, shall bear the meaning ascribed to it
      for all purposes in terms of this agreement, notwithstanding that that
      term has not been defined in this interpretation
clause.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|2.7 | The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the party responsible for the
      drafting or preparation of this agreement, shall not apply.                
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                          
|2.8 | The schedules to this agreement form an integral part
      hereof and words and expressions defined in this agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedules.

|3. | INTRODUCTION                                                                                                                                                                                                                                    
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                 
|   | The Company has undertaken to sell the Concentrate
      derived from the ore mined from the Properties to the Refiner on the terms
      and conditions set out in this agreement and the Refiner has agreed to
      purchase the Concentrate.
|   |                                                                                                                                                                                                                                                 
|4. | COMMENCEMENT, DURATION AND SUSPENSIVE
      CONDITION                                                                                                                                                                                           

|4.1 | This agreement shall commence on the Signature
    Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|4.2 | This agreement shall endure from the Signature Date for
      the remainder of the Initial Period of the Original Agreement (Initial
      Period"); provided that Plateau Resources (Proprietary) Limited
      (provided that it is at the time at least a 51% (FIFTY ONE PERCENT) direct
      or indirect shareholder in the Company) shall be entitled to elect, by
      notice in writing given to the Refiner prior to the end of the fourth year
      after the Completion Date (as defined in the Original Agreement), to
      extend this agreement for a further 5 (FIVE) years after
  the



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|    | end of the Initial Period on the terms and conditions set
      out herein (save for this clause 4.2).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|4.3 | The Parties record that as at the Signature Date there is
      no Deleterious Material in the Concentrate.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|4.4 | Should there be any material change in the process of
      producing Concentrate, or should there be any change in applicable law,
      which potentially results in new Deleterious Material being present in the
      Concentrate, the Company shall, prior to the delivery of such Concentrate,
      provide the Refiner with an analysis of all substances contained in the
      Concentrate to be produced, to enable the Refiner to identify all
      Deleterious Material that may be contained in the Concentrate. The
      analysis will be a Concentrate analysis by x-ray fluorescence and a trace
      element scan by Inductive Coupled Plasma. The Refiner shall, within 10
      (TEN) days after receipt of the analysis from the Company, provide a list
      of the Deleterious Material, identified by the analysis, which is
      contained in the Concentrate. This list will set out the maximum
      acceptable limit of each individual Deleterious Material that the Refiner
      will accept. The Parties shall agree on a final list of Deleterious
      Material and maximum acceptable limit for such Deleterious Material,
      failing which agreement within 20 (TWENTY) Business Days of the analysis
      being delivered the matters in dispute will be referred by either Party to
      a Referee to determine whether a substance is Deleterious Material and
      what the maximum acceptable limit shall be.



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|4.5 | Notwithstanding anything to the contrary in this
      agreement, should the Refiner find the Concentrate to contain any
      Deleterious Material of which it was not made aware in writing by the
      Company in terms of clause 4.4 or which is in excess of the limits as per
      the document agreed by the Parties or settled by the Referee in terms of
      clause 4.4, then the Refiner shall notify the Company in writing of the
      presence of such Deleterious Material in the Concentrate, following which
      the Company shall have a 90 (NINETY) day period during which to rectify
      the Concentrate by removing the Deleterious Material or reducing the
      relevant Deleterious Material to the agreed acceptable level, as the case
      may be. During the aforementioned 90 (NINETY) day period, no further
      deliveries of Concentrate shall be accepted by the Refiner unless the
      Company has proven that the Concentrate has been rectified by removing the
      relevant Deleterious Material or reducing the relevant Deleterious
      Material to the agreed acceptable level, as the case may be. Should the
      Company not rectify the Concentrate by removing the relevant Deleterious
      Material or reducing the relevant Deleterious Material to the agreed
      acceptable level, as the case may be, within the 90 (NINETY) day period,
      then the Refiner shall be entitled to terminate this agreement forthwith,
      provided that, in the event that the Parties are in dispute as to whether
      any material is Deleterious Material, then the aforesaid period of 90
      (NINETY) days shall only run from the date of final determination by the
      Referee under clause 14.1 that the material in question is Deleterious
      Material. Any dispute as to whether any material is Deleterious Material
      or not and what the maximum acceptable level is shall be referred to the
      Referee in terms of clause 14.1.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|4.6 | In regard to any Concentrate containing Deleterious
      Material which the Refiner refuses to accept in terms of clause 4.5, the
      Company shall be entitled to dispose of such Concentrate to a third party
      provided that:
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4.6.1 | it is not reasonably possible to remove the Deleterious
      Material or reduce the Deleterious Material to an agreed acceptable
      level;                                     
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                    
|4.6.2 | the Concentrate so sold to a third party shall be limited
      to the Concentrate so refused by the Refiner;                                                                      
|      |                                                                                                                                                                                    
|4.6.3 | the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;                                                    
|      |                                                                                                                                                                                    
|4.6.4 | the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.

|4.7 | Termination, cancellation or lapsing of this agreement
      shall not in any way prejudice either Partys right to claim damages from
      the other and notwithstanding any such termination, cancellation or
      lapsing, the Parties shall be and remain liable for all obligations and
      liabilities of the relevant Party then outstanding and/or which relate to
      the period on or after such termination, cancellation or lapsing. In
      particular, the Refiner shall deal with all Concentrate delivered to it
      prior to such termination, cancellation or lapsing under the terms and
      conditions of this agreement.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|5. | SALE AND
PURCHASE
|-- | -----------------

|5.1 | The Company shall sell all of the Concentrate produced
      from ore mined from the Properties to the Refiner for so long as this
      agreement is in force and on the terms set out in this agreement. For the
      avoidance of doubt, the Company shall procure that all Concentrate derived
      from ore (regardless of the owner of the ore or the Concentrate, as the
      case may be) derived from the Properties, shall be sold to the Refiner,
      subject to the terms of this agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|5.2 | The Refiner shall be required to purchase all of the
      Concentrate produced at the Mine and delivered for and on behalf of the
      Company in accordance with the provisions of this agreement save that, in
      the event of the Refiner being unable to accept delivery owing to
      unscheduled maintenance or repairs (which shall be all maintenance and
      repairs other than scheduled maintenance and repairs as defined in
      clause 5.3 below) which result in downtime, the Refiner shall, by notice
      in writing, designate an alternative facility for delivery or defer
      delivery whilst such maintenance or repairs as are necessary are carried
      out. The additional transport and other charges to transport the
      Concentrate to the alternative facility over and above the charges to
      transport the Concentrate to the Polokwane Smelter shall be borne by the
      Company and the Refiner equally. If the Refiner chooses to designate an
      alternative facility outside of the borders of South Africa, then any
      additional transport and other charges (including customs and export
      levies, surcharges and taxes) incurred by the Company to deliver the
      Concentrate outside of the borders of South Africa in excess of the
      standard transport charges to deliver Concentrate to
the



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|    | Polokwane Smelter shall be borne by the Refiner. During
      the period that the Refiner is unable to accept delivery and has not
      designated an alternative facility and has deferred delivery, the Company
      shall be entitled to make alternative arrangements to sell the Concentrate
      to a third party during the period of the downtime and for a maximum
      period of 3 (THREE) months after the anticipated end of the downtime (as
      notified and adjusted by the Refiner from time to time); provided that the
      Company resumes the sale of all of its Concentrate to the Refiner in terms
      of this agreement once the Refiner is again able to accept delivery on
      condition that such resumption shall take place only after the expiry of
      the said period of the alternative arrangements aforesaid. In terms of
      this clause, the Refiner will be obliged to provide the Company with a
      written estimate of the time required to complete such maintenance or
      repairs and an estimated date from which the Refiner will resume receipt
      of Concentrate from the Company, which written estimate the Refiner will
      update from time to time, but in any event on at least a weekly
    basis.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|5.3 | In the event of the Refiner being unable to accept
      delivery owing to scheduled maintenance or repairs (which for purposes of
      this clause shall mean all maintenance or repairs of which at least 6
      (SIX) Months written notice is given by the Refiner to the Company and
      which shall endure for no longer than 3 (THREE) Months)) which result in
      downtime, the Refiner must designate in writing an alternative facility
      for delivery whilst such maintenance or repairs are carried out. The
      additional transport charges to transport the Concentrate to the
      alternative facility over and above the charges to transport
  the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



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Concentrate to the Polokwane Smelter
shall be borne by the Refiner. If the Refiner chooses to designate an
alternative facility outside of the borders of South Africa, then any additional
transport and other charges (including customs and export levies, surcharges and
taxes) incurred by the Company to deliver the Concentrate outside of the borders
of South Africa in excess of the standard transport charges to deliver
Concentrate to the Polokwane Smelter shall be borne by the Refiner.

|6. | DELIVERY PLAN
|-- | -------------

|6.1 | Forthwith after commencement of this agreement, the
      Company shall procure that the Concentrator Manager furnishes a delivery
      plan to the Refiner for each Month, for the then current Calendar Year,
      which delivery plan shall contain estimated details of the quantum of dry
      Tonnes of Concentrate, contained quantities of Payable Metals, percentage
      moisture, and percentage chromite, and thereafter, by not later than 30
      (THIRTY) days prior to the commencement of each Month, the Company shall
      procure that the Concentrator Manager confirms the delivery plan for that
      Month and provides a revised delivery plan for the remaining Months of the
      Calendar Year.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|6.2 | The Company shall further procure that the Concentrator
      Manager furnishes to the Refiner an indicative forecast of the delivery
      plan for the term of this agreement, which delivery plan shall contain
      estimated details of the quantum of dry Tonnes of Concentrate, contained
      quantities of Payable Metals, percentage moisture, and percentage chromite
      to be delivered in each                                                                                                                                                                                                                                                                                                                   



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|    | Calendar Year. Thereafter, by not later than 120 (ONE
      HUNDRED AND TWENTY) days prior to the commencement of each year, the
      Company shall procure that the Concentrator Manager furnishes to the
      Refiner, a revised indicative forecast of the delivery plan for each of at
      least the next 3 (THREE) Calendar Years.                                                                                                                                                                                                                                                                 
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|6.3 | The Company shall use its reasonable endeavours to
      deliver Concentrate in accordance with the delivery plans furnished in
      accordance with clauses 6.1 and 6.2. Should the Company deviate from the
      monthly delivery plans in clause 6.1 in respect of either the quantum of
      dry Tonnes of Concentrate or the contained quantities of Payable Metals or
      the percentage moisture or the percentage chromite by more than 20%
      (TWENTY PERCENT) for a continuous 6 (SIX) month period, this shall be
      deemed to be a breach by the Company for purposes of clause
  22.

|7. | DELIVERY OF
CONCENTRATE
|-- | -----------------------

|7.1 | The Company shall be responsible for procuring that the
      Concentrator Manager arranges the deliveries of Concentrate sold in terms
      of this agreement by road transport to the Smelter and the costs of such
      transport shall be paid by the Company subject to the provisos in clause
      5. The point of delivery for each truck load of Concentrate shall be the
      receiving facility at the Smelter for the purposes of evaluating the
      Concentrate delivered. The date of delivery will be determined by the time
      at which the Concentrate is received by the Refiner at the receiving
      facility.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|7.2 | Each delivery shall constitute a Concentrate batch and
      the batches delivered in a day shall constitute the daily Concentrate lot,
      in terms of the operational protocol referred to in clause 8.2.                                                           
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                         
|7.3 | The Refiner shall procure that, on arrival at the
      Smelter, the weight of Concentrate shall be recorded. The manner of weight
      determination shall be as determined by the JEC, failing which, as
      determined by a Referee.                              
|    |                                                                                                                                                                                                                                                                         
|7.4 | The Company and the Refiner may by written agreement
      provide for delivery of Concentrate by other means of transport and such
      agreement shall provide for appropriate methods for determination of
      weight and quality of the Concentrate so
delivered.

|8. | WEIGHING, SAMPLING AND ASSAYING TO DETERMINE THE
      TRANSFER QUANTITY AND QUALITY
|-- | ------------------------------------------------------------------------------------

|8.1 | A JEC shall be established by the Company and the Refiner
      in order to monitor the ongoing process of Concentrate weighing, sampling
      and assaying for the determination of the transfer quantities and
      qualities. The JEC shall consist of an equal number of representatives of
      each of the Refiner and the Company. For as long as the Company has not
      nominated a person to sit on the JEC, the JEC will not be formed, and the
      Refiner shall apply its own protocols and processes in regard to the
      matters referred to in clause 8.2. Each Party shall be entitled to remove
      and replace its representative/s upon notice in writing to the other,
      provided that Plateau Resources (Proprietary)
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|    | Limited shall exercise the said rights of appointment or
      removal on behalf of the Company upon Plateau Resources (Proprietary)
      Limited holding an effective majority shareholding in the
  Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|8.2 | The operational details of the weighing, sampling,
      moisture determination, analytical techniques and sample return mechanisms
      shall be agreed between the Parties through the JEC in accordance with the
      principles contained herein and the operational details shall be defined
      in a suitable operating protocol, prior to the commencement of this
      agreement, which shall be signed by the Company and the Refiner. A quorum
      of the JEC shall consist of at least 1 (ONE) of the representatives
      appointed by each of the Refiner and the Company being present. All JEC
      decisions shall be made by unanimous vote. A dispute at the JEC shall be
      referred to the Commercial Committee for resolution. The Parties shall
      adhere to all processes contained in the said protocol. The protocol may
      only be amended by agreement in writing between the Parties.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|8.3 | The Company may send a representative to the Smelter to
      be present during the weighing and sampling of the Concentrate. If no
      representative of the Company is present for these activities, the Refiner
      may proceed immediately with the weighing and sampling to facilitate the
      Concentrate transfer.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|8.4 | The Refiner shall analyse the Concentrate analytical lot
      samples in accordance with the agreed analytical procedure as defined in
      the JEC operating protocol.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          



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|8.5 | On receipt of the analytical results, the Refiner shall
      communicate its findings by facsimile or email to such persons as are
      nominated by the Company in writing from time to time.                                                                                                                                                                                                                                                                                     
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.6 | As soon as the Refiner and the Company determine the
      metal contents for each element belonging to a specific lot as further set
      out in the protocol referred to in clause 8.2, the Refiner shall be
      allowed to release any reserve samples into process.                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.7 | The Refiner shall, at the end of each Cost Month, prepare
      a reconciliation of the Concentrate delivered to the Smelter, showing the
      mass of Concentrate received, adjusted to a dry basis, which shall be
      deemed to be the tonnage of Concentrate delivered by the Company to the
      Smelter in that Cost Month.                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.8 | The Refiner shall also prepare an estimate of the quantum
      of the Payable Metals, for the tonnage of Concentrate deemed to have been
      delivered, as well as the percentage moisture and percentage chromite, and
      the grade, all on a cumulative Monthly basis.                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|8.9 | In terms of this clause 8, the Refiner and the Company
      shall each be represented by at least one nominated person who, together,
      shall form the Commercial Committee for the purposes of this agreement.
      The Commercial Committee shall deal with all commercial matters arising in
      terms of this agreement. All decisions of the Commercial Committee shall
      be made by unanimous vote. A quorum of the Commercial Committee shall
      consist of all



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|     | the representatives on the Commercial Committee. Any JEC
      recommendations, related to settlement, shall be agreed by the Commercial
      Committee before being implemented. A dispute at the Commercial Committee
      shall be referred to a Referee and the provisions of clause 14.1 shall
      apply.                                                                                                                                                                       
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|8.10 | For as long as the Company has not nominated a person to
      sit on the Commercial Committee, the Commercial Committee shall not be
      formed.                                                                                                                                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|8.11 | Each Party shall be entitled to remove and replace its
      representative/s on the Commercial Committee upon notice in writing to the
      other, provided that Plateau Resources (Proprietary) Limited shall
      exercise the said rights of appointment or removal on behalf of the
      Company while it holds an effective majority shareholding in the
      Company.                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|8.12 | Any dispute on the Commercial Committee shall be referred
      to a Referee for determination if on a technical issue and the provisions
      of clause 14.1 shall apply, while non-technical issues shall be referred
      to arbitration in accordance with clause 14.2. In the event that the
      members of the Commercial Committee cannot agree on whether the matter
      should be referred to an expert or arbitration, the dispute will be
      referred to arbitration.



---



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average Platinum price per ounce
denominated in US$ during the Quotational Period. The average shall be
determined using :

| | - | the official morning and afternoon fixes made for
      Platinum during the Quotational Period on the London Platinum and
      Palladium Market;    
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                      
| | - | the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places;   
| |   |                                                                                                                                                      
| | - | the daily averages shall be averaged for the Quotational
      Period, and rounded to four decimal places, to yield the average Platinum
      price.

| | PD | means the value of Palladium ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the average Palladium price per ounce denominated in US$ during the
      Quotational Period. The average shall be determined using :
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | - | the official morning and afternoon fixes during the
      Quotational Period made for palladium on the London Platinum and Palladium
      Market;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                   
| | - | the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places;



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| | - | the daily averages shall be averaged for the Quotational
      Period, and rounded to four decimal places, to yield the average Palladium
      price.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------

| | RH | means the value of Rhodium ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the average Rhodium price per ounce denominated in US$ during the
      Quotational Period. The average shall be determined using :
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | - | the NY dealer Rhodium weekly high and low prices during
      the Quotational Period as reported in Platts Metals week;                                                                                                                                                                                                                                                                                                                                                                         
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | - | the weekly prices in Platts Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Fridays date shall be used to determine within which
      Quotational Period the Fridays price will be used to determine the
      average price per ounce. That is, if the Fridays price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period.

| | AU | means the value of Gold ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the average Gold price per ounce denominated in US$ for the Quotational
      Period. The average shall be determined using :
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | - | the official morning and afternoon fixes made for Gold
      during the Quotational Period on the London Bullion Market;                          
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                   
| | - | the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places;
| |   |                                                                                                                                                   
| | - | the daily averages shall be averaged for the Quotational
      Period, and rounded to four decimal places, to yield the average Gold
      price. 

| | IR | means the value of Iridium ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the average Iridium price per ounce denominated in US$ during the
      Quotational Period. The average shall be determined using:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | - | the NY dealer Iridium weekly high and low prices during
      the Quotational Period as reported in Platts Metals week;                                                                                                                                                                                                                                                                                                                                                                        
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | the weekly prices in Platts Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Fridays date shall be used to determine within which
      Quotational Period the Fridays price will be used to determine the
      average price per ounce. That is if the Fridays price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period.



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| | RU | means the value of Ruthenium ounces contained in the
      Concentrate delivered on behalf of the Company in that Cost Month, valued
      at the average Ruthenium price per ounce denominated in US$ during the
      Quotational Period. The average shall be determined using:
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | - | the NY dealer Ruthenium weekly high and low prices during
      the Quotational Period as reported in Platts Metals week;                                                                                                                                                                                                                                                                                                                                                                      
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | the weekly prices in Platts Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Fridays date shall be used to determine within which
      Quotational Period the Fridays price will be used to determine the
      average price per ounce. That is if the Fridays price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period.

| | NI | means the value of Nickel Tonnes contained in the
      Concentrate delivered on behalf of the Company in the Cost Month, valued
      at the average of the Nickel price denominated in US$ during the
      Quotational Period, less US$75.00 per Tonne. The average shall be
      determined using the official London Metal Exchange monthly average cash
      price for Nickel Metal as published by Metals Bulletin, rounded to four
      decimal places.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | CU | means the value of Copper Tonnes contained in the
      Concentrate delivered on behalf of the Company in the Cost Month, valued
      at the average Copper price denominated in US$ during the Quotational
      Period, less US$160.00 per Tonne. The average shall be determined using
      the official London Metal Exchange monthly average cash price for grade A
      Copper Metal as published by Metals Bulletin, rounded to four decimal
      places.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | BS | means the number of batch samples taken in that Cost
      Month                                                                                                                                                                                                                                                                                                                                                                                                    
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | CS | ZAR780 (sampling cost per batch sample)                                                                                                                                                                                                                                                                                                                                                                                                                             
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | Tc | Tonnes of Concentrate produced in that Cost Month                                                                                                                                                                                                                                                                                                                                                                                                                   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | Cc | Treatment charge per Tonne of Concentrate of ZAR700                                                                                                                                                                                                                                                                                                                                                                                                                 
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | P  | means the sum of the applicable penalties as more fully
      defined in clauses 9.7 and 9.8.                                                                                                                                                                                                                                                                                                                                                                       

|9.2 | All values shall be expressed in South African Rand.
      Prices shall be converted to South African Rand for the US$ prices and for
      each applicable currency during the Quotational Period by using
  :
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | - | the historical South African Rand Exchange daily bid high
      and bid low rates quoted by Reuters in respect of the applicable currency
      during the Quotational Period;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                               
| | - | the daily bid high and bid low values shall be averaged
      to yield a daily average exchange rate;                                                                         
| |   |                                                                                                                                                                               
| | - | the daily averages shall then be averaged for the
      Quotational Period, and rounded to four decimal places, to yield the
      average exchange rate.                     

|9.3 | The amounts expressed in South African Rand, referred to
      in clause 9.1 shall be increased annually by the same percentage increase
      as the Annual Average Increase. The increase shall be effective for
      payment due from 1 July of each year; commencing with effect from 1 July
      2008.                                                                                                                                                                                                                                                    
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|9.4 | The discounts from the prices for Copper and Nickel
      expressed in US$, referred to in clause 9.1, shall be adjusted annually,
      by increasing such discounts by the percentage increase in the consumer
      price index (all urban consumers) for the United States of America for the
      previous Calendar Year, as published by the United States Department of
      Labour Bureau of Labour Statistics. The annual adjustment shall be
      effective for payment due from 1 July of each year; commencing with effect
      from 1 July 2008.



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|9.5 | An example of the calculation of the values for the
      Payable Metals and the corresponding price for Concentrate delivered on
      behalf of the Company, referred to in this clause 9, is set out in
      annexure A to this agreement.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                               
|9.6 | The following conversion factors and rounding rules shall
      be applied in calculations :                                                                                                                                                  

|9.6.1 | 1 (ONE) kilogram is equal to 32.1507 (THIRTY TWO decimal
      ONE FIVE ZERO SEVEN) troy ounces exactly.                            
|----- | ------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                     
|9.6.2 | 1 (ONE) kilogram is equal to 2.2046 (TWO decimal TWO ZERO
      FOUR SIX) pounds exactly.                                           
|      |                                                                                                                                     
|9.6.3 | Kilograms shall be rounded to 4 decimal places while troy
      ounces, Tonnes and pounds shall be rounded to 3 decimal places.     
|      |                                                                                                                                     
|9.6.4 | All metal prices shall be stated in US$ rounded to four
      decimal places.                                                       
|      |                                                                                                                                     
|9.6.5 | All metal values shall be stated in US$ rounded to two
      decimal places.                                                        
|      |                                                                                                                                     
|9.6.6 | All metal values shall then be converted to South African
      Rands in accordance with clause 9.2 rounded to two decimal
  places.
|      |                                                                                                                                     
|9.6.7 | All penalties shall be rounded to two decimal
    places.                                                                           



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|9.6.8 | Any value-added tax shall be rounded to two decimal
      places.
|----- | -----------------------------------------------------------------

|9.7 | Certain penalties shall be applied to the Concentrate
      delivered on behalf of the Company in order to compensate for associated
      cost treatment liabilities on the part of the Refiner.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                  
|    | The following penalties shall
      apply :                                                                                                                                                      

|9.7.1 | The moisture content of the Concentrate delivered by the
      Company, shall be less than 15% (FIFTEEN PERCENT) by Mass. A penalty of
      ZAR33.00 (THIRTY THREE SOUTH AFRICAN RANDS) shall be levied per percentage
      point or part thereof of the moisture percentage above 15% (FIFTEEN
      PERCENT), calculated based on a weighted Monthly average, on each dry
      Tonne of Concentrate delivered by the Company in that Month. Should the
      moisture content exceed 20% (TWENTY PERCENT) the Refiner shall be entitled
      to refuse to accept delivery of the Concentrate. Any Concentrate so
      refused by the Refiner may be sold by the Company to a third party
      provided that :
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.7.1.1 | the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;                     
|------- | ---------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                  
|9.7.1.2 | the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the
  Refiner;



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|9.7.1.3 | the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.7.2 | If the weighted Monthly average 4(T) Grade of the
      Concentrate delivered is less than 185 (ONE HUNDRED AND EIGHTY FIVE) g/t,
      the minimum target grade, a penalty of ZAR60.00 (SIXTY SOUTH AFRICAN
      RANDS) per 5g/t or part thereof below the minimum target grade shall be
      applied to each Tonne of Concentrate delivered in that Month. If the
      weighted Monthly average 4(T) Grade of the Concentrate delivered is less
      than 120 (ONE HUNDRED AND TWENTY) g/t, the Refiner shall be entitled to
      refuse to accept delivery of the Concentrate. Any Concentrate so refused
      by the Refiner may be sold by the Company to a third party provided that
      :
|----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.7.2.1 | the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;                                                                       
|------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                    
|9.7.2.2 | the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;                                                    
|        |                                                                                                                                                                                    
|9.7.2.3 | the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.



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|9.8 | In addition to the penalties in clause 9.7 the following
      chromite penalties shall apply, namely, a penalty shall be levied per
      Tonne of contained chromite (Cr203) on the combined
      (for all Concentrators) weighted Monthly average of Concentrate delivered
      in which the contained chromite exceeds 2% (TWO PERCENT) by Mass of the
      Dry Mass of Concentrate received according to a sliding scale as set out
      in the table below.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Contained Chromite (Cr203) per Tonne
      of Concentrate
    Penalty (ZAR) per Tonne of Contained
      Chromite (Cr203)2.0% <Cr203< 2.5%
    R22
      0002.5% <Cr203< 3.0%
    R38
      0003.0% <Cr203< 4.0%
    R55
      0004.0% <Cr203< 5.0%
    R82
      000Cr203>5.0%
    R165 000


|9.9 | Should the combined (for all Concentrators) weighted
      Monthly average contained chromite exceed 3% (THREE PERCENT)]of the Dry
      Mass of Concentrate, the Refiner shall have the right to refuse to accept
      delivery of the Concentrate. Should the Refiner choose to accept delivery
      of the Concentrate containing chromite in excess of 3% (THREE PERCENT) of
      the Dry Mass of Concentrate, then a penalty per Tonne of contained
      chromite (Cr203) shall be applicable as per the
      table set out in clause 9.8. Any Concentrate so refused by the Refiner may
      be sold by the Company to a third party provided that
:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|9.9.1 | the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;                                                                       
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                    
|9.9.2 | the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;                                                    
|      |                                                                                                                                                                                    
|9.9.3 | the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.

|9.10 | The monetary amounts referred to in clauses 9.7.1, 9.7.2
      and 9.8 shall be increased annually by the same percentage as the Annual
      Average Increase. The increase shall be effective from 1 July of each
      year; commencing with effect from 1 July 2008.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                         
|9.11 | In the event that any price element or exchange rate
      ceases to be published, the Parties will agree a substitute price or in
      the absence of agreement, such substitute price will be determined by
      arbitration in terms of clause 14.                 
|     |                                                                                                                                                                                                                                                                         
|9.12 | For the avoidance of doubt, all of the provisions of this
      clause 9, except as specifically otherwise provided in terms of clauses
      9.8 and 9.9 above, shall be applied to each separately identifiable
      Concentrate stream independently.               



---



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|12. | CONFIDENTIALITY
|--- | ---------------

|12.1 | The Parties shall at all times during the currency of
      this agreement, keep all details as to the quantity of Concentrate
      delivered and the values of Payable Metals in Concentrate, strictly
      confidential.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|12.2 | Notwithstanding the provisions of clause 12.1, the
      Refiner shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is bona fideand necessary for the purposes of
      carrying out its duties under this agreement, or where such disclosure is
      required in terms of applicable law, or to any holding company of a Party
      (including but not limited to Anglo Platinum Limited and/or Anglo American
      Plc) for such companies to take informed decisions regarding this
      agreement.                                                                                                                                                                                                                      
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|12.3 | Notwithstanding the provisions of clause 12.1, the
      Company shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is required to be given, made or published by law or under
      the rules and regulations of any relevant stock exchange or any applicable
      regulatory authority, in which case the Company shall, to the extent
      possible, give the Refiner reasonable written notice thereof together with
      drafts or copies thereof, as soon as is reasonable practicable provided
      that in the event that the Company becomes legally compelled to disclose
      any such information, the Company will provide the Refiner with prompt
      notice, to the extent possible, so that it may seek
a



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|     | protective order or other appropriate remedy and/or waive
      compliance with the provisions of this clause 12. In the event that such
      protective order or other remedy is not obtained, or that the Refiner
      waives compliance with the provisions of this clause 12, the Company may
      disclose without liability under this clause 12 only that portion of such
      information which the Company, after receiving legal advice is legally
      required to be disclosed and shall co-operate with the Refiner to obtain
      reliable assurance that confidential treatment will be afforded such
      information that is so disclosed.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|12.4 | Notwithstanding the provisions of clause 12.1, the
      Company shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is required to be given to a financier of the Mine and/or
      the Concentrator and/or the Company and/or any holding company of the
      Company, in which case copies of the relevant disclosure shall be given to
      the Refiner prior to such disclosure and the relevant financier shall sign
      an appropriate confidentiality undertaking drafted by the Refiner prior to
      such disclosure.         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|12.5 | The obligation of confidentiality in terms of clause 12.1
      shall cease to apply to any information which ceases to be confidential or
      becomes public knowledge through no fault of the
Parties.                                                                                                                                                                                                                                                                                                                                                                                                                                                        



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|13. | FORCE MAJEURE
|--- | -------------

|13.1 | Subject to the provisions of clause 5.2, if any Party is
      prevented or restricted directly or indirectly from carrying out all or
      any of its obligations under this agreement from any cause beyond the
      reasonable control of that Party (including without limiting the
      generality of the aforegoing, war, civil commotion, riot, insurrection,
      strikes, lock-outs, fire, explosion, flood and acts of God, or by invasion
      or sit-ins at the Mine, Concentrator, Smelter and/or Refinery where a
      Party is prevented from occupying or operating any part of the Mine,
      Concentrator, Smelter and/ or Refinery by combination of workmen or
      interference by trades union), the Party so affected shall be relieved of
      its obligations hereunder during the period that such event and its
      consequences continue but only to the extent so prevented and shall not be
      liable for any delay or failure in the performance of any obligations
      hereunder of loss or damages either general, special or consequential
      which the other Parties may suffer due to or resulting from such delay or
      failure, provided always that written notice shall within 48 (FORTY-EIGHT)
      hours of the occurrence constituting Force Majeure be given of any such
      inability to perform by the affected Party and provided further that the
      obligation to give such notice shall be suspended to the extent
      necessitated by such Force Majeure.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|13.2 | If the Refiner is the Party invoking Force Majeure in
      terms of clause 13.1 within another 48 (FORTY EIGHT) hours after the 48
      (FORTY EIGHT) hours referred to in clause 13.1, the Refiner shall advise
      the Company of an alternative facility for delivery, failing which the
      Company shall be entitled to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        



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|     | make alternative arrangements to sell the Concentrate to
      a third party during the period of the Force Majeure and for a maximum
      period of 3 (THREE) months after the anticipated end of the Force Majeure
      (as notified and adjusted by the Refiner from time to time); provided that
      the Company resumes the sale of all of its Concentrate to the Refiner in
      terms of this agreement once the Refiner is again able to accept delivery
      on condition that such resumption shall take place only after the expiry
      of the said period of the alternative arrangements aforesaid. In terms of
      this clause, the Refiner will be obliged to provide the Company with a
      written estimate of the time required to overcome the Force Majeure event
      and an estimated date from which the Refiner will resume receipt of
      Concentrate from the Company, which written estimate the Refiner will
      update from time to time, but in any event on at least a weekly
    basis.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|13.3 | Any Party invoking Force Majeure shall use its best
      endeavours to terminate the circumstances giving rise to Force Majeure and
      upon termination of the circumstances giving rise thereto, shall forthwith
      give written notice thereof to the other Parties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|13.4 | If the full and proper implementation of this agreement
      is precluded by any of the events or a combination of the events
      contemplated in clause 13.1 for a period of more than 12 (TWELVE)
      consecutive Months at any one time, then and in such event the Parties
      shall endeavour to conclude new arrangements equitable to both of them and
      should they fail to agree upon any such new arrangements within 90
      (NINETY) days of any of the Parties calling upon
the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                



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others to do so, then any of the
Parties shall be entitled to terminate this agreement.

|14. | DISPUTE
RESOLUTION
|--- | ------------------

|14.1 | Where there is reference in this agreement to
      determination of a dispute by reference to a Referee either Party may give
      written notice to the other Party of its intention to refer the dispute to
      a Referee, in which case the following provisions shall apply
  :
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14.1.1 | the Company shall nominate 3 (THREE) persons as Referees
      all of whom shall be individuals with appropriate knowledge of the subject
      matter submitted to him or her, independent and free from any conflict or
      interest in dealing with the matter submitted to him or her;
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                             
|14.1.2 | the Company shall nominate the persons mentioned in
      clause 14.1.1 by notice in writing to the Refiner within 14 (FOURTEEN)
      days of the date of the notice referring dispute for determination by a
      Referee;                                                               
|       |                                                                                                                                                                                                                                                                                             
|14.1.3 | the Refiner shall select 1 (ONE) of the Companys
      appointees within 14 (FOURTEEN) days of the furnishing of the list by the
      Company to the Refiner;                                                                                                                             
|       |                                                                                                                                                                                                                                                                                             
|14.1.4 | the Referee shall at all times be acting solely as an
      expert and not as an arbitrator;                                                                                                                                                                                                



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|14.1.5 | the Referee shall decide the matter submitted to him or
      her and the procedure to be followed including, but not limited to, the
      questions of the holding of a hearing or a decision on the basis of
      written documents, the representation of parties at any hearing, and of
      the costs of such proceedings, in such manner and on such basis as he or
      she in his or her sole discretion considers to be fair, just and equitable
      under the circumstances then prevailing, subject to the proviso that both
      Parties shall be entitled to an equal opportunity for the submission of
      such written and/or oral representations as the Referee may, in his or her
      discretion, determine;
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|14.1.6 | accordingly, neither the Arbitration Act, any other Act
      of Parliament or Law nor the rules of law, custom and practice governing
      hearings, evidence or procedure need be observed or taken into account by
      him or her;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|14.1.7 | both Parties shall be bound to continue with such
      proceedings and, insofar as may be necessary, irrevocably consent thereto
      including, but not limited to, the continuation of such proceedings should
      either Party unilaterally withdraw therefrom;                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|14.1.8 | the decision of the Referee shall be final and binding on
      both Parties, and not capable of review, appeal or reference to
      arbitration in terms of clause 14.2 and may be made an Order of any Court
      selected by either Party, for which purpose the other Party consents to
      its jurisdiction.                                                                                                                                                                                                                                                                                                                                                                                                                    



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|14.2 | Unless otherwise specifically provided for in this
      agreement, in the event of there being any dispute or difference between
      the Parties arising out of this agreement, the said dispute or difference
      shall on written demand by either Party be submitted to arbitration in
      Johannesburg in accordance with the Arbitration Foundation of South Africa
      (AFSA) rules for commercial arbitration, which arbitration shall be
      administered by AFSA.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|14.3 | Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the Parties to the dispute or failing
      agreement within 10 (ten) business days of the demand for arbitration,
      then any Party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 (ten) years standing as such. The person so nominated shall be the
      duly appointed arbitrator in respect of the dispute. In the event of the
      attorneys of the Parties to the dispute failing to agree on any matter
      relating to the administration of the arbitration, such matter shall be
      referred to and decided by the arbitrator whose decision shall be final
      and binding on the Parties to the dispute.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|14.4 | Any Party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      



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|14.5 | Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.                                                                                                 
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                      
|14.6 | Any arbitration in terms of this clause 14 (including any
      appeal proceedings) shall be conducted in cameraand the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.        
|     |                                                                                                                                                                                                                                                                                                                      
|14.7 | This clause 14 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
Agreement.                                                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                      
|14.8 | The Parties agree that the written demand by a party to
      the dispute in terms of clause 14.2 that the dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.

|15. | DOMICILIUM
|--- | ----------

|15.1 | The Parties hereto choose domicilia citandi et executandi
      for all purposes of and in connection with this Agreement as
    follows:
|---- | -----------------------------------------------------------------------------------------------------------------------------------------

|The Company | : | The Company Secretary                 
|----------- | - | --------------------------------------
|            |   | Richtrau No. 177 (Proprietary) Limited
|            |   | 55 Marshall Street                    
|            |   | Johannesburg                          
|            |   | 2001                                  



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|Facsimile   | : | (011) 373 5111                   
|----------- | - | ---------------------------------
|            |   |                                  
|            |   |                                  
|The Refiner | : | The Company Secretary            
|            |   | Rustenburg Platinum Mines Limited
|            |   | 55 Marshall Street               
|            |   | Johannesburg                     
|            |   | 2001                             
|            |   |                                  
|Facsimile   | : | (011) 373 5111                   

provided that copies of all notices
shall be served on:

|          |   | The Company Secretary                 
|--------- | - | --------------------------------------
|          |   | Richtrau No. 179 (Proprietary) Limited
|          |   | 55 Marshall Street                    
|          |   | Johannesburg                          
|          |   | 2001                                  
|          |   |                                       
|Facsimile | : | (011) 373 5111                        

|15.2 | Either Party hereto shall be entitled to change its
      domicilium from time to time, provided that any new domicilium selected by
      it shall be an address other than a box number in the Republic of South
      Africa, and any such change shall only be effective upon receipt of notice
      in writing by the other Party of such change.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                        
|15.3 | All notices, demands, communications or payments intended
      for either Party shall be made or given at such Partys domicilium for the
      time being.                                                                                                                                                                                           
|     |                                                                                                                                                                                                                                                                                                                                                        
|15.4 | A notice sent by one Party to another Party shall be
      deemed to be received:                                                                                                                                                                                                                                                                      

|15.4.1 | on the same day, if delivered by hand;
  and
|------ | --------------------------------------------



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|15.4.2 | on the same day of transmission if sent by telefax, with
      receipt received confirming completion of
transmission.
|------ | ----------------------------------------------------------------------------------------------------------------------

|15.5 | Notwithstanding anything to the contrary herein contained
      a written notice or communication actually received by a Party shall be an
      adequate written notice or communication to it notwithstanding that it was
      not sent to or delivered at its chosen domicilium citandi et
      executandi.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16. | COSTS                                                                                                                                                                                                                                                                                                                                                  
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                        
|    | Each Party shall bear its own costs incurred in
      negotiating and drafting this agreement.                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                        
|17. | VAT                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                        
|    | All amounts cited in this agreement are cited exclusive
      of Value Added Tax.                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                        
|18. | GOVERNING LAW                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                        
|    | This agreement shall be governed by and shall be
      interpreted in accordance with the laws of South Africa. Subject to clause
      14, each of the Parties consents and submits to the non-exclusive
      jurisdiction of the High Court of South Africa (Witwatersrand Local
      Division) for all purposes in connection with this agreement.



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|19. | SEVERABILITY OF
      PROVISIONS                                                                                                                                                                                                                                                                                                                                     
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                      
|    | Any provision of this Contract that is prohibited or
      unenforceable in any jurisdiction is ineffective as to that jurisdiction
      to the extent of the prohibition or unenforceability. That does not
      invalidate the remaining provisions of this Contract nor affect the
      validity or enforceability of that provision in any other jurisdiction.
|    |                                                                                                                                                                                                                                                                                                                                                                      
|20. | GENERAL                                                                                                                                                                                                                                                                                                                                                              

|20.1 | This document constitutes the sole record of the
      agreement between the Parties in regard to the subject matter of this
      agreement.                                                                                                                                                                                                    
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                  
|20.2 | Neither of the Parties shall be bound by any express or
      implied term, representation, warranty, promise or the like, not recorded
      herein.                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                  
|20.3 | No addition to, variation or consensual cancellation of
      this agreement shall be of any force or effect unless in writing and
      signed by or on behalf of the Parties.                                                                                                                                                                  
|     |                                                                                                                                                                                                                                                                                                                                                  
|20.4 | No indulgence which any of the Parties (the Grantor)
      may grant to the others (the Grantees) shall constitute a waiver of any
      of the rights of the Grantor, who shall not thereby be precluded from
      exercising any rights against the Grantees which might have arisen in the
      past or which might arise in the future.



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|20.5 | The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to produce the
      doing of all such things, the performance of all such actions and the
      taking of all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
      conditions and import of this agreement.                                                                                                                                                                                                                                                                                                                                                     
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|20.6 | This agreement shall be binding on the successors in
      title of the Company to the Mine and each shall ensure on a disposal or
      alienation of the Mine that their rights and obligations hereunder are
      ceded and assigned to the acquirer. Furthermore, on the first day after
      the Interim Period the Company shall procure that New Opco concludes a new
      agreement with the Refiner on the terms and conditions set out in Annex
      B hereto. The Refiner shall ensure on a disposal of its interests in the
      properties on which the Smelter is situated and/or the Smelter that its
      successors in title are bound by the provisions of this agreement subject
      to the termination provisions set out in this
agreement.

|21. | CESSION, ASSIGNMENT, SUB-GRANTING, HYPOTHECATION,
      ALIENATION                                                                                                                    
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                       
|    | Neither of the Parties shall be entitled to cede or
      assign any of their rights or obligations under this agreement without the
      prior written consent of the other Parties.



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|22. | BREACH
|--- | ------

|22.1 | If either party hereto commits a breach or fails in the
      observance of any of the terms and conditions hereof and fails to remedy
      such default or breach within 30 (THIRTY) days of delivery of written
      notice requiring it so to do, or, if such breach is not capable of being
      remedied within 30 (THIRTY) days, if the party in breach fails to commence
      remedying it within the said period and fails thereafter to remedy it
      within a reasonable period of time, then the aggrieved party shall be
      entitled to cancel this agreement against the defaulting party or to claim
      immediate payment and/or performance by the defaulting party of all of the
      defaulting party's obligations whether or not the due date for payment
      and/or performance shall have arrived, in either event without prejudice
      to the aggrieved party's rights to claim damages. The aforegoing is
      without prejudice to such other rights as the aggrieved party may have at
      law; provided always that, notwithstanding anything to the contrary
      contained in this agreement, the aggrieved party shall not be entitled to
      cancel this agreement, for any breach by the defaulting party unless such
      breach is a material breach going to the root of this agreement and is
      incapable of being remedied by a payment in money, or if it is capable of
      being remedied by a payment in money, the defaulting party fails to pay
      the amount concerned within 30 (THIRTY) days after such amount has been
      determined.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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THUS DONE AND EXECUTED at JOHANNESBURG on the _____ day of
_______________ 2007 written in the presence of the undersigned witnesses.

AS WITNESSES:

|1. |  |  | For and on behalf of
|-- |  |  | --------------------
|   |  |  | THE REFINER         
|   |  |  |                     
|   |  |  |                     
|2. |  |  |                     
|   |  |  | DIRECTOR            

THUS DONE AND EXECUTED at ________________ on the _____ day of
____________ 2007 written in the presence of the undersigned witnesses.

AS WITNESSES:

|1. |  |  | For and on behalf of
|-- |  |  | --------------------
|   |  |  | THE COMPANY         
|   |  |  |                     
|   |  |  |                     
|2. |  |  |                     
|   |  |  | DIRECTOR            



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