---

Execution copy

UMBRELLA SERVICES AGREEMENT

between

ANGLO PLATINUM LIMITED Registration number:
1946/022452/06("APL")

and

ANOORAQ RESOURCES CORPORATION Registration number:
10022-2033("Anooraq")

and

RICHTRAU NO. 179 (PROPRIETARY) LIMITED(to be
renamed BOKONI PLATINUM HOLDINGS (PROPRIETARY) LIMITED)
Registration number: 2007/016711/07("the Company")

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2.

Table of Contents

|    |                                          | Page
      No.
|--- | ---------------------------------------- | --------------
|    |                                          |               
|1.  | Definitions
      and interpretation     | 3             
|2.  | Introduction                             | 9             
|3.  | Appointment                              | 10            
|4.  | Relationship                             | 10            
|5.  | Non-Exclusivity                          | 10            
|6.  | Duration                                 | 10            
|7.  | Services                                 | 11            
|8.  | Obligations
      of the Company         | 13            
|9.  | Service
      Fees                       | 15            
|10. | Liability
      of the Service Providers | 17            
|11. | Indemnity                                | 18            
|12. | Force
      Majeure                      | 19            
|13. | Confidentiality                          | 21            
|14. | Default                                  | 23            
|15. | Dispute
      resolution and arbitration | 25            
|16. | Intellectual
      Property Rights       | 27            
|17. | Miscellaneous
      matters              | 28            

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3.

|1. | Definitions and interpretation
|-- | ------------------------------

|1.1 | In this Agreement, the following words shall, unless
      otherwise stated or inconsistent with the context in which they appear,
      bear the following meanings and cognate expressions shall bear
      corresponding meanings:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|1.1.1 | "Ad Hoc Services"                  | - means the services which form the subject matter of Ad
      Hoc Services Agreements which will be performed and rendered by the
      Service Providers to the Company on an ad hocbasis in accordance
      with the provisions of clause 7.3;
|----- | ---------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                    |                                                                                                                                                                                                                                                   
|1.1.2 | "Ad Hoc Services
      Agreements" | - shall have the meaning given to this term in clause
      7.3.1;                                                                                                                                                                                
|      |                                    |                                                                                                                                                                                                                                                   
|1.1.3 | "Ad Hoc Service
      Fee"         | - shall have the meaning given to this term in clause
      9.1;                                                                                                                                                                                  
|      |                                    |                                                                                                                                                                                                                                                   
|1.1.4 | "the/this Agreement"               | - means this umbrella services agreement, as amended and
      varied in writing from time to time;                                                                                                                                               
|      |                                    |                                                                                                                                                                                                                                                   
|1.1.5 | "Anooraq"                          | - means Anooraq Resources Corporation, registration
      number 10022-2033, a public company registered and incorporated in
      accordance with the laws of British Columbia, Canada;                                                          
|      |                                    |                                                                                                                                                                                                                                                   
|1.1.6 | Anooraq Group                    | - means Anooraq and its holding companies, whether direct
      or indirect, and all of Anooraq's subsidiaries, whether direct or
      indirect, and all subsidiaries of Anooraq's holding companies, whether
      direct or indirect;          
|      |                                    |                                                                                                                                                                                                                                                   
|1.1.7 | "APL"                              | - means Anglo Platinum Limited, registration number
      1946/022452/06, a public company registered and incorporated in accordance
      with the laws of South Africa;                                                                         

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4.

|1.1.8  | "APL Group"                      | - means APL and its holding companies, whether direct or
      indirect, and all of APL's subsidiaries, whether direct or indirect, and
      all subsidiaries of APL's holding companies, whether direct or indirect;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|------ | -------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.9  | "Business Day"                   | - means any day other than a Saturday, Sunday or an
      official public holiday in South Africa;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|       |                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.10 | Closing Date                   | - means the closing date as defined in the Phase 3
      Implementation Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|       |                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.11 | "Commencement Date"              | - means, in relation to each Continuous Services
      Agreement, the commencement date specified in such Continuous Services
      Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|       |                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.12 | "the Company"                    | - means Richtrau No. 179 (Proprietary) Limited,
      registration number 2007/016711/07, a private company registered and
      incorporated in accordance with the laws of South Africa;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|       |                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|1.1.13 | "Confidential
      Information" | - means any technical, commercial, scientific, marketing
      or business information, any documentation, know-how, trade secrets,
      marketing strategies, processes, machinery, designs, technical
      specifications, development plans, concepts and ideas, financial
      information, customer information or records, business plans, customer and
      vendor lists, products, analysis, test results, descriptions, drawings,
      computer software, programming, hardware configurations, systems,
      materials and/or data and all other information of any kind or nature,
      proprietary to or a trade secret of a Party, whether or not formally
      designated as confidential and whether in written, oral,

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5.

|       |                                  | magnetic, or machine-readable or otherformat;                                                                                                                                                                                       
|------ | -------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                  |                                                                                                                                                                                                                                     
|1.1.14 | "ContinuousServices"             | - means the services set
      out in the ContinuousServices Agreements which will
      be performedand rendered by the Service Providers to
      theCompany on a continuous basis inaccordance with the provisions of clause 7.2;
|       |                                  |                                                                                                                                                                                                                                     
|1.1.15 | "ContinuousServicesAgreements"   | -
      means the individual agreements in relation toeach
      Continuous Service which are agreed,completed and
      signed by or on behalf of theParties and attached as
      Schedules;                                      
|       |                                  |                                                                                                                                                                                                                                     
|1.1.16 | "ContinuousService Fees"         | - shall have the meaning
      given to this term inclause 9.2;                                                                                                                                                                     
|       |                                  |                                                                                                                                                                                                                                     
|1.1.17 | "Initial
      Period"           | - means the period from the Signature Dateuntil the first anniversary of the Closing Date;                                                                                                                                          
|       |                                  |                                                                                                                                                                                                                                     
|1.1.18 | "Nominated
      BankAccount"    | - means the bank account
      specified by notice inwriting by a Service Provider
      to the Companyfrom time to time;                                                                                                           
|       |                                  |                                                                                                                                                                                                                                     
|1.1.19 | "Parties"                        | - means collectively APL, Anooraq and theCompany; and "Party" means either one ofthem, as the context may require;                                                                                                                  
|       |                                  |                                                                                                                                                                                                                                     
|1.1.20 | Phase 3ImplementationAgreement | -means the Phase 3 ImplementationAgreement to be entered into on or about theSignature Date between Rustenburg PlatinumMines Limited, Plateau Resources(Proprietary)
      Limited and the Company;                                 
|       |                                  |                                                                                                                                                                                                                                     
|1.1.21 | "Prime Rate"                     | - means the rate of interest (nominal annualcompounded monthly in arrears) from time totime published by The Standard Bank of                                                                                                       

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6.

|       |                             | South Africa Limited as its prime overdraft
      lending rate (a certificate from any manager of that bank, whose
      appointment or authority need not be proved, as to the prime rate at any
      time and the usual way in which it is calculated and compounded at such
      time shall, in the absence of manifest or clerical error, be final and
      binding on the Parties);
|------ | --------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                             |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.22 | "Representatives"           | - means, in relation to a Party, that
      Party's employees, representatives, officers, directors, consultants,
      agents, contractors and sub-contractors and, in the case of such
      contractors and sub-contractors, their employees, representatives,
      directors, officers, consultants, agents, contractors and sub-contractors;                                         
|       |                             |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.23 | "Schedule"                  | - means a schedule attached to this
      Agreement;                                                                                                                                                                                                                                                                                                                                       
|       |                             |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.24 | "Services"                  | - means collectively or individually, as the
      context may require, the Ad Hoc Services and the Continuous Services;                                                                                                                                                                                                                                                                   
|       |                             |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.25 | "Services
      Agreements" | - means collectively or individually, as the
      context may require, the Ad Hoc Services Agreements and the Continuous
      Services Agreements;                                                                                                                                                                                                                                       
|       |                             |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.26 | "the Service Providers"-    | means APL and Anooraq, in their capacity as
      the provider of the Services under this Agreement and "Service
      Provider" means either one of them, as the context may require;                                                                                                                                                                                                     
|       |                             |                                                                                                                                                                                                                                                                                                                                                                                            
|1.1.27 | "Signature
      Date"-     | means the date on which this Agreement shall
      have been signed by the last of the Parties (whether or not in
      counterpart);                                                                                                                                                                                                                                                      

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7.

|1.1.28 | "South Africa" | - means the Republic of South Africa;                                                                                                                                                                                          
|------ | -------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                |                                                                                                                                                                                                                                
|1.1.29 | "VAT"          | - means value-added tax calculated and levied in terms of
      the VAT Act;                                                                                                                                                   
|       |                |                                                                                                                                                                                                                                
|1.1.30 | VAT Act      | - means the Value-Added Tax Act, 1991 (Act 89 of 1991),
      as amended from time to time; and                                                                                                                                
|       |                |                                                                                                                                                                                                                                
|1.1.31 | "Year"         | - means in relation to a Continuous Services Agreement, a
      period of 12 consecutive calendar months commencing on the Commencement
      Date of such Continuous Services Agreement and on each anniversary
      thereof;

|1.2 | In this Agreement:
|--- | ------------------

|1.2.1 | references to a statutory provision include any
      subordinate legislation made from time to time under that provision and
      include that provision as modified or re-enacted from time to
  time;                                                               
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                         
|1.2.2 | a reference to a "subsidiary" or "holding
      company" shall be construed in accordance with section 1 of the
      Companies Act 61 of 1973, save for the fact that the definition of such
      terms shall be deemed to include foreign companies;                 
|      |                                                                                                                                                                                                                                                                         
|1.2.3 | words importing any particular gender include the other
      genders (i.e. the masculine, feminine and neuter genders, as the case may
      be); the singular includes the plural and vice versa; and natural
      persons include artificial persons and vice versa;
|      |                                                                                                                                                                                                                                                                         
|1.2.4 | references to a "person" include a natural person,
      company, close corporation or any other juristic person or other corporate
      entity, a charity, trust, partnership, joint venture, syndicate, or any
      other association of persons;                   
|      |                                                                                                                                                                                                                                                                         
|1.2.5 | if a definition imposes substantive rights and
      obligations on a Party, such rights and obligations shall be given effect
      to and shall be enforceable, notwithstanding that they are contained in a
      definition;                                        

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8.

|1.2.6  | any definition, wherever it appears in this Agreement,
      shall bear the same meaning and apply throughout this Agreement unless
      otherwise stated or inconsistent with the context in which it
    appears;                                                                                                                                                                                                                                                                                                                                                  
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.2.7  | if there is any conflict between any definitions in this
      Agreement then, for purposes of interpreting any clause of this Agreement
      or paragraph of any Schedule, the definition appearing in that clause or
      paragraph shall prevail over any other conflicting definition appearing
      elsewhere in this Agreement;                                                                                                                                                                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.2.8  | clause headings are inserted for convenience only and
      shall not be used to interpret this Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.2.9  | where any number of days is prescribed, those days shall
      be reckoned exclusively of the first and inclusively of the last day
      unless the last day falls on a day which is not a Business Day, in which
      event the last day shall be the next succeeding Business Day;                                                                                                                                                                                                                                                                                
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.2.10 | where the day upon or by which any act is required to be
      performed is not a Business Day, the Parties shall be deemed to have
      intended such act to be performed upon or by the next succeeding Business
      Day;                                                                                                                                                                                                                                                                                                                                        
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.2.11 | any provision in this Agreement which is or may become
      illegal, invalid or unenforceable in any jurisdiction affected by this
      Agreement shall, as to such jurisdiction, be ineffective to the extent of
      such prohibition or unenforceability and shall be treated as having not
      been written (i.e. pro non scripto) and severed from the balance of
      this Agreement, without invalidating the remaining provisions of this
      Agreement or affecting the validity or enforceability of such provision in
      any other jurisdiction;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.2.12 | the use of any expression covering a process available
      under South African law (including, for example, a winding-up) shall, if
      any of the Parties is subject to the law of any other jurisdiction, be
      interpreted in relation to that Party as including any equivalent or
      analogous proceeding under the law of such other jurisdiction;                                                                                                                                                                                                    
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.2.13 | references to any amount shall mean that amount exclusive
      of VAT, unless the amount expressly includes VAT; and                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|1.2.14 | the rule of construction that if general words or terms
      are used in association with specific words or terms which are a species
      of a                                                                                                                                                                                                                                                                                                                                                                                                                     

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9.

particular genus or class, the meaning
of the general words or terms shall be restricted to that same class (i.e. the
eiusdem generis rule) shall not apply, and whenever the word
"including" or "include/s" is used followed by specific examples,
such examples shall not be interpreted so as to limit the meaning of any word or
term to the same genus or class as the examples given.

|1.3 | The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement which are expressly
      provided to operate after any such expiration or termination, or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the relevant provisions themselves do
      not provide for this.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                    
|1.4 | Each of the provisions of this Agreement has been
      negotiated by the Parties and drafted for the benefit of the Parties, and
      accordingly the rule of construction that the contract shall be
      interpreted against or to the disadvantage of the party responsible for
      the drafting or preparation of this Agreement (i.e. the contra
      proferentemrule), shall not apply.

|2. | Introduction
|-- | ------------

|2.1 | The Parties wish to conclude this Agreement to regulate
      the terms and conditions under which each of APL and Anooraq agrees to
      provide Services to the Company in order to ensure a meaningful and
      effective transfer of skills from APL to the Company. This will ensure the
      long term sustainability of the Company and further Anooraq's objective of
      becoming a significant and independent platinum group metals producer in
      South Africa. It is the intention of the Parties that Anooraq will take
      over the provision of the Services in their entirety, as soon as
      possible.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|2.2 | It is acknowledged that the Service Providers have the
      necessary ability, expertise and know-how to perform and render, or to
      cause to be performed and rendered, the Services to the Company.                                                                                                                                                                                                                                                                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|2.3 | The Company wishes to appoint the Service Providers to
      perform and render to it, or to cause to be performed and rendered to it,
      the Services, and the Service Providers are willing to accept such
      appointment, on the terms set out below.                                                                                                                                                                                                                                                                                                                                                                      

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10.

|3. | Appointment                                                                                                                                                                                                                 
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                             
|   | The Company appoints the Service Providers, and the
      Service Providers accept such appointment, to perform and to render the
      Services to the Company on and in accordance with the terms of this
      Agreement.
|   |                                                                                                                                                                                                                             
|4. | Relationship                                                                                                                                                                                                                
|   |                                                                                                                                                                                                                             
|   | The relationship between the Company and each of the
      Service Providers shall be that of independent contractor and client and
      nothing in this Agreement, whether expressed or implied,
  shall:                 

|4.1 | be construed as creating an employment or labour broking
      relationship between the Service Providers and/or their Representatives,
      on the one hand, and the Company on the other;                                                                                                   
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                
|4.2 | be construed as creating a partnership between the
      Parties;                                                                                                                                                                                                                              
|    |                                                                                                                                                                                                                                                                                                
|4.3 | constitute either Party as an agent or representative of
      the other Party; or                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                
|4.4 | entitle either Party to bind or attempt to bind the other
      Party, or to represent to any third person that it has the authority to
      bind the other Party or to confer any obligation on the other Party,
      unless specifically mandated to do so in writing by the other
  Party.

|5. | Non-Exclusivity                                                                                                                                                            
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                            
|   | The appointment of the Service Providers as set out in
      clause 3 shall be on a non- exclusive basis and without derogating from
      the generality of the foregoing:

|5.1 | the Service Providers shall be entitled to render
      services which are or may be identical or similar to the Services to third
      parties; and                              
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                    
|5.2 | the Company shall be entitled to procure services which
      are or may be identical or similar to the Services from third parties,
      subject to the provisions of clause 9.3.

|6. | Duration
|-- | --------

|6.1 | This Agreement shall commence on the Signature Date and
      shall endure indefinitely, unless terminated on 3 months written notice
      by the Company to the Service Provider or otherwise terminated in
      accordance with the provisions of clauses 6.2, 12.4 or
  14.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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11.

|6.2 | If either of the Service Providers cease to hold directly
      or indirectly any shares in the Company, the applicable Service Provider
      shall be entitled to terminate this Agreement on 3 months' written notice
      to the Company, provided that any Ad Hoc Service that may be in the
      process of being performed at the time of any such termination, shall
      continue to be governed by the provisions of this Agreement (and this
      Agreement shall continue in force and effect for such limited purpose) and
      this Agreement shall terminate, in relation to such relevant Ad Hoc
      Service, after completion thereof.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|6.3 | Each individual                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

|6.3.1 | Continuous Services Agreement shall commence on the
      Commencement Date thereof and shall endure indefinitely until terminated
      in accordance with its terms or otherwise in accordance with the
      provisions of this Agreement;
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                              
|6.3.2 | Ad Hoc Services Agreement shall commence in accordance
      with its terms and shall endure until terminated in accordance with its
      terms or otherwise terminated in accordance with the provisions of this
      Agreement.          

|6.4 | Subject to the provisions of clause 14.3.3, it is
      recorded that the termination of any individual Services Agreement in
      accordance with the provisions of clauses 6.3.1 or 6.3.2 will not affect
      the continuation of any other Services Agreements or this Agreement or any
      Services provided under this Agreement.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | Services
|-- | --------

|7.1 | General
|--- | -------

|7.1.1 | The Services shall (subject to the provisions of clauses
      7.2 and 7.3) be rendered and performed by the Service Providers in terms
      of this Agreement.                                                                 
|----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                  
|7.1.2 | The Service Providers shall perform and render the
      Services in a good and workmanlike manner and in accordance with generally
      accepted professional standards that may apply to the Services.                        
|      |                                                                                                                                                                                                                                  
|7.1.3 | The Service Providers shall ensure that they have
      adequate employees or consultants or sub-contractors or other personnel
      available to render the Services in accordance with the provisions of this
      Agreement.

---

12.

|7.1.4 | The Parties acknowledge and agree that the Service
      Providers may sub- contract any part or the whole of the supply of the
      Services to their respective members of the APL Group or the Anooraq Group
      or, where appropriate and with the prior written consent of the Company,
      to a third party, provided that, subject to the provisions of clauses 10
      and 11, the Service Providers shall remain liable to the Company for the
      due performance of any sub-contracted Services in accordance with the
      terms of this Agreement.
|----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|7.1.5 | To the extent that either of the Service Providers retain
      or store any information, documents or records of the Company as a result
      of the provision of the Services, the applicable Service Provider shall
      ensure that such information, records or documents are made available to
      the Company on reasonable written notice by the Company to the applicable
      Service Provider.                                                                                                                                                          
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|7.1.6 | It is acknowledged that the Service Providers and the
      Company may from time to time conclude Service Agreements in terms of
      which the applicable Service Provider shall render Services to
      subsidiaries of the Company (and not the Company
itself).                                                                                                                                                                                                                                                                                                  

|7.2 | Continuous Services
|--- | -------------------

|7.2.1 | Each Service Provider shall from time to time enter into
      discussions with the Company in good faith in respect of the provision and
      rendering by it of Continuous Services to the Company. The relevant
      Service Provider and the Company shall be entitled to agree, from time to
      time, which services the Service Providers will perform and render to the
      Company as Continuous Services, subject to them agreeing, completing and
      signing a Continuous Services Agreement in respect of such
  services.
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.2.2 | On entering into any Continuous Services Agreement, the
      Service Providers shall perform and render the Continuous Services to the
      Company on an ongoing basis, with effect from the relevant Commencement
      Date, in accordance with and subject to the provisions of this Agreement
      and the provisions and service levels set out in the relevant Continuous
      Services Agreement.                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|7.2.3 | Every Continuous Services Agreement shall record the
      terms and conditions in terms of which the relevant Continuous Services
      shall be                                                                                                                                                                                                                                                                                                                                                                                              

---

13.

provided by the Service Providers to
the Company. The terms and conditions of a Continuous Services Agreement are in
addition to and supplement and shall be governed by and subject to the terms of
this Agreement. In the event of an inconsistency or conflict between the
provisions of this Agreement and the provisions of the Continuous Services
Agreement, the provisions of the Continuous Services Agreement will prevail to
the extent of the inconsistency or conflict, provided however that where there
is any inconsistency or conflict between the provisions of clauses 10 and 11 of
this Agreement and any of the provisions of any Continuous Services Agreement,
the provisions of clauses 10 and 11 of this Agreement will prevail to the extent
of the inconsistency or conflict.

|7.3 | Ad Hoc Services
|--- | ---------------

|7.3.1 | Each Service Provider shall be entitled to agree, from
      time to time, with the Company which services it will perform and render
      to the Company as Ad Hoc Services on an ad hoc basis, after the Signature
      Date. Such Ad Hoc Services shall be provided in terms of this Agreement
      and on such further terms (including terms as to fees and payment) as may
      be agreed to between the Parties (Ad Hoc Services
    Agreements).                                                                                                                                                                                                                                                                                                                                       
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|7.3.2 | The terms and conditions of an Ad Hoc Services Agreement
      are in addition to and supplement and shall be governed by and subject to
      the terms of this Agreement. In the event of any inconsistency or conflict
      between the provisions of this Agreement and the provisions of any Ad Hoc
      Services Agreements, the provisions of the Ad Hoc Services Agreements will
      prevail to the extent of the inconsistency or conflict, provided however
      that where there is any inconsistency or conflict between the provisions
      of clauses 10 and 11 of this Agreement and any of the provisions of any Ad
      Hoc Services Agreements, the provisions of clauses 10 and 11 of this
      Agreement will prevail to the extent of the inconsistency or
    conflict.

|8. | Obligations of the Company
|-- | --------------------------

|8.1 | At the Company's cost and to the extent that may be
      required by the Service Providers in order to enable the Service Providers
      to perform and render the Services in accordance with the provisions of,
      and to comply with their respective obligations under, this Agreement the
      Company shall timeously:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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14.

|8.1.1 | provide all relevant information and data to the Service
      Providers;                                                                                                                           
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                     
|8.1.2 | make available to, and allow the Service Providers and
      their Representatives to access, at all reasonable times, all relevant
      databases, records and electronic systems;                
|      |                                                                                                                                                                                                     
|8.1.3 | make available to, and allow the Service Providers and
      their Representatives to access, at all reasonable times, all relevant
      premises;                                                 
|      |                                                                                                                                                                                                     
|8.1.4 | make available to, and allow the Service Providers and
      their Representatives to access, at all reasonable times, all relevant
      equipment; and                                            
|      |                                                                                                                                                                                                     
|8.1.5 | make available to, and allow the Service Providers and
      their Representatives to access, at all reasonable times, suitably
      qualified Representatives of the Company as may be
  relevant.

|8.2 | The Company shall ensure that:
|--- | ------------------------------

|8.2.1 | the information and data referred to in clause 8.1.1 and
      the databases, records and electronic systems referred to in clause 8.1.2
      shall be accurate and correct in all material respects at all times and
      that use thereof by the Service Providers for purposes of performing and
      rendering the Services in accordance with the provisions of, and complying
      with its obligations under, this Agreement shall, to the extent necessary,
      be authorised (by all relevant authorities and other persons from whom
      such authorisation shall be required in terms of any applicable law and/or
      agreement such that use by the Service Providers does not infringe any
      third party rights) in terms of all relevant procedures. ;
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|8.2.2 | the premises referred to in clause 8.1.3 and the
      equipment referred to in clause 8.1.4 shall at all relevant
  times:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

|8.2.2.1 | be suitable for the purposes for which they may be
      required by the Service Providers;
|------- | -------------------------------------------------------------------------------------------
|        |                                                                                            
|8.2.2.2 | be regularly cleaned and maintained; and                                                   
|        |                                                                                            
|8.2.2.3 | comply with all applicable health, safety and related
      legislation.                   

---

15.

|9. | Service Fees
|-- | ------------

|9.1 | In consideration for performing and rendering the Ad Hoc
      Services, the Company shall pay to the Service Providers the fee agreed
      for such Ad Hoc Service (the Ad Hoc Service Fee), within 30 days
      after receipt by the Company of an invoice for such Ad Hoc Service Fee (or
      part thereof) from the applicable Service Provider, which invoice shall
      comply with the requirements of the VAT Act and shall contain reasonable
      detail to support any calculation of fees therein. The Service Providers
      shall render such invoice:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9.1.1 | on completion of the Ad Hoc Services; or                                           
|----- | -----------------------------------------------------------------------------------
|      |                                                                                    
|9.1.2 | on a monthly basis, if the Ad Hoc Services endure for
      more than one month; or
|      |                                                                                    
|9.1.3 | otherwise in accordance with the relevant Ad Hoc Services
      Agreement.         

|9.2 | In consideration for the Service Providers performing and
      rendering the Continuous Services, the Company shall pay to such Party the
      service fees, which shall include VAT, as set out in, or otherwise
      calculated in accordance with, each Continuous Services Agreement ("the
      Continuous Service Fees"), within 30 days after the receipt by the
      Company of an invoice for such Continuous Service Fees from the Service
      Providers, which invoice shall comply with the VAT Act. The Service
      Providers shall render such invoices as stipulated in the relevant
      Continuous Services Agreement.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|9.3 | Notwithstanding the provisions of clause 5.2, to the
      extent that any retainer (being a fixed monthly (or other period) fee or
      charge) is identified in the Continuous Services Agreement as being
      payable by the Company, such retainer shall be payable by the Company to
      the Service Providers irrespective of whether or not the Company has
      requested any Continuous Services stipulated in the relevant Continuous
      Services Agreement to be performed by the Service Providers in any
      particular month.                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|9.4 | APL acknowledges and agrees that for the duration of the
      Initial Period, any Ad Hoc Service Fees or Continuous Service Fees charged
      to the Company shall be no greater than the average fees that an APL Group
      company may charge to another APL Group company for the same or similar
      services (having due regard and giving recognition to the nature and
      extent of services and associated service levels). Following the expiry of
      the Initial Period, the Ad Hoc Service Fees or Continuous Service Fees
      shall be determined in                                                                  

---

16.

|    | accordance with the terms and conditions of the
      applicable Ad Hoc Services Agreement or Continuous Services
    Agreement.                                                                                
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                 
|9.5 | The Company shall also reimburse the Service Providers
      for all costs actually incurred by them in performing and rendering the
      Services pursuant to this Agreement, including, without
  limitation:

|9.5.1 | all reasonable travel, accommodation and subsistence
      costs incurred in respect of their Representatives; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|9.5.2 | all costs reasonably incurred by the Service Providers in
      consulting with external professional advisors in relation to the Services
      including, without limitation, costs incurred in consulting with
      accountants, legal advisors and banking advisors and professional advisors
      in the industry relevant to the Services (which external professional
      advisors the Service Providers may consult whenever reasonably necessary
      in performing and rendering the Services), provided that, where reasonably
      possible, the Service Providers, will, in co-operation with the Company,
      procure that the Company instructs the relevant external professional
      advisor directly, and that the Company is invoiced by such external
      professional advisor directly; and
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|9.5.3 | all costs reasonably incurred by the Service Providers in
      appointing sub- contractors as set out or referred to or otherwise
      provided for in any Services Agreement,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

within 30 days after receipt by the
Company of an invoice for such costs from the Service Providers, which invoice
shall comply with the requirements of the VAT Act and shall contain reasonable
detail to support any calculation of fees therein.

|9.6 | All amounts payable to the Service Providers in terms of
      or in connection with this Agreement shall be paid into the relevant
      Nominated Bank Account, without any set-off or deduction
  whatsoever.                                                                                                                                                                                  
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                   
|9.7 | If any amount which shall be due and payable in
      accordance with the provisions of this Agreement is not paid or discharged
      on due date therefor, the outstanding amount shall bear interest at the
      Prime Rate, calculated on and with effect from the due date for payment or
      discharge thereof up to and including the date of actual payment or
      discharge thereof.

---

17.

|9.8 | The Service Providers shall keep, for a period of 5 years
      from the date of any Services invoice, copies of all documents and records
      that relate to such invoice, and the calculations recorded
  therein.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10. | Liability of the Service Providers
|--- | ----------------------------------

|10.1 | Notwithstanding any other provision of this Agreement,
      none of the Service Providers, any company in the APL Group or the Anooraq
      Group, as the case may be, or any of their respective officers, directors
      or employees shall be liable to the Company or any other person, for any
      actual or contingent losses, claims, liabilities, damages, costs or
      expenses of any nature whatsoever which the Company or any other person
      may suffer or incur as a result of or in connection with the performance
      or rendering of the Services (including any act or omission) by the
      Service Providers or their Representatives in terms of this Agreement,
      except by reason of, and to the extent of, the Service Providers or their
      Representatives (as the case may be) gross negligence and/or wilful
      misconduct or fraud, provided that any such liability shall be limited as
      follows:
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10.1.1 | in relation to any particular Ad Hoc Service giving rise
      to such liability, any such liability shall be limited to the Ad Hoc
      Service Fee paid by the Company in relation to such Ad Hoc Service;
    and                                                                                                                                                                                                                                       
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|10.1.2 | in relation to any Continuous Service giving rise to such
      liability, any such liability shall be limited to the total liability
      amount calculated in accordance with the provisions of clause 10.2,
      provided that all liabilities arising in relation to such Continuous
      Service in that Year shall, in aggregate, be limited to the total
      liability amount calculated in accordance with the provisions of clause
      10.2.

|10.2 | The total liability amount referred to in clauses 10.1.2
      shall be calculated in accordance with the following
  formula:
|---- | ------------------------------------------------------------------------------------------------------------------------------

| |        | Rt= 12 xRy
| | ------ | ----------
| |        | z         
| |        |           
| | where: | Rt        
| |        |           
| |        | Ry        

---

18.

| |   | Continuous Service, since the start of the Year in which
      the liability arises; and                                           
| | - | -----------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                    
| | z | is the number of completed calendar months that have
      elapsed since the start of the Year in which the liability
      arises.

By way of example, if 4 months of the
Year in which the liability arises have elapsed, and the total Continuous
Service Fees paid by the Company to the applicable Service Provider over that 4
month period, in relation to the relevant Continuous Service, is R200 000, then
the total liability amount to be calculated will be R 600 000 (being 12 x
R2000004, in accordance with the formula set out
above).

|10.3 | Notwithstanding any other provision of this
      Agreement, in no event will:
|---- | ------------------------------------------------------------------------------

|10.3.1 | the Service Providers be liable to the Company for any
      indirect or consequential loss or damages; or
|------ | ----------------------------------------------------------------------------------------------------------
|       |                                                                                                           
|10.3.2 | the Company be liable to the Service Providers for any
      indirect or consequential loss or damages.   

|10.4 | The Service Providers shall not be responsible for any
      delay in providing, or failure to provide, any of the Services if the
      delay or failure results from the Company's failure to comply with any or
      all of its obligations in clause 8.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11. | Indemnity
|--- | ---------

|11.1 | Without prejudice to any of the rights of the Service
      Providers or any company in either the APL Group or Anooraq Group, as the
      case may be, or any of their respective officers, directors or employees
      (together, the "Indemnified Parties") at law or in terms of any
      other provision of this Agreement, the Company shall indemnify each of the
      Indemnified Parties against all actual and contingent losses, claims,
      liabilities, damages, costs (including, without limitation, legal costs on
      the scale as between attorney and own client and any additional legal
      costs) and expenses of any nature whatsoever which any of the Indemnified
      Parties may suffer or incur as a result of or in connection with the
      performance or rendering of the Services (including any act or omission)
      by the Service Providers, or any of their Representatives in terms of this
      Agreement ("Indemnified Loss"), except by reason of, and to the
      extent
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

19.

|     | of such Service Provider or its Representative's (as the
      case may be) gross negligence and/or wilful misconduct or fraud.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|11.2 | The Service Providers shall not admit any liability in
      respect of any claim which may be made in respect of any Indemnified Loss.
      The applicable Service Provider shall notify the Company of any such claim
      within a reasonable time after it becomes aware of such claim, to enable
      the Company to contest such claim.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|11.3 | The Service Providers give the Company authority to
      defend, compromise or settle the Indemnified Loss at the Company's own
      cost, but subject to such conditions and restrictions as the applicable
      Service Provider may reasonably stipulate if the Company's actions in
      relation to the Indemnified Loss could have implications outside of the
      actual liability concerned for the applicable Service Provider or any
      company in the APL Group or Anooraq Group, as the case may be. The
      applicable Service Provider shall act in accordance with the reasonable
      instructions of the Company in relation to such defence, compromise or
      settlement and shall give to the Company such assistance as it shall
      reasonably require in defending, settling or otherwise resolving the
      Company's liability.
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|11.4 | The Company shall be obliged to pay the relevant
      Indemnified Parties the amount of any Indemnified Loss suffered or
      incurred by them as soon as they are obliged to pay the amount thereof (in
      the case of any Indemnified Loss which involves a payment by them) or as
      soon as they suffer the Indemnified Loss (in the case of an Indemnified
      Loss which does not involve a payment by them). If any Indemnified Party
      makes any payment in respect of the Indemnified Loss, the applicable
      Service Provider shall provide the Company with proof of such
    payment.                                                                                                                                                                                                                                                       

|12. | Force Majeure
|--- | -------------

|12.1 | Should either Party ("the Affected Party") be
      prevented from fulfilling any of its obligations (excluding the obligation
      to pay any amount due to be paid in terms of this Agreement) in terms of
      this Agreement in respect of the Services as a result of an Event of Force
      Majeure (as defined in clause 12.3), then:
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12.1.1 | those obligations shall be deemed to have been suspended
      to the extent that, and for so long as, the Affected Party shall so be
      prevented from
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------

---

20.

|       | fulfilling them and the corresponding obligations of the
      other Party ("the Unaffected Party") shall be suspended to the
      corresponding extent;                                                                                                                                                                                                                                                         
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   
|12.1.2 | the Affected Party shall promptly notify the Unaffected
      Party in writing of such Event of Force Majeure, and such notice shall
      include an estimation of the approximate period for which the suspension
      in terms of clause 12.1.1 will endure. Such estimate shall not be binding
      on the Affected Party; and                                                                              
|       |                                                                                                                                                                                                                                                                                                                                                                                                                   
|12.1.3 | the duration of any period in which any Services affected
      by the Event of Force Majeure shall have been agreed to be performed, as
      well as each period within which, and each date by which, any obligation
      shall be required to be performed in terms of this Agreement, shall be
      extended or postponed, as the case may be, by the period of suspension in
      terms of clause 12.1.1.

|12.2 | In the event that the Affected Party shall partially or
      completely cease to be prevented from fulfilling its obligations
      (excluding the obligation to pay any amount due to be paid in terms of
      this Agreement) by the Event of Force Majeure, the Affected Party shall
      immediately give written notice to the Unaffected Party of such cessation,
      and the Affected Party shall, as soon as possible, fulfil its obligations
      which shall previously have been suspended; provided that, in the event,
      and to the extent that, fulfilment shall no longer be possible or the
      Unaffected Party shall have given written notice that it no longer
      requires such fulfilment, the Affected Party shall not be obliged to
      fulfil its suspended obligations, and the Unaffected Party shall not be
      obliged to fulfil its corresponding obligations.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12.3 | An "Event of Force Majeure" shall mean any event
      of circumstance whatsoever which shall not be within the reasonable
      control of the Affected Party including vis major, casus
      fortuitus, any act of God, strike, theft, fire, explosion, riot,
      insurrection or other civil disorder, war (whether declared or not) or
      military operations, international restrictions, any requirement of any
      international authority, any requirement of any government or other
      competent local authority, any court order, export control and shortage of
      transport facilities.                                                                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12.4 | In the event that the Affected Party shall be unable to
      perform any of its obligations (excluding the obligation to pay any amount
      due to be paid in terms of this Agreement) in terms of this Agreement for
      a period of more than                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

---

21.

|     | 40 Business Days as a result of any Event of Force
      Majeure, the Unaffected Party shall be entitled to cancel this Agreement
      by giving 30 Business Days' written notice to that effect to the Affected
      Party, provided that in relation to the Services provided by the Service
      Providers, if the applicable the Service Provider shall be able to provide
      some or part of the Services in terms of this Agreement, the Company shall
      not be entitled to cancel this Agreement, and the Parties undertake to
      amend the scope of the Services to be provided by the Service Providers in
      terms of this Agreement accordingly. Further, the Company shall be
      entitled to procure those Services affected by the Event of Force Majeure
      from any third party.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|12.5 | Subject to clause 12.4, in the event that either of the
      Service Providers, as the Affected Party, shall be unable to perform any
      of the Services in terms of this Agreement at any time as a result of an
      Event of Force Majeure, the Company, as the Unaffected Party, shall be
      entitled to procure the relevant service from any third party for as long
      as the Affected Party shall be unable to perform such
  Service.                                                                                                                                                                                                                                                                                                                                                            

|13. | Confidentiality
|--- | ---------------

|13.1 | Each Party irrevocably and unconditionally acknowledges
      that the unauthorised disclosure of the other Party's Confidential
      Information may give rise to substantial damage to the other
  Party.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                             
|13.2 | Each Party irrevocably and unconditionally undertakes to
      the other Party that:                                                                                                                        

|13.2.1 | any Confidential Information of the other Party in its
      possession or under its control will be maintained under conditions of
      strict confidentiality;                                                                                                                                                                                                                                                                                                   
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|13.2.2 | Confidential Information of the other Party has been or
      will be made available to only those of its Representatives and relevant
      companies of the APL Group and/or the Anooraq Group (Affiliates)
      who need to know such Confidential Information for the purpose of
      performing its obligations under this Agreement and to its professional
      advisers for purposes of enforcing and protecting its rights under this
      Agreement;
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|13.2.3 | it will ensure that those Representatives and Affiliates
      comply with the provisions of this clause 13 and will be liable for any
      non-compliance by such Representatives and Affiliates with the provisions
      of this clause 13;                                                                                                                                                                                                                     

---

22.

|13.2.4 | it will not disclose any Confidential Information of the
      other Party to any other person or entity without the prior written
      consent of the other Party, provided that, subject to clause 13.5, it
      shall be entitled to disclose such information if required by law or by
      any regulatory authority; and
|------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                 
|13.2.5 | other than to perform its obligations under this
      Agreement, it will not use or copy any of the other Partys Confidential
      Information for any purpose without the prior written consent of the other
      Party.                                                                                                   

|13.3 | Each Party irrevocably and unconditionally undertakes in
      favour of the other Party that if it becomes aware that there has been, as
      a result of or in the course of the performance of this Agreement,
      unauthorised disclosure or use of the Confidential Information of the
      other Party, it shall promptly bring the matter to the attention of the
      other Party in writing.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                           
|13.4 | This clause 13 shall not apply to information
    which:                                                                                                                                                                                                                                                                                                                                                  

|13.4.1 | becomes generally available to the public other than as a
      result of a breach of this Agreement or a breach of a confidentiality
      obligation owed to the Party to whom such Confidential Information relates
      (and the other Party could not reasonably have been aware of such
      breach);                                               
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                             
|13.4.2 | a Party can show by written record made prior to
      disclosure was made available by the other Party on a non-confidential
      basis, provided that, for the purposes of this sub-clause, any information
      made available by the Company to APL shall be deemed to have been made on
      a confidential basis;                                  
|       |                                                                                                                                                                                                                                                                                                                                                             
|13.4.3 | becomes available to a Party from a source other than the
      other Party (being the Party to whom such Confidential Information
      relates) and there has not been a breach of a confidentiality obligation
      owed to the Party to whom such Confidential Information relates of which
      the other Party should have reasonably been aware; or
|       |                                                                                                                                                                                                                                                                                                                                                             
|13.4.4 | is, at the time of disclosure, in the public
    domain.                                                                                                                                                                                                                                                                                                    

|13.5 | For the avoidance of doubt, no provision of this
      Agreement shall be construed in such a way that a Party disclosing
      Confidential Information ("the Disclosing Party") to the other
      Party ("the Receiving Party") is deemed to have granted its consent
      to the Receiving Party to disclose the whole or any part of the
      Confidential Information notwithstanding that:
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

23.

|13.5.1 | the Receiving Party receives a request for the whole or
      any part of the Confidential Information in terms of the provisions of the
      Promotion of Access to Information Act, No. 2 of 2000, as amended (the
      Act);or
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                      
|13.5.2 | the Disclosing Party has previously disclosed any of its
      Confidential Information to a third party in terms of the provisions of
      the Act or any other law or court order.                                                

|13.6 | Subject to the provisions of clause 13.7, the Parties
      agree that the disclosure of Confidential Information by the Receiving
      Party otherwise than in accordance with the provisions of this Agreement
      shall entitle the Disclosing Party to institute action for breach of
      confidence against the Receiving Party as envisaged by section 65 of the
      Act, as amended.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                   
|13.7 | The Parties acknowledge that the provisions of clause
      13.6 shall not be construed in such a manner as to exclude the
      applicability of any ground of refusal contained in the Act which may be
      applicable in the event that the Receiving Party shall receive a request
      for the whole or any part of the Confidential Information in terms of the
      Act.               
|     |                                                                                                                                                                                                                                                                                                                                                                                                   
|13.8 | The provisions of this clause 13 shall continue to apply
      for a period of 5 years after the termination or expiry of this Agreement
      for any reason.                                                                                                                                                                                                                                    

|14. | Default
|--- | -------

|14.1 | If a Party:
|---- | -----------

|14.1.1 | takes steps to place itself, or is placed, in
      liquidation, whether voluntarily or compulsorily, or in judicial
      management, in either case whether provisionally or finally;
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                        
|14.1.2 | takes steps to de-register itself or is
    de-registered;                                                                                                                             

the Party shall be in default.

|14.2 | Subject to any express provision to the contrary
      contained in this Agreement, if a Party commits a material breach of any
      provision of this Agreement or any provision of any Services Agreement and
      fails to remedy the breach within 14 days after it receives written notice
      to do so, provided that:
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

24.

|14.2.1 | if the breach can reasonably be remedied within a shorter
      period, the Party giving the notice may specify that shorter period in the
      notice and the Party in default shall remedy the breach within that
      period;                                                                                                                                                                                                                                                                                               
|------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|14.2.2 | if the breach cannot reasonably be remedied within such
      14 day period, the Party in default shall be entitled to an extension, not
      exceeding a further 14 days, to remedy the breach, on condition that the
      Party in default provides evidence to the reasonable satisfaction of the
      other Party within such 14 days that effective steps to remedy the breach
      have been initiated and continues to provide such evidence on an ongoing
      basis that the steps are being expeditiously
pursued;

|     | the Party shall be in default.                                                                                                                                                                                                     
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                    
|14.3 | If a Party is in default (the Defaulting Party),
      the other Party ("the Aggrieved Party") shall be entitled, at its
      option without prejudice to any other right that it may have under this
      Agreement or at law:

|14.3.1 | to uphold this Agreement against the Defaulting Party and
      sue for specific performance of the Defaulting Partys obligations to it
      under this Agreement, with or without a claim for damages; or
|------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                             
|14.3.2 | to uphold this Agreement against the Defaulting Party and
      sue for damages; or                                                                                                                         
|       |                                                                                                                                                                                                             
|14.3.3 | to cancel:                                                                                                                                                                                                  

|14.3.3.1 | this Agreement together with all the Services Agreements,
      if the default arises:
|-------- | --------------------------------------------------------------------------------------

|14.3.3.1.1 | in terms of clause 14.1; or                                                                                                                                                                                                                                                                                                                                                                
|---------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|           |                                                                                                                                                                                                                                                                                                                                                                                            
|14.3.3.1.2 | as a result of a breach in terms of clause 14.2, which
      breach is, when considered against all Services performed and rendered by
      the applicable Service Provider to the Company at the time, a material
      breach of this Agreement and/or the Services Agreements viewed as a whole
      (rather than a material breach of only the relevant Services Agreement);
      or

|14.3.3.2 | the relevant Services Agreement only, if the default
      arises as a result of a breach in terms of clause 14.2, which breach is,
      when considered against all Services performed and rendered by
  the
|-------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

25.

applicable Service Provider to the
Company at the time, a material breach of only the relevant Services Agreement
(rather than a material breach of this Agreement and/or the Services Agreements
viewed as a whole),

with or without a claim for damages,
in which case written notice of the cancellation shall take effect on the giving
of the notice.

|14.4 | The termination of this Agreement in relation to one of
      the Service Providers for any reason whatsoever shall not affect the
      rights and obligations as between the remaining Service Provider and the
      Company and the terms and conditions of this Agreement shall remain in
      full force and effect and apply mutatis mutandisto the remaining
      Service Provider and the Company.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15. | Dispute resolution and arbitration
|--- | ----------------------------------

|15.1 | separate, divisible agreement                                                                  
|---- | -----------------------------------------------------------------------------------------------
|     |                                                                                                
|     | This clause is a separate, divisible agreement from the
      rest of this Agreement and shall:

|15.1.1 | not be or become void, voidable or unenforceable by
      reason only of any alleged misrepresentation, mistake, duress, undue
      influence, impossibility (initial or supervening), illegality, immorality,
      absence of consensus, lack of authority or other cause relating in
      substance to the rest of the Agreement and not to this clause. The Parties
      intend that any such issue shall at all times be and remain subject to
      arbitration in terms of this clause; and
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|15.1.2 | remain in effect even if the Agreement expires or
      terminates for any reason whatsoever.                                                                                                                                                                                                                                                                                                                                                                                                        

|15.2 | disputes subject to dispute resolution and
      arbitration                                                                                                                                                                                                                                             
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                          
|     | Save as may be expressly provided for elsewhere in this
      Agreement for the resolution of particular disputes, any other dispute
      arising out of or in connection with this Agreement or the subject matter
      of this Agreement, including without limitation, any dispute
      concerning:

|15.2.1 | the existence of the Agreement apart from this
    clause;
|------ | ----------------------------------------------------------
|       |                                                           
|15.2.2 | the interpretation and effect of the
  Agreement;         

---

26.

|15.2.3 | the Parties' respective rights or obligations under the
      Agreement;                                                                                                                   
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                            
|15.2.4 | the rectification of the Agreement;                                                                                                                                                        
|       |                                                                                                                                                                                            
|15.2.5 | the breach, expiry or termination of the Agreement or any
      matter arising out of the breach, expiry or termination;                                                                   
|       |                                                                                                                                                                                            
|15.2.6 | damages arising in delict, compensation for unjust
      enrichment or any other claim, whether or not the rest of the Agreement
      apart from this clause is valid and enforceable; and
|       |                                                                                                                                                                                            
|15.2.7 | Services or Services Agreements,                                                                                                                                                           

shall be referred to dispute
resolution as set out in clause 15.3.

|15.3 | dispute resolution
|---- | ------------------

|15.3.1 | If the Parties are unable to resolve any dispute within
      10 Business Days after either Party in writing requests that the dispute
      be resolved, then the dispute shall be submitted to and decided by
      representatives nominated by each Party (the Nominated
      Representatives).                                        
|------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                               
|15.3.2 | If the Nominated Representatives are unable to resolve
      any dispute within 10 Business Days after either Nominated Representative
      in writing requests that the dispute be resolved, then the dispute shall
      be submitted to and decided by the Chief Executive Officers or their
      designates ("the CEO's") of each Party.
|       |                                                                                                                                                                                                                                                                                                                                               
|15.3.3 | If the CEO's are unable to resolve any dispute within 10
      Business Days after either CEO in writing requests that the dispute be
      resolved, then the dispute shall be submitted to and decided by
      arbitration as set out in this clause.                                                                                      

|15.4 | appointment of arbitrator                                                                                                                                                                                                                                                                                                                                                                                             
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                       
|     | The Parties shall agree on the arbitrator who shall be an
      attorney or advocate on the panel of arbitrators of the Arbitration
      Foundation of Southern Africa ("AFSA"). If agreement is not reached
      within 10 Business Days after either Party calls in writing for such
      agreement, the arbitrator shall be an attorney or advocate nominated by
      the Registrar of AFSA for the time being.

---

27.

|15.5 | venue and period for completion of
    arbitration                                                                                                                                                                    
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                       
|     | The arbitration shall be held in Johannesburg and the
      Parties shall endeavour to ensure that it is completed within 90 days
      after notice requiring the claim to be referred to arbitration is
      given.
|     |                                                                                                                                                                                                                       
|15.6 | AFSA rules                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                       
|     | The arbitration shall be held in accordance with the
      commercial arbitration rules of AFSA.                                                                                                                      
|     |                                                                                                                                                                                                                       
|15.7 | binding nature of arbitration                                                                                                                                                                                         
|     |                                                                                                                                                                                                                       
|     | The Parties irrevocably agree that the decision of the
      arbitrator:                                                                                                                                              

|15.7.1 | shall be binding on them;                                         
|------ | ------------------------------------------------------------------
|       |                                                                   
|15.7.2 | shall be carried into effect; and                                 
|       |                                                                   
|15.7.3 | may be made an order of any court of competent
      jurisdiction.

|15.8 | application to court for urgent interim
    relief                                                                                                                                                          
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                             
|     | Nothing contained in this clause 15 shall prohibit a
      Party from approaching any court of competent jurisdiction for urgent
      interim relief pending determination of the dispute by
  arbitration.

|16. | Intellectual Property Rights
|--- | ----------------------------

|16.1 | Unless otherwise agreed between the Parties in writing,
      the Service Providers, will own all right, title and interest in and to
      any intellectual property, including (without limitation) all copyright,
      patents, trade marks, trade names, designs, trade secrets, Confidential
      Information and know-how, whether registered or unregistered, created in
      relation to or pursuant to that Service Provider rendering or performing
      the Services and in any work, material, product, item or thing created in
      relation to or pursuant to any service being rendered in terms of this
      Agreement (together, "Intellectual Property Rights") from the
      moment when such Intellectual Property Rights are created or come into
      existence, including (without limitation) any Intellectual Property Rights
      that are developed, improved or enhanced pursuant to this
  Agreement.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

28.

|16.2 | The Service Providers hereby grant the Company a
      royalty-free, non- exclusive, non-transferable licence (without the right
      to sub-licence) to use the Intellectual Property Rights in South Africa
      for the following purposes only:
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16.2.1 | internal business purposes; and                                                                                              
|------ | -----------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                              
|16.2.2 | directly for the purpose for which the service to which
      the relevant Intellectual Property Right relates is
  provided.

|17. | Miscellaneous matters
|--- | ---------------------

|17.1 | postal addresses
|---- | ----------------

|17.1.1 | Any written notice in connection with this
      Agreement may be addressed:
|------ | ----------------------------------------------------------------------------

|17.1.1.1 | in the case of APL to:
|-------- | ----------------------

| | address :                                                    | 13thFloor         
| | ------------------------------------------------------------ | ------------------
| |                                                              | 55 Marshall Street
| |                                                              | Johannesburg      
| |                                                              | 2001              
| |                                                              | South Africa      
| | fax no :                                                     | +2711 373-5111    
| |                                                              |                   
| | and marked for the attention of the Company
      Secretary.

|17.1.1.2 | in the case of Anooraq to:
|-------- | --------------------------

| | address :                                                          | 82 Grayston Drive
| | ------------------------------------------------------------------ | -----------------
| |                                                                    | Sandton          
| |                                                                    | Johannesburg     
| |                                                                    | South Africa     
| | fax no :                                                           | +27 11 883 0831  
| |                                                                    |                  
| | and marked for the attention of The
      Chief Financial Officer.

|17.1.1.3 | in the case of the Company to:
|-------- | ------------------------------

| | address :                                                    | 13thFloor         
| | ------------------------------------------------------------ | ------------------
| |                                                              | 55 Marshall Street
| |                                                              | Johannesburg      
| |                                                              | 2001              
| | fax no :                                                     | +2711 373-5111    
| |                                                              |                   
| | and marked for the attention of The
      Company Secretary.

|17.1.2 | The notice shall be deemed to have been duly
      given:
|------ | ---------------------------------------------------------

---

29.

|17.1.2.1 | on delivery, if delivered to the Party's physical address
      in terms of either clause 17.1.1.1 or clause 17.1.1.2 or clause 17.2.1.3
      between 08h30 and 17h00 on a Business Day (or on the first Business Day
      after that if delivered outside such hours);
|-------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                                                                                          
|17.1.2.2 | on despatch, if sent to the Party's then fax number
      between 08h30 and 17h00 on a Business Day (or on the first Business Day
      after that if despatched outside such hours);                                                                                    

|       | unless the addressor is aware, at the time the notice
      would otherwise be deemed to have been given, that the notice is unlikely
      to have been received by the addressee through no act or omission of the
      addressee.                                                                                                                                              
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                    
|17.1.3 | A Party may change that Party's address to another postal
      address in South Africa or fax number for this purpose, by notice in
      writing to the other Party, such change to be effective only on and with
      effect from the 7thBusiness Day after the giving of such
      notice.                                                                                   
|       |                                                                                                                                                                                                                                                                                                                                                                                    
|17.1.4 | Notwithstanding anything to the contrary herein
      contained, a written notice or communication actually received by a Party
      shall be an adequate service of such written notice or communication to
      that Party notwithstanding that the notice or communication was not sent
      to or delivered or served at that Party's chosen address in clause
      17.1.1.

|17.2 | postal address
|---- | --------------

|17.2.1 | The Parties choose the following physical addresses at
      which documents in legal proceedings in connection with this Agreement may
      be served (i.e. their domicilia citandi et
  executandi):
|------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|17.2.1.1 | in the case of APL to:    
|-------- | --------------------------
|         |                           
|         | address                   
|         |                           
|         |                           
|         |                           
|17.2.1.2 | in the case of Anooraq to:
|         |                           
|         | address                   
|         |                           
|         |                           

---

30.

|17.2.1.3 | in the case of the Company to:
|-------- | ------------------------------
|         |                               
|         | address                       
|         |                               
|         |                               

|17.2.2 | A Party may change that Party's address to another
      physical address in South Africa for this purpose, by notice in writing to
      the other Party, such change to be effective only on and with effect from
      the 7thBusiness Day after the giving of such notice.                                                                                                     
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                                                                                                                                    
|17.2.3 | Notwithstanding anything to the contrary herein
      contained, a written notice or communication actually received by a Party
      shall be an adequate service of such written notice or communication to
      that Party notwithstanding that the notice or communication was not sent
      to or delivered or served at that Party's chosen address in clause
      17.1.1.

|17.3 | entire contract                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | This Agreement (read together with the Services
      Agreements, as may be relevant) contains all the express provisions agreed
      on by the Parties with regard to the subject matter thereof, and
      supersedes and novates in its entirety any previous understandings or
      agreements among the Parties in respect thereof; and the Parties waive the
      right to rely on any alleged provision not expressly contained in this
      Agreement (read together with the Services Agreements, as may be
      relevant).
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|17.4 | no stipulation for the benefit of a third
      person                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | Save for the provisions of clauses 10 and 11, and save as
      is expressly provided for elsewhere in this Agreement, no provision of
      this Agreement constitutes a stipulation for the benefit of a third person
      (i.e. a stipulatio alteri) which, if accepted by the person, would
      bind any Party in favour of that person.                                                                                                                                                                                          
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|17.5 | no representations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|     | A Party may not rely on any representation (whether or
      not made innocently, negligently or deliberately) which allegedly induced
      that Party to enter into this Agreement, unless the representation is
      recorded in this Agreement.                                                                                                                                                                                                                                                                                     

---

31.

|17.6 | variation, cancellation and waiver                                                                                                                                                                                                                                                                                                                                                        
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                                                                                                                                                                                                                                           
|     | No contract varying, adding to, deleting from or
      cancelling this Agreement, and no waiver of any right under this
      Agreement, shall be effective unless reduced to writing and signed by or
      on behalf of the Parties.                                                                                                                                                    
|     |                                                                                                                                                                                                                                                                                                                                                                                           
|17.7 | indulgences                                                                                                                                                                                                                                                                                                                                                                               
|     |                                                                                                                                                                                                                                                                                                                                                                                           
|     | No indulgence granted by a Party to the other Party shall
      constitute a waiver of any of that Party's rights under this Agreement;
      accordingly, that Party shall not be precluded, as a consequence of having
      granted such indulgence, from exercising any rights against the other
      Party which may have arisen in the past or which may arise in the
      future.
|     |                                                                                                                                                                                                                                                                                                                                                                                           
|17.8 | cession and delegation                                                                                                                                                                                                                                                                                                                                                                    

|17.8.1 | Save as expressly provided for herein and subject to
      clause 17.8.2, neither Party may cede any or all of that Party's rights or
      delegate any or all of that Party's obligations under this Agreement,
      without the prior written consent of the other Party.
|------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|       |                                                                                                                                                                                                                                                                              
|17.8.2 | Notwithstanding clause 17.8.1, both APL and Anooraq shall
      be permitted to cede any or all of its rights or delegate any or all of
      its obligations under this Agreement to:                                                                                       

|17.8.2.1 | in the case of APL, any company that is incorporated in
      South Africa and is a wholly owned subsidiary of Anglo American South
      Africa Limited or a wholly owned subsidiary of APL; and
|-------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|         |                                                                                                                                                                                                  
|17.8.2.2 | in the case of Anooraq, any company that is incorporated
      in South Africa and is a wholly owned subsidiary of Plateau Resources
      (Proprietary) Limited.                                

|17.9  | applicable law                                                                                                                                                     
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                    
|      | This Agreement is to be governed, interpreted and
      implemented in accordance with the laws of South Africa.                                                   
|      |                                                                                                                                                                    
|17.10 | jurisdiction of South African courts                                                                                                                               
|      |                                                                                                                                                                    
|      | Subject to the provisions of clause 15, the Parties
      consent to the non- exclusive jurisdiction of the Witwatersrand Local
      Division of the High Court of

---

32.

|      | South Africa, for any proceedings arising out of or in
      connection with this Agreement.                                                                                                                                                                                                                                                                                 
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|      |                                                                                                                                                                                                                                                                                                                                                                              
|17.11 | signature in counterparts                                                                                                                                                                                                                                                                                                                                                    
|      |                                                                                                                                                                                                                                                                                                                                                                              
|      | This Agreement may be executed in counterparts, each of
      which shall be deemed to be an original and which together shall
      constitute one and the same agreement.                                                                                                                                                                                                  
|      |                                                                                                                                                                                                                                                                                                                                                                              
|17.12 | good faith                                                                                                                                                                                                                                                                                                                                                                   
|      |                                                                                                                                                                                                                                                                                                                                                                              
|      | The Parties undertake to observe the utmost good faith in
      their dealings with each other arising from or in connection with this
      Agreement.                                                                                                                                                                                                                      
|      |                                                                                                                                                                                                                                                                                                                                                                              
|17.13 | co-operation                                                                                                                                                                                                                                                                                                                                                                 
|      |                                                                                                                                                                                                                                                                                                                                                                              
|      | Each of the Parties undertakes at all times to do all
      such things, perform all such acts and take all such steps, and to procure
      the doing of all such things, within its power and control, as may be open
      to it and necessary for and incidental to the putting into effect or
      maintenance of the terms, conditions and import of this
  Agreement.

---

33.

|Signed at | on | 2008                           
|--------- | -- | -------------------------------
|Witness:  |    | for ANGLO PLATINUM LIMITED     
|          |    |                                
|          |    |                                
|Signed at | on | 2008                           
|Witness:  |    | for **ANOORAQ**
      RESOURCES
|          |    | CORPORATION                    
|          |    |                                
|          |    |                                
|Signed at | on | 2008                           
|Witness:  |    | for **RICHTRAU**
      NO. 179 
|          |    | (PROPRIETARY) LIMITED          

---