Document:

Filed by sedaredgar.com - Anooraq Resources Corp. - Exhibit 4.06

WARRANT AMENDMENT AGREEMENT 

THIS AMENDMENT made effective as of December ____, 2007

BETWEEN:

ANOORAQ RESOURCES CORPORATION,
a corporation incorporated under the laws of the Province of British
Columbia

(“Company”)

AND:

THE PELAWAN TRUST, an inter
vivos trust established under the laws of South Africa in accordance with
the Trust Deed dated September 2, 2004, the present trustees of which are Deneys
Reitz Trust (Proprietary) Limited, Tumelo Moathlodi Motsisi, and Asna Chris
Harold Motaung

(“Holder”)

WHEREAS:

	A. 	
      The Company issued warrant certificate W-1 (“Warrant
      Certificate W-1”) representing 167,000,000 common share purchase
      warrants of the Company to the Holder on June 14, 2007.

	 	 
	B. 	
      The parties wish to amend the terms and conditions of
      Warrant Certificate W-1 representing the BEE Warrants on the terms and
      conditions contained herein.

NOW THEREFORE, in consideration of the premises and the
covenants and agreements herein contained, the parties agree as follows:

	1. 	
      Interpretation. Terms used but not defined in this
      Amendment will have the same meaning herein as in Warrant Certificate W-1.
      Unless something in the subject matter or context is inconsistent
      therewith, references herein to Articles, Sections and Schedules are to
      Articles and Sections of and Schedules to Warrant Certificate
  W-1.

	 	 	 
	2. 	
      Amendments to Section 4(a). Section 4(a) is hereby
      amended by deleting the existing Section 4(a) in its entirety and
      replacing it with the following:

	 	 	 
		
      “The Holder may exercise the right to subscribe and
      purchase the number of BEE Warrant Shares herein provided for
by:

	 	 	 
		(i) 	
      delivering to the Company prior to the Expiry Time at its
      principal office this BEE Warrant Certificate, with an unconditional and
      irrevocable subscription in the form attached hereto as Schedule “A” duly
      completed and executed by the Holder or its legal representative or
      attorney, duly appointed by an instrument in writing in form and manner
      satisfactory to

1

	 		
      the Company, together with a certified cheque or bank
      draft payable to or to the order of the Company in an amount equal to the
      aggregate Exercise Price in respect of the BEE Warrants so exercised to
      the Company; or

	 	 	 
	 	(ii) 	
      delivering to the Company prior to the Expiry Time at its
      principal office this BEE Warrant Certificate, with a conditional and
      irrevocable subscription in the form attached hereto as Schedule “B” duly
      completed and executed by the Holder or its legal representative or
      attorney, duly appointed by an instrument in writing in form and manner
      satisfactory to the Company, and evidence satisfactory to the Company of
      the payment of escrowed funds (the “Deposit”) equal to the
      aggregate exercise price in respect of the BEE Warrants so exercised, such
      Deposit to be held in an interest bearing account with a registered bank
      (the “Account Bank”) pursuant to a deposit account agreement (the
      “Deposit Account Agreement”) entered into between the Company, the
      Account Bank and the Pelawan Trust.

		
      Any BEE Warrant Certificate so surrendered shall be
      deemed to be surrendered only upon delivery thereof to the Company at its
      principal office set forth herein (or to such other address as the Company
      may notify the Holder).”

	 	 
	3. 	
      Amendments to Section 4(b). Section 4(b) is hereby
      amended by deleting the existing section 4(b) in its entirety and
      replacing it with the following:

	 	 
		
      “Upon:

	 	(i) 	
      the exercise of BEE Warrants and unconditional
      subscription for BEE Warrant Shares in accordance with subsection 4(a)(i);
      or

	 	 	 
	 	(ii) 	
      the exercise of BEE Warrants in accordance with
      subsection 4(a)(ii) and the subscription for BEE Warrant Shares becoming
      unconditional by receipt by the Company of payment of the Exercise Price,
      plus interest accrued thereon in accordance with the Deposit Account
      Agreement, for such BEE Warrant Shares,

		
      the Company shall cause to be issued to the Holder hereof
      the BEE Warrant Shares unconditionally subscribed for not exceeding those
      which such Holder is entitled to purchase pursuant to this BEE Warrant
      Certificate and the Holder hereof shall become a shareholder of the
      Company in respect of the BEE Warrant Shares subscribed for with effect
      from the date of delivery of the applicable subscription form to the
      Company and shall be entitled to delivery of a certificate evidencing the
      BEE Warrant Shares and the Company shall cause such certificates to be
      mailed to the Holder hereof at the address or addresses specified in such
      subscription as soon as practicable.”

	 	 	 
	4. 	
      Amendment to Section 4(c). Section 4(c) is hereby
      amended by:

	 	 	 
		(a) 	
      renumbering the existing sections 4(c) and 4(d) as “4(d)”
      and “4(e)”; and

	 	 	 
		(b) 	
      inserting the following new Section
  4(c):

2

		
      “If the Holder exercises BEE Warrants and conditionally
      subscribes for BEE Warrant Shares pursuant to subsection 4(a)(ii) and the
      subscription for any BEE Warrant Shares does not become unconditional on
      or prior to the Expiry Time, the conditions attached to the Holder’s
      exercise of such BEE Warrants and subscription for such BEE Warrant Shares
      shall be deemed not to be satisfied and such exercise and subscription
      shall be deemed null, void and of no effect.”

	 	 
	5. 	
      Amendment to Schedule A. Schedule A is hereby
      amended by adding “unconditionally and” immediately after “hereby” in the
      first sentence thereof.

	 	 
	6. 	
      Addition of Schedule B. A new Schedule B is hereby
      added following the existing Schedule A, as set forth in Schedule B of
      Exhibit A hereto.

	 	 
	7. 	
      Effect of Amendment. Warrant Certificate W-1 and
      this Amendment will be read together and will have effect so far as
      practicable as though all provisions thereof and hereof were contained in
      one instrument, and the parties expressly adopt the amended Warrant
      Certificate W-1, the form of which is attached hereto as Exhibit
  A.

	 	 
		
      In case of any conflict between the provisions of the
      original Warrant Certificate W-1 and the provisions of this Amendment, the
      provisions of this Amendment will prevail.

	 	 
	8. 	
      Consequential Amendments. All references to
      Warrant Certificate W-1 in other documents or agreements made between the
      parties will be deemed to have been amended to refer to Warrant
      Certificate W-1, as amended.

	 	 
	9. 	
      Benefit of the Amendment. This Amendment will
      enure to the benefit of and be binding upon the respective successors and
      permitted assigns of the parties.

	 	 
	10. 	
      Governing Law. This Amendment is governed by and
      will be construed in accordance with the laws of the Province of British
      Columbia and the laws of Canada applicable therein.

	 	 
	11. 	
      Counterparts. This Amendment may be executed in
      any number of counterparts, each of which will be deemed to be an original
      and all of which taken together will be deemed to constitute one and the
      same instrument.

	 	 
	12. 	
      Electronic Execution. Delivery of an executed
      signature page to this Amendment by any party by electronic transmission
      will be as effective as delivery of a manually executed copy of this
      Amendment by such party.

[Remainder of this page left intentionally blank.]

3

IN WITNESS WHEREOF the parties have executed this
Warrant Certificate W-1 Amendment as of this _____day of December, 2007.

	 	ANOORAQ RESOURCES
      CORPORATION 
	 	 	  
	 	 	  
	 	Per: 	
	 	 	Name: 
	 	 	Title: 
	 	 	  
	 	 	  
	 	THE PELAWAN
      TRUST 
	 	 	  
	 	 	  
	 	 	  
	 	Per: 	
	 	 	Name: 
	 	 	Title: 
	 	 	  
	 	Per: 	
	 	 	Name: 
	 	 	Title: 

4

EXHIBIT A

Form of Amended Warrant Certificate W-1

Attached.

5

WARRANT TO PURCHASE COMMON SHARES OF 
ANOORAQ RESOURCES
CORPORATION

	Number: W-1 	Number of BEE Warrants 
	 	represented by this
      certificate: 
	 	167,000,000 

THIS CERTIFIES THAT, for value received, the Pelawan
Trust (the “Holder”), being the registered holder of this warrant
(“BEE Warrant”) is entitled, at any time prior to the Expiry Time (as
defined below) to subscribe for and purchase that number of common shares
(“BEE Warrant Shares”) of Anooraq Resources Corporation (the
“Company”) set forth above by surrendering to the Company at its
principal office, Suite 1020 - 800 West Pender Street, Vancouver, British
Columbia, V6C 2V6, Canada, this certificate (the “BEE Warrant
Certificate”), with a completed and executed subscription form, and payment
in full for the BEE Warrant Shares being purchased at the Exercise Price defined
in Section 1 hereof, subject to adjustment as set out herein, which payment
shall be made by certified cheque or such other means acceptable to the Company
in same day freely transferable funds at par in Vancouver. 

The Company shall treat the Holder as the absolute owner of
this BEE Warrant for all purposes and the Company shall not be affected by any
notice or knowledge to the contrary. The Holder shall be entitled to the rights
evidenced by this BEE Warrant free from all equities and rights of set-off or
counterclaim between the Company and the original or any intermediate holder and
all persons may act accordingly and the receipt by the Holder of the BEE Warrant
Shares issuable upon exercise hereof shall be a good discharge to the Company
and the Company shall not be bound to inquire into the title of any such
Holder.

	1. 	
      Definitions: In this BEE Warrant
      Certificate, unless there is something in the subject matter or context
      inconsistent therewith, the following expressions shall have the following
      meanings namely:

	 	 	 
		(a) 	
      “Adjustment Period” means the period commencing on
      the date hereof and ending at the Expiry Time;

	 	 	 
		(b) 	
      “BEE Warrant” means a non-transferable warrant
      exercisable to purchase one BEE Warrant Share at the Exercise Price until
      the Exercise Time.

	 	 	 
		(c) 	
      “BEE Warrant Certificate” means this certificate
      representing BEE Warrants, together with any duly issued replacement or
      substitution therefor;

	 	 	 
		(d) 	
      “BEE Warrant Shares” means the Common Shares in
      the capital of the Company issuable upon due exercise of the BEE
      Warrants;

	 	 	 
		(e) 	
      “Business Day” means any day other than a
      Saturday, Sunday, legal holiday or a day on which banking institutions are
      closed in Toronto, Ontario and Vancouver, British
  Columbia;

6

	 	(f) 	
      “Common Shares” means the common shares, without
      par value, in the share capital of the Company as such shares are
      constituted on the date hereof, as the same may be reorganized,
      reclassified or otherwise changed pursuant to any of the events set out in
      Section 11 hereof;

	 	 	 	 
	 	(g) 	
      “Company” means Anooraq Resources Corporation, a
      company incorporated under the Business Corporations Act (British
      Columbia) and its successors and assigns;

	 	 	 	 
	 	(h) 	
      “Concurrent Financing” means an equity financing
      undertaken by the Company that either:

	 	 	 	 
	 		(i) 	
      raises an amount of at least $98,400,000; or

	 	 	 	 
	 		(ii) 	
      is undertaken pursuant to a Material
  Transaction;

	 	 	 	 
	 	(i) 	
      “Current Market Price” at any date and in relation
      to any share, means the volume weighted average trading price for such
      shares for the 20 consecutive Trading Days immediately preceding such date
      on the principal stock exchange on which the Common Shares are listed and
      as selected by the directors, or, if such Common Shares are not listed on
      any stock exchange then on such over-the- counter market, as may be
      selected for such purpose by the directors;

	 	 	 	 
	 	(j) 	
      “director” means a director of the Company for the
      time being and, unless otherwise specified herein, reference to action
      “by the directors” means action by the directors of the Company as
      a board or, whenever duly empowered, action by any committee of such
      board;

	 	 	 	 
	 	(k) 	
      “Disinterested Majority” has the same meaning as
      such term in the Share Exchange Agreement;

	 	 	 	 
	 	(l) 	
      “Dividends Paid in the Ordinary Course” means cash
      dividends declared payable on the Common Shares in any fiscal year of the
      Company to the extent that such cash dividends do not exceed, in the
      aggregate, greater than:

	 	 	 	 
	 		(i) 	
      twenty (20%) percent of the retained earnings of the
      Company as at the end of its immediately preceding fiscal year;
  and

	 	 	 	 
	 		(ii) 	
      forty (40%) percent of the aggregate consolidated net
      income of the Company, determined before computation of extraordinary
      items, for its immediately preceding fiscal year;

	 	 	 	 
	 	(m) 	
      “Exercise Price” means the higher of:

	 	 	 	 
	 		(i) 	
      $1.35 per BEE Warrant Share in respect of BEE Warrants
      exercised on or before December 31, 2007, or $1.485 per BEE Warrant Share
      in respect of BEE Warrants exercised after December 31, 2007;
  and

7

	 		(ii) 	
      a price per BEE Warrant Share that is 50% less than the
      Common Share price payable by arms’ length third parties under the
      Concurrent Financing;

	 	 	 	 
	 	(n) 	
      “Expiry Day” means December 31, 2008;

	 	 	 	 
	 	(o) 	
      “Expiry Time” means 5:00 p.m., Vancouver time, on
      the Expiry Day;

	 	 	 	 
	 	(p) 	
      “Holder” means the holder set forth on the first
      page hereof;

	 	 	 	 
	 	(q) 	
      “Material Transaction” has the same meaning as
      such term in the Share Exchange Agreement;

	 	 	 	 
	 	(r) 	
      “person” means an individual, corporation,
      partnership, unincorporated syndicate, unincorporated organization, trust,
      trustee, executor, administrator, or other legal representative, or any
      group or combination thereof or any other entity whatsoever;

	 	 	 	 
	 	(s) 	
      “Share Exchange Agreement” means the Share
      Exchange Agreement between Pelawan Investments (Proprietary) Limited and
      the Company dated January 21, 2004, as amended by the addenda thereto
      dated September 20, 2004 and November 11, 2005;

	 	 	 	 
	 	(t) 	
      “Shareholders Agreement” means the Shareholders
      Agreement between Pelawan, the Company and the Pelawan Trust made as of
      September 19, 2004;

	 	 	 	 
	 	(u) 	
      “Statutory Shareholding” has the same meaning as
      such term in the Share Exchange Agreement;

	 	 	 	 
	 	(v) 	
      “Trading Day” means, with respect to a stock
      exchange, a day on which such exchange is open for the transaction of
      business and with respect to the over-the- counter market means a day on
      which the TSX Venture Exchange is open for the transaction of
    business;

	2. 	
      Expiry Time: At the Expiry Time, all
      rights under the BEE Warrants evidenced hereby, in respect of which the
      right of subscription and purchase herein provided for shall not
      theretofore have been exercised, shall expire and be of no further force
      and effect.

	 	 	 
	3. 	
      Exercise of BEE Warrants: The BEE Warrants
      shall be exercised in the event that the Company undertakes a Concurrent
      Financing, in which event Holder shall exercise at least that number of
      BEE Warrants that is necessary to ensure at minimum that the Statutory
      Shareholding of the Holder in the issued share capital of the Company is
      maintained after the closing of such Concurrent Financing.

	 	 	 
	4. 	
      Exercise Procedure:

	 	 	 
		(a) 	
      The Holder may exercise the right to subscribe and
      purchase the number of BEE Warrant Shares herein provided for
  by:

8

	 		(i) 	
      delivering to the Company prior to the Expiry Time at its
      principal office this BEE Warrant Certificate, with an unconditional and
      irrevocable subscription in the form attached hereto as Schedule “A” duly
      completed and executed by the Holder or its legal representative or
      attorney, duly appointed by an instrument in writing in form and manner
      satisfactory to the Company, together with a certified cheque or bank
      draft payable to or to the order of the Company in an amount equal to the
      aggregate Exercise Price in respect of the BEE Warrants so exercised to
      the Company; or

	 	 	 	 
	 		(ii) 	
      delivering to the Company prior to the Expiry Time at its
      principal office this BEE Warrant Certificate, with a conditional and
      irrevocable subscription in the form attached hereto as Schedule “B” duly
      completed and executed by the Holder or its legal representative or
      attorney, duly appointed by an instrument in writing in form and manner
      satisfactory to the Company, and evidence satisfactory to the Company of
      the payment of escrowed funds (the “Deposit”) equal to the
      aggregate exercise price in respect of the BEE Warrants so exercised, such
      Deposit to be held in an interest bearing account with a registered bank
      (the “Account Bank”) pursuant to a deposit account agreement (the
      “Deposit Account Agreement”) entered into between the Company, the
      Account Bank and the Pelawan Trust.

	 	 	 	 
	 	(b) 	
      Upon:

	 	 	 	 
	 		(i) 	
      the exercise of BEE Warrants and unconditional
      subscription for BEE Warrant Shares in accordance with subsection 4(a)(i);
      or

	 	 	 	 
	 		(ii) 	
      the exercise of BEE Warrants in accordance with
      subsection 4(a)(ii) and the subscription for BEE Warrant Shares becoming
      unconditional by receipt by the Company of payment of the Exercise Price,
      plus interest accrued thereon, for such BEE Warrant Shares,

	 	 	 	 
	 		
      the Company shall cause to be issued to the Holder hereof
      the BEE Warrant Shares unconditionally subscribed for not exceeding those
      which such Holder is entitled to purchase pursuant to this BEE Warrant
      Certificate and the Holder hereof shall become a shareholder of the
      Company in respect of the BEE Warrant Shares subscribed for with effect
      from the date of delivery of the applicable subscription form to the
      Company and shall be entitled to delivery of a certificate evidencing the
      BEE Warrant Shares and the Company shall cause such certificates to be
      mailed to the Holder hereof at the address or addresses specified in such
      subscription as soon as practicable.

	 	 	 	 
	 	(c) 	
      If the Holder exercises BEE Warrants and conditionally
      subscribes for BEE Warrant Shares pursuant to subsection 4(a)(ii) and the
      subscription for any BEE Warrant Shares does not become unconditional on
      or prior to the Expiry Time, the conditions attached to the Holder’s
      exercise of such BEE Warrants and subscription for such BEE Warrant Shares
      shall be deemed not to be satisfied and such exercise and subscription
      shall be deemed null, void and of no effect.

9

	 	(d) 	
      All BEE Warrant Shares issued pursuant to the exercise of
      this BEE Warrant, shall constitute Adjustment Consideration Shares (as
      defined in the Share Exchange Agreement) and are subject to the provisions
      of the Share Exchange Agreement and the Shareholders Agreement, including
      without limitation the lock-up provisions, restrictions on transfer and
      legends provisions (mutatis mutandis on the basis that the BEE
      Warrant Shares shall, until the closing of a Concurrent Financing, be
      deemed to constitute for such purposes Consideration Shares comprising the
      Lockup Shareholding). In addition, in the event that this BEE Warrant is
      exercised before October 15, 2007, the certificates representing the BEE
      Warrant Shares issued upon such exercise shall bear the following
      legends:

	 	 	 
	 		
      "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THE SECURITY REPRESENTED BY THIS CERTIFICATE SHALL NOT TRADE THE
      SECURITY BEFORE OCTOBER 15, 2007.”

	 	 	 
	 		
      and

	 	 	 
	 		
      "WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE
      EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED,
      HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX
      VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A
      CANADIAN RESIDENT UNTIL OCTOBER 15, 2007."

	 	 	 
	 		
      provided that, if at any time, in the opinion of counsel
      to the Company, such legends are no longer necessary or advisable under
      any such securities laws, or the holder of any such legended certificate,
      provides the Company with evidence satisfactory in form and substance to
      the Company (which may include an opinion of counsel satisfactory to the
      Company) to the effect that such legends are not required, such legended
      certificate may thereafter be surrendered to the Company in exchange for a
      certificate which does not bear such legend.

	 	 	 
	 	(e) 	
      This BEE Warrant may not be exercised in the United
      States or by or on behalf of a U.S. person (as that term is defined in
      Regulation S promulgated under the United States Securities Act of 1933,
      as amended (the “U.S. Securities
Act”)).

	5. 	
      Partial Exercise: The Holder may
      subscribe for and purchase a number of BEE Warrant Shares less than the
      number the Holder is entitled to purchase pursuant to this BEE Warrant
      Certificate. In the event of any such subscription prior to the Expiry
      Time, the Holder shall in addition be entitled to receive, without charge,
      a new BEE Warrant Certificate in respect of the balance of the BEE Warrant
      Shares which the Holder was entitled to subscribe for pursuant to this BEE
      Warrant Certificate and which were then not
purchased.

10

	6. 	
      No Fractional Common Shares or Warrants:
      Notwithstanding any adjustments provided for in Section 11 hereof or
      otherwise, the Company shall not be required upon the exercise of any BEE
      Warrants to issue fractional BEE Warrant Shares in satisfaction of its
      obligations hereunder and, in any such case, the number of BEE Warrant
      Shares issuable upon the exercise of any BEE Warrants shall be rounded
      down to the nearest whole number.

	 	 
	7. 	
      Exchange of BEE Warrant Certificates:
      This BEE Warrant Certificate may be exchanged for BEE Warrant
      Certificates representing in the aggregate the same number of BEE Warrants
      and entitling the Holder thereof to subscribe for and purchase an equal
      aggregate number of BEE Warrant Shares at the same Exercise Price and on
      the same terms as this BEE Warrant Certificate (with or without legends as
      may be appropriate).

	 	 
	8. 	
      Not a Shareholder: Nothing in this
      BEE Warrant Certificate or in the holding of a BEE Warrant evidenced
      hereby shall be construed as conferring upon the Holder any right or
      interest whatsoever as a shareholder of the Company.

	 	 
	9. 	
      No Obligation to Purchase: Nothing
      herein contained or done pursuant hereto shall obligate the Holder to
      subscribe for or the Company to issue any securities except those
      securities in respect of which the Holder shall have exercised its right
      to purchase hereunder in the manner provided herein.

	 	 
	10. 	
      Covenants:

The Company covenants and agrees that so long as any BEE
Warrants evidenced hereby remain outstanding:

	 	(a) 	
      The Company shall ensure that a sufficient number of BEE
      Warrant Shares are allotted and reserved for issuance upon the due
      exercise of the BEE Warrants; it will cause the BEE Warrant Shares
      subscribed for and purchased in the manner herein provided to be issued
      and delivered as directed; and it will ensure that such BEE Warrant Shares
      shall be issued as fully paid and non-assessable common shares in the
      capital of the Company.

	 	 	 
	 	(b) 	
      The Company shall use all commercially reasonable efforts
      to preserve and maintain its corporate existence and to ensure that the
      BEE Warrant Shares are listed and posted for trading on the TSX Venture
      Exchange on their date of issue, and continue to be listed and posted for
      trading on either the TSX Venture Exchange or the Toronto Stock Exchange
      and shall comply in all material respects with the applicable rules and
      policies of the relevant exchange.

	 	 	 
	 	(c) 	
      The Company shall use commercially reasonable efforts to
      make all requisite filings under applicable securities legislation
      necessary to remain a reporting issuer not in default in the Canadian
      jurisdictions in which the Company is currently a reporting issuer for a
      minimum period of two years from the date hereof.

	 	 	 
	 	(d) 	
      If the issuance of the BEE Warrant Shares upon the
      exercise of the BEE Warrants requires any filing or registration with or
      approval of any securities regulatory

11

			
      authority or other governmental authority or compliance
      with any other requirement under any law before such BEE Warrant Shares
      may be validly issued (other than the filing of a prospectus or similar
      disclosure document), the Company agrees to use commercially reasonable
      efforts to take such actions as may be necessary to secure such filing,
      registration, approval or compliance, as the case may be.

	 	 	 
		(e) 	
      The Company will do, execute, acknowledge and deliver or
      cause to be done, executed, acknowledged and delivered, all other acts,
      deeds and assurances in law as may be reasonably required for the better
      accomplishing and effecting of the intentions and provisions of this BEE
      Warrant Certificate.

	 	 	 
	11. 	
      Adjustments:

	 	 	 
		(a) 	
      Adjustment: The rights of the holder of this BEE
      Warrant, including the number of BEE Warrant Shares issuable upon the
      exercise of such BEE Warrant, will be adjusted from time to time in the
      events and in the manner provided in, and in accordance with the
      provisions of, this Section.

	 	 	 
		(b) 	
      Share Reorganization: The Exercise Price in effect
      at any date will be subject to adjustment from time to time if and
      whenever at any time during the Adjustment Period, the Company shall (A)
      subdivide, redivide or change the outstanding Common Shares into a greater
      number of Common Shares, or (B) consolidate, combine or reduce the
      outstanding Common Shares into a lesser number of Common Shares, then, in
      each such event, the Exercise Price shall, on the record date for such
      event or, if no record date is fixed, the effective date of such event, be
      adjusted so that it will equal the rate determined by multiplying the
      Exercise Price in effect immediately prior to such date by a fraction, of
      which the numerator shall be the total number of Common Shares outstanding
      on such date before giving effect to such event, and of which the
      denominator shall be the total number of Common Shares outstanding on such
      date after giving effect to such event. Such adjustment shall be made
      successively whenever any such event shall occur. Any such issue of Common
      Shares by way of a stock dividend shall be deemed to have been made on the
      record date for such stock dividend for the purpose of calculating the
      number of outstanding Common Shares under paragraphs 10(b)(i) and (ii)
      hereof.

	 	 	 
		(c) 	
      Reclassifications: If and whenever at any time
      during the Adjustment Period, there is (A) any reclassification of or
      amendment to the outstanding Common Shares, any change of the Common
      Shares into other shares or any other reorganization of the Company (other
      than as described in subsection 11(b) hereof), or (B) any consolidation,
      amalgamation, arrangement, merger or other form of business combination of
      the Company with or into any other corporation resulting in any
      reclassification of the outstanding Common Shares, any change of the
      Common Shares into other shares or any other reorganization of the
      Company, then, in each such event, the Holder of this BEE Warrant which is
      thereafter exercised shall be entitled to receive, and shall accept, in
      lieu of the number of BEE Warrant Shares to which such Holder was
      theretofore entitled

12

			
      upon such exercise, the kind and number or amount of
      shares or other securities or property which such Holder would have been
      entitled to receive as a result of such event if, on the effective date
      thereof, such Holder had been the registered holder of the number of BEE
      Warrant Shares to which such Holder was theretofore entitled upon such
      exercise. If necessary as a result of any such event, appropriate
      adjustments will be made in the application of the provisions set forth in
      this subsection with respect to the rights and interests thereafter of the
      Holder of this BEE Warrant Certificate to the end that the provisions set
      forth in this subsection will thereafter correspondingly be made
      applicable, as nearly as may reasonably be, in relation to any shares or
      other securities or property thereafter deliverable upon the exercise of
      this BEE Warrant. Any such adjustments will be made by and set forth in an
      instrument supplemental hereto approved by the directors, acting
      reasonably, and shall for all purposes be conclusively deemed to be an
      appropriate adjustment.

	 	 	 
		(d) 	
      If at any time during the Adjustment Period any
      adjustment or readjustment in the Exercise Price shall occur pursuant to
      the provisions of subsection 11(b) or 11(c) of this BEE Warrant
      Certificate, then the number of BEE Warrant Shares purchasable upon the
      subsequent exercise of the BEE Warrants shall be simultaneously adjusted
      or readjusted, as the case may be, by multiplying the number of BEE
      Warrant Shares purchasable upon the exercise of the BEE Warrants, as
      applicable, immediately prior to such adjustment or readjustment by a
      fraction which shall be the reciprocal of the fraction used in the
      adjustment or readjustment of the Exercise Price.

	 	 	 
	12. 	
      Rules Regarding Calculation of Adjustment of
      Exercise Price:

	 	 	 
		(a) 	
      The adjustments provided for in Section 11 are cumulative
      and will, in the case of adjustments to the Exercise Price, be computed to
      the nearest whole BEE Warrant Share and will be made successively whenever
      an event referred to therein occurs, subject to the following subsections
      of this Section 12.

	 	 	 
		(b) 	
      No adjustment in the Exercise Price is required to be
      made unless such adjustment would result in a change of at least 1% in the
      prevailing Exercise Price; provided, however, that any adjustments which,
      except for the provisions of this subsection, would otherwise have been
      required to be made, will be carried forward and taken into account in any
      subsequent adjustments.

	 	 	 
		(c) 	
      No adjustment in the Exercise Price will be made in
      respect of any event described in Section 11 if the Holder is entitled to
      participate in such event on the same terms, mutatis mutandis, as
      if the Holder had exercised this BEE Warrant prior to or on the effective
      date or record date of such event. Any participation by the Holder in an
      event referred to in Section 11 is subject to the prior approval of the
      TSX Venture Exchange.

	 	 	 
		(d) 	
      No adjustment in the Exercise Price will be made under
      Section 11 in respect of the issue from time to time of Common Shares
      issuable from time to time as Dividends Paid in the Ordinary Course to
      holders of Common Shares who

13

			
      exercise an option or election to receive substantially
      equivalent dividends in Common Shares in lieu of receiving a cash
      dividend.

	 	 	 
	 	(e) 	
      If at any time a question or dispute arises with respect
      to adjustments provided for in Section 11, such question or dispute will
      be conclusively determined by the auditor of the Company or, if they are
      unable or unwilling to act, by such other firm of independent chartered
      accountants as may be selected by action of the directors of the Company
      and any such determination, subject to regulatory approval and absent
      manifest error, will be binding upon the Company and the Holder. The
      Company will provide such auditor or chartered accountant with access to
      all necessary records of the Company.

	 	 	 
	 	(f) 	
      In case the Company after the date of issuance of this
      BEE Warrant takes any action affecting the Common Shares, other than
      action described in Section 11, which in the opinion of the board of
      directors of the Company would materially affect the rights of the Holder,
      the Exercise Price will be adjusted in such manner, if any, and at such
      time, by action of the directors of the Company in their sole discretion
      and by resolution of a Disinterested Majority, acting reasonably and in
      good faith, but subject in all cases to any necessary regulatory approval.
      Failure of the taking of action by the directors of the Company so as to
      provide for an adjustment on or prior to the effective date of any action
      by the Company affecting the Common Shares will be conclusive evidence
      that the board of directors of the Company has determined that it is
      equitable to make no adjustment in the circumstances.

	 	 	 
	 	(g) 	
      If the Company sets a record date to take any action
      referred to in subsections 11(b) or 11(c) and, thereafter and before the
      taking of such action, decides not to implement its plan to take such
      action, then no adjustment in the Exercise Price and number of BEE Warrant
      Shares purchasable upon the exercise of the BEE Warrants will be required
      by reason of the setting of such record date.

	 	 	 
	 	(h) 	
      In the absence of a resolution of the directors of the
      Company fixing a record date for any event which would require any
      adjustment to this BEE Warrant, the Company will be deemed to have fixed
      as the record date therefor the date on which the event is
  effected.

	 	 	 
	 	(i) 	
      As a condition precedent to the taking of any action
      which would require any adjustment to this BEE Warrant, including the
      Exercise Price, the Company shall take any corporate action which may be
      necessary in order that the Company or any successor to the Company or
      successor to the undertaking or assets of the Company have unissued and
      reserved in its authorized capital and may validly and legally issue as
      fully paid and non-assessable all the shares or other securities which the
      Holder is entitled to receive on the full exercise thereof in accordance
      with the provisions hereof.

	 	 	 
	 	(j) 	
      The Company will from time to time, immediately after the
      occurrence of any event which requires an adjustment or readjustment as
      provided in Section 11,

14

			forthwith give notice to the Holder
      specifying the event requiring such adjustment or readjustment and the
      results thereof, including the resulting Exercise Price.
	 	 	 
		(k) 	
      The Company covenants to and in favour of the Holder that
      so long as this BEE Warrant remains outstanding, it will give notice to
      the Holder of the effective date or of its intention to fix a record date
      for any event referred to in Section 11 whether or not such event gives
      rise to an adjustment in the Exercise Price or the number and type of
      securities issuable upon the exercise of the BEE Warrants and, in each
      case, such notice shall specify the particulars of such event and the
      record date and the effective date for such event; provided that the
      Company shall only be required to specify in such notice such particulars
      of such event as have been fixed and determined on the date on which such
      notice is given. Such notice shall be given not less than 14 days in each
      case prior to such applicable record date or effective date.

	 	 	 
		(l) 	
      In any case in which this Section shall require that an
      adjustment shall become effective immediately after a record date for or
      an effective date of an event referred to herein, the Company may defer,
      until the occurrence and consummation of such event, issuing to the Holder
      of this BEE Warrant, if exercised after such record date or effective date
      and before the occurrence and consummation of such event, the additional
      BEE Warrant Shares or other securities or property issuable upon such
      exercise by reason of the adjustment required by such event, provided,
      however, that the Company will deliver to the Holder an appropriate
      instrument evidencing the Holder’s right to receive such additional BEE
      Warrant Shares or other securities or property upon the occurrence and
      consummation of such event and the right to receive any dividend or other
      distribution in respect of such additional BEE Warrant Shares or other
      securities or property declared in favour of the holders of record of
      Common Shares or of such other securities or property on or after the
      Exercise Date or such later date as the Holder would, but for the
      provisions of this subsection, have become the holder of record of such
      additional BEE Warrant Shares or of such other securities or
    property.

	 	 	 
	13. 	
      Representation and Warranty: The
      Company hereby represents and warrants with and to the Holder that the
      Company is duly authorized and has the corporate power and authority to
      create and issue this BEE Warrant and the BEE Warrant Shares issuable upon
      the exercise hereof and perform its obligations hereunder and that this
      BEE Warrant represents a valid, legal and binding obligation of the
      Company enforceable against it in accordance with its terms.

	 	 	 
	14. 	
      If Share Transfer Books Closed: The
      Company shall not be required to deliver certificates for BEE Warrant
      Shares while the share transfer books of the Company are properly closed,
      prior to any meeting of shareholders or for the payment of dividends or
      for any other purpose and in the event of the surrender of any BEE Warrant
      in accordance with the provisions hereof and the making of any
      subscription and payment for the BEE Warrant Shares called for thereby
      during any such period delivery of certificates for the BEE Warrant Shares
      may be postponed for a period not exceeding five Business Days after the
      date of the re-opening of said share transfer books provided that any
      such

15

		
      postponement of delivery of certificates shall be without
      prejudice to the right of the Holder, if the Holder has surrendered the
      same and made payment during such period, to receive such certificates for
      the BEE Warrant Shares called for after the share transfer books shall
      have been re-opened.

	 	 
	15. 	
      Lost Certificate: If the BEE Warrant
      Certificate evidencing the BEE Warrants issued hereby becomes stolen,
      lost, mutilated or destroyed the Company may, on such terms as it may in
      its discretion, acting reasonably, impose, issue and countersign a new BEE
      Warrant Certificate of like denomination, tenor and date as the BEE
      Warrant Certificate so stolen, lost, mutilated or destroyed.

	 	 
	16. 	
      Governing Law: This BEE Warrant
      shall be governed by, and construed in accordance with, the laws of the
      Province of British Columbia and the laws of Canada applicable therein.
      The Company and the Holder hereof irrevocably attorn to the non-exclusive
      jurisdiction of the courts of the Province of British Columbia.

	 	 
	17. 	
      Severability: If any one or more of
      the provisions or parts thereof contained in this BEE Warrant Certificate
      should be or become invalid, illegal or unenforceable in any respect in
      any jurisdiction, the remaining provisions or parts thereof contained
      herein shall be and shall be conclusively deemed to be, as to such
      jurisdiction, severable therefrom.

	 	 
	18. 	
      Headings: The headings of the
      articles, sections, subsections and clauses of this BEE Warrant
      Certificate have been inserted for convenience and reference only and do
      not define, limit, alter or enlarge the meaning of any provision of this
      BEE Warrant Certificate.

	 	 
	19. 	
      Numbering of Articles, etc.: Unless
      otherwise stated, a reference herein to a numbered or lettered article,
      section, subsection, clause, subclause or schedule refers to the article,
      section, subsection, clause, subclause or schedule bearing that number or
      letter in this BEE Warrant Certificate.

	 	 
	20. 	
      Gender: Whenever used in this BEE
      Warrant Certificate, words importing the singular number only shall
      include the plural, and vice versa, and words importing the masculine
      gender shall include the feminine gender.

	 	 
	21. 	
      Day not a Business Day: In the event
      that any day on or before which any action is required to be taken
      hereunder is not a Business Day, then such action shall be required to be
      taken on or before the requisite time on the next succeeding day that is a
      Business Day.

	 	 
	22. 	
      Binding Effect: This BEE Warrant
      Certificate and all of its provisions shall enure to the benefit of the
      Holder, its successors, assigns and legal personal representatives and
      shall be binding upon the Company and its successors.

	 	 
	23. 	
      Notice: Unless herein otherwise
      expressly provided, a notice to be given hereunder will be deemed to be
      validly given if the notice is sent by telecopier, prepaid same day
      courier or first class mail addressed as follows:

16

	 	(a) 	
      If to the Holder at the latest address of the Holder as
      recorded on the books of the Company; and

	 	 	 
	 	(b) 	
      If to the Company at:

	 	 	 
	 		
      Anooraq Resources Corporation 
Suite 1020 - 800 West
      Pender Street 
Vancouver, British Columbia 
V6C 2V6
  
Canada

	 	Attention: 	Ronald W. Thiessen, President; 
	 	  	Jeffrey L. Mason, CFO 
	 	Telecopier No.: 	604-684-8092 

		
      Any notice given as aforesaid shall conclusively be
      deemed to have been received by the addressee, if sent by telecopier on
      the day of transmission or, if such day is not a Business Day, on the next
      Business Day, if sent by courier, on the next following Business Day and,
      if sent by mail, on the fifth day following the posting thereof.

	 	 
	24. 	
      No Transfer: The BEE Warrants evidenced
      hereby are non-assignable, non-transferable and non-negotiable and may not
      be exercised by or for the benefit of any person other than the Holder,
      without the express written consent of the Company, unless the BEE
      Warrants have been assigned for the purposes of financing Pelawan, to a
      person specified in, and otherwise mutatis mutandis (on the basis
      that the BEE Warrants shall be deemed to constitute for such purposes
      “Consideration Shares comprising the Statutory Shareholding”) in
      accordance with the provisions of, Section 4.06 of the Shareholders
      Agreement.

	 	 
	25. 	
      Time of Essence: Time shall be of
      the essence hereof.

IN WITNESS WHEREOF the Company has caused this Warrant
certificate to be signed by its duly authorized officer as of this 14th
day of June, 2007 and as amended December ___, 2007..

	 	ANOORAQ RESOURCES
      CORPORATION 
	 	 	 
	 	Per: 	

17

SCHEDULE A

SUBSCRIPTION FORM

TO: Anooraq Resources Corporation, Suite 1020 - 800 West
Pender Street, Vancouver, British Columbia, V6C 2V6, Canada

The undersigned holder of the within BEE Warrant hereby
unconditionally and irrevocably subscribes for _________ BEE Warrant Shares of
Anooraq Resources Corporation (the “Company”) pursuant to the within BEE
Warrant and tenders herewith a certified cheque or bank draft for
$______________ in full payment therefor.

By executing this subscription form the undersigned represents
and warrants that the undersigned is not a U.S. Person or a Person within the
United States and that the BEE Warrant Shares are not being subscribed for on
behalf of a U.S. Person (as such terms are defined for purposes of the United
States Securities Act of 1933, as amended).

DATED this ___day of ________ , 200_.

	 	NAME: 	 
	 	  	 
	 	Signature: 	 
	 	 	 
		Registration instructions: 	 
	 	 	 
	 	 	 

     Please check if the certificates
representing the BEE Warrant Shares are to be delivered at the office where this
BEE Warrant Certificate is surrendered, failing which the certificates
representing the BEE Warrant Shares will be mailed to the address in the
registration instructions set out above.

     If any BEE Warrant Shares
represented by this BEE Warrant Certificate are not being exercised, a new BEE
Warrant Certificate representing the unexercised BEE Warrants will be issued and
delivered with the certificates representing the BEE Warrant Shares subscribed
for.

18

SCHEDULE B

SUBSCRIPTION FORM

TO: Anooraq Resources Corporation, Suite 1020 - 800 West
Pender Street, Vancouver, British Columbia, V6C 2V6, Canada

The undersigned holder of the within BEE Warrant hereby
conditionally and irrevocably subscribes for _________ BEE Warrant Shares of
Anooraq Resources Corporation (the “Company”) pursuant to the within BEE
Warrant and tenders herewith [describe evidence satisfactory to the Company
of the payment of the Deposit] equal to $______________ per BEE Warrant
Share subscribed for, which amount shall bear interest in accordance with the
Deposit Account Agreement (such amount, together with interest thereon being the
“Payment Amount”). Each subscription per BEE Warrant Share shall become
unconditional upon receipt by the Company of the Payment Amount in respect of
such BEE Warrant Share.

By executing this subscription form the undersigned represents
and warrants that the undersigned is not a U.S. Person or a Person within the
United States and that the BEE Warrant Shares are not being subscribed for on
behalf of a U.S. Person (as such terms are defined for purposes of the United
States Securities Act of 1933, as amended).

DATED this ___ day of _______, 200_.

	 	NAME: 	 
	 	  	 
	 	Signature: 	 
	 	 	 
	 	Registration 	 
	 	instructions: 	 
	 	 	 
	 	 	 

     Please check if the certificates
representing the BEE Warrant Shares are to be delivered at the office where this
BEE Warrant Certificate is surrendered, failing which the certificates
representing the BEE Warrant Shares will be mailed to the address in the
registration instructions set out above.

     If any BEE Warrant Shares
represented by this BEE Warrant Certificate are not being exercised, a new BEE
Warrant Certificate representing the unexercised BEE Warrants will be issued and
delivered with the certificates representing the BEE Warrant Shares subscribed
for.

19Filed by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4.07

 

 

 

 

SALE OF CONCENTRATE AGREEMENT

 

between/amongst 

 

RUSTENBURG PLATINUM MINES LIMITED 

 

and

 

LEBOWA PLATINUM MINES LIMITED

 

 

	TABLE OF
      CONTENTS 

	1. 	PARTIES 	2 
	 	 	 
	2. 	INTERPRETATION 	2 
	 	 	 
	3. 	INTRODUCTION 	16

	 	 	 
	4. 	COMMENCEMENT, DURATION AND SUSPENSIVE CONDITION
    	16

	 	 	 
	5. 	SALE AND PURCHASE 	20

	 	 	 
	6. 	DELIVERY PLAN 	22

	 	 	 
	7. 	DELIVERY OF CONCENTRATE 	23

	 	 	 
	8. 	WEIGHING, SAMPLING AND ASSAYING TO DETERMINE THE
      TRANSFER QUANTITY AND QUALITY 	24 
	 	 	 
	9. 	PRICE 	28

	 	 	 
	10. 	PAYMENT 	40

	 	 	 
	11. 	RISK AND OWNERSHIP 	40

	 	 	 
	12. 	CONFIDENTIALITY 	41

	 	 	 
	13. 	FORCE MAJEURE 	43

	 	 	 
	14. 	DISPUTE RESOLUTION 	45

	 	 	 
	15. 	DOMICILIUM 	48

	 	 	 
	16. 	COSTS 	50

	 	 	 
	17. 	VAT 	50

	 	 	 
	18. 	GOVERNING LAW 	51

	 	 	 
	19. 	SEVERABILITY OF PROVISIONS 	51

	 	 	 
	20. 	GENERAL 	51

	 	 	 
	21. 	CESSION, ASSIGNMENT, SUB-GRANTING, HYPOTHECATION,
      ALIENATION 	53

	 	 	 
	22. 	BREACH 	53

	 	 	 
	23. 	CANCELLATION OF MEMORANDUM OF AGREEMENT (SMELTING AND
      REFINING) 	 54 

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

SALE OF CONCENTRATE AGREEMENT

	1. 	
      PARTIES

	1.1 	RUSTENBURG PLATINUM MINES LIMITED
    
	  	  
		AND 
		  
	1.2 	LEBOWA PLATINUM MINES LIMITED
  

	2. 	
      INTERPRETATION

	2.1 	
      The headnotes to the clauses of this agreement are
      inserted for reference purposes only and shall not govern or affect the
      meaning or interpretation thereof.

	 	 
	2.2 	
      In this agreement the following terms shall bear the
      following meanings :

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

	CIS/ANGL12-CS28 
	1104/JL/Clean 
	20/12/2007 
	Page 3. 

	
      2.2.3 
	
      Average Annual Increase 
	
      the average annual percentage inflationary rate increase
      calculated for the preceding Calendar Year applied with effect from 1 July
      every year according to the following formula: 

	  	  	  
	  	  	A = (X x B) + (Y x SACPI) + (Z x
      C) 

where 

	 	A = 	
      the Average Annual Increase; 

	 	  	
       

	 	X = 	
      the labour cost portion of total cash operating cost of
      smelting, treatment and refining of the Refiner; 

	 	  	
       

	 	Y = 	
      non-labour or non-utilities cost portion of total cash
      operating cost of smelting, treatment and refining of the Refiner;
  

	 	  	
       

	 	Z =	
      the utilities cost portion of

	CIS/ANGL12-CS28 
	1104/JL/Clean 
	20/12/2007 
	Page 4. 

	 		 total cash operating cost of
        smelting, treatment and refining of the Refiner; 

	 	  	  	  

	 	B = 	 weighted annual average increase
        (expressed as a percentage) in wages for the smelting, treatment and refining
        division of the Refiner, calculated as follows: 

	 	 	 	  

	 		B = 	 (A1xA2) + (B1xB2) + C1xC2) divided
        by (A1+B1+C1) 

	 	  	  	  

	 	  	  	 where: 

	 	  	  	  

	 			 A1, B1, C1 = the actual labour
        cost for each band of labour where wage rate increases are agreed upon
        by the Refiner and its respective labour 

 

	CIS/ANGL12-CS28 
	1104/JL/Clean 
	20/12/2007 
	Page 5. 

unions ; 

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

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

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

 

	CIS/ANGL12-CS28 
	1104/JL/Clean 
	20/12/2007 
	Page 6. 

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

	2.2.4 	Business Day 	
      any day other than a Saturday, Sunday or official public
      holiday in the Republic of South Africa; 

	  	  	
       

	2.2.5 	Calendar Year 	
      January 1st to December 31st; 

	  	  	
       

	2.2.6 	Commercial Committee 	
      the Commercial Committee referred to in clause 8.9;
    

	  	  	
       

	2.2.7 	Company 	
      Lebowa Platinum Mines Limited, a public company
      incorporated in accordance with 

	CIS/ANGL12-CS28 
	1104/JL/Clean 
	20/12/2007 
	Page 7

			
      the laws of the Republic of South Africa under
      Registration No. 1963/006144/06, acting by itself or through its duly
      appointed contractor; 

	  	  	
       

	2.2.8 	Completion Date 	
      the closing date as that term is defined in the agreement
      headed "Holdco Sale of Shares Agreement" to be entered into
      between inter alia, Plateau Resources (Proprietary) Limited and
      Rustenburg Platinum Mines Limited; 

	  	  	
       

	2.2.9 	Concentrate 	
      any treatable product bearing Payable Metals which is
      obtained from mining and processing the ore bodies in, on and under the
      Properties, which, as at the Signature Date, is obtained through the
      process of crushing and flotation whereby the Payable Metals, including
      waste, are treated in a Concentrator before the commencement of the
      smelting and refining process and which will be filter cake and not
      slurry. The Concentrate arising from each separately identifiable
      Concentrator will be treated, for purposes of this agreement, as a
      separate 

	CIS/ANGL12-CS28 
	1104/JL/Clean 
	20/12/2007 
	Page 8

			
      Concentrate stream to which the provisions of this
      agreement shall be separately applied, unless the context clearly
      indicates otherwise. It is specifically recorded that, as at the Signature
      Date, the Company’s business consists of 2 (TWO) separately identifiable
      Concentrate streams, namely the Merensky Concentrator and the UG2
      Concentrator; 

	  	  	
       

	2.2.10 	Concentrator Manager 	
      the juristic entity or natural person nominated by New
      Opco and appointed by the Company to manage the day-to-day operations of
      the Concentrators on behalf of the Company; 

	  	  	
       

	2.2.11 	Concentrators 	
      any facilities which are utilised to treat the ore
      extracted from the Mine and which produce a Concentrate; 

	  	  	
       

	2.2.12 	Cost Month 	
      a Month, or other notified periods of not more than 31
      (THIRTY ONE) days, as determined by the Refiner for the cost accounting
      system applied for the Smelter 

	CIS/ANGL12-CS28 
	1104/JL/Clean 
	20/12/2007 
	Page 9

	  	  	
      from time to time; 

	  	  	
       

	2.2.13 	Deleterious Material 	
      any material, which in the reasonable view of the
      Refiner, may or will cause harm or damage to the equipment of the Refiner
      and/or which may or will have a negative effect on the operations,
      environment and/or the potential recoveries; 

	  	  	
       

	2.2.14 	Dry Mass 	
      the mass of Concentrate after deducting the relevant
      moisture content; 

	  	  	
       

	2.2.15 	4T Grade 	
      the Concentrate grade, calculated as the total number of
      grammes of platinum (Pt) + palladium (Pd) + rhodium (Rh) + gold (Au) per
      dry Tonne of Concentrate; 

	  	  	
       

	2.2.16 	Interim Period 	
      the period defined as such in the Main Agreement, as read
      with clause 10.4 of the Main Agreement; 

	  	  	
       

	2.2.17 	JEC 	
      the Joint Evaluation Committee referred to in clause 8.1;
      

	CIS/ANGL12-CS28 
	1104/JL/Clean 
	20/12/2007 
	Page 10

	2.2.18 	Main Agreement 	
      the sale of business agreement entered into between the
      Company and New Opco simultaneously with this agreement for the sale of
      the Company’s business to New Opco and to which a draft of this agreement
      was attached as Annexure “4”; 

	  	  	
       

	2.2.19 	Mass 	
      Dry Mass unless otherwise stated; 

	  	  	
       

	2.2.20 	Mine 	
      when used as a noun, shall mean the excavations and
      associated workings operated by the Company or its contractor/s on the
      Properties, including the Concentrators, the mining area (as defined in
      section 1 of MPRDA), and all buildings, structures, roads and
      appurtenances used or intended to be used for the purposes of searching
      for, winning, exploitation and concentrating of Payable Metals underlying
      the Properties; 

	  	  	
       

	2.2.21 	Month 	
      a calendar month; 

	  	  	
       

	2.2.22 	New Opco 	
      Richtrau No 177 (Proprietary) Limited, a private company
      incorporated in 

  

	CIS/ANGL12-CS28 
	1104/JL/Clean 
	20/12/2007 
	Page 11

			
      accordance with the laws of South Africa under
      Registration Number 2007/016001/07; 

	  	  	
       

	2.2.23 	Parties 	
      the Refiner and the Company and “Party” means a reference
      to either one of them; 

	  	  	
       

	2.2.24 	Payable Metals 	
      the metals upon which the selling price (being the price
      payable by the Refiner to the Company under this agreement) is to be
      determined, namely platinum, palladium, rhodium, gold, iridium (Ir) and
      ruthenium (Ru) and the base metals nickel (Ni), and copper (Cu);

	  	  	
       

	2.2.25 	Prime 	
      the publicly quoted basic rate of interest (per centum,
      per annum, compounded monthly in arrear and calculated on a 365 (THREE
      HUNDRED AND SIXTY FIVE) day year irrespective of whether the year is a
      leap year) from time to time published by the Standard Bank of South
      Africa Limited as being its prime overdraft interest rate for its most
      favoured corporate customers as certified by any manager of such bank
    

  

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

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

  

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	2.2.28 	Quotational Period 	
      the Cost Month preceding the Month in which payment is to
      be made, which is used for determining pricing (being the consideration
      payable by the Refiner to the Company under this agreement) and exchange
      rate; 

	  	  	
       

	2.2.29 	Referee 	
      a referee appointed in accordance with the provisions of
      clause 14.1; 

	  	  	
       

	2.2.30 	Refiner 	
      Rustenburg Platinum Mines Limited, a public company
      incorporated in accordance with the laws of South Africa under
      Registration No. 1931/003380/06; 

	  	  	
       

	2.2.31 	Refinery 	
      a facility or facilities utilised by the Refiner for the
      further treatment of the product arising from the Smelter; 

	  	  	
       

	2.2.32 	Signature Date 	
      the date on which the last Party to sign this agreement
      signs it; 

	  	  	
       

	2.2.33 	Smelter 	
      the facility designated by the Refiner for the treatment
      of the Concentrates referred to in this agreement; unless otherwise
      specified, 

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      this shall initially be the Polokwane Smelter although
      thereafter, it shall be any other smelter designated by the Refiner in
      writing, provided that the Refiner shall use its reasonable endeavours to
      ensure that the closest smelter to the Mine is used at all times and that
      such smelter shall be situated within the Republic of South Africa;
  

	  	  	  
	
      2.2.34 
	
      Tonne 
	
      a metric tonne within the meaning of the term attributed
      to it by the International System of Units (SI), and being equivalent to 1
      000 (ONE THOUSAND) kilograms; and 

	  	  	  
	
      2.2.35 
	
      US$ 
	
      the currency of the United States of America.
  

	2.3 	
      If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it is only in the definition clause, effect shall be
      given to it as if it were a substantive provision of this
  agreement.

	 	 
	2.4 	
      Any reference to an enactment is to that enactment as at
      the Signature Date and, in the event that any right and/or obligation
      shall arise in terms of this agreement in respect of and/or in connection
      with such enactment after the

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      Signature Date, such reference shall be to that enactment
      as amended and/or replaced as at the date for performance of such right
      and/or obligation.

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

	2.5.1 	
      any gender includes the other genders;

	 	 
	2.5.2 	
      a natural person includes an artificial person and vice
      versa;

	 	 
	2.5.3 	
      the singular includes the plural and vice
  versa.

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

	 	 
	2.7 	
      The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the party responsible for the
      drafting or preparation of this agreement, shall not apply.

	 	 
	2.8 	
      The schedules to this agreement form an integral part
      hereof and words and expressions defined in this agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedules.

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	3. 	
      INTRODUCTION

	 	 
		
      In terms of clause 9.2 of the Main Agreement, the Company
      has undertaken to sell the Concentrate derived from the ore mined from the
      Properties to the Refiner on the terms and conditions set out in this
      agreement and the Refiner has agreed to purchase the
Concentrate.

	 	 
	4. 	
      COMMENCEMENT, DURATION AND SUSPENSIVE
      CONDITION

	4.1 	
      Subject to clause 4.9, this agreement shall commence on 1
      January 2008, notwithstanding the Signature Date.

	 	 
	
      4.2 
	
      This agreement shall endure from 1 January 2008 until a
      period of 5 (FIVE) years after the Completion Date has elapsed
      ("Initial Period"); provided that Plateau Resources (Proprietary)
      Limited (provided that it is at the time at least a 51% (FIFTY ONE
      PERCENT) direct or indirect shareholder in the Company) shall be entitled
      to elect, by notice in writing given to the Refiner prior to the end of
      the fourth year after the Completion Date, to extend this agreement for a
      further 5 (FIVE) years after the end of the Initial Period on the terms
      and conditions set out herein (save for this clause 4.2).

	 	 
	4.3 	
      With effect from the date of expiry of the Interim
      Period, the Refiner will conclude a Sale of Concentrate Agreement with New
      Opco on the terms and conditions set out in the draft agreement attached
      hereto as Annexure “B”.

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	4.4 	
      The Parties record that as at the Signature Date there is
      no Deleterious Material in the Concentrate.

	 	 
	4.5 	
      Should there be any material change in the process of
      producing Concentrate, or should there be any change in applicable law,
      which potentially results in new Deleterious Material being present in the
      Concentrate, the Company shall, prior to the delivery of such Concentrate,
      provide the Refiner with an analysis of all substances contained in the
      Concentrate to be produced, to enable the Refiner to identify all
      Deleterious Material that may be contained in the Concentrate. The
      analysis will be a Concentrate analysis by x-ray fluorescence and a trace
      element scan by Inductive Coupled Plasma. The Refiner shall, within 10
      (TEN) days after receipt of the analysis from the Company, provide a list
      of the Deleterious Material, identified by the analysis, which is
      contained in the Concentrate. This list will set out the maximum
      acceptable limit of each individual Deleterious Material that the Refiner
      will accept. The Parties shall agree on a final list of Deleterious
      Material and maximum acceptable limit for such Deleterious Material,
      failing which agreement within 20 (TWENTY) Business Days of the analysis
      being delivered the matters in dispute will be referred by either Party to
      a Referee to determine whether a substance is Deleterious Material and
      what the maximum acceptable limit shall be.

	 	 
	4.6 	
      Notwithstanding anything to the contrary in this
      agreement, should the Refiner find the Concentrate to contain any
      Deleterious Material of which it was not made aware in writing by the
      Company in terms of clause 4.5 or which is in

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

	 	 
	4.7 	
      In regard to any Concentrate containing Deleterious
      Material which the Refiner refuses to accept in terms of clause 4.6, the
      Company shall be entitled to dispose of such Concentrate to a third party
      provided that:

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	4.7.1 	
      it is not reasonably possible to remove the Deleterious
      Material or reduce the Deleterious Material to an agreed acceptable
      level;

	 	 
	4.7.2 	
      the Concentrate so sold to a third party shall be limited
      to the Concentrate so refused by the Refiner;

	 	 
	4.7.3 	
      the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;

	 	 
	4.7.4 	
      the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.

	4.8 	
      Termination, cancellation or lapsing of this agreement
      shall not in any way prejudice either Party’s right to claim damages from
      the other and notwithstanding any such termination, cancellation or
      lapsing, the Parties shall be and remain liable for all obligations and
      liabilities of the relevant Party then outstanding and/or which relate to
      the period on or after such termination, cancellation or lapsing. In
      particular, the Refiner shall deal with all Concentrate delivered to it
      prior to such termination, cancellation or lapsing under the terms and
      conditions of this agreement.

	 	 
	4.9 	
      This agreement is suspensive upon the Main Agreement
      becoming unconditional (other than any condition requiring this agreement
      to be concluded).

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	5. 	
      SALE AND
PURCHASE

	5.1 	
      The Company shall sell all of the Concentrate produced
      from ore mined from the Properties to the Refiner for so long as this
      agreement is in force and on the terms set out in this agreement. For the
      avoidance of doubt, the Company shall procure that all Concentrate derived
      from ore (regardless of the owner of the ore or the Concentrate, as the
      case may be) derived from the Properties, shall be sold to the Refiner,
      subject to the terms of this agreement.

	 	 
	5.2 	
      The Refiner shall be required to purchase all of the
      Concentrate produced at the Mine and delivered for and on behalf of the
      Company in accordance with the provisions of this agreement save that, in
      the event of the Refiner being unable to accept delivery owing to
      unscheduled maintenance or repairs (which shall be all maintenance and
      repairs other than “scheduled maintenance and repairs” as defined in
      clause 5.3 below) which result in downtime, the Refiner shall, by notice
      in writing, designate an alternative facility for delivery or defer
      delivery whilst such maintenance or repairs as are necessary are carried
      out. The additional transport and other charges to transport the
      Concentrate to the alternative facility over and above the charges to
      transport the Concentrate to the Polokwane Smelter shall be borne by the
      Company and the Refiner equally. If the Refiner chooses to designate an
      alternative facility outside of the borders of South Africa, then any
      additional transport and other charges (including customs and export
      levies, surcharges and taxes) incurred by the Company to deliver the
      Concentrate outside of the borders of South Africa in excess of the
      standard transport charges to deliver Concentrate to
the

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      Polokwane Smelter shall be borne by the Refiner. During
      the period that the Refiner is unable to accept delivery and has not
      designated an alternative facility and has deferred delivery, the Company
      shall be entitled to make alternative arrangements to sell the Concentrate
      to a third party during the period of the downtime and for a maximum
      period of 3 (THREE) months after the anticipated end of the downtime (as
      notified and adjusted by the Refiner from time to time); provided that the
      Company resumes the sale of all of its Concentrate to the Refiner in terms
      of this agreement once the Refiner is again able to accept delivery on
      condition that such resumption shall take place only after the expiry of
      the said period of the alternative arrangements aforesaid. In terms of
      this clause, the Refiner will be obliged to provide the Company with a
      written estimate of the time required to complete such maintenance or
      repairs and an estimated date from which the Refiner will resume receipt
      of Concentrate from the Company, which written estimate the Refiner will
      update from time to time, but in any event on at least a weekly
    basis.

	 	 
	5.3 	
      In the event of the Refiner being unable to accept
      delivery owing to scheduled maintenance or repairs (which for purposes of
      this clause shall mean all maintenance or repairs of which at least 6
      (SIX) Months’ written notice is given by the Refiner to the Company and
      which shall endure for no longer than 3 (THREE) Months)) which result in
      downtime, the Refiner must designate in writing an alternative facility
      for delivery whilst such maintenance or repairs are carried out. The
      additional transport charges to transport the Concentrate to the
      alternative facility over and above the charges to transport
  the

 

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

	6. 	
      DELIVERY PLAN

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

	 	 
	6.2 	
      The Company shall further procure that the Concentrator
      Manager furnishes to the Refiner an indicative forecast of the delivery
      plan for the term of this agreement, which delivery plan shall contain
      estimated details of the quantum of dry Tonnes of Concentrate, contained
      quantities of Payable Metals, percentage moisture, and percentage chromite
      to be delivered in each

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      Calendar Year. Thereafter, by not later than 120 (ONE
      HUNDRED AND TWENTY) days prior to the commencement of each year, the
      Company shall procure that the Concentrator Manager furnishes to the
      Refiner, a revised indicative forecast of the delivery plan for each of at
      least the next 3 (THREE) Calendar Years.

	 	 
	6.3 	
      The Company shall use its reasonable endeavours to
      deliver Concentrate in accordance with the delivery plans furnished in
      accordance with clauses 6.1 and 6.2. Should the Company deviate from the
      monthly delivery plans in clause 6.1 in respect of either the quantum of
      dry Tonnes of Concentrate or the contained quantities of Payable Metals or
      the percentage moisture or the percentage chromite by more than 20%
      (TWENTY PERCENT) for a continuous 6 (SIX) month period, this shall be
      deemed to be a breach by the Company for purposes of clause
  22.

	7. 	
      DELIVERY OF
CONCENTRATE

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

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	7.2 	
      Each delivery shall constitute a Concentrate batch and
      the batches delivered in a day shall constitute the daily Concentrate lot,
      in terms of the operational protocol referred to in clause 8.2.

	 	 
	7.3 	
      The Refiner shall procure that, on arrival at the
      Smelter, the weight of Concentrate shall be recorded. The manner of weight
      determination shall be as determined by the JEC, failing which, as
      determined by a Referee.

	 	 
	7.4 	
      The Company and the Refiner may by written agreement
      provide for delivery of Concentrate by other means of transport and such
      agreement shall provide for appropriate methods for determination of
      weight and quality of the Concentrate so
delivered.

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

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

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      Limited shall exercise the said rights of appointment or
      removal on behalf of the Company upon Plateau Resources (Proprietary)
      Limited holding an effective majority shareholding in New Opco.

	 	 
	8.2 	
      The operational details of the weighing, sampling,
      moisture determination, analytical techniques and sample return mechanisms
      shall be agreed between the Parties through the JEC in accordance with the
      principles contained herein and the operational details shall be defined
      in a suitable operating protocol, prior to the commencement of this
      agreement, which shall be signed by the Company and the Refiner. A quorum
      of the JEC shall consist of at least 1 (ONE) of the representatives
      appointed by each of the Refiner and the Company being present. All JEC
      decisions shall be made by unanimous vote. A dispute at the JEC shall be
      referred to the Commercial Committee for resolution. The Parties shall
      adhere to all processes contained in the said protocol. The protocol may
      only be amended by agreement in writing between the Parties.

	 	 
	8.3 	
      The Company may send a representative to the Smelter to
      be present during the weighing and sampling of the Concentrate. If no
      representative of the Company is present for these activities, the Refiner
      may proceed immediately with the weighing and sampling to facilitate the
      Concentrate transfer.

	 	 
	8.4 	
      The Refiner shall analyse the Concentrate analytical lot
      samples in accordance with the agreed analytical procedure as defined in
      the JEC operating protocol.

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	8.5 	
      On receipt of the analytical results, the Refiner shall
      communicate its findings by facsimile or email to such persons as are
      nominated by the Company in writing from time to time.

	 	 
	8.6 	
      As soon as the Refiner and the Company determine the
      metal contents for each element belonging to a specific lot as further set
      out in the protocol referred to in clause 8.2, the Refiner shall be
      allowed to release any reserve samples into process.

	 	 
	8.7 	
      The Refiner shall, at the end of each Cost Month, prepare
      a reconciliation of the Concentrate delivered to the Smelter, showing the
      mass of Concentrate received, adjusted to a dry basis, which shall be
      deemed to be the tonnage of Concentrate delivered by the Company to the
      Smelter in that Cost Month.

	 	 
	8.8 	
      The Refiner shall also prepare an estimate of the quantum
      of the Payable Metals, for the tonnage of Concentrate deemed to have been
      delivered, as well as the percentage moisture and percentage chromite, and
      the grade, all on a cumulative Monthly basis.

	 	 
	8.9 	
      In terms of this clause 8, the Refiner and the Company
      shall each be represented by at least one nominated person who, together,
      shall form the Commercial Committee for the purposes of this agreement.
      The Commercial Committee shall deal with all commercial matters arising in
      terms of this agreement. All decisions of the Commercial Committee shall
      be made by unanimous vote. A quorum of the Commercial Committee shall
      consist of all

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      the representatives on the Commercial Committee. Any JEC
      recommendations, related to settlement, shall be agreed by the Commercial
      Committee before being implemented. A dispute at the Commercial Committee
      shall be referred to a Referee and the provisions of clause 14.1 shall
      apply.

	 	 
	8.10 	
      For as long as the Company has not nominated a person to
      sit on the Commercial Committee, the Commercial Committee shall not be
      formed.

	 	 
	8.11 	
      Each Party shall be entitled to remove and replace its
      representative/s on the Commercial Committee upon notice in writing to the
      other, provided that Plateau Resources (Proprietary) Limited shall
      exercise the said rights of appointment or removal on behalf of the
      Company while it holds an effective majority shareholding in New
    Opco.

	 	 
	8.12 	
      Any dispute on the Commercial Committee shall be referred
      to a Referee for determination if on a technical issue and the provisions
      of clause 14.1 shall apply, while non-technical issues shall be referred
      to arbitration in accordance with clause 14.2. In the event that the
      members of the Commercial Committee cannot agree on whether the matter
      should be referred to an expert or arbitration, the dispute will be
      referred to arbitration.

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	9. 	
      PRICE

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

"  "

Where

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

	 	D 	= 	 "  "
	 	 	 	 
	 	E 	= 	 "  "
	 	 	 	 
	 	F 	= 	 "  "
	 	 	 	 
	 	G 	= 	 "  "
	 	 	 	 
	 	H 	= 	 " 
"

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

 

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

	 	- 	
      the official morning and afternoon fixes made for
      Platinum during the Quotational Period on the London Platinum and
      Palladium Market; 

	 	  	
       

	 	- 	
      the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places; 

	 	  	
       

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

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

	 	- 	
      the official morning and afternoon fixes during the
      Quotational Period made for palladium on the London Platinum and Palladium
      Market; 

	 	  	
       

	 	- 	
      the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places; 

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

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

	 	- 	
      the NY dealer Rhodium weekly high and low prices during
      the Quotational Period as reported in Platt’s Metals week; 

	 	  	
       

	 	- 	
      the weekly prices in Platt’s Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Friday’s date shall be used to determine within which
      Quotational Period the Friday’s price will be used to determine the
      average price per ounce. That is, if the Friday’s price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period. 

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

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		- 	
      the official morning and afternoon fixes made for Gold
      during the Quotational Period on the London Bullion Market; 

	 	  	
       

		- 	
      the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places; 

	 	  	
       

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

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

		- 	
      the NY dealer Iridium weekly high and low prices during
      the Quotational Period as reported in Platt’s Metals week; 

	 	  	
       

		- 	
      the weekly prices in Platt’s Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Friday’s date shall be used to determine within which
      Quotational Period the Friday’s price will be used to determine the
      average price per ounce. That is if the Friday’s price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period. 

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

	 	- 	
      the NY dealer Ruthenium weekly high and low prices during
      the Quotational Period as reported in Platt’s Metals week; 

	 	  	
       

	 	- 	
      the weekly prices in Platt’s Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Friday’s date shall be used to determine within which
      Quotational Period the Friday’s price will be used to determine the
      average price per ounce. That is if the Friday’s price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period. 

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

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      CU 
	
      means the value of Copper Tonnes contained in the
      Concentrate delivered on behalf of the Company in the Cost Month, valued
      at the average Copper price denominated in US$ during the Quotational
      Period, less US$160.00 per Tonne. The average shall be determined using
      the official London Metal Exchange monthly average cash price for grade A
      Copper Metal as published by Metals Bulletin, rounded to four decimal
      places. 

	 	  	  
	 	BS 	means the number of batch samples
      taken in that Cost Month 
	 	  	  
	 	CS 	ZAR780 (sampling cost per batch
      sample) 
	 	  	  
	 	Tc 	Tonnes of Concentrate produced in
      that Cost Month 
	 	  	  
	 	Cc 	Treatment charge per Tonne of
      Concentrate of ZAR700 
	 	  	  
		
      P 
	
      means the sum of the applicable penalties as more fully
      defined in clauses 9.7 and 9.8. 

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

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      - 
	
      the historical South African Rand Exchange daily bid high
      and bid low rates quoted by Reuters in respect of the applicable currency
      during the Quotational Period; 

	 	 	  
		
      - 
	
      the daily bid high and bid low values shall be averaged
      to yield a daily average exchange rate; 

	 	 	  
		
      - 
	
      the daily averages shall then be averaged for the
      Quotational Period, and rounded to four decimal places, to yield the
      average exchange rate. 

	9.3 	
      The amounts expressed in South African Rand, referred to
      in clause 9.1 shall be increased annually by the same percentage increase
      as the Annual Average Increase. The increase shall be effective for
      payment due from 1 July of each year; commencing with effect from 1 July
      2008.

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

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	9.5 	
      An example of the calculation of the values for the
      Payable Metals and the corresponding price for Concentrate delivered on
      behalf of the Company, referred to in this clause 9, is set out in
      annexure A to this agreement.

	 	 
	9.6 	
      The following conversion factors and rounding rules shall
      be applied in calculations :

	9.6.1 	
      1 (ONE) kilogram is equal to 32.1507 (THIRTY TWO decimal
      ONE FIVE ZERO SEVEN) troy ounces exactly.

	 	 
	9.6.2 	
      1 (ONE) kilogram is equal to 2.2046 (TWO decimal TWO ZERO
      FOUR SIX) pounds exactly.

	 	 
	9.6.3 	
      Kilograms shall be rounded to 4 decimal places while troy
      ounces, Tonnes and pounds shall be rounded to 3 decimal places.

	 	 
	9.6.4 	
      All metal prices shall be stated in US$ rounded to four
      decimal places.

	 	 
	9.6.5 	
      All metal values shall be stated in US$ rounded to two
      decimal places.

	 	 
	9.6.6 	
      All metal values shall then be converted to South African
      Rands in accordance with clause 9.2 rounded to two decimal
  places.

	 	 
	9.6.7 	
      All penalties shall be rounded to two decimal
    places.

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

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

	  	
       

		
      The following penalties shall apply :

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

	9.7.1.1 	
      the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;

	 	 
	9.7.1.2 	
      the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the
  Refiner;

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

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

	9.7.2.1 	
      the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;

	 	 
	9.7.2.2 	
      the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;

	 	 
	9.7.2.3 	
      the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.

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

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

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

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	9.9.1 	
      the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;

	 	 
	9.9.2 	
      the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;

	 	 
	9.9.3 	
      the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.

	9.10 	
      The monetary amounts referred to in clauses 9.7.1, 9.7.2
      and 9.8 shall be increased annually by the same percentage as the Annual
      Average Increase. The increase shall be effective from 1 July of each
      year; commencing with effect from 1 July 2008.

	 	 
	9.11 	
      In the event that any price element or exchange rate
      ceases to be published, the Parties will agree a substitute price or in
      the absence of agreement, such substitute price will be determined by
      arbitration in terms of clause 14.

	 	 
	9.12 	
      For the avoidance of doubt, all of the provisions of this
      clause 9, except as specifically otherwise provided in terms of clauses
      9.8 and 9.9 above, shall be applied to each separately identifiable
      Concentrate stream independently.

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	10. 	
      PAYMENT

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

	10.2 	
      The Company shall ensure that timeous invoices, including
      value-added tax invoices, are issued to the Refiner to enable payment to
      be made in terms of this clause 10. The Refiner shall ensure the timeous
      provision of all information required by the Company to enable the Company
      to provide timeous invoices.

	 	 
	10.3 	
      Any amount due but unpaid by the Refiner to the Company
      shall bear interest at Prime plus 2% (TWO PERCENT), from the date upon
      which payment fell due until the date of final payment, both days
      inclusive. Such interest shall be payable together with the capital sum
      due.

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

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	12. 	
      CONFIDENTIALITY

	12.1 	
      The Parties shall at all times during the currency of
      this agreement, keep all details as to the quantity of Concentrate
      delivered and the values of Payable Metals in Concentrate, strictly
      confidential.

	 	 
	12.2 	
      Notwithstanding the provisions of clause 12.1, the
      Refiner shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is bona fide and necessary for the purposes of
      carrying out its duties under this agreement, or where such disclosure is
      required in terms of applicable law, or to any holding company of a Party
      (including but not limited to Anglo Platinum Limited and/or Anglo American
      Plc) for such companies to take informed decisions regarding this
      agreement.

	 	 
	12.3 	
      Notwithstanding the provisions of clause 12.1, the
      Company shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is required to be given, made or published by law or under
      the rules and regulations of any relevant stock exchange or any applicable
      regulatory authority, in which case the Company shall, to the extent
      possible, give the Refiner reasonable written notice thereof together with
      drafts or copies thereof, as soon as is reasonable practicable provided
      that in the event that the Company becomes legally compelled to disclose
      any such information, the Company will provide the Refiner with prompt
      notice, to the extent possible, so that it may seek
a

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      protective order or other appropriate remedy and/or waive
      compliance with the provisions of this clause 12. In the event that such
      protective order or other remedy is not obtained, or that the Refiner
      waives compliance with the provisions of this clause 12, the Company may
      disclose without liability under this clause 12 only that portion of such
      information which the Company, after receiving legal advice is legally
      required to be disclosed and shall co-operate with the Refiner to obtain
      reliable assurance that confidential treatment will be afforded such
      information that is so disclosed.

	 	 
	12.4 	
      Notwithstanding the provisions of clause 12.1, the
      Company shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is required to be given to a financier of the Mine and/or
      the Concentrator and/or the Company and/or any holding company of the
      Company, in which case copies of the relevant disclosure shall be given to
      the Refiner prior to such disclosure and the relevant financier shall sign
      an appropriate confidentiality undertaking drafted by the Refiner prior to
      such disclosure.

	 	 
	12.5 	
      The obligation of confidentiality in terms of clause 12.1
      shall cease to apply to any information which ceases to be confidential or
      becomes public knowledge through no fault of the
Parties.

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	13. 	
      FORCE MAJEURE

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

	 	 
	13.2 	
      If the Refiner is the Party invoking Force Majeure in
      terms of clause 13.1 within another 48 (FORTY EIGHT) hours after the 48
      (FORTY EIGHT) hours referred to in clause 13.1, the Refiner shall advise
      the Company of an alternative facility for delivery, failing which the
      Company shall be entitled to

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      make alternative arrangements to sell the Concentrate to
      a third party during the period of the Force Majeure and for a maximum
      period of 3 (THREE) months after the anticipated end of the Force Majeure
      (as notified and adjusted by the Refiner from time to time); provided that
      the Company resumes the sale of all of its Concentrate to the Refiner in
      terms of this agreement once the Refiner is again able to accept delivery
      on condition that such resumption shall take place only after the expiry
      of the said period of the alternative arrangements aforesaid. In terms of
      this clause, the Refiner will be obliged to provide the Company with a
      written estimate of the time required to overcome the Force Majeure event
      and an estimated date from which the Refiner will resume receipt of
      Concentrate from the Company, which written estimate the Refiner will
      update from time to time, but in any event on at least a weekly
    basis.

	 	 
	13.3 	
      Any Party invoking Force Majeure shall use its best
      endeavours to terminate the circumstances giving rise to Force Majeure and
      upon termination of the circumstances giving rise thereto, shall forthwith
      give written notice thereof to the other Parties.

	 	 
	13.4 	
      If the full and proper implementation of this agreement
      is precluded by any of the events or a combination of the events
      contemplated in clause 13.1 for a period of more than 12 (TWELVE)
      consecutive Months at any one time, then and in such event the Parties
      shall endeavour to conclude new arrangements equitable to both of them and
      should they fail to agree upon any such new arrangements within 90
      (NINETY) days of any of the Parties calling upon
the

 

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

	14. 	
      DISPUTE
RESOLUTION

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

	14.1.1 	
      the Company shall nominate 3 (THREE) persons as Referees
      all of whom shall be individuals with appropriate knowledge of the subject
      matter submitted to him or her, independent and free from any conflict or
      interest in dealing with the matter submitted to him or her;

	 	 
	14.1.2 	
      the Company shall nominate the persons mentioned in
      clause 14.1.1 by notice in writing to the Refiner within 14 (FOURTEEN)
      days of the date of the notice referring dispute for determination by a
      Referee;

	 	 
	14.1.3 	
      the Refiner shall select 1 (ONE) of the Company’s
      appointees within 14 (FOURTEEN) days of the furnishing of the list by the
      Company to the Refiner;

	 	 
	14.1.4 	
      the Referee shall at all times be acting solely as an
      expert and not as an arbitrator;

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	14.1.5 	
      the Referee shall decide the matter submitted to him or
      her and the procedure to be followed including, but not limited to, the
      questions of the holding of a hearing or a decision on the basis of
      written documents, the representation of parties at any hearing, and of
      the costs of such proceedings, in such manner and on such basis as he or
      she in his or her sole discretion considers to be fair, just and equitable
      under the circumstances then prevailing, subject to the proviso that both
      Parties shall be entitled to an equal opportunity for the submission of
      such written and/or oral representations as the Referee may, in his or her
      discretion, determine;

	 	 
	14.1.6 	
      accordingly, neither the Arbitration Act, any other Act
      of Parliament or Law nor the rules of law, custom and practice governing
      hearings, evidence or procedure need be observed or taken into account by
      him or her;

	 	 
	14.1.7 	
      both Parties shall be bound to continue with such
      proceedings and, insofar as may be necessary, irrevocably consent thereto
      including, but not limited to, the continuation of such proceedings should
      either Party unilaterally withdraw therefrom;

	 	 
	14.1.8 	
      the decision of the Referee shall be final and binding on
      both Parties, and not capable of review, appeal or reference to
      arbitration in terms of clause 14.2 and may be made an Order of any Court
      selected by either Party, for which purpose the other Party consents to
      its jurisdiction.

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	14.2 	
      Unless otherwise specifically provided for in this
      agreement, in the event of there being any dispute or difference between
      the Parties arising out of this agreement, the said dispute or difference
      shall on written demand by either Party be submitted to arbitration in
      Johannesburg in accordance with the Arbitration Foundation of South Africa
      (“AFSA”) rules for commercial arbitration, which arbitration shall be
      administered by AFSA.

	 	 
	14.3 	
      Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the Parties to the dispute or failing
      agreement within 10 (ten) business days of the demand for arbitration,
      then any Party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 (ten) years standing as such. The person so nominated shall be the
      duly appointed arbitrator in respect of the dispute. In the event of the
      attorneys of the Parties to the dispute failing to agree on any matter
      relating to the administration of the arbitration, such matter shall be
      referred to and decided by the arbitrator whose decision shall be final
      and binding on the Parties to the dispute.

	 	 
	14.4 	
      Any Party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration.

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	14.5 	
      Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.

	 	 
	14.6 	
      Any arbitration in terms of this clause 14 (including any
      appeal proceedings) shall be conducted in camera and the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.

	 	 
	14.7 	
      This clause 14 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
Agreement.

	 	 
	14.8 	
      The Parties agree that the written demand by a party to
      the dispute in terms of clause 14.2 that the dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.

	15. 	
      DOMICILIUM

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

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

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

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

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

as well as at: 

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

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

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	15.3 	
      All notices, demands, communications or payments intended
      for either Party shall be made or given at such Party’s domicilium for the
      time being.

	 	 
	15.4 	
      A notice sent by one Party to another Party shall be
      deemed to be received:

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

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

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

	16. 	
      COSTS

	 	 
		
      Each Party shall bear its own costs incurred in
      negotiating and drafting this agreement.

	 	 
	17. 	
      VAT

	 	 
		
      All amounts cited in this agreement are cited exclusive
      of Value Added Tax.

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      18. 
	
      GOVERNING LAW 

	
      
	
      

	 	 
		
      This agreement shall be governed by and shall be
      interpreted in accordance with the laws of South Africa. Subject to clause
      14, each of the Parties consents and submits to the non-exclusive
      jurisdiction of the High Court of South Africa (Witwatersrand Local
      Division) for all purposes in connection with this agreement. 

	
      
	
      

	 	 
	
      19. 
	
      SEVERABILITY OF PROVISIONS 

	
      
	
      

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

	
      
	
      

	 	 
	
      20. 
	
      GENERAL 

	20.1 	
      This document constitutes the sole record of the
      agreement between the Parties in regard to the subject matter of this
      agreement.

	 	 
	20.2 	
      Neither of the Parties shall be bound by any express or
      implied term, representation, warranty, promise or the like, not recorded
      herein.

	 	 
	20.3 	
      No addition to, variation or consensual cancellation of
      this agreement shall be of any force or effect unless in writing and
      signed by or on behalf of the Parties.

	CIS/ANGL12-CS28 
	1104/JL/Clean 
	20/12/2007 
	Page 52

	20.4 	
      No indulgence which any of the Parties (“the Grantor”)
      may grant to the others (“the Grantees”) shall constitute a waiver of any
      of the rights of the Grantor, who shall not thereby be precluded from
      exercising any rights against the Grantees which might have arisen in the
      past or which might arise in the future.

	 	 
	20.5 	
      The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to produce the
      doing of all such things, the performance of all such actions and the
      taking of all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
      conditions and import of this agreement.

	 	 
	20.6 	
      This agreement shall be binding on the successors in
      title of the Company to the Mine and each shall ensure on a disposal or
      alienation of the Mine that their rights and obligations hereunder are
      ceded and assigned to the acquirer. Furthermore, on the first day after
      the Interim Period the Company shall procure that New Opco concludes a new
      agreement with the Refiner on the terms and conditions set out in Annex
      “B” hereto. The Refiner shall ensure on a disposal of its interests in the
      properties on which the Smelter is situated and/or the Smelter that its
      successors in title are bound by the provisions of this agreement subject
      to the termination provisions set out in this
agreement.

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

	21. 	
      CESSION, ASSIGNMENT, SUB-GRANTING, HYPOTHECATION,
      ALIENATION

	 	 
		
      Neither of the Parties shall be entitled to cede or
      assign any of their rights or obligations under this agreement without the
      prior written consent of the other Parties.

	 	 
	22. 	
      BREACH

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

 

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

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

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

	23.1 	
      It is recorded that the Company has entered into an
      agreement with, inter alia, the Refiner on 10 August 1995 styled a
      memorandum of agreement (smelting and refining) in terms of which the
      Refiner accepts and smelts concentrate owned by the Company and the
      Refiner agrees to refine the precious metals together with their
      associated minerals for and on behalf of the Company.

	 	 
	23.2 	
      It is hereby recorded that the Company has given written
      notice to the Refiner and the other parties to the said agreement
      terminating such agreement with effect from 1 January 2008, but subject to
      the fulfilment of the suspensive condition in clause4.9.

	 	 
	23.3 	
      It is further recorded that a base metals agency
      agreement and precious metals agency agreement exist by and between the
      Company and the Refiner. To the extent that these agreements are of full
      force and effect as at 1 January 2008, the Parties shall procure the
      termination of these agreements to the extent that they relate to the
      Company and to the extent that they have any bearing or relation to the
      subject matter of this agreement.

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

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

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

AS WITNESSES:

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

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

AS WITNESSES:

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

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

ANGL12-CS19 
(RS\AGR\AMPLATS\ANOORAQ ADDENDA\

ANGL12-CS19 SECOND ADDENDUM TO 
SALE OF CONCENTRATE AGR) 
MT/AC/gvh

11.06.09 

 

SECOND ADDENDUM TO THE SALE OF 

BUSINESS AGREEMENT AND FIRST ADDENDUM TO

THE CONTRACTOR AGREEMENT

 

between

 

RUSTENBURG PLATINUM MINES LIMITED

 

and

 

LEBOWA PLATINUM MINES LIMITED

 

 

ANGL12-CS19 
(RS\AGR\AMPLATS\ANOORAQ ADDENDA\

ANGL12-CS19 SECOND ADDENDUM TO 
SALE OF CONCENTRATE AGR) 
MT/AC/gvh

     

SECOND ADDENDUM TO THE SALE OF 

BUSINESS AGREEMENT AND FIRST ADDENDUM TO

THE CONTRACTOR AGREEMENT

between

RUSTENBURG PLATINUM MINES LIMITED

and 

LEBOWA PLATINUM MINES LIMITED

(“the Agreements”) 

 

AMENDMENT TO THE AGREEMENTS

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

	““Fulfilment Date” 	the last day of the calendar
      month during which the Transfer is registered.” 

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

 

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

 

For and on behalf of 

RUSTENBURG PLATINUM MINES
LIMITED

by 

_____________________________________
who warrants his
authority hereto 

 

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

 

For and on behalf of 

LEBOWA PLATINUM MINES
LIMITED

by 

_____________________________________
who warrants his
authority hereto 

ANGL12-CS19 
(RS\AGR\AMPLATS\ANOORAQ ADDENDA\

ANGL12-CS19 THIRD ADDENDUM TO 
SALE OF CONCENTRATE AGR)

AC
25.06.09 

 

THIRD ADDENDUM TO THE SALE OF 

CONCENTRATE AGREEMENT

 

between

 

RUSTENBURG PLATINUM MINES LIMITED

 

and

 

LEBOWA PLATINUM MINES LIMITED

 

 

ANGL12-CS19 
(RS\AGR\AMPLATS\ANOORAQ ADDENDA\

ANGL12-CS19 THIRD ADDENDUM TO 
SALE OF CONCENTRATE AGR) 
AC

THIRD ADDENDUM TO THE SALE OF CONCENTRATE

AGREEMENT DATED 28 MARCH 2008 AS AMENDED

between

RUSTENBURG PLATINUM MINES LIMITED

and 

LEBOWA PLATINUM MINES LIMITED

(“the Agreement”) 

	1. 	
      AMENDMENTS TO THE
AGREEMENT

	1.1 	
      Clause 4 of the Agreement is hereby amended
  by:

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

	 	 
	1.1.2 	
      the deletion of clause 4.3 and the substitution therefor
      of the following:

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

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

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

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

 

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

 

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

 

For and on behalf of 

RUSTENBURG PLATINUM MINES
LIMITED

by 

_____________________________________
who warrants his
authority hereto 

 

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

 

For and on behalf of 

LEBOWA PLATINUM MINES
LIMITED

by 

  _____________________________________

  who warrants his authority hereto 

 

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

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

 

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

 

For and on behalf of 

RICHTRAU NO 177 (PROPRIETARY)
LIMITED

by 

  _____________________________________

  who warrants his authority hereto 

 

 

ANNEXURE “B”

 

SALE OF CONCENTRATE AGREEMENT

 

between/amongst 

 

RUSTENBURG PLATINUM MINES LIMITED 

 

and

 

RICHTRAU NO. 177 (PROPRIETARY) LIMITED

 

	TABLE OF
      CONTENTS 

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

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

SALE OF CONCENTRATE AGREEMENT

	1. 	
      PARTIES

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

	2. 	
      INTERPRETATION

	2.1 	
      The headnotes to the clauses of this agreement are
      inserted for reference purposes only and shall not govern or affect the
      meaning or interpretation thereof.

	 	 
	2.2 	
      In this agreement the following terms shall bear the
      following meanings :

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

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

	
      2.2.3 
	
      Average Annual Increase 
	
      the average annual percentage inflationary rate increase
      calculated for the preceding Calendar Year applied with effect from 1 July
      every year according to the following formula: 

	  	  	  
	  	  	A = (X x B) + (Y x SACPI) + (Z x
      C) 

where 

	 	A = 	
      the Average Annual Increase; 

	 	  	
      

	 	X = 	
      the labour cost portion of total cash operating cost of
      smelting, treatment and refining of the Refiner; 

	 	  	
      

	 	Y = 	
      non-labour or non-utilities cost portion of total cash
      operating cost of smelting, treatment and refining of the Refiner;
  

	 	  	
      

	 	Z =	
      the utilities cost portion of

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

	 		 total cash operating cost of
        smelting, treatment and refining of the Refiner; 

	 	  	  	  

	 	B = 	 weighted annual average increase
        (expressed as a percentage) in wages for the smelting, treatment and refining
        division of the Refiner, calculated as follows: 

	 	 	 	  

	 		B = 	 (A1xA2) + (B1xB2) + (C1xC2)
        divided by (A1+B1+C1) 

	 	  	  	  

	 	  	  	 where: 

	 	  	  	  

	 			 A1, B1, C1 = the actual labour
        cost for each band of labour where wage rate increases are agreed upon
        by the Refiner and its respective labour 

 

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

unions ; 

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

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

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

 

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

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

	2.2.4 	Business Day 	
      any day other than a Saturday, Sunday or official public
      holiday in the Republic of South Africa; 

	  	  	
       

	2.2.5 	Calendar Year 	
      January 1st to December 31st; 

	  	  	
       

	2.2.6 	Commercial Committee 	
      the Commercial Committee referred to in clause 8.9;
    

	  	  	
       

	2.2.7 	Company 	
      Richtrau No. 177 (Proprietary) Limited, a private company
      incorporated in 

  

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

			
      accordance with the laws of the Republic of South Africa
      under Registration No. 2007/016001/07, acting by itself or through its
      duly appointed contractor; 

	  	  	
       

	2.2.8 	Concentrate 	
      any treatable product bearing Payable Metals which is
      obtained from mining and processing the ore bodies in, on and under the
      Properties, which, as at the Signature Date, is obtained through the
      process of crushing and flotation whereby the Payable Metals, including
      waste, are treated in a Concentrator before the commencement of the
      smelting and refining process and which will be filter cake and not
      slurry. The Concentrate arising from each separately identifiable
      Concentrator will be treated, for purposes of this agreement, as a
      separate Concentrate stream to which the provisions of this agreement
      shall be separately applied, unless the context clearly indicates
      otherwise. It is specifically recorded that, as at the Signature Date, the
      Company’s business consists of 2 (TWO) separately identifiable Concentrate
      streams, namely 

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

			
      the Merensky Concentrator and the UG2 Concentrator;
    

	  	  	
       

	2.2.9 	Concentrator Manager 	
      the juristic entity or natural person nominated by New
      Opco and appointed by the Company to manage the day-to-day operations of
      the Concentrators on behalf of the Company; 

	  	  	
       

	2.2.10 	Concentrators 	
      any facilities which are utilised to treat the ore
      extracted from the Mine and which produce a Concentrate; 

	  	  	
       

	2.2.11 	Cost Month 	
      a Month, or other notified periods of not more than 31
      (THIRTY ONE) days, as determined by the Refiner for the cost accounting
      system applied for the Smelter from time to time; 

	  	  	
       

	2.2.12 	Deleterious Material 	
      any material, which in the reasonable view of the
      Refiner, may or will cause harm or damage to the equipment of the Refiner
      and/or which may or will have a negative effect on the operations,
      environment 

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

	  	  	
      and/or the potential recoveries; 

	  	  	
       

	2.2.13 	Dry Mass 	
      the mass of Concentrate after deducting the relevant
      moisture content; 

	  	  	
       

	2.2.14 	4T Grade 	
      the Concentrate grade, calculated as the total number of
      grammes of platinum (Pt) + palladium (Pd) + rhodium (Rh) + gold (Au) per
      dry Tonne of Concentrate; 

	  	  	
       

	2.2.15 	Interim Period 	
      the period defined as such in the Original Agreement;
    

	  	  	
       

	2.2.16 	JEC 	
      the Joint Evaluation Committee referred to in clause 8.1;
      

	  	  	
       

	2.2.17 	Mass 	
      Dry Mass unless otherwise stated; 

	  	  	
       

	2.2.18 	Mine 	
      when used as a noun, shall mean the excavations and
      associated workings operated by the Company or its contractor/s on the
      Properties, including the Concentrators, the mining area (as defined in
      section 1 of MPRDA), and all buildings, structures, roads and
      appurtenances used 

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

			
      or intended to be used for the purposes of searching for,
      winning, exploitation and concentrating of Payable Metals underlying the
      Properties; 

	  	  	
       

	2.2.19 	Month 	
      a calendar month; 

	  	  	
       

	2.2.20 	Original Agreement 	
      the agreement for the Sale of Concentrate between the
      Refiner and Lebowa Platinum Mines Limited to which a draft of the
      agreement was annexed as Annexure “B”; 

	  	  	
       

	2.2.21 	Parties 	
      the Refiner and the Company and “Party” means a reference
      to either one of them; 

	  	  	
       

	2.2.22 	Payable Metals 	
      the metals upon which the selling price (being the price
      payable by the Refiner to the Company under this agreement) is to be
      determined, namely platinum, palladium, rhodium, gold, iridium (Ir) and
      ruthenium (Ru) and the base metals nickel (Ni), and copper (Cu);

	  	  	
       

	2.2.23 	Prime 	
      the publicly quoted basic rate of interest (per centum,
      per annum, compounded 

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

			
      monthly in arrear and calculated on a 365 (THREE HUNDRED
      AND SIXTY FIVE) day year irrespective of whether the year is a leap year)
      from time to time published by the Standard Bank of South Africa Limited
      as being its prime overdraft interest rate for its most favoured corporate
      customers as certified by any manager of such bank whose authority,
      appointment and 

	  	  	designation need not be proved;
    
	  	  	 
	2.2.24 	Properties 	the following properties : 
	  	  	 
	  	  	- the farm Diamand 422 KS;
    
	  	  	 
	  	  	- a portion of the farm Zeekoegat
      421 KS; 
	  	  	 
	  	  	- the farm Middelpunt 420 KS;
  
	  	  	 
	  	  	- the farm Umkoanestad 419 KS;
  
	  	  	 
	  	  	- the farm Wintersveld 417 KS;
  
	  	  	 
	  	  	- the farm Brakfontein 464 KS;
  

  

.

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

			
      - the farm Jagdlust 418 KS (portion 1 and the remaining
      extent); 

	  	  	
       

	2.2.25 	Quarter 	
      a calendar quarter ending on the last day of each March,
      June, September and December of each Calendar Year of this agreement;
    

	  	  	
       

	2.2.26 	Quotational Period 	
      the Cost Month preceding the Month in which payment is to
      be made, which is used for determining pricing (being the consideration
      payable by the Refiner to the Company under this agreement) and exchange
      rate; 

	  	  	
       

	2.2.27 	Referee 	
      a referee appointed in accordance with the provisions of
      clause 14.1; 

	  	  	
       

	2.2.28 	Refiner 	
      Rustenburg Platinum Mines Limited, a public company
      incorporated in accordance with the laws of South Africa under
      Registration No. 1931/003380/06; 

	  	  	
       

	2.2.29 	Refinery 	
      a facility or facilities utilised by the Refiner for the
      further treatment of the product 

	CIS/ANGL12-CS28 
	1116/JL/Clean 
	20/12/2007 
	Page 13

	  	  	
      arising from the Smelter; 

	  	  	
       

	2.2.30 	Signature Date 	
      the date on which the last Party to sign this agreement
      signs it; 

	  	  	
       

	2.2.31 	Smelter 	
      the facility designated by the Refiner for the treatment
      of the Concentrates referred to in this agreement; unless otherwise
      specified, this shall initially be the Polokwane Smelter although
      thereafter, it shall be any other smelter designated by the Refiner in
      writing, provided that the Refiner shall use its reasonable endeavours to
      ensure that the closest smelter to the Mine is used at all times and that
      such smelter shall be situated within the Republic of South Africa;
  

	  	  	
       

	2.2.32 	Tonne 	
      a metric tonne within the meaning of the term attributed
      to it by the International System of Units (SI), and being equivalent to 1
      000 (ONE THOUSAND) kilograms; and 

	  	  	
       

	2.2.33 	US$ 	
      the currency of the United States of America.
  

	CIS/ANGL12-CS28 
	1116/JL/Clean 
	20/12/2007 
	Page 14

	2.3 	
      If any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it is only in the definition clause, effect shall be
      given to it as if it were a substantive provision of this
  agreement.

	 	 
	2.4 	
      Any reference to an enactment is to that enactment as at
      the Signature Date and, in the event that any right and/or obligation
      shall arise in terms of this agreement in respect of and/or in connection
      with such enactment after the Signature Date, such reference shall be to
      that enactment as amended and/or replaced as at the date for performance
      of such right and/or obligation.

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

	2.5.1 	
      any gender includes the other genders;

	 	 
	2.5.2 	
      a natural person includes an artificial person and vice
      versa;

	 	 
	2.5.3 	
      the singular includes the plural and vice
  versa.

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

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	2.7 	
      The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the party responsible for the
      drafting or preparation of this agreement, shall not apply.

	 	 
	2.8 	
      The schedules to this agreement form an integral part
      hereof and words and expressions defined in this agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedules.

	3. 	
      INTRODUCTION

	 	 
		
      The Company has undertaken to sell the Concentrate
      derived from the ore mined from the Properties to the Refiner on the terms
      and conditions set out in this agreement and the Refiner has agreed to
      purchase the Concentrate.

	 	 
	4. 	
      COMMENCEMENT, DURATION AND SUSPENSIVE
      CONDITION

	4.1 	
      This agreement shall commence on the Signature
    Date.

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

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      end of the Initial Period on the terms and conditions set
      out herein (save for this clause 4.2).

	 	 
	4.3 	
      The Parties record that as at the Signature Date there is
      no Deleterious Material in the Concentrate.

	 	 
	4.4 	
      Should there be any material change in the process of
      producing Concentrate, or should there be any change in applicable law,
      which potentially results in new Deleterious Material being present in the
      Concentrate, the Company shall, prior to the delivery of such Concentrate,
      provide the Refiner with an analysis of all substances contained in the
      Concentrate to be produced, to enable the Refiner to identify all
      Deleterious Material that may be contained in the Concentrate. The
      analysis will be a Concentrate analysis by x-ray fluorescence and a trace
      element scan by Inductive Coupled Plasma. The Refiner shall, within 10
      (TEN) days after receipt of the analysis from the Company, provide a list
      of the Deleterious Material, identified by the analysis, which is
      contained in the Concentrate. This list will set out the maximum
      acceptable limit of each individual Deleterious Material that the Refiner
      will accept. The Parties shall agree on a final list of Deleterious
      Material and maximum acceptable limit for such Deleterious Material,
      failing which agreement within 20 (TWENTY) Business Days of the analysis
      being delivered the matters in dispute will be referred by either Party to
      a Referee to determine whether a substance is Deleterious Material and
      what the maximum acceptable limit shall be.

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

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

	4.6.1 	
      it is not reasonably possible to remove the Deleterious
      Material or reduce the Deleterious Material to an agreed acceptable
      level;

	 	 
	4.6.2 	
      the Concentrate so sold to a third party shall be limited
      to the Concentrate so refused by the Refiner;

	 	 
	4.6.3 	
      the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;

	 	 
	4.6.4 	
      the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.

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

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	5. 	
      SALE AND
PURCHASE

	5.1 	
      The Company shall sell all of the Concentrate produced
      from ore mined from the Properties to the Refiner for so long as this
      agreement is in force and on the terms set out in this agreement. For the
      avoidance of doubt, the Company shall procure that all Concentrate derived
      from ore (regardless of the owner of the ore or the Concentrate, as the
      case may be) derived from the Properties, shall be sold to the Refiner,
      subject to the terms of this agreement.

	 	 
	5.2 	
      The Refiner shall be required to purchase all of the
      Concentrate produced at the Mine and delivered for and on behalf of the
      Company in accordance with the provisions of this agreement save that, in
      the event of the Refiner being unable to accept delivery owing to
      unscheduled maintenance or repairs (which shall be all maintenance and
      repairs other than “scheduled maintenance and repairs” as defined in
      clause 5.3 below) which result in downtime, the Refiner shall, by notice
      in writing, designate an alternative facility for delivery or defer
      delivery whilst such maintenance or repairs as are necessary are carried
      out. The additional transport and other charges to transport the
      Concentrate to the alternative facility over and above the charges to
      transport the Concentrate to the Polokwane Smelter shall be borne by the
      Company and the Refiner equally. If the Refiner chooses to designate an
      alternative facility outside of the borders of South Africa, then any
      additional transport and other charges (including customs and export
      levies, surcharges and taxes) incurred by the Company to deliver the
      Concentrate outside of the borders of South Africa in excess of the
      standard transport charges to deliver Concentrate to
the

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      Polokwane Smelter shall be borne by the Refiner. During
      the period that the Refiner is unable to accept delivery and has not
      designated an alternative facility and has deferred delivery, the Company
      shall be entitled to make alternative arrangements to sell the Concentrate
      to a third party during the period of the downtime and for a maximum
      period of 3 (THREE) months after the anticipated end of the downtime (as
      notified and adjusted by the Refiner from time to time); provided that the
      Company resumes the sale of all of its Concentrate to the Refiner in terms
      of this agreement once the Refiner is again able to accept delivery on
      condition that such resumption shall take place only after the expiry of
      the said period of the alternative arrangements aforesaid. In terms of
      this clause, the Refiner will be obliged to provide the Company with a
      written estimate of the time required to complete such maintenance or
      repairs and an estimated date from which the Refiner will resume receipt
      of Concentrate from the Company, which written estimate the Refiner will
      update from time to time, but in any event on at least a weekly
    basis.

	 	 
	5.3 	
      In the event of the Refiner being unable to accept
      delivery owing to scheduled maintenance or repairs (which for purposes of
      this clause shall mean all maintenance or repairs of which at least 6
      (SIX) Months’ written notice is given by the Refiner to the Company and
      which shall endure for no longer than 3 (THREE) Months)) which result in
      downtime, the Refiner must designate in writing an alternative facility
      for delivery whilst such maintenance or repairs are carried out. The
      additional transport charges to transport the Concentrate to the
      alternative facility over and above the charges to transport
  the

 

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

	6. 	
      DELIVERY PLAN

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

	 	 
	6.2 	
      The Company shall further procure that the Concentrator
      Manager furnishes to the Refiner an indicative forecast of the delivery
      plan for the term of this agreement, which delivery plan shall contain
      estimated details of the quantum of dry Tonnes of Concentrate, contained
      quantities of Payable Metals, percentage moisture, and percentage chromite
      to be delivered in each

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      Calendar Year. Thereafter, by not later than 120 (ONE
      HUNDRED AND TWENTY) days prior to the commencement of each year, the
      Company shall procure that the Concentrator Manager furnishes to the
      Refiner, a revised indicative forecast of the delivery plan for each of at
      least the next 3 (THREE) Calendar Years.

	 	 
	6.3 	
      The Company shall use its reasonable endeavours to
      deliver Concentrate in accordance with the delivery plans furnished in
      accordance with clauses 6.1 and 6.2. Should the Company deviate from the
      monthly delivery plans in clause 6.1 in respect of either the quantum of
      dry Tonnes of Concentrate or the contained quantities of Payable Metals or
      the percentage moisture or the percentage chromite by more than 20%
      (TWENTY PERCENT) for a continuous 6 (SIX) month period, this shall be
      deemed to be a breach by the Company for purposes of clause
  22.

	7. 	
      DELIVERY OF
CONCENTRATE

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

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	7.2 	
      Each delivery shall constitute a Concentrate batch and
      the batches delivered in a day shall constitute the daily Concentrate lot,
      in terms of the operational protocol referred to in clause 8.2.

	 	 
	7.3 	
      The Refiner shall procure that, on arrival at the
      Smelter, the weight of Concentrate shall be recorded. The manner of weight
      determination shall be as determined by the JEC, failing which, as
      determined by a Referee.

	 	 
	7.4 	
      The Company and the Refiner may by written agreement
      provide for delivery of Concentrate by other means of transport and such
      agreement shall provide for appropriate methods for determination of
      weight and quality of the Concentrate so
delivered.

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

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

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      Limited shall exercise the said rights of appointment or
      removal on behalf of the Company upon Plateau Resources (Proprietary)
      Limited holding an effective majority shareholding in the
  Company.

	 	 
	8.2 	
      The operational details of the weighing, sampling,
      moisture determination, analytical techniques and sample return mechanisms
      shall be agreed between the Parties through the JEC in accordance with the
      principles contained herein and the operational details shall be defined
      in a suitable operating protocol, prior to the commencement of this
      agreement, which shall be signed by the Company and the Refiner. A quorum
      of the JEC shall consist of at least 1 (ONE) of the representatives
      appointed by each of the Refiner and the Company being present. All JEC
      decisions shall be made by unanimous vote. A dispute at the JEC shall be
      referred to the Commercial Committee for resolution. The Parties shall
      adhere to all processes contained in the said protocol. The protocol may
      only be amended by agreement in writing between the Parties.

	 	 
	8.3 	
      The Company may send a representative to the Smelter to
      be present during the weighing and sampling of the Concentrate. If no
      representative of the Company is present for these activities, the Refiner
      may proceed immediately with the weighing and sampling to facilitate the
      Concentrate transfer.

	 	 
	8.4 	
      The Refiner shall analyse the Concentrate analytical lot
      samples in accordance with the agreed analytical procedure as defined in
      the JEC operating protocol.

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	8.5 	
      On receipt of the analytical results, the Refiner shall
      communicate its findings by facsimile or email to such persons as are
      nominated by the Company in writing from time to time.

	 	 
	8.6 	
      As soon as the Refiner and the Company determine the
      metal contents for each element belonging to a specific lot as further set
      out in the protocol referred to in clause 8.2, the Refiner shall be
      allowed to release any reserve samples into process.

	 	 
	8.7 	
      The Refiner shall, at the end of each Cost Month, prepare
      a reconciliation of the Concentrate delivered to the Smelter, showing the
      mass of Concentrate received, adjusted to a dry basis, which shall be
      deemed to be the tonnage of Concentrate delivered by the Company to the
      Smelter in that Cost Month.

	 	 
	8.8 	
      The Refiner shall also prepare an estimate of the quantum
      of the Payable Metals, for the tonnage of Concentrate deemed to have been
      delivered, as well as the percentage moisture and percentage chromite, and
      the grade, all on a cumulative Monthly basis.

	 	 
	8.9 	
      In terms of this clause 8, the Refiner and the Company
      shall each be represented by at least one nominated person who, together,
      shall form the Commercial Committee for the purposes of this agreement.
      The Commercial Committee shall deal with all commercial matters arising in
      terms of this agreement. All decisions of the Commercial Committee shall
      be made by unanimous vote. A quorum of the Commercial Committee shall
      consist of all

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      the representatives on the Commercial Committee. Any JEC
      recommendations, related to settlement, shall be agreed by the Commercial
      Committee before being implemented. A dispute at the Commercial Committee
      shall be referred to a Referee and the provisions of clause 14.1 shall
      apply.

	 	 
	8.10 	
      For as long as the Company has not nominated a person to
      sit on the Commercial Committee, the Commercial Committee shall not be
      formed.

	 	 
	8.11 	
      Each Party shall be entitled to remove and replace its
      representative/s on the Commercial Committee upon notice in writing to the
      other, provided that Plateau Resources (Proprietary) Limited shall
      exercise the said rights of appointment or removal on behalf of the
      Company while it holds an effective majority shareholding in the
      Company.

	 	 
	8.12 	
      Any dispute on the Commercial Committee shall be referred
      to a Referee for determination if on a technical issue and the provisions
      of clause 14.1 shall apply, while non-technical issues shall be referred
      to arbitration in accordance with clause 14.2. In the event that the
      members of the Commercial Committee cannot agree on whether the matter
      should be referred to an expert or arbitration, the dispute will be
      referred to arbitration.

 

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

	 	- 	
      the official morning and afternoon fixes made for
      Platinum during the Quotational Period on the London Platinum and
      Palladium Market; 

	 	  	
       

	 	- 	
      the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places; 

	 	  	
       

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

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

	 	- 	
      the official morning and afternoon fixes during the
      Quotational Period made for palladium on the London Platinum and Palladium
      Market; 

	 	  	
       

	 	- 	
      the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places; 

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

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

	 	- 	
      the NY dealer Rhodium weekly high and low prices during
      the Quotational Period as reported in Platt’s Metals week; 

	 	  	
       

	 	- 	
      the weekly prices in Platt’s Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Friday’s date shall be used to determine within which
      Quotational Period the Friday’s price will be used to determine the
      average price per ounce. That is, if the Friday’s price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period. 

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

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      - 
	
      the official morning and afternoon fixes made for Gold
      during the Quotational Period on the London Bullion Market; 

	 	  	
       

	 	
      - 
	
      the official morning and afternoon fixes shall be
      averaged for the day to yield an average daily fix, rounded to three
      decimal places; 

	 	  	
       

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

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

	 	
      - 
	
      the NY dealer Iridium weekly high and low prices during
      the Quotational Period as reported in Platt’s Metals week; 

	 	  	  
	 	
      - 
	
      the weekly prices in Platt’s Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Friday’s date shall be used to determine within which
      Quotational Period the Friday’s price will be used to determine the
      average price per ounce. That is if the Friday’s price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period. 

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

		- 	
      the NY dealer Ruthenium weekly high and low prices during
      the Quotational Period as reported in Platt’s Metals week; 

	 	  	
       

		- 	
      the weekly prices in Platt’s Metals Week, published on a
      Monday, refer to the average of the previous week ending the previous
      Friday. The Friday’s date shall be used to determine within which
      Quotational Period the Friday’s price will be used to determine the
      average price per ounce. That is if the Friday’s price is the 1st of
      January then the values quoted shall be used to determine the average
      price during the January Quotational Period. 

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

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		CU 	
      means the value of Copper Tonnes contained in the
      Concentrate delivered on behalf of the Company in the Cost Month, valued
      at the average Copper price denominated in US$ during the Quotational
      Period, less US$160.00 per Tonne. The average shall be determined using
      the official London Metal Exchange monthly average cash price for grade A
      Copper Metal as published by Metals Bulletin, rounded to four decimal
      places. 

	 	  	
       

	 	BS 	
      means the number of batch samples taken in that Cost
      Month 

	 	  	
       

	 	CS 	
      ZAR780 (sampling cost per batch sample) 

	 	  	
       

	 	Tc 	
      Tonnes of Concentrate produced in that Cost Month
  

	 	  	
       

	 	Cc 	
      Treatment charge per Tonne of Concentrate of ZAR700
    

	 	  	
       

		P 	
      means the sum of the applicable penalties as more fully
      defined in clauses 9.7 and 9.8. 

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

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		- 	
      the historical South African Rand Exchange daily bid high
      and bid low rates quoted by Reuters in respect of the applicable currency
      during the Quotational Period; 

	 	 	
       

		- 	
      the daily bid high and bid low values shall be averaged
      to yield a daily average exchange rate; 

	 	 	
       

		- 	
      the daily averages shall then be averaged for the
      Quotational Period, and rounded to four decimal places, to yield the
      average exchange rate. 

	9.3 	
      The amounts expressed in South African Rand, referred to
      in clause 9.1 shall be increased annually by the same percentage increase
      as the Annual Average Increase. The increase shall be effective for
      payment due from 1 July of each year; commencing with effect from 1 July
      2008.

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

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	9.5 	
      An example of the calculation of the values for the
      Payable Metals and the corresponding price for Concentrate delivered on
      behalf of the Company, referred to in this clause 9, is set out in
      annexure A to this agreement.

	 	 
	9.6 	
      The following conversion factors and rounding rules shall
      be applied in calculations :

	9.6.1 	
      1 (ONE) kilogram is equal to 32.1507 (THIRTY TWO decimal
      ONE FIVE ZERO SEVEN) troy ounces exactly.

	 	 
	9.6.2 	
      1 (ONE) kilogram is equal to 2.2046 (TWO decimal TWO ZERO
      FOUR SIX) pounds exactly.

	 	 
	9.6.3 	
      Kilograms shall be rounded to 4 decimal places while troy
      ounces, Tonnes and pounds shall be rounded to 3 decimal places.

	 	 
	9.6.4 	
      All metal prices shall be stated in US$ rounded to four
      decimal places.

	 	 
	9.6.5 	
      All metal values shall be stated in US$ rounded to two
      decimal places.

	 	 
	9.6.6 	
      All metal values shall then be converted to South African
      Rands in accordance with clause 9.2 rounded to two decimal
  places.

	 	 
	9.6.7 	
      All penalties shall be rounded to two decimal
    places.

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

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

	  	  
		The following penalties shall
      apply : 

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

	9.7.1.1 	
      the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;

	 	 
	9.7.1.2 	
      the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the
  Refiner;

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

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

	9.7.2.1 	
      the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;

	 	 
	9.7.2.2 	
      the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;

	 	 
	9.7.2.3 	
      the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.

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

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

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

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	9.9.1 	
      the Concentrate sold to the third party shall be limited
      to the Concentrate so refused by the Refiner;

	 	 
	9.9.2 	
      the Concentrate sold to the third party shall be sold in
      exactly the same form as the Concentrate refused by the Refiner;

	 	 
	9.9.3 	
      the Refiner shall be entitled to verify the quantities
      and quality of Concentrate sold to the third party in terms of the
      operating protocol referred to in clause 8.2.

	9.10 	
      The monetary amounts referred to in clauses 9.7.1, 9.7.2
      and 9.8 shall be increased annually by the same percentage as the Annual
      Average Increase. The increase shall be effective from 1 July of each
      year; commencing with effect from 1 July 2008.

	 	 
	9.11 	
      In the event that any price element or exchange rate
      ceases to be published, the Parties will agree a substitute price or in
      the absence of agreement, such substitute price will be determined by
      arbitration in terms of clause 14.

	 	 
	9.12 	
      For the avoidance of doubt, all of the provisions of this
      clause 9, except as specifically otherwise provided in terms of clauses
      9.8 and 9.9 above, shall be applied to each separately identifiable
      Concentrate stream independently.

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	12. 	
      CONFIDENTIALITY

	12.1 	
      The Parties shall at all times during the currency of
      this agreement, keep all details as to the quantity of Concentrate
      delivered and the values of Payable Metals in Concentrate, strictly
      confidential.

	 	 
	12.2 	
      Notwithstanding the provisions of clause 12.1, the
      Refiner shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is bona fide and necessary for the purposes of
      carrying out its duties under this agreement, or where such disclosure is
      required in terms of applicable law, or to any holding company of a Party
      (including but not limited to Anglo Platinum Limited and/or Anglo American
      Plc) for such companies to take informed decisions regarding this
      agreement.

	 	 
	12.3 	
      Notwithstanding the provisions of clause 12.1, the
      Company shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is required to be given, made or published by law or under
      the rules and regulations of any relevant stock exchange or any applicable
      regulatory authority, in which case the Company shall, to the extent
      possible, give the Refiner reasonable written notice thereof together with
      drafts or copies thereof, as soon as is reasonable practicable provided
      that in the event that the Company becomes legally compelled to disclose
      any such information, the Company will provide the Refiner with prompt
      notice, to the extent possible, so that it may seek
a

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      protective order or other appropriate remedy and/or waive
      compliance with the provisions of this clause 12. In the event that such
      protective order or other remedy is not obtained, or that the Refiner
      waives compliance with the provisions of this clause 12, the Company may
      disclose without liability under this clause 12 only that portion of such
      information which the Company, after receiving legal advice is legally
      required to be disclosed and shall co-operate with the Refiner to obtain
      reliable assurance that confidential treatment will be afforded such
      information that is so disclosed.

	 	 
	12.4 	
      Notwithstanding the provisions of clause 12.1, the
      Company shall be entitled to disclose any information which is required to
      be kept confidential in terms of that clause if and to the extent to which
      the disclosure is required to be given to a financier of the Mine and/or
      the Concentrator and/or the Company and/or any holding company of the
      Company, in which case copies of the relevant disclosure shall be given to
      the Refiner prior to such disclosure and the relevant financier shall sign
      an appropriate confidentiality undertaking drafted by the Refiner prior to
      such disclosure.

	 	 
	12.5 	
      The obligation of confidentiality in terms of clause 12.1
      shall cease to apply to any information which ceases to be confidential or
      becomes public knowledge through no fault of the
Parties.

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	13. 	
      FORCE MAJEURE

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

	 	 
	13.2 	
      If the Refiner is the Party invoking Force Majeure in
      terms of clause 13.1 within another 48 (FORTY EIGHT) hours after the 48
      (FORTY EIGHT) hours referred to in clause 13.1, the Refiner shall advise
      the Company of an alternative facility for delivery, failing which the
      Company shall be entitled to

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      make alternative arrangements to sell the Concentrate to
      a third party during the period of the Force Majeure and for a maximum
      period of 3 (THREE) months after the anticipated end of the Force Majeure
      (as notified and adjusted by the Refiner from time to time); provided that
      the Company resumes the sale of all of its Concentrate to the Refiner in
      terms of this agreement once the Refiner is again able to accept delivery
      on condition that such resumption shall take place only after the expiry
      of the said period of the alternative arrangements aforesaid. In terms of
      this clause, the Refiner will be obliged to provide the Company with a
      written estimate of the time required to overcome the Force Majeure event
      and an estimated date from which the Refiner will resume receipt of
      Concentrate from the Company, which written estimate the Refiner will
      update from time to time, but in any event on at least a weekly
    basis.

	 	 
	13.3 	
      Any Party invoking Force Majeure shall use its best
      endeavours to terminate the circumstances giving rise to Force Majeure and
      upon termination of the circumstances giving rise thereto, shall forthwith
      give written notice thereof to the other Parties.

	 	 
	13.4 	
      If the full and proper implementation of this agreement
      is precluded by any of the events or a combination of the events
      contemplated in clause 13.1 for a period of more than 12 (TWELVE)
      consecutive Months at any one time, then and in such event the Parties
      shall endeavour to conclude new arrangements equitable to both of them and
      should they fail to agree upon any such new arrangements within 90
      (NINETY) days of any of the Parties calling upon
the

 

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

	14. 	
      DISPUTE
RESOLUTION

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

	14.1.1 	
      the Company shall nominate 3 (THREE) persons as Referees
      all of whom shall be individuals with appropriate knowledge of the subject
      matter submitted to him or her, independent and free from any conflict or
      interest in dealing with the matter submitted to him or her;

	 	 
	14.1.2 	
      the Company shall nominate the persons mentioned in
      clause 14.1.1 by notice in writing to the Refiner within 14 (FOURTEEN)
      days of the date of the notice referring dispute for determination by a
      Referee;

	 	 
	14.1.3 	
      the Refiner shall select 1 (ONE) of the Company’s
      appointees within 14 (FOURTEEN) days of the furnishing of the list by the
      Company to the Refiner;

	 	 
	14.1.4 	
      the Referee shall at all times be acting solely as an
      expert and not as an arbitrator;

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	14.1.5 	
      the Referee shall decide the matter submitted to him or
      her and the procedure to be followed including, but not limited to, the
      questions of the holding of a hearing or a decision on the basis of
      written documents, the representation of parties at any hearing, and of
      the costs of such proceedings, in such manner and on such basis as he or
      she in his or her sole discretion considers to be fair, just and equitable
      under the circumstances then prevailing, subject to the proviso that both
      Parties shall be entitled to an equal opportunity for the submission of
      such written and/or oral representations as the Referee may, in his or her
      discretion, determine;

	 	 
	14.1.6 	
      accordingly, neither the Arbitration Act, any other Act
      of Parliament or Law nor the rules of law, custom and practice governing
      hearings, evidence or procedure need be observed or taken into account by
      him or her;

	 	 
	14.1.7 	
      both Parties shall be bound to continue with such
      proceedings and, insofar as may be necessary, irrevocably consent thereto
      including, but not limited to, the continuation of such proceedings should
      either Party unilaterally withdraw therefrom;

	 	 
	14.1.8 	
      the decision of the Referee shall be final and binding on
      both Parties, and not capable of review, appeal or reference to
      arbitration in terms of clause 14.2 and may be made an Order of any Court
      selected by either Party, for which purpose the other Party consents to
      its jurisdiction.

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	14.2 	
      Unless otherwise specifically provided for in this
      agreement, in the event of there being any dispute or difference between
      the Parties arising out of this agreement, the said dispute or difference
      shall on written demand by either Party be submitted to arbitration in
      Johannesburg in accordance with the Arbitration Foundation of South Africa
      (“AFSA”) rules for commercial arbitration, which arbitration shall be
      administered by AFSA.

	 	 
	14.3 	
      Should AFSA, as an institution, not be operating at that
      time or not be accepting requests for arbitration for any reason, then the
      arbitration shall be conducted in accordance with the AFSA rules for
      commercial arbitration (as last applied by AFSA) before an arbitrator
      appointed by agreement between the Parties to the dispute or failing
      agreement within 10 (ten) business days of the demand for arbitration,
      then any Party to the dispute shall be entitled to forthwith call upon the
      chairperson of the Johannesburg Bar Council to nominate the arbitrator,
      provided that the person so nominated shall be an advocate of not less
      than 10 (ten) years standing as such. The person so nominated shall be the
      duly appointed arbitrator in respect of the dispute. In the event of the
      attorneys of the Parties to the dispute failing to agree on any matter
      relating to the administration of the arbitration, such matter shall be
      referred to and decided by the arbitrator whose decision shall be final
      and binding on the Parties to the dispute.

	 	 
	14.4 	
      Any Party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration.

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	14.5 	
      Nothing herein contained shall be deemed to prevent or
      prohibit a party to the arbitration from applying to the appropriate court
      for urgent relief or for judgment in relation to a liquidated
  claim.

	 	 
	14.6 	
      Any arbitration in terms of this clause 14 (including any
      appeal proceedings) shall be conducted in camera and the Parties
      shall treat as confidential details of the dispute submitted to
      arbitration, the conduct of the arbitration proceedings and the outcome of
      the arbitration.

	 	 
	14.7 	
      This clause 14 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of the
Agreement.

	 	 
	14.8 	
      The Parties agree that the written demand by a party to
      the dispute in terms of clause 14.2 that the dispute or difference be
      submitted to arbitration, is to be deemed to be a legal process for the
      purpose of interrupting extinctive prescription in terms of the
      Prescription Act, 1969.

	15. 	
      DOMICILIUM

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

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

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

provided that copies of all notices
shall be served on: 

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

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

	 	 
	15.3 	
      All notices, demands, communications or payments intended
      for either Party shall be made or given at such Party’s domicilium for the
      time being.

	 	 
	15.4 	
      A notice sent by one Party to another Party shall be
      deemed to be received:

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

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

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

	16. 	COSTS 
	 	 
		
      Each Party shall bear its own costs incurred in
      negotiating and drafting this agreement. 

	 	 
	17. 	
      VAT 

	 	 
	  	
      All amounts cited in this agreement are cited exclusive
      of Value Added Tax. 

	 	 
	18. 	
      GOVERNING LAW 

	 	 
		
      This agreement shall be governed by and shall be
      interpreted in accordance with the laws of South Africa. Subject to clause
      14, each of the Parties consents and submits to the non-exclusive
      jurisdiction of the High Court of South Africa (Witwatersrand Local
      Division) for all purposes in connection with this agreement.
  

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

	  	  
	20. 	GENERAL
  

	20.1 	
      This document constitutes the sole record of the
      agreement between the Parties in regard to the subject matter of this
      agreement.

	 	 
	20.2 	
      Neither of the Parties shall be bound by any express or
      implied term, representation, warranty, promise or the like, not recorded
      herein.

	 	 
	20.3 	
      No addition to, variation or consensual cancellation of
      this agreement shall be of any force or effect unless in writing and
      signed by or on behalf of the Parties.

	 	 
	20.4 	
      No indulgence which any of the Parties (“the Grantor”)
      may grant to the others (“the Grantees”) shall constitute a waiver of any
      of the rights of the Grantor, who shall not thereby be precluded from
      exercising any rights against the Grantees which might have arisen in the
      past or which might arise in the future.

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	20.5 	
      The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to produce the
      doing of all such things, the performance of all such actions and the
      taking of all such steps as may be open to them and necessary for or
      incidental to the putting into effect or maintenance of the terms,
      conditions and import of this agreement.

	 	 
	20.6 	
      This agreement shall be binding on the successors in
      title of the Company to the Mine and each shall ensure on a disposal or
      alienation of the Mine that their rights and obligations hereunder are
      ceded and assigned to the acquirer. Furthermore, on the first day after
      the Interim Period the Company shall procure that New Opco concludes a new
      agreement with the Refiner on the terms and conditions set out in Annex
      “B” hereto. The Refiner shall ensure on a disposal of its interests in the
      properties on which the Smelter is situated and/or the Smelter that its
      successors in title are bound by the provisions of this agreement subject
      to the termination provisions set out in this
agreement.

	21. 	
      CESSION, ASSIGNMENT, SUB-GRANTING, HYPOTHECATION,
      ALIENATION

	 	 
		
      Neither of the Parties shall be entitled to cede or
      assign any of their rights or obligations under this agreement without the
      prior written consent of the other Parties.

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	22. 	
      BREACH

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

 

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

AS WITNESSES:

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

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

AS WITNESSES:

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

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