Document:

Filed by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4.09

ANGL12-CS19 
(RS\AGR\AMPLATS\ANGL12-CS19 
PHASE 3
IMPLEMENTATION AGR) 
AC/gvh 28.03.08 

 

PHASE 3 IMPLEMENTATION
AGREEMENT

 

amongst 

 

RUSTENBURG PLATINUM MINES
LIMITED 

 

 

PLATEAU RESOURCES (PROPRIETARY)
LIMITED 

 

and 

 

RICHTRAU NO
179 (PROPRIETARY) LIMITED 

(to be renamed “Bokoni Platinum Holdings (Proprietary)
Limited”) 

 

ANGL12-CS19 
(RS\AGR\AMPLATS\ANGL12-CS19 
PHASE 3
IMPLEMENTATION AGR) 
AC/gvh 

	TABLE OF
      CONTENTS 

	1.
      	PARTIES
      	1
      
	 	 	 
	2.
      	INTERPRETATION
      	1
      
	 	 	 
	3.
      	RECORDAL
      	25
      
	 	 	 
	4.
      	CONDITIONS
      PRECEDENT 	26
      
	 	 	 
	5.
      	IMPLEMENTATION
      	36
      
	 	 	 
	6.
      	TERMINATION
      	36
      
	 	 	 
	7.
      	POST-CLOSING
      DIVIDEND 	37
      
	 	 	 
	8.
      	COSTS
      	37
      
	 	 	 
	9.
      	CONFIDENTIALITY
      	38
      
	 	 	 
	10.
      	BREACH
      	40
      
	 	 	 
	11.
      	DOMICILIUM
      	40
      
	 	 	 
	12.
      	DISPUTE
      RESOLUTION 	42
      
	 	 	 
	13.
      	COUNTERPARTS
      	44
      
	 	 	 
	14.
      	GOVERNING
      LAW 	44
      
	 	 	 
	15.
      	SEVERANCE
      	44
      
	 	 	 
	16.
      	GENERAL
      	45
      

---oOo--- 

	SCHEDULE
      1 	-
      	DRAFT
      BEE PRINCIPLES ACKNOWLEDGMENT LETTER 

ANGL12-CS19
(RS\AGR\AMPLATS\ANGL12-CS19 
PHASE 3
IMPLEMENTATION AGR) 
AC/gvh 

PHASE 3 IMPLEMENTATION AGREEMENT

	1. 	
      PARTIES

	1.1 	
      PLATEAU RESOURCES (PROPRIETARY)
    LIMITED

	 	 
	1.2 	
      RUSTENBURG PLATINUM MINES LIMITED

	 	 
	1.3 	
      RICHTRAU NO 179 (PROPRIETARY)
  LIMITED

	2. 	
      INTERPRETATION

	2.1 	
      The headnotes to the clauses of this Agreement are
      inserted for reference purposes only and shall in no way govern or affect
      the interpretation hereof.

	 	 
	2.2 	
      Unless inconsistent with the context, the expressions set
      forth below shall bear the following meanings:

	 	“AFSA” 	
      Arbitration Foundation of Southern Africa 

	 	  	
       

	 	“Agreement” 	
      this Phase 3 Implementation Agreement, together with all
      the schedule hereto 

	 	  	
       

	 	“Anooraq” 	
      Anooraq Resources Corporation, a public company
      incorporated in 

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      accordance with the laws of British Columbia, Canada,
      registration no. 10022-2033 

	 	  	
       

	 	“Anooraq Agreements” 	
      the agreements and/or written documents recording, as at
      the Closing Date, the composition of the Anooraq Group, the relationship
      amongst the members of the Anooraq Group, and/or any other matter and/or
      issue of relevance to any of the contents hereof, and which agreements
      are: 

	 	1. 	
      the shareholders’ agreement entered into on 19 September
      2004 amongst Pelawan, Anooraq and the Pelawan Trust;

	 	 	 
	 	2. 	
      the subscription and shareholders’ agreement in respect
      of Pelawan (“Pelawan Subscription and Shareholders’ Agreement”), entered
      into on 19 September 2004 amongst Anooraq, the Pelawan
  Trust,

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      African Minerals Professionals (Proprietary) Limited,
      Tshanduko Investments (Proprietary) Limited, Siyanda Trust, Legakabje
      Mining & Exploration (Proprietary) Limited, Basadi-Ba-Bapedi Cultural
      Development Trust, Zonkizizwe Investment Trust, Isolomzi Investments
      (Proprietary) Limited, Ditau Investments Company (Proprietary) Limited,
      Prime Skill Development Trust, African Mining Development Trust, Mookodi
      Trading (Proprietary) Limited, Africa without Boundaries Mining
      (Proprietary) Limited, Leswika Women’s Investments (Proprietary) Limited,
      Figure Eight Investments (Proprietary) Limited, Miracle Mile Investments
      74 (Proprietary) Limited and Pelawan;

	 	 	 
	 	3. 	
      the amendment to the Pelawan

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      Subscription and Shareholders’ Agreement, entered into on
      29 September 2004;

	 	 	 
	 	4. 	
      the share exchange agreement entered into on 21 January
      2004 between Pelawan and Anooraq, as amended by the addenda thereto dated
      20 September 2004 and 11 November 2005; and

	 	 	 
	 	5. 	
      the trust deed of the Pelawan Trust, entered into on 2
      September 2004

	 	
      “Anooraq Due Diligence” 
	
      the due diligence investigation currently being
      undertaken by Anooraq and Plateau, and constituting a comprehensive
      technical, financial, legal and regulatory investigation into respectively
      Lebowa and the LPM Business, in order to establish whether there exists
      any fact and/or circumstances which, had Plateau had insight into such
      fact and/or 

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      circumstance, would have deterred Plateau from entering
      into any of the Transactional Agreements to which it is a party, either on
      the relevant terms and conditions, or at all 

	 	  	
       

	 	“Anooraq Group” 	
      the group of entities comprising Anooraq, the Anooraq
      Parties and their respective direct and indirect Subsidiary Companies,
      from time to time 

	 	  	
       

	 	“Anooraq Parties” 	
      the Anooraq Parties, as defined in the Holdco
      Shareholders’ Agreement 

	 	  	
       

	 	“APL” 	
      Anglo Platinum Limited, a public company incorporated in
      accordance with the laws of the Republic, registration no. 1946/022452/06
      

	 	  	
       

	 	“APL Due Diligence” 	
      the due diligence investigation currently being
      undertaken by RPM in respect of the compliance by the Anooraq Parties with
      all requirements in respect of BEE (including, without limitation, the
      participation in all relevant structures by women and communities), and to
      

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      establish whether there is any fact and/or circumstance
      which prevents Plateau from entering into and/or completing the
      Transactional Agreements to which it is party, in accordance with their
      terms and/or from complying fully and in all respects with all of its
      obligations (including, without limitation, its obligation to procure that
      the Anooraq Parties shall undertake various actions) arising in terms of
      and/or in connection with the Holdco Shareholders’ Agreement 

	 	  	 
	 	
      “APL Group” 
	
      the group of entities comprising APL, RPM, Holdco, Opco,
      Lebowa and their respective direct and indirect Subsidiary Companies, from
      time to time 

	 	  	 
	 	
      “APL Old Order Rights” 
	
      all old order rights (as defined in Schedule II of the
      MPRD Act) held, as at the Signature Date, by the companies comprising the
      APL Group, as at the Signature Date, including (without limitation) the
      Old Order 

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      Rights, as set out in the list attached to the Holdco
      Shareholders’ Agreement as Schedule 6 

	 	  	
       

	 	“BEE” 	
      broad-based black economic empowerment, as envisaged in
      terms of the MPRD Act and/or the Charter 

	 	  	
       

	 	“Boikgantsho Sale Assets” 	
      the Sale Assets, as defined in the Boikgantsho Sale of
      Rights Agreement 

	 	  	
       

	 	“Boikgantsho Sale of Rights
      Agreement” 	
      the Boikgantsho Sale of Rights Agreement entered into, or
      to be entered into, amongst Plateau, RPM and Boikgantsho, in terms whereof
      Plateau and RPM shall respectively sell certain of the Boikgantsho Sale
      Assets to Boikgantsho 

	 	  	
       

	 	“Business” 	
      collectively, the Ga-Phasha Business, the LPM Business,
      the Boikgantsho Sale Assets and the Kwanda Sale Assets 

	 	  	
       

	 	“Business Day” 	
      every day except Saturdays, Sundays and statutory
      holidays in the Republic 

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	 	  	and/or British Columbia 
	 	  	  
	 	
      “Charter” 
	
      the Broad Based Socio Economic Empowerment Charter for
      the South African Mining Industry (together with the Scorecard), dated 11
      October 2002, published in terms of the provisions of Section 100(2)(a) of
      the MPRD Act, under Government Gazette (No. 26661 of 13 August 2004)
    

	 	  	  
	 	“Closing Date” 	the date being either:
  

	 	1. 	
      the first day of the calendar month immediately following
      the Fulfilment Date; or

	 	 	 
	 	2 	
      in the event that the Fulfilment Date shall be on or
      after the sixth last Business Day of any month, the first day of the
      second calendar month immediately following the Fulfilment Date;
  or

	 	 	 
	 	3 	
      the Fulfilment Date,

 

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as elected by Plateau, by delivery to
RPM and Holdco of a Closing Date Notice, by no later than:

	 	(a) 	
      in the event that Plateau elects either of the dates
      contemplated in 1 and 2 above, the close of business on the Fulfilment
      Date; or

	 	 	 
	 	(b) 	
      in the event that Plateau elects the date contemplated in
      3 above, the date on which the Condition in clause 4.1.7 shall have been
      fulfilled,

provided that in the event that Plateau
  shall have failed to deliver the Closing Date Notice within the time periods
  specified above, the Closing Date shall be the first day of the calendar month
  immediately following the Fulfilment Date 

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	 	“Closing Date Notice” 	
      a written notice by Plateau in which it specifies its
      election of the date which shall constitute the Closing Date 

	 	  	
       

	 	“Companies Act” 	
      the Companies Act, 1973 (Act 61 of 1973) 

	 	  	
       

	 	“Competition Act” 	
      the Competition Act, 1998 (Act 89 of 1998) 

	 	  	
       

	 	“Competition Authorities” 	
      the Competition Commission, the Competition Tribunal
      and/or the Competition Appeal Court, as the case may be, established in
      terms of the Competition Act, and “Competition Authority” shall have a
      corresponding meaning 

	 	  	
       

	 	“Conditions” 	
      the conditions precedent in clause 4.1 

	 	  	
       

	 	“Credits” 	
      the credits in respect of BEE to be received by APL
      (including, without limitation, those credits to be received by RPM and/or
      Lebowa), as at the Closing Date, in terms of paragraph 4.7 of the Charter
      and the Scorecard, 

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      directly and/or indirectly attributable to and/or arising
      as a result of the Transaction 

	 	  	
       

	 	“Debt” 	
      Debt, as defined in the Holdco Shareholders’ Agreement
      

	 	  	
       

	 	“Disclosure Letter” 	
      the Disclosure Letter, as defined in the Holdco Sale of
      Shares Agreement 

	 	  	
       

	 	“Equity” 	
      Equity, as defined in the Holdco Shareholders’ Agreement
      

	 	  	
       

	 	“Financier” 	
      any bank or other financial institution 

	 	  	
       

	 	“Final Disclosure Date” 	
      15 April 2008 

	 	  	
       

	 	“Fulfilment Date” 	
      the date on which the last of the Conditions to be
      fulfilled shall have been fulfilled 

	 	  	
       

	 	“Ga-Phasha Business” 	
      the business (together with all of its components, parts,
      assets and/or liabilities) of Micawber as at the Closing Date
  

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	 	“Holdco” 	
      Richtrau No 179 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2007/016711/07 

	 	  	
       

	 	“Holdco Sale of Shares Agreement”
    	
      the Holdco Sale of Shares Agreement entered into, or to
      be entered into, between Plateau and RPM, in terms whereof RPM shall sell
      and Plateau shall purchase 20.92% of the entire issued share capital of
      Holdco and 51% of RPM’s claim on loan account against Holdco 

	 	  	
       

	 	“Holdco Shareholder Loan
      Agreement” 	
      the Holdco Shareholder Loan Agreement, as defined in the
      Holdco Sale of Shares Agreement 

	 	  	
       

	 	“Holdco Shareholders’ Agreement”
    	
      the Holdco Shareholders’ Agreement entered into, or to be
      entered into amongst the Parties 

	 	  	
       

	 	“Initial Funding Agreements” 	
      the Initial Funding Agreements, as defined in the Holdco
      Shareholders’ 

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      Agreement 

	 	  	
       

		“JSE” 	
      the JSE Limited, a public company incorporated in
      accordance with the laws of the Republic, registration no. 2005/022939/06
      

	 	  	
       

		“Kwanda” 	
      Richtrau No 207 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2008/003368/07 

	 	  	
       

		“Kwanda Sale Assets” 	
      the Sale Assets, as defined in the Kwanda Sale of Rights
      Agreement 

	 	  	
       

		“Kwanda Sale of Rights Agreement”
    	
      the Kwanda Sale of Rights Agreement entered into, or to
      be entered into, amongst RPM, Plateau and Kwanda, in terms whereof RPM and
      Plateau shall sell their respective undivided 50% shares of the Kwanda
      Sale Assets to Kwanda 

	 	  	
       

		“Lebowa” 	
      Lebowa Platinum Mines Limited, a public company
      incorporated in 

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      accordance with the laws of the Republic, registration
      no. 1963/006144/06 

	 	  	
       

	 	“LPM Business” 	
      the business (together with all of its components, parts,
      assets and/or liabilities) as a going concern, of Lebowa and/or Opco, as
      the case may be, as at the Closing Date, including (for the avoidance of
      doubt) the Rights to Mine held by Lebowa and/or Opco, as the case may be
      

	 	  	
       

	 	“Micawber” 	
      Micawber 277 (Proprietary) Limited, a private company
      duly incorporated in accordance with the laws of the Republic,
      registration no. 2002/016841/07 

	 	  	
       

	 	“Micawber Shareholders’
      Agreement” 	
      the Micawber Shareholders’ Agreement entered into on 22
      September 2004 amongst Pelawan, RPM and Micawber 

	 	  	
       

	 	“Middelpunt Hill Funding
      Agreement” 	
      the funding agreement to be entered into between Opco and
      RPM, the terms and conditions of which will be based

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      on the term sheet attached to the Holdco Shareholders’
      Agreement as Schedule 5 

	 	  	
       

	 	“Mining Rights” 	
      mining rights (as defined in terms of the MPRD Act)
    

	 	  	
       

	 	“MPRD Act” 	
      the Mineral Petroleum and Resources Development Act, 2002
      (Act 28 of 2002) 

	 	  	
       

	 	“New Order Rights” 	
      the Mining Rights into which the Old Order Rights shall
      be converted 

	 	  	
       

	 	“Notarial Joint Venture
      Agreement” 	
      the Notarial Joint Venture Agreement entered into on 29
      September 2004 between RPM and Pelawan 

	 	  	
       

	 	“Old Order Rights” 	
      the old order rights (as defined in Schedule II of the
      MPRD Act) forming part of respectively the LPM Business and the Ga-Phasha
      Business, as set out in the list attached to the Holdco Sale of Shares
      Agreement as Schedule 4 

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	 	“Opco” 	
      Richtrau No 177 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2007/016001/07 

	 	  	
       

	 	“Opco Shareholder Loan Agreement”
    	
      the Opco Shareholder Loan Agreement, as defined in the
      Holdco Sale of Shares Agreement 

	 	  	
       

	 	“Parties” 	
      collectively, RPM, Holdco and Plateau and a “Party” shall
      mean each or any of them, as the context requires 

	 	  	
       

	 	“Pelawan” 	
      Pelawan Investments (Proprietary) Limited, a private
      company incorporated in accordance with the laws of the Republic,
      registration no. 2002/017920/07 

	 	  	
       

	 	“Pelawan Trust” 	
      the Pelawan Trust, established in accordance with the
      trust deed dated 2 September 2004, Master’s reference no. IT8411/2004
    

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      “PGMs” 
	
      collectively, platinum, palladium, rhodium, ruthenium,
      iridium, osmium and the metals and minerals mineralogically associated
      therewith, including but not limited to gold, silver, copper, nickel and
      cobalt together with any such metals and minerals which may be extracted
      from the normal mining of the abovementioned minerals in, on or under the
      relevant project area 

	 	  	 
	 	“Phase 3 Sale of Shares 	collectively: 
	 	Agreements” 	 

		- 	the RPM Sale of Micawber Shares
      and Claims Agreement; 
	 	  	  
		- 	the RPM Sale of Boikgantsho
      Shares and Claims Agreement; 
	 	  	  
		- 	the RPM Sale of Kwanda Shares
      Agreement; 
	 	  	  
		- 	the Plateau Sale of Micawber
      Shares and Claims Agreement; 
	 	  	  
	 	- 	the Plateau Sale of Boikgantsho
    

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	 		Shares and Claims Agreement; and
    
	 	  	  
	 	- 	the Plateau Sale of Kwanda Shares
      Agreement 

	
	“Phase 3 Transactional
      
Agreements” 	collectively:

	 	- 	the Boikgantsho Sale of Rights
      Agreement; 
	 	  	  
	 	- 	the Kwanda Sale of Rights
      Agreement; 
	 	  	  
	 	- 	the RPM Sale of Micawber Shares
      and Claims Agreement; 
	 	  	  
	 	- 	the RPM Sale of Boikgantsho
      Shares and Claims Agreement; 
	 	  	  
	 	- 	the RPM Sale of Kwanda Shares
      Agreement; 
	 	  	  
	 	- 	the Holdco Sale of Shares
      Agreement; 
	 	  	  
	 	- 	the Plateau Sale of Micawber
  

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      Shares and Claims Agreement; 

	 	  	
       

		- 	
      the Plateau Sale of Boikgantsho Shares and Claims
      Agreement; 

	 	  	
       

		- 	
      the Plateau Sale of Kwanda Shares Agreement; and
  

	 	  	
       

		- 	the Holdco Shareholders’
      Agreement 

	 	“Plateau” 	
      Plateau Resources (Proprietary) Limited, a private
      company incorporated in accordance with the laws of the Republic,
      registration no. 1996/013879/07 

	 	  	
       

	 	“Plateau Sale of Boikgantsho
      
Shares and Claims Agreement” 	
      the Plateau Sale of Boikgantsho Shares and Claims
      Agreement entered into, or to be entered into, between Plateau and Holdco,
      in terms whereof Plateau shall sell and Holdco shall purchase 50% of the
      entire issued share capital of Boikgantsho and Plateau’s claims against
      Boikgantsho on shareholder’s loan account

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	 	“Plateau Sale of Kwanda Shares
      Agreement” 	
      the Plateau Sale of Kwanda Shares Agreement entered into,
      or to be entered into, between Plateau and Holdco, in terms whereof
      Plateau shall sell and Holdco shall purchase 50% of the entire issued
      share capital of Kwanda 

	 	  	
       

	 	“Plateau Sale of Micawber Shares
      
and Claims Agreement” 	
      the Plateau Sale of Micawber Shares and Claims Agreement
      entered into, or to be entered into, in terms whereof Plateau shall sell
      and Holdco shall purchase 50% of the entire issued share capital of
      Micawber and Plateau’s claims against Micawber on shareholder’s loan
      account 

	 	  	
       

	 	“Republic” 	
      the Republic of South Africa 

	 	  	
       

	 	“Rights to Mine” 	
      all rights of whatsoever nature in and to any and all
      minerals at any time, including (without limitation) the Old Order Rights
      and the New Order Rights 

  

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	 	“RPM” 	
      Rustenburg Platinum Mines Limited, a public company
      incorporated in accordance with the laws of the Republic, registration no.
      1931/003380/06 

	 	  	
       

	 	“RPM Sale of Boikgantsho
      
Shares and Claims Agreement” 	
      the RPM Sale of Boikgantsho Shares and Claims Agreement
      entered into, or to be entered into, between RPM and Holdco, in terms
      whereof RPM shall sell and Holdco shall purchase 50% of the entire issued
      share capital of Boikgantsho and RPM’s claims against Boikgantsho on
      shareholder’s loan account 

	 	  	
       

	 	“RPM Sale of Kwanda Shares
      Agreement” 	
      the RPM Sale of Kwanda Shares Agreement entered into, or
      to be entered into, between RPM and Holdco, in terms whereof RPM shall
      sell and Holdco shall purchase 50% of the entire issued share capital of
      Kwanda 

	 	  	
       

	 	“RPM Sale of Micawber Shares
      
and Claims Agreement” 	
      the RPM Sale of Micawber Shares and Claims Agreement
      entered into, or to 

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      be entered, in terms whereof RPM shall sell and Holdco
      shall purchase 50% of the issued share capital of Micawber and RPM’s
      claims against Micawber on shareholder’s loan account 

	 	  	
       

	 	“Scorecard” 	
      the scorecard for the Charter published pursuant to
      Section 100(2)(a) of the MPRD Act under Government Gazette (no. 26661 of
      13 August 2004) 

	 	  	
       

	 	“Senior Debt Funding Agreement”
    	
      the Senior Debt Funding Agreement, as defined in the
      Holdco Shareholders’ Agreement 

	 	  	
       

	 	“Signature Date” 	
      the date of last signature of this Agreement 

	 	  	
       

	 	“Special Resolution” 	
      the special resolution to be adopted by the shareholders
      of Micawber in order to amend the articles of association of Micawber to
      remove the restrictions in respect of the transferability of the Sale
      Shares (in respect of, and as defined in, both the RPM Sale of Micawber
      Shares and Claims Agreement and the Plateau 

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  Sale of Micawber Shares and Claims Agreement) 

	 	  	
       

		“Standby Facility Agreement” 	
      the Standby Facility Agreement, as defined in the Holdco
      Shareholders’ Agreement 

	 	  	
       

		“Subsidiary Company” 	
      a subsidiary company (which for purposes of this
      Agreement shall be deemed to include any company incorporated outside the
      Republic) as defined in section 1(3) of the Companies Act 

	 	  	
       

		“Transaction” 	
      the Transaction to which the Transactional Agreements
      will give effect 

	 	  	
       

		“Transactional Agreements” 	
      the Transactional Agreements, as defined in the Holdco
      Sale of Shares Agreement 

	 	  	
       

		“Transaction Framework Agreement”    	
      the Transaction Framework Agreement entered into on 3
September 2007 by, amongst others, the Parties

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	 	“Warranties” 	
      the Warranties, or any of them, as defined in the Holdco
      Sale of Shares Agreement. 

	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 	
      Any reference in this Agreement to this Agreement or to
      any other agreement shall be construed as a reference to this Agreement or
      such other agreement as the same may have been, or may from time to time
      be, amended, varied, novated or supplemented.

	 	 
	2.6 	
      Unless inconsistent with the context, an expression which
      denotes:

	2.6.1 	
      any gender includes the other genders;

	 	 
	2.6.2 	
      a natural person includes an artificial person and
      vice versa;

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	2.6.3 	
      the singular includes the plural and vice
      versa.

	2.7 	
      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.

	 	 
	2.8 	
      The rule of construction that, in the event of ambiguity,
      a contract shall be interpreted against the Party responsible for the
      drafting or preparation of such contract, shall not apply.

	 	 
	2.9 	
      Where any number of days is prescribed, those days shall
      be reckoned exclusively of the first and inclusively of the last day
      unless the last day falls on a day which is not a Business Day, in which
      event the last day shall be the next succeeding Business Day.

	 	 
	2.10 	
      The schedule to this Agreement forms an integral part
      hereof and words and expressions defined in this Agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedule.

	3. 	
      RECORDAL

	3.1 	
      RPM and Plateau (amongst others) have entered into the
      Transaction Framework Agreement and intend to undertake and complete the
      Transaction. To this end, the Parties intend procuring that
  each

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      Transactional Agreement shall be entered into and
      completed in accordance with its terms.

	 	 
	3.2 	
      The Parties:

	3.2.1 	
      intend the Phase 3 Transactional Agreements to be
      implemented in a certain sequence on the same date;

	 	 
	3.2.2 	
      wish, immediately upon the implementation of the Phase 3
      Transactional Agreements, to terminate certain agreements in relation to
      the Ga-Phasha Business; and

	 	 
	3.2.3 	
      wish to record their agreement in this regard, and in
      regard to certain ancillary matters, in
writing.

	4. 	
      CONDITIONS
PRECEDENT

	4.1 	
      This entire Agreement (save in respect of clauses 1 to 4
      (both inclusive) and clauses 8 to 16 (both inclusive), which shall be of
      immediate force and effect) shall be subject to the fulfilment of the
      Conditions that:

	4.1.1 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Transactional Agreements shall have
      been entered into by the parties to those agreements, and none of the
      Transactional Agreements to which Plateau is not a party shall have been
      amended without the prior written consent of
Plateau;

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	4.1.2 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Kwanda Sale of Rights Agreement
      shall have become unconditional in all respects in accordance with its
      terms, save insofar as it may be conditional on this Agreement becoming
      unconditional,

	 	 
	4.1.3 	
      either:

	4.1.3.1 	
      the suspensive condition contained in clause 6.1 of the
      Boikgantsho Sale of Rights Agreement shall have been fulfilled by not
      later than 31 March 2008, or such later date as the Parties may agree in
      writing; or 

	  	
       

	4.1.3.2 	
      if the suspensive condition contained in clause 6.1 of
      the Boikgantsho Sale of Rights Agreement shall not have been timeously
      fulfilled, RPM, Plateau and Boikgantsho (“Boikgantsho Parties”) shall by
      not later than 30 November 2008, or such later date as the Parties may
      agree in writing, have entered into another written agreement which shall:
      

	4.1.3.2.1 	
      have become unconditional in all respects in accordance
      with its terms, save insofar as it may be conditional on this Agreement
      becoming unconditional; and 

	  	
       

	4.1.3.2.2 	
      insofar as possible, have the same commercial effect and
      result in the Boikgantsho Parties being in the same commercial position
      that they would have been in, had the 

 

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suspensive conditions contained in
respectively clauses 6.1 and 6.2 of the Boikgantsho Sale of Rights Agreement
been timeously fulfilled; 

	4.1.4 	
      if the suspensive condition contained in clause 6.1 of
      the Boikgantsho Sale of Rights Agreement shall have been timeously
      fulfilled, the suspensive condition contained in clause 6.2.1 of the
      Boikgantsho Sale of Rights Agreement shall have been fulfilled by not
      later than 30 November 2008, or such later date as the Parties may agree
      in writing;

	 	 
	4.1.5 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, RPM shall have completed the APL Due
      Diligence to its satisfaction. In the event that RPM shall have failed to
      deliver a written notice (confirming that it shall have completed the APL
      Due Diligence to its satisfaction) to Plateau by not later than the date
      specified above, RPM shall be deemed not to have completed the APL Due
      Diligence to its satisfaction, and the Condition in this clause 4.1.5
      shall be deemed not to have been fulfilled;

	 	 
	4.1.6 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, Plateau and/or the Anooraq Parties, or
      any of them, shall have entered into the Initial Funding Agreements, and
      all conditions precedent to the advance of funds under the Initial Funding
      Agreements shall have been fulfilled, save insofar as they may be
      conditional on this Agreement becoming
unconditional;

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	4.1.7 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, Anooraq shall have confirmed in writing
      to RPM that:

	4.1.7.1 	Anooraq shall have entered into
      an agency and underwriting agreement (collectively, the “Underwriting
      Agreements”) providing for the offering and issuance of new shares in its
      share capital at an aggregate issue price of not less than the difference
      between, on the one hand, the aggregate of the Purchase Price (as defined
      in the Holdco Sale of Shares Agreement) and all Anooraq’s costs in
      connection with and incidental to the negotiation and implementation of
      the Transaction and, on the other hand, the amount lent and advanced under
      the Senior Debt Funding Agreement; and 
	  	  
	4.1.7.2 	the Underwriting Agreements shall
      have become unconditional in accordance with their respective terms, save
      insofar as they may be conditional on this Agreement becoming
      unconditional; and 
	  	  
	4.1.7.3 	Anooraq shall have received the
      proceeds of such offering in accordance with the terms of the Underwriting
      Agreements; 

	4.1.8 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the shareholders of Anooraq shall have
      passed all resolutions necessary in order to approve and implement
    the

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      Transaction, and, where applicable, such resolutions
      shall have been registered;

	 	 
	4.1.9 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Parties shall have received the
      written unconditional approval of the applicable Competition Authority, in
      terms of Chapter 3 of the Competition Act, in respect of the Transaction
      and each of the relevant transactions contemplated in the Transactional
      Agreements, or if such approval shall be subject to any conditions, such
      conditions shall have been accepted in writing by the Parties;

	 	 
	4.1.10 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, RPM and each of its direct and/or
      indirect shareholders, to the extent necessary, shall have obtained the
      written unconditional consent of the United Kingdom Treasury in respect of
      the entering into and completion in accordance with its terms of the
      Transaction;

	 	 
	4.1.11 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, if and to the extent necessary, the
      Parties shall have received the written consent of the Minister of
      Minerals and Energy in terms of Section 11 of the MPRD Act in respect of
      the sale and delivery of the Sale Shares (as defined in and in respect of
      each Phase 3 Sale of Shares Agreement) to
Holdco;

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	4.1.12 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Parties shall respectively have
      obtained all necessary regulatory consents, including (without limitation)
      the consent of the South African Reserve Bank, the JSE, the Toronto Stock
      Exchange, the TSX Venture Exchange, the American Stock Exchange and/or any
      further and/or other regulatory authority required by the Parties, or any
      of them, in respect of the entering into and the completion of the Phase 3
      Transactional Agreements in accordance with their respective
  terms;

	 	 
	4.1.13 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, RPM shall have procured that Lebowa
      shall have redeemed (and shall have paid all amounts due in respect of
      and/or pursuant to such redemption) all of the redeemable preference
      shares in the issued share capital of Lebowa;

	 	 
	4.1.14 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, if and to the extent necessary, the
      Minister of Minerals and Energy shall have consented in writing to the
      change in Control of Micawber contemplated under the Plateau Sale of
      Micawber Shares and Claims Agreement, the RPM Sale of Micawber Shares and
      Claims Agreement and the Holdco Sale of Shares Agreement in terms of
    –

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	4.1.14.1 	 	
      the unregistered notarial mineral lease between the State
      and Micawber executed on 21 April 2004 under Protocol 124/2004 in respect
      of De Kamp 507 KS; and 

	  	 	
       

	4.1.14.2 	 	
      the unregistered notarial mineral lease between the State
      and Micawber executed on 21 April 2004 under Protocol 124/2004 in respect
      of Avoca 472 KS; 

	 	 

	4.1.15 	by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Special Resolution shall have been
      adopted by the requisite majority of the shareholders of Micawber, and
      shall have been duly registered in accordance with all relevant
      requirements; 

	 	 

	4.1.16 	by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, each of Anooraq, Pelawan and the Pelawan
      Trust shall have delivered to RPM an acknowledgement substantially in the
      form attached hereto as Schedule 1; 

	 	 

	4.1.17 	by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, the Anooraq Agreements shall have been
      amended as required in terms of the Transactional Agreements and/or the
      Initial Funding Agreements and/or as otherwise required by Anooraq, to the
      reasonable satisfaction of Plateau and RPM as confirmed by Plateau and RPM
      respectively in writing; 

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	4.1.18 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing, if required to do so by notice in
      writing delivered to RPM by Plateau, RPM shall have amended the terms of
      the Holdco Shareholder Loan Agreement and the Opco Shareholder Loan
      Agreement (with the written approval of Plateau) to the extent required to
      replicate the relevant terms of the Senior Debt Funding
  Agreement;

	 	 
	4.1.19 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing and if required to do so by notice in
      writing delivered to RPM by Plateau, RPM shall
have:

	
      4.1.19.1 
	
      subscribed for additional shares in Holdco and shall have
      procured that Holdco shall have subscribed for additional shares in Opco
      and contemporaneously shall have procured the repayment of a portion of
      the shareholders loans (equal to the aggregate subscription price of the
      additional shares subscribed for by Holdco and Opco respectively) recorded
      in the books of Holdco and Opco respectively, in order to achieve the Debt
      to Equity ratio as specified in Plateau’s notice so as to procure,
      inter alia, that upon implementation of the Phase 3 Transactional
      Agreements, Plateau will hold not less than 51% of the issued share
      capital of Holdco and RPM will hold not more than 49% of the issued share
      capital of Holdco, provided that the amount of Debt in Holdco and Opco
      following the fulfilment of this Condition shall not be an amount greater
      than 

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      R4 313 725 490 (four billion three hundred and thirteen
      million seven hundred and twenty five thousand four hundred and ninety
      Rand); and 

	  	
       

	4.1.19.2 	
      procured the amendment of the Transactional Agreements,
      to the extent required to give effect to the changes contemplated in
      clause 4.1.19.1; 

	4.1.20 	
      by not later than the Final Disclosure Date, or such
      later date as the Parties may agree in writing, RPM shall have delivered
      the Disclosure Letter to Plateau;

	 	 
	4.1.21 	
      by not later than 30 April 2008, or such later date as
      the Parties may agree in writing, Plateau and Anooraq shall have completed
      the Anooraq Due Diligence to their satisfaction. In the event that Plateau
      and/or Anooraq shall have failed to deliver a written notice (confirming
      that they shall have completed the Anooraq Due Diligence to their
      satisfaction) to RPM by not later than the date specified above, Plateau
      and/or Anooraq shall be deemed not to have completed the Anooraq Due
      Diligence to their satisfaction, and the Condition in this clause 4.1.21
      shall be deemed not to have been fulfilled; and

	 	 
	4.1.22 	
      by not later than 30 November 2008, or such later date as
      the Parties may agree in writing and only if RPM shall have, after the
      Final Disclosure Date and in terms of clause 10.1.4 of the Holdco Sale of
      Shares Agreement, notified Plateau of the occurrence
  and/or

 

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existence of any matter, fact, event,
circumstance or thing in respect of and/or in connection with the Business
(“Notified Event”), Plateau shall have delivered a written notice to RPM
indicating that it wishes, notwithstanding the Notified Event/s and without
prejudice to any of its rights in relation to the Notified Event/s, to proceed
with the closing of the Transaction; provided that Plateau shall be obliged to
give the said notice unless the Notified Event/s will, on or after the Closing
Date, constitute a material breach of a Warranty. 

	4.2 	
      The Parties shall use their respective reasonable
      commercial endeavours to procure the fulfilment of the Conditions as soon
      as reasonably possible after the Signature Date. Without limiting the
      generality of the foregoing, Anooraq shall, from time to time, on the
      receipt of a request from RPM, disclose to RPM what progress it shall have
      made in respect of the terms and conditions of the Senior Debt Funding
      Agreement.

	 	 
	4.3 	
      If any Condition shall not have been fulfilled by the
      date specified in clause 4.1 for its fulfilment (or such later date as the
      Parties may have in writing agreed), this Agreement (save for clauses 1 to
      4 (both inclusive) and clauses 8 to 16 (both inclusive) which shall remain
      of full force and effect) shall lapse and shall be of no force and effect
      and none of the Parties shall have any claim against the others of them in
      terms hereof or arising from the failure of the Conditions, save for a
      claim arising as a result of a Party’s failure to fulfil its obligations
      under this clause 4.

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	5. 	
      IMPLEMENTATION

	5.1 	
      On the Closing Date, the Phase 3 Transactional Agreements
      shall be implemented in the sequence set out
below:

	5.1.1 	
      the Boikgantsho Sale of Rights Agreement;

	 	 
	5.1.2 	
      the Kwanda Sale of Rights Agreement;

	 	 
	5.1.3 	
      the RPM Sale of Micawber Shares and Claims
    Agreement;

	 	 
	5.1.4 	
      the RPM Sale of Boikgantsho Shares and Claims
      Agreement;

	 	 
	5.1.5 	
      the RPM Sale of Kwanda Shares Agreement;

	 	 
	5.1.6 	
      the Holdco Sale of Shares Agreement;

	 	 
	5.1.7 	
      the Plateau Sale of Micawber Shares and Claims
      Agreement;

	 	 
	5.1.8 	
      the Plateau Sale of Boikgantsho Shares and Claims
      Agreement;

	 	 
	5.1.9 	
      the Plateau Sale of Kwanda Shares Agreement;
and

	 	 
	5.1.10 	
      the Holdco Shareholders’
Agreement.

	6. 	
      TERMINATION

	 	 
		
      On the Closing Date and immediately after the
      implementation of the Phase 3 Transactional Agreements in terms of clause
      5, the Micawber Shareholders’

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      Agreement and the Notarial Joint Venture Agreement shall
      be terminated (to the extent that any such agreement shall have become
      unconditional) or shall lapse (to the extent that any such agreement shall
      remain conditional at the Closing Date), it being recorded that the
      Parties shall procure that the parties to such agreements will do all such
      things and sign all such documents as may be necessary to give effect to
      this clause 6.

	 	 
	7. 	
      POST-CLOSING DIVIDEND

	 	 
		
      The Parties record and agree that, in accordance with
      clause 9 of the Holdco Sale of Shares Agreement, Plateau shall procure
      that, by no later than 60 (sixty) days after the Closing Date, Holdco
      shall have declared and paid to RPM a special dividend equal to the
      aggregate net free cashflow of Holdco available for distribution to its
      shareholders (“Profits”) for the period up to, and as at, the day
      immediately preceding the Closing Date (“the Dividend Due Date”), and
      reckoned on the further basis that, inasfar as the Closing Date shall not
      be the first day of a calendar month, such dividend shall include the
      prorated Profits for the period from the first day of the calendar month
      in which the Closing Date shall have occurred up to and including the
      Dividend Due Date.

	 	 
	8. 	
      COSTS

	8.1 	
      Each of the Parties shall bear its own costs of and
      incidental to the negotiation, preparation and execution of this
      Agreement.

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	8.2 	
      The Parties shall bear, in equal proportions, the filing
      fee and/or filing fees payable in respect of the notifications to be
      lodged with the Competition Authorities in order to fulfil the Condition
      contained in clause 4.1.9.

	9. 	
      CONFIDENTIALITY

	9.1 	
      Each of the Parties shall at all times treat all
      information in connection with and/or relating to the Transaction and/or
      the Transactional Agreements and all matters incidental thereto
      (“Confidential Information”), as strictly confidential and shall not,
      without the prior written consent of the other Parties (which consent may,
      for the avoidance of doubt, be withheld in the unfettered discretion of
      such other Party) disclose such Confidential Information to any party,
      and/or make use of such Confidential Information for any purposes other
      than in connection with the Transactional Agreements and/or the completion
      thereof in accordance with their terms.

	 	 
	9.2 	
      Notwithstanding the stipulations of clause 9.1,
      information shall be deemed not to be Confidential Information, and the
      provisions of clause 9.1 shall not apply to a Party in connection with any
      information which:

	9.2.1 	
      is or becomes generally available to the public other
      than as a result of disclosure by such Party in violation of this clause
      9;

	 	 
	9.2.2 	
      is disclosed to such Party by any third party entitled so
      to disclose such Confidential Information;

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	9.2.3 	
      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 Party liable to so
      give, make or publish same shall, to the extent reasonably possible, give
      the other Parties reasonable written notice thereof, along with drafts or
      copies thereof, as soon as is reasonably practicable, and, in the case of
      any disclosure required in terms of the Promotion of Access to Information
      Act, 2000 (Act No. 2 of 2000) (“PAI Act”), the Party liable to make such
      disclosure shall, inasfar as it shall be able, apply the principles of
      Chapter 4 of the PAI Act in order to avoid and/or limit the extent of any
      such disclosure, and such Party shall not make any disclosure which it
      shall not be legally obliged to make;

	 	 
	9.2.4 	
      is required to be disclosed by any Party to any Financier
      in order for such Financier to take informed decisions regarding such
      Party, provided that such Party shall use its reasonable endeavours to
      procure that the Financier shall keep such information confidential;
      and

	 	 
	9.2.5 	
      is, in terms of usual commercial practice, disclosed in
      the ordinary course of its operations by any of the Parties to any of
      their direct and indirect shareholders (and/or to any direct and/or
      indirect subsidiary of any of its direct and/or indirect shareholders)
      and/or to any Financier for the purpose of and/or in connection with the
      making of any investment decisions, provided that the relevant Party
      shall

 

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procure that such direct and indirect
shareholders and/or Financier shall comply mutatis mutandis with the
provisions of this clause 9. 

	10. 	
      BREACH

	10.1 	
      Should any Party ("Defaulting Party") commit a breach of
      any of the provisions hereof, then any other Party ("Aggrieved Party")
      shall, if it wishes to enforce its rights hereunder, be obliged to give
      the Defaulting Party 30 days written notice to remedy the breach. If the
      Defaulting Party fails to comply with such notice, the Aggrieved Party
      shall be entitled 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, it being recorded that the Aggrieved Party shall not be entitled
      to cancel this Agreement. The foregoing is without prejudice to such other
      rights as the Aggrieved Party may have at law.

	 	 
	10.2 	
      Notwithstanding anything to the contrary contained
      herein, no liability shall attach to any of the Parties in respect of any
      breach of this Agreement in relation to claims, losses or liabilities for
      any loss of profit or any other indirect, special or consequential
      loss.

	11. 	
      DOMICILIUM

	11.1 	
      The Parties hereto choose domicilia citandi et executandi
      for all purposes of and in connection with this Agreement as
    follows:

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	 	Plateau: 	82 Grayston Drive 
	 	 	Sandton 
	 	  	JOHANNESBURG 
	 	  	2146 
	 	  	Fax No. +27 11 883 0836 
	 	  	Attention: The Chief Financial Officer 
	 	  	  
	 	  	  
	 	RPM: 	13th Floor 
	 	  	55 Marshall Street 
	 	  	JOHANNESBURG 
	 	  	2001 
	 	  	Fax No. +27 11 373 5111 
	 	  	Attention: The Company Secretary 
	 	  	  
	 	  	  
	 	Holdco: 	13th Floor 
	 	  	55 Marshall Street 
	 	  	JOHANNESBURG 
	 	  	2001 
	 	  	Fax No. +27 11 373-5111 
	 	  	Attention: The Company Secretary

	11.2 	
      Any 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 in the Republic other than a box number, and any
      such change shall only be effective upon receipt of notice in writing by
      the other Parties of such change.

	 	 
	11.3 	
      All notices, demands, communications or payments intended
      for any Party shall be made or given at such Party’s domicilium for the
      time being.

	 	 
	11.4 	
      A notice sent by one Party to another Party shall be
      delivered by hand or sent by telefax and shall be deemed to be
      received:

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	11.4.1 	
      on the same day, if delivered by hand, provided that in
      the event that such day shall not be a Business Day, the notice shall be
      deemed to have been received on the next Business Day; and

	 	 
	11.4.2 	
      on the same day of transmission if sent by telefax with
      receipt received confirming completion of
transmission.

	11.5 	
      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.

	12. 	
      DISPUTE
RESOLUTION

	12.1 	
      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 any Party be submitted to
      arbitration in Johannesburg in accordance with the AFSA rules, which
      arbitration shall be administered by AFSA.

	 	 
	12.2 	
      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

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      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.

	 	 
	12.3 	
      Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration. Should AFSA, as an institution, not be operating at the time
      or not be accepting requests for appeals for any reason, then the appeal
      shall be conducted in accordance with the AFSA rules for commercial
      arbitration (as last applied by AFSA).

	 	 
	12.4 	
      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.

	 	 
	12.5 	
      Any arbitration in terms of this clause 12 (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.

	 	 
	12.6 	
      This clause 12 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of this
  Agreement.

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	12.7 	
      The Parties agree that the written demand by a party to a
      dispute, in terms of clause 12.1, that such 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.

	13. 	COUNTERPARTS 
	  	  
		
      This Agreement may be executed in any number of
      counterparts and by the different Parties hereto on separate counterparts,
      each of which when so executed and delivered shall be an original, but all
      such counterparts together shall constitute one and the same instrument.
      

	14. 	GOVERNING LAW

	  	  
		
      This Agreement shall be governed by and construed in
      accordance with the laws of the Republic. The Parties hereby irrevocably
      and unconditionally consent to the non-exclusive jurisdiction of the High
      Court of the Republic of South Africa (Witwatersrand Local Division) in
      respect of any matter arising in terms of and/or in connection with this
      Agreement. 

	15. 	
      SEVERANCE

	 	 
		
      If any provision of this Agreement, which is not material
      to its efficacy as a whole, is rendered void, illegal or unenforceable in
      any respect under any law, the validity, legality and enforceability of
      the remaining provisions shall not in any way be affected or impaired
      thereby and the Parties shall endeavour in good faith to agree an
      alternative provision to the void, illegal or unenforceable
    provision.

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	16. 	
      GENERAL

	16.1 	
      This document, together with the Transactional Agreements
      constitutes the sole record of the agreement amongst the Parties and the
      parties to the respective Transactional Agreements, in regard to the
      subject matter thereof.

	 	 
	16.2 	
      None of the Parties shall be bound by any express or
      implied term, representation, warranty, promise or the like, not recorded
      herein.

	 	 
	16.3 	
      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.

	 	 
	16.4 	
      No indulgence which any of the Parties (“Grantor”) may
      grant to any of the others (“Grantee”) shall constitute a waiver of any of
      the rights of the Grantor, who shall not thereby be precluded from
      exercising any rights against the Grantee which might have arisen in the
      past or which might arise in the future.

	 	 
	16.5 	
      The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to procure 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.

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	16.6 	
      None of the Parties shall be entitled to cede, delegate
      or otherwise transfer all or any of its rights, interest or obligations
      under and in terms of this Agreement except with the prior written consent
      of the other Parties.

 

THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2008. 

For and on behalf of 

PLATEAU RESOURCES (PROPRIETARY)
LIMITED 

by 

_____________________________________
who warrants his
authority hereto 

 

THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2008. 

For and on behalf of 

RUSTENBURG PLATINUM MINES
LIMITED 

by 

  _____________________________________

  who warrants his authority hereto 

 

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THUS DONE and SIGNED at ___________________________ on this the
________________ day of ________________________ 2008. 

For and on behalf of 

RICHTRAU NO 179 (PROPRIETARY)
LIMITED 

by 

  _____________________________________

  who warrants his authority hereto 

 

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANGL12-CS19 
	PHASE 3 IMPLEMENTATION AGR) 
	AC/gvh 
	 

SCHEDULE 1

DRAFT BEE PRINCIPLES ACKNOWLEDGMENT LETTER

ON THE LETTERHEAD OF EITHER ANOORAQ, PELAWAN OR THE
TRUSTEES 

OF THE PELAWAN TRUST 

 

[Date] 

The Company Secretary 
Rustenburg Platinum Mines Limited

Dear Sirs 

ACKNOWLEDGMENT LETTER 

	1. 	
      We refer to:

	1.1 	
      the shareholders’ agreement ("Holdco Shareholders’
      Agreement") entered into amongst Rustenburg Platinum Mines Limited
      ("RPM"), Plateau Resources (Proprietary) Limited ("Plateau")
      and Richtrau No 179 (Proprietary) Limited (“Holdco”) (collectively,
      the “Parties”), which shall, amongst other things, govern RPM and
      Plateau’s relationship as shareholders in Holdco; and

	 	 
	1.2 	
      the implementation agreement (“Phase 3 Implementation
      Agreement”) entered into amongst the Parties which, amongst other
      things, contains the conditions precedent to the implementation of the
      Holdco Shareholders Agreement and certain other transactional
      agreements.

	2. 	
      Schedule 2 to the Holdco Shareholders’ Agreement (“BEE
      Principles Schedule”) contains the BEE principles and pre-emptive
      rights that shall govern Plateau and RPM’s relationship as shareholders in
      Holdco. Further, it contains

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      clauses which may result in Plateau’s shareholding
      interest in Holdco being compulsorily disposed of and/or RPM being
      entitled to put its entire shareholding interest in Holdco to Plateau or
      its successor/s in title.

	 	 
	3. 	
      As envisioned in the conditions precedent contained in
      clause 4.1.16 of the Phase 3 Implementation Agreement, it is hereby
      confirmed that Anooraq/Pelawan/the trustees of the Pelawan Trust
      acknowledge/s and fully understand/s the terms of the BEE Principles
      Schedule. Further, Anooraq/Pelawan/the trustees of the Pelawan Trust
      acknowledge/s that all of the provisions of the BEE Principles Schedule
      and the restrictions therein contained are fair and reasonable and are
      part of the overall intention of the Parties in connection with the Holdco
      Shareholders’ Agreement.

Yours faithfully 

............................................................
Director/Trustee
for and on behalf of
ANOORAQ RESOURCES CORPORATION / PELAWAN INVESTMENTS
(PROPRIETARY) LIMITED / THE PELAWAN TRUST 

Received a copy hereof on this 

the ____ day of
_______________

_____________________________ 

  Director for and on behalf of 

  RUSTENBURG PLATINUM MINES LIMITED

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 

  ANGL12-CS19 ADDENDUM TO IMPLEMENTATION AGR) 

  AC/gvh 

  06.05.09 

 

 FIRST ADDENDUM TO THE PHASE 3

IMPLEMENTATION AGREEMENT

amongst 

 

RUSTENBURG PLATINUM MINES LIMITED 

 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

 

and 

 

RICHTRAU NO 179 (PROPRIETARY) LIMITED

(to be renamed ‘Bokoni Platinum Holdings (Proprietary)
  Limited’) 

 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 

  ANGL12-CS19 ADDENDUM TO IMPLEMENTATION AGR) 

  AC/gvh 

FIRST ADDENDUM TO THE PHASE 3 IMPLEMENTATION

AGREEMENT DATED 28 MARCH 2008 

amongst 

RUSTENBURG PLATINUM MINES LIMITED

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

and 

RICHTRAU NO 179 (PROPRIETARY) LIMITED

(“the Implementation Agreement”) 

	1. 	AMENDMENTS TO THE AGREEMENT

	 	 
		The Implementation Agreement, together with its schedule,
      is hereby amended by the additions and deletions as indicated in the mark
      up of the Implementation Agreement annexed hereto as Schedule 1.

	 	 
	2. 	CONFORMED COPY

Each of the signatories to this
  addendum hereby confirms and agrees that: 

	2.1 	the conformed copy of the Implementation Agreement
      annexed hereto as Schedule 2, correctly incorporates the amendments made
      thereto in terms of clause 1; and

	 	 
	2.2 	it shall, with effect from the date of last signature of
      this addendum, be bound by the terms and conditions as set out in such
      conformed copy.

 

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	3. 	FULFILMENT OF CONDITIONS
      PRECEDENT

	 	 
		Each of the signatories to this addendum hereby confirms
      and agrees that the conditions precedent contained in clauses 4.1.3.1;
      4.1.8; 4.1.12, 4.1.18 and 4.1.19 of the Implementation Agreement (as
      renumbered in accordance with clause 1) have, as at the date of last
      signature of this addendum, been fulfilled and if not fulfilled, are, to
      the extent possible, hereby waived.

 

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 

 

 

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

For and on behalf of 

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his
  authority hereto 

 

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

For and on behalf of 

RICHTRAU NO 179 (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his authority hereto 

 

 

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 
	ANGL12-CS19 ADDENDUM TO IMPLEMENTATION AGR) 
	AC/gvh 

SCHEDULE 1

MARK UP OF THE IMPLEMENTATION AGREEMENT

 

 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANGL12-CS19 

  PHASE 3
  IMPLEMENTATION AGR) 

  AC/gvh 

  28.03.08 

 

 

PHASE 3 IMPLEMENTATION AGREEMENT

 

amongst 

 

RUSTENBURG PLATINUM MINES LIMITED 

 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

 

and 

 

RICHTRAU NO 179 (PROPRIETARY) LIMITED 

(to be renamed “Bokoni Platinum Holdings (Proprietary)
  Limited”) 

 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANGL12-CS19 

  PHASE 3
  IMPLEMENTATION AGR) 

  AC/gvh 

  	TABLE OF CONTENTS 

	1. 	PARTIES 	1 
	 	 	 
	2. 	INTERPRETATION 	1 
	 	 	 
	3. 	RECORDAL 	23 
	 	 	 
	4. 	CONDITIONS
      PRECEDENT 	24 
	 	 	 
	5. 	IMPLEMENTATION 	34 
	 	 	 
	6. 	TERMINATION 	35 
	 	 	 
	7. 	POST-CLOSING
      DIVIDEND 	35 
	 	 	 
	8. 	COSTS 	35 
	 	 	 
	9. 	CONFIDENTIALITY 	36 
	 	 	 
	10. 	BREACH 	38 
	 	 	 
	11. 	DOMICILIUM 	38 
	 	 	 
	12. 	DISPUTE
      RESOLUTION 	40 
	 	 	 
	13. 	COUNTERPARTS 	42 
	 	 	 
	14. 	GOVERNING
      LAW 	42 
	 	 	 
	15. 	SEVERANCE 	42 
	 	 	 
	16. 	GENERAL 	43 

---oOo--- 

	SCHEDULE
      1 	- 	DRAFT
      BEE PRINCIPLES ACKNOWLEDGMENT LETTER 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANGL12-CS19 

  PHASE 3
  IMPLEMENTATION AGR) 

  AC/gvh 

PHASE 3 IMPLEMENTATION AGREEMENT

	1. 	PARTIES

	1.1 	PLATEAU RESOURCES (PROPRIETARY)
      LIMITED

	 	 
	1.2 	RUSTENBURG PLATINUM MINES LIMITED

	 	 
	1.3 	RICHTRAU NO 179 (PROPRIETARY)
      LIMITED

	2. 	INTERPRETATION

	2.1 	The headnotes to the clauses of this Agreement are
      inserted for reference purposes only and shall in no way govern or affect
      the interpretation hereof.

	 	 
	2.2 	Unless inconsistent with the context, the expressions set
      forth below shall bear the following meanings:

  	 	“AFSA” 	Arbitration Foundation of Southern Africa 

	 	 	 

	 	“Agreement” 	this Phase 3 Implementation Agreement, together with the
        schedule hereto 

	 	 	 

	 	“Anooraq” 	Anooraq Resources Corporation, a public company
        incorporated in 

  

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  	 		accordance with the laws of British Columbia, Canada,
        registration no. 10022-2033 

	 	 	 

	 	“Anooraq Agreements” 	the agreements and/or written documents recording, as at
        the Closing Date, the composition of the Anooraq Group, the relationship
        amongst the members of the Anooraq Group, and/or any other matter and/or
        issue of relevance to any of the contents hereof, and which agreements
        are: 

	 	1. 	the shareholders’ agreement entered into on 19 September
      2004 amongst Pelawan, Anooraq and the Pelawan Trust;

	 	 	 
	 	2. 	the subscription and shareholders’ agreement in respect
      of Pelawan (“Pelawan Subscription and Shareholders’ Agreement”), entered
      into on 19 September 2004 amongst Anooraq, the Pelawan
      Trust,

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	 		African Minerals Professionals (Proprietary) Limited,
      Tshanduko Investments (Proprietary) Limited, Siyanda Trust, Legakabje
      Mining & Exploration (Proprietary) Limited, Basadi-Ba-Bapedi Cultural
      Development Trust, Zonkizizwe Investment Trust, Isolomzi Investments
      (Proprietary) Limited, Ditau Investments Company (Proprietary) Limited,
      Prime Skill Development Trust, African Mining Development Trust, Mookodi
      Trading (Proprietary) Limited, Africa without Boundaries Mining
      (Proprietary) Limited, Leswika Women’s Investments (Proprietary) Limited,
      Figure Eight Investments (Proprietary) Limited, Miracle Mile Investments
      74 (Proprietary) Limited and Pelawan;

	 	 	 
	 	3. 	the amendment to the Pelawan

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	 		Subscription and Shareholders’ Agreement, entered into on
      29 September 2004;

	 	 	 
	 	4. 	the share exchange agreement entered into on 21 January
      2004 between Pelawan and Anooraq, as amended by the addenda thereto dated
      20 September 2004 and 11 November 2005; and

	 	 	 
	 	5. 	the trust deed of the Pelawan Trust, entered into on 2
      September 2004

  	 	“Anooraq Due Diligence” 
	the due diligence investigation currently being
        undertaken by Anooraq and Plateau, and constituting a comprehensive
        technical, financial, legal and regulatory investigation into respectively
        Lebowa and the LPM Business, in order to establish whether there exists
        any fact and/or circumstances which, had Plateau had insight into such
        fact and/or 

  

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	 		circumstance, would have deterred Plateau from entering
      into any of the Transactional Agreements to which it is a party, either on
      the relevant terms and conditions, or at all 

	 	 	 

	 	“Anooraq Group” 	the group of entities comprising Anooraq, the Anooraq
      Parties and their respective direct and indirect Subsidiary Companies,
      from time to time 

	 	 	 

	 	“Anooraq Parties” 	the Anooraq Parties, as defined in the Holdco
      Shareholders’ Agreement 

	 	 	 

	 	“APL” 	Anglo Platinum Limited, a public company incorporated in
      accordance with the laws of the Republic, registration no. 1946/022452/06 

	 	 	 

	 	“APL Due Diligence” 	the due diligence investigation currently being
      undertaken by RPM in respect of the compliance by the Anooraq Parties with
      all requirements in respect of BEE (including, without limitation, the
      participation in all relevant structures by women and communities), and to 

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	 		establish whether there is any fact and/or circumstance
      which prevents Plateau from entering into and/or completing the
      Transactional Agreements to which it is party, in accordance with their
      terms and/or from complying fully and in all respects with all of its
      obligations (including, without limitation, its obligation to procure that
      the Anooraq Parties shall undertake various actions) arising in terms of
      and/or in connection with the Holdco Shareholders’ Agreement 

	 	 	 

	 	“APL Group” 	the group of entities comprising APL, RPM, Holdco, Opco,
      Lebowa and their respective direct and indirect Subsidiary Companies, from
      time to time 

	 	 	 

	 	“APL Old Order Rights” 	all old order rights (as defined in Schedule II of the
      MPRD Act) held, as at the Signature Date, by the companies comprising the
      APL Group, as at the Signature Date, including (without limitation) the
      Old Order 

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  	 		Rights, as set out in the list attached to the Holdco
        Shareholders’ Agreement as Schedule 5 

	 	 	 

	 	“BEE” 	broad-based black economic empowerment, as envisaged in
        terms of the MPRD Act and/or the Charter 

	 	 	 

	 	“Boikgantsho” 	Boikgantsho Platinum Mine (Proprietary) Limited, a
        private company incorporated in accordance with the laws of the Republic,
        registration no. 2003/012394/07 

	 	 	 

	 	“Boikgantsho Sale Assets” 	the Sale Assets, as defined in the Boikgantsho Sale of
        Rights Agreement 

	 	 	 

	 	“Boikgantsho Sale of Rights
        Agreement” 	the Boikgantsho Sale of Rights Agreement entered into, or
        to be entered into, amongst Plateau, RPM and Boikgantsho, in terms whereof
        Plateau and RPM shall respectively sell certain of the Boikgantsho Sale
        Assets to Boikgantsho 

	 	 	 

	 	“Business” 	collectively, the Ga-Phasha Business, 

  

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	 		the LPM Business, the Boikgantsho Sale Assets and the
      Kwanda Sale Assets 

	 	 	 

	 	“Business Day” 	every day except Saturdays, Sundays and statutory
      holidays in the Republic and/or British Columbia 

	 	 	 

	 	“Charter” 	the Broad Based Socio Economic Empowerment Charter for
      the South African Mining Industry (together with the Scorecard), dated 11
      October 2002, published in terms of the provisions of Section 100(2)(a) of
      the MPRD Act, under Government Gazette (No. 26661 of 13 August 2004) 

	 	 	 

	 	“Closing Date” 	the first day of the calendar month immediately following
      the Fulfilment Date 

	 	 	 

	 	“Companies Act” 	the Companies Act, 1973 (Act 61 of 1973) 

	 	 	 

	 	“Competition Act” 	the Competition Act, 1998 (Act 89 of 1998) 

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	 	“Competition Authorities” 	the Competition Commission, the Competition Tribunal
      and/or the Competition Appeal Court, as the case may be, established in
      terms of the Competition Act, and “Competition Authority” shall have a
      corresponding meaning 

	 	 	 

	 	“Conditions” 	the conditions precedent in clause 4.1 

	 	 	 

	 	“Credits” 	the credits in respect of BEE to be received by APL
      (including, without limitation, those credits to be received by RPM and/or
      Lebowa), as at the Closing Date, in terms of paragraph 4.7 of the Charter
      and the Scorecard, directly and/or indirectly attributable to and/or
      arising as a result of the Transaction 

	 	 	 

	 	“Disclosure Letter” 	the Disclosure Letter, as defined in the Holdco Sale of
      Shares Agreement 

	 	 	 

	 	“Financier” 	any bank or other financial institution 

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	 	“Final Disclosure Date” 	15 April 2008 

	 	 	 

	 	“Fulfilment Date” 	the date on which the last of the Conditions to be
      fulfilled shall have been fulfilled 

	 	 	 

	 	“Ga-Phasha Business” 	the business (together with all of its components, parts,
      assets and/or liabilities) of Micawber as at the Closing Date 

	 	 	 

	 	“Holdco” 	Richtrau No 179 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2007/016711/07 

	 	 	 

	 	“Holdco Sale of Shares Agreement” 	the Holdco Sale of Shares Agreement entered into, or to
      be entered into, between Plateau and RPM, in terms whereof RPM shall sell
      and Plateau shall purchase 9 631 ordinary shares of R1.00 each in the
      issued share capital of Holdco and 51% of RPM’s claim on loan account
      against Holdco 

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  		“Holdco Shareholder Loan
        Agreement” 	the Holdco Shareholder Loan Agreement, as defined in the
        Holdco Sale of Shares Agreement 

	 	 	 

		“Holdco Shareholders’ Agreement” 	the Holdco Shareholders’ Agreement entered into, or to be
        entered into amongst the Parties 

	 	 	 

		“Initial Funding Agreements” 	the Initial Funding Agreements, as defined in the Holdco
        Shareholders’ Agreement 

	 	 	 

		“JSE” 	the JSE Limited, a public company incorporated in
        accordance with the laws of the Republic, registration no. 2005/022939/06 

	 	 	 

		“Kwanda” 	Richtrau No 207 (Proprietary) Limited, a private company
        incorporated in accordance with the laws of the Republic, registration no.
        2008/003368/07 

	 	 	 

		“Kwanda Sale Assets” 	the Sale Assets, as defined in the Kwanda Sale of Rights
        Agreement 

  

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  	 	“Kwanda Sale of Rights Agreement” 	the Kwanda Sale of Rights Agreement entered into, or to
        be entered into, amongst RPM, Plateau and Kwanda, in terms whereof RPM and
        Plateau shall sell their respective undivided 50% shares of the Kwanda
        Sale Assets to Kwanda 

	 	 	 

	 	“Lebowa” 	Lebowa Platinum Mines Limited, a public company
        incorporated in accordance with the laws of the Republic, registration no.
        1963/006144/06 

	 	 	 

	 	“LPM Business” 	the business (together with all of its components, parts,
        assets and/or liabilities) as a going concern, of Lebowa and/or Opco, as
        the case may be, as at the Closing Date, including (for the avoidance of
        doubt) the Rights to Mine held by Lebowa and/or Opco, as the case may be 

	 	 	 

	 	“Micawber” 	Micawber 277 (Proprietary) Limited, a private company
        duly incorporated in 

  

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	 		accordance with the laws of the Republic, registration
      no. 2002/016841/07 

	 	 	 

	 	“Micawber Shareholders’
      Agreement” 	the Micawber Shareholders’ Agreement entered into on 22
      September 2004 amongst Pelawan, RPM and Micawber 

	 	 	 

	 	“Mining Rights” 	mining rights (as defined in terms of the MPRD Act) 

	 	 	 

	 	“MPRD Act” 	the Mineral Petroleum and Resources Development Act, 2002
      (Act 28 of 2002) 

	 	 	 

	 	“New Order Rights” 	the Mining Rights into which the Old Order Rights shall
      be converted 

	 	 	 

	 	“Notarial Joint Venture
      Agreement” 	the Notarial Joint Venture Agreement entered into on 29
      September 2004 between RPM and Pelawan 

	 	 	 

	 	“Old Order Rights” 	the old order rights (as defined in Schedule II of the
      MPRD Act) forming part of respectively the LPM Business and the Ga-Phasha
      Business, as set 

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  	 		out in the list attached to the Holdco Sale of Shares
        Agreement as Schedule 4 

	 	 	 

	 	“Opco” 	Richtrau No 177 (Proprietary) Limited, a private company
        incorporated in accordance with the laws of the Republic, registration no.
        2007/016001/07 

	 	 	 

	 	“Opco Shareholder Loan Agreement” 	the Opco Shareholder Loan Agreement, as defined in the
        Holdco Sale of Shares Agreement 

	 	 	 

	 	“Parties” 	collectively, RPM, Holdco and Plateau and a “Party” shall
        mean each or any of them, as the context requires 

	 	 	 

	 	“Pelawan” 	Pelawan Investments (Proprietary) Limited, a private
        company incorporated in accordance with the laws of the Republic,
        registration no. 2002/017920/07 

	 	 	 

	 	“Pelawan Trust” 	the Pelawan Trust, established in accordance with the
        trust deed dated 

  

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  	 		2 September 2004, Master’s reference no. IT8411/2004 

	 	 	 
	 	“PGMs” 
	collectively, platinum, palladium, rhodium, ruthenium,
        iridium, osmium and the metals and minerals mineralogically associated
        therewith, including but not limited to gold, silver, copper, nickel and
        cobalt together with any such metals and minerals which may be extracted
        from the normal mining of the abovementioned minerals in, on or under the
        relevant project area 

	 	 	 
	 	“Phase 3 Sale of Shares Agreements” 
	collectively: 

	 	- 	the RPM Sale of Micawber Shares and Claims Agreement; 

	 	 	 

	 	- 	the RPM Sale of Boikgantsho Shares and Claims Agreement; 

	 	 	 

	 	- 	the RPM Sale of Kwanda Shares Agreement; 

	 	 	 

	 	- 	the Plateau Sale of Micawber 

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	 	 	Shares and Claims Agreement; 

	 	 	 

	 	- 	the Plateau Sale of Boikgantsho Shares and Claims
      Agreement; and 

	 	 	 

	 	- 	the Plateau Sale of Kwanda Shares Agreement 

	“Phase 3 Transactional Agreements” 	collectively: 

	 	- 	the Boikgantsho Sale of Rights Agreement; 

	 	 	 

	 	- 	the Kwanda Sale of Rights Agreement; 

	 	 	 

	 	- 	the RPM Sale of Micawber Shares and Claims Agreement; 

	 	 	 

	 	- 	the RPM Sale of Boikgantsho Shares and Claims Agreement; 

	 	 	 

	 	- 	the RPM Sale of Kwanda Shares Agreement; 

	 	 	 

	 	- 	the Holdco Sale of Shares 

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	 	 	Agreement; 

	 	 	

	 	- 	the Plateau Sale of Micawber Shares and Claims Agreement; 

	 	 	

	 	- 	the Plateau Sale of Boikgantsho Shares and Claims
      Agreement; 

	 	 	

	 	- 	the Plateau Sale of Kwanda Shares Agreement; and 

	 	 	

	 	- 	the Holdco Shareholders’ Agreement 

  	 	“Plateau” 	Plateau Resources (Proprietary) Limited, a private
        company incorporated in accordance with the laws of the Republic,
        registration no. 1996/013879/07 

	 	 	 

	 	“Plateau Sale of Boikgantsho 

        Shares and
        Claims Agreement” 	the Plateau Sale of Boikgantsho Shares and Claims
        Agreement entered into, or to be entered into, between Plateau and Holdco,
        in terms whereof Plateau shall sell and Holdco shall purchase 50% of the
        entire issued share capital 

  

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  	 		of Boikgantsho and Plateau’s claims against Boikgantsho
        on shareholder’s loan account 

	 	 	 

	 	“Plateau Sale of Kwanda Shares
        Agreement” 	the Plateau Sale of Kwanda Shares Agreement entered into,
        or to be entered into, between Plateau and Holdco, in terms whereof
        Plateau shall sell and Holdco shall purchase 50% of the entire issued
        share capital of Kwanda 

	 	 	 

	 	“Plateau Sale of Micawber Shares 

        and Claims Agreement” 	the Plateau Sale of Micawber Shares and Claims Agreement
        entered into, or to be entered into, in terms whereof Plateau shall sell
        and Holdco shall purchase 50% of the entire issued share capital of
        Micawber and Plateau’s claims against Micawber on shareholder’s loan
        account 

	 	 	 

	 	“Republic” 	the Republic of South Africa 

	 	 	 

	 	“Rights to Mine” 	all rights of whatsoever nature in and to any and all
        minerals at any time, including (without limitation) the Old 

  

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	 	 	Order Rights and the New Order Rights 

	 	 	 

	 	“RPM” 	Rustenburg Platinum Mines Limited, a public company
      incorporated in accordance with the laws of the Republic, registration no.
      1931/003380/06 

	 	 	 

	 	“RPM Sale of Boikgantsho 

      Shares and Claims Agreement” 	the RPM Sale of Boikgantsho Shares and Claims Agreement
      entered into, or to be entered into, between RPM and Holdco, in terms
      whereof RPM shall sell and Holdco shall purchase 50% of the entire issued
      share capital of Boikgantsho and RPM’s claims against Boikgantsho on
      shareholder’s loan account 

	 	 	 

	 	“RPM Sale of Kwanda Shares
      Agreement” 	the RPM Sale of Kwanda Shares Agreement entered into, or
      to be entered into, between RPM and Holdco, in terms whereof RPM shall
      sell and Holdco shall purchase 50% of the entire issued share capital of
      Kwanda 

	 	 	 

	 	“RPM Sale of Micawber Shares 	the RPM Sale of Micawber Shares and 

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	 	and Claims Agreement” 	Claims Agreement entered into, or to be entered, in terms
      whereof RPM shall sell and Holdco shall purchase 50% of the issued share
      capital of Micawber and RPM’s claims against Micawber on shareholder’s
      loan account 

	 	 	 

	 	“Scorecard” 	the scorecard for the Charter published pursuant to
      Section 100(2)(a) of the MPRD Act under Government Gazette (no. 26661 of
      13 August 2004) 

	 	 	 

	 	“Senior Debt Funding Agreement” 	the Senior Debt Funding Agreement, as defined in the
      Holdco Shareholders’ Agreement 

	 	 	 

	 	“Signature Date” 	28 March 2008 

	 	 	 

	 	“Special Resolution” 	the special resolution to be adopted by the shareholders
      of Micawber in order to amend the articles of association of Micawber to
      remove the restrictions in respect of the transferability of the Sale
      Shares (in respect of, and as defined in, both the RPM Sale of Micawber
      Shares and Claims Agreement and the Plateau 

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	 		Sale of Micawber Shares and Claims Agreement) 

	 	 	 

	 	“Subsidiary Company” 	a subsidiary company (which for purposes of this
      Agreement shall be deemed to include any company incorporated outside the
      Republic) as defined in section 1(3) of the Companies Act 

	 	 	 

	 	“Transaction” 	the Transaction to which the Transactional Agreements
      will give effect 

	 	 	 

	 	“Transactional Agreements” 	the Transactional Agreements, as defined in the Holdco
      Sale of Shares Agreement 

	 	 	 

	 	“Transaction Framework Agreement” 	the Transaction Framework Agreement entered into on 3
      September 2007 by, amongst others, the Parties 

	 	 	 

	 	“Warranties” 	the Warranties, or any of them, as defined in the Holdco
      Sale of Shares Agreement. 

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

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

	 	 
	2.5 	Any reference in this Agreement to this Agreement or to
      any other agreement shall be construed as a reference to this Agreement or
      such other agreement as the same may have been, or may from time to time
      be, amended, varied, novated or supplemented.

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

	2.6.1 	any gender includes the other genders;

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

	 	 
	2.6.3 	the singular includes the plural and vice
      versa.

	2.7 	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

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		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.

	 	 
	2.8 	The rule of construction that, in the event of ambiguity,
      a contract shall be interpreted against the Party responsible for the
      drafting or preparation of such contract, shall not apply.

	 	 
	2.9 	Where any number of days is prescribed, those days shall
      be reckoned exclusively of the first and inclusively of the last day
      unless the last day falls on a day which is not a Business Day, in which
      event the last day shall be the next succeeding Business Day.

	 	 
	2.10 	The schedule to this Agreement forms an integral part
      hereof and words and expressions defined in this Agreement shall bear,
      unless the context otherwise requires, the same meaning in such
      schedule.

	3. 	RECORDAL

	3.1 	RPM and Plateau (amongst others) have entered into the
      Transaction Framework Agreement and intend to undertake and complete the
      Transaction. To this end, the Parties intend procuring that each
      Transactional Agreement shall be entered into and completed in accordance
      with its terms.

	 	 
	3.2 	The Parties:

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	3.2.1 	intend the Phase 3 Transactional Agreements to be
      implemented in a certain sequence on the same date;

	 	 
	3.2.2 	wish, immediately upon the implementation of the Phase 3
      Transactional Agreements, to terminate certain agreements in relation to
      the Ga-Phasha Business; and

	 	 
	3.2.3 	wish to record their agreement in this regard, and in
      regard to certain ancillary matters, in
      writing.

	4. 	CONDITIONS
      PRECEDENT

	4.1 	This entire Agreement (save in respect of clauses 1 to 4
      (both inclusive) and clauses 8 to 16 (both inclusive), which shall be of
      immediate force and effect) shall be subject to the fulfilment of the
      Conditions that:

	4.1.1 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Transactional Agreements shall have been
      entered into by the parties to those agreements, and none of the
      Transactional Agreements to which Plateau is not a party shall have been
      amended without the prior written consent of Plateau;

	 	 
	4.1.2 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Kwanda Sale of Rights Agreement shall
      have become unconditional in all respects in accordance with its terms,
      save insofar as it may be conditional on this Agreement becoming
      unconditional,

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	4.1.3 	either:

	4.1.3.1 	the suspensive condition contained in clause 6.1 of the
      Boikgantsho Sale of Rights Agreement shall have been fulfilled by not
      later than 31 March 2008, or such later date as the Parties may agree in
      writing; or

	 	 
	4.1.3.2 	if the suspensive condition contained in clause 6.1 of
      the Boikgantsho Sale of Rights Agreement shall not have been timeously
      fulfilled, RPM, Plateau and Boikgantsho (“Boikgantsho Parties”) shall by
      not later than 30 June 2009, or such later date as the Parties may agree
      in writing, have entered into another written agreement which
      shall:

	4.1.3.2.1 	have become unconditional in all respects in accordance
      with its terms, save insofar as it may be conditional on this Agreement
      becoming unconditional; and

	 	 
	4.1.3.2.2 	insofar as possible, have the same commercial effect and
      result in the Boikgantsho Parties being in the same commercial position
      that they would have been in, had the suspensive conditions contained in
      respectively clauses 6.1 and 6.2 of the Boikgantsho Sale of Rights
      Agreement been timeously fulfilled;

	4.1.4 	if the suspensive condition contained in clause 6.1 of
      the Boikgantsho Sale of Rights Agreement shall have been timeously
      fulfilled, the

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		suspensive condition contained in clause 6.2.1 of the
      Boikgantsho Sale of Rights Agreement shall have been fulfilled by not
      later than 30 June 2009, or such later date as the Parties may agree in
      writing;

	 	 
	4.1.5 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, RPM shall have completed the APL Due
      Diligence to its satisfaction. In the event that RPM shall have failed to
      deliver a written notice (confirming that it shall have completed the APL
      Due Diligence to its satisfaction) to Plateau by not later than the date
      specified above, RPM shall be deemed not to have completed the APL Due
      Diligence to its satisfaction, and the Condition in this clause 4.1.5
      shall be deemed not to have been fulfilled;

	 	 
	4.1.6 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Initial Funding Agreements shall have
      been entered into by the respective parties thereto, and all conditions
      precedent to the advance of funds under the Initial Funding Agreements
      shall have been fulfilled, save insofar as they may be conditional on this
      Agreement becoming unconditional;

	 	 
	4.1.7 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the shareholders of Anooraq shall have
      passed all resolutions necessary in order to approve and implement the
      Transaction, and, where applicable, such resolutions shall have been
      registered;

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	4.1.8 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Parties shall have received the written
      unconditional approval of the applicable Competition Authority, in terms
      of Chapter 3 of the Competition Act, in respect of the Transaction and
      each of the relevant transactions contemplated in the Transactional
      Agreements, or if such approval shall be subject to any conditions, such
      conditions shall have been accepted in writing by the Parties;

	 	 
	4.1.9 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, RPM and each of its direct and/or indirect
      shareholders, to the extent necessary, shall have obtained the written
      unconditional consent of the United Kingdom Treasury in respect of the
      entering into and completion in accordance with its terms of the
      Transaction;

	 	 
	4.1.10 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, if and to the extent necessary, the Parties
      shall have received the written consent of the Minister of Minerals and
      Energy in terms of Section 11 of the MPRD Act in respect of the sale and
      delivery of the Sale Shares (as defined in and in respect of each Phase 3
      Sale of Shares Agreement) to Holdco;

	 	 
	4.1.11 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Parties shall respectively have obtained
      all necessary regulatory consents, including (without limitation)
      the

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		consent of the South African Reserve Bank, the JSE, the
      Toronto Stock Exchange, the TSX Venture Exchange, the American Stock
      Exchange and/or any further and/or other regulatory authority required by
      the Parties, or any of them, in respect of the entering into and the
      completion of the Phase 3 Transactional Agreements in accordance with
      their respective terms;

	 	 
	4.1.12 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, RPM shall have procured that Lebowa shall
      have redeemed all of the redeemable preference shares in the issued share
      capital of Lebowa and shall have sufficient funds available for the
      payment of any unpaid redemption proceeds arising from such
      redemption;

	 	 
	4.1.13 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, if and to the extent necessary, the Minister
      of Minerals and Energy shall have consented in writing to the change in
      control of Micawber contemplated under the Plateau Sale of Micawber Shares
      and Claims Agreement, the RPM Sale of Micawber Shares and Claims Agreement
      and the Holdco Sale of Shares Agreement in terms of
      –

	4.1.13.1 	the unregistered notarial mineral lease between the State
      and Micawber executed on 21 April 2004 under Protocol 124/2004 in respect
      of De Kamp 507 KS; and

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	4.1.13.2 	the unregistered notarial mineral lease between the State
      and Micawber executed on 21 April 2004 under Protocol 124/2004 in respect
      of Avoca 472 KS;

	4.1.14 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Special Resolution shall have been
      adopted by the requisite majority of the shareholders of Micawber, and
      shall have been duly registered in accordance with all relevant
      requirements;

	 	 
	4.1.15 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, each of Anooraq, Pelawan and the Pelawan
      Trust shall have delivered to RPM an acknowledgement substantially in the
      form attached hereto as Schedule 1;

	 	 
	4.1.16 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, the Anooraq Agreements shall have been
      amended as required in terms of the Transactional Agreements and/or the
      Initial Funding Agreements and/or as otherwise required by Anooraq, to the
      reasonable satisfaction of Plateau and RPM as confirmed by Plateau and RPM
      respectively in writing;

	 	 
	4.1.17 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, if required to do so by notice in writing
      delivered to RPM by Plateau, RPM shall have amended the terms of the
      Holdco Shareholder Loan Agreement and the Opco Shareholder Loan Agreement
      (with the written approval of Plateau) to the
      extent

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		required to replicate the relevant terms of the Senior
      Debt Funding Agreement;

	 	 
	4.1.18 	by not later than the Final Disclosure Date, or such
      later date as the Parties may agree in writing, RPM shall have delivered
      the Disclosure Letter to Plateau;

	 	 
	4.1.19 	by not later than 30 April 2008, or such later date as
      the Parties may agree in writing, Plateau and Anooraq shall have completed
      the Anooraq Due Diligence to their satisfaction. In the event that Plateau
      and/or Anooraq shall have failed to deliver a written notice (confirming
      that they shall have completed the Anooraq Due Diligence to their
      satisfaction) to RPM by not later than the date specified above, Plateau
      and/or Anooraq shall be deemed not to have completed the Anooraq Due
      Diligence to their satisfaction, and the Condition in this clause 4.1.19
      shall be deemed not to have been fulfilled;

	 	 
	4.1.20 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing and only if RPM shall have, after the Final
      Disclosure Date and in terms of clause 10.1.4 of the Holdco Sale of Shares
      Agreement, notified Plateau of the occurrence and/or existence of any
      matter, fact, event, circumstance or thing in respect of and/or in
      connection with the Business (“Notified Event”), Plateau shall have
      delivered a written notice to RPM indicating that it wishes,
      notwithstanding the Notified Event/s and without prejudice to any of its
      rights in relation to the Notified Event/s, to proceed with the
      closing

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		of the Transaction; provided that Plateau shall be
      obliged to give the said notice unless the Notified Event/s will, on or
      after the Closing Date, constitute a material breach of a
      Warranty;

	 	 
	4.1.21 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing:

	4.1.21.1 	Opco shall have repaid to Holdco an amount of R1 764 705
      883, in settlement of a portion of the loan outstanding in terms of the
      Opco Shareholder Loan Agreement;

	 	 
	4.1.21.2 	Holdco shall have repaid to RPM an amount of R1 764 705
      883, in settlement of a portion of the loan outstanding in terms of the
      Holdco Shareholder Loan Agreement;

	 	 
	4.1.21.3 	RPM shall have subscribed for, and Holdco shall have
      allotted and issued to RPM, 17 548 ordinary shares of R1 each in the share
      capital of Holdco, for an aggregate subscription price of R1 764 705
      883;

	 	 
	4.1.21.4 	Holdco shall have subscribed for, and Opco shall have
      allotted and issued to Holdco, 17 548 ordinary shares of R1 each in the
      share capital of Opco, for an aggregate subscription price of R1 764 705
      883; and

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	4.1.21.5 	and after implementation of the provisions of clauses
      4.1.21.1 to 4.1.21.4 (both inclusive), the issued share capital of both
      Holdco and Opco shall comprise 17 648 ordinary shares of R1 each and the
      claim on loan account of the shareholder of each of Holdco and Opco
      against such companies shall be equal to an amount of R3 333 333;
      and

	4.1.22 	by not later than 30 June 2009, or such later date as the
      Parties may agree in writing, a special resolution shall have been passed
      by the shareholder of Plateau and registered by the Registrar of Companies
      approving, in terms of section 228 of the Companies Act, and authorising
      Plateau’s directors to enter into, the transactions recorded in
      collectively, the Boikgantsho Sale of Rights Agreement, the Kwanda Sale of
      Rights Agreement, the Plateau Sale of Micawber Shares and Claims
      Agreement, the Plateau Sale of Boikganthso Shares and Claims Agreement and
      the Plateau Sale of Kwanda Shares Agreement.

	4.2 	The Conditions in clauses:

	4.2.1 	4.1.8 to 4.1.11 (both inclusive) and 4.1.13 relate to
      compulsory regulatory approvals and may not be waived by any of the
      Parties;

	 	 
	4.2.2 	4.1.1 to 4.1.4 (both inclusive); 4.1.6; 4.1.7; 4.1.16;
      4.1.17; 4.1.21 and 4.1.22 are imposed for the benefit of all the Parties,
      and may not be

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		waived except by unanimous written agreement amongst the
      Parties at any time prior to the dates respectively specified for their
      fulfilment;

	 	 
	4.2.3 	4.1.5 and 4.1.15 are inserted for the benefit of RPM and
      may be waived only by RPM, by way of notice in writing to both Plateau and
      Holdco, at any time prior to the dates respectively specified for their
      fulfilment; and

	 	 
	4.2.4 	4.1.12; 4.1.14; 4.1.18; 4.1.19 and 4.1.20 are inserted
      for the benefit of Plateau and may be waived only by Plateau, by way of
      notice in writing to both RPM and Holdco, at any time prior to the dates
      respectively specified for their fulfilment.

	4.3 	The Parties shall use their respective reasonable
      commercial endeavours to procure the fulfilment of the Conditions as soon
      as reasonably possible after the Signature Date. Without limiting the
      generality of the foregoing, Anooraq shall, from time to time, on the
      receipt of a request from RPM, disclose to RPM what progress it shall have
      made in respect of the terms and conditions of the Senior Debt Funding
      Agreement.

	 	 
	4.4 	If any Condition shall not have been fulfilled, or waived
      by the Party, or Parties, entitled to effect such waiver, as the case may
      be, by the date specified in clause 4.1 for its fulfilment (or such later
      date as the Parties may have in writing agreed), this Agreement (save for
      clauses 1 to 3 (both inclusive), clause 4.3, this clause 4.4 and clauses 8
      to 16 (both inclusive) which shall remain of full force and effect) shall
      lapse and shall be of no

 

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force and effect and none of the
  Parties shall have any claim against the others of them in terms hereof or
  arising from the failure of the Conditions, save for a claim arising as a result
  of a Party’s failure to comply with its obligations under this clause 4. 

	5. 	IMPLEMENTATION

	 	 
		On the Closing Date, the Phase 3 Transactional Agreements
      shall be implemented in the sequence set out
      below:

	5.1 	the Boikgantsho Sale of Rights Agreement;

	 	 
	5.2 	the Kwanda Sale of Rights Agreement;

	 	 
	5.3 	the RPM Sale of Micawber Shares and Claims
      Agreement;

	 	 
	5.4 	the RPM Sale of Boikgantsho Shares and Claims
      Agreement;

	 	 
	5.5 	the RPM Sale of Kwanda Shares Agreement;

	 	 
	5.6 	the Plateau Sale of Micawber Shares and Claims
      Agreement;

	 	 
	5.7 	the Plateau Sale of Boikgantsho Shares and Claims
      Agreement;

	 	 
	5.8 	the Plateau Sale of Kwanda Shares Agreement;

	 	 
	5.9 	the Holdco Sale of Shares Agreement; and

	 	 
	5.10 	the Holdco Shareholders’
      Agreement.

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	6. 	TERMINATION

	 	 
		On the Closing Date and immediately after the
      implementation of the Phase 3 Transactional Agreements in terms of clause
      5, the Micawber Shareholders’ Agreement and the Notarial Joint Venture
      Agreement shall be terminated (to the extent that any such agreement shall
      have become unconditional) or shall lapse (to the extent that any such
      agreement shall remain conditional at the Closing Date), it being recorded
      that the Parties shall procure that the parties to such agreements will do
      all such things and sign all such documents as may be necessary to give
      effect to this clause 6.

	 	 
	7. 	POST-CLOSING DIVIDEND

	 	 
		The Parties record and agree that, in accordance with
      clause 9 of the Holdco Sale of Shares Agreement, Plateau shall procure
      that, by no later than 60 (sixty) days after the Closing Date, Holdco
      shall have declared and paid to RPM a special dividend equal to the
      aggregate net free cashflow of Holdco available for distribution to its
      shareholders for the period up to, and as at, the day immediately
      preceding the Closing Date.

	 	 
	8. 	COSTS

	8.1 	Each of the Parties shall bear its own costs of and
      incidental to the negotiation, preparation and execution of this
      Agreement.

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	8.2 	The Parties shall bear, in equal proportions, the filing
      fee and/or filing fees payable in respect of the notifications to be
      lodged with the Competition Authorities in order to fulfil the Condition
      contained in clause 4.1.8.

	9. 	CONFIDENTIALITY

	9.1 	Each of the Parties shall at all times treat all
      information in connection with and/or relating to the Transaction and/or
      the Transactional Agreements and all matters incidental thereto
      (“Confidential Information”), as strictly confidential and shall not,
      without the prior written consent of the other Parties (which consent may,
      for the avoidance of doubt, be withheld in the unfettered discretion of
      such other Party) disclose such Confidential Information to any party,
      and/or make use of such Confidential Information for any purposes other
      than in connection with the Transactional Agreements and/or the completion
      thereof in accordance with their terms.

	 	 
	9.2 	Notwithstanding the stipulations of clause 9.1,
      information shall be deemed not to be Confidential Information, and the
      provisions of clause 9.1 shall not apply to a Party in connection with any
      information which:

	9.2.1 	is or becomes generally available to the public other
      than as a result of disclosure by such Party in violation of this clause
      9;

	 	 
	9.2.2 	is disclosed to such Party by any third party entitled so
      to disclose such Confidential Information;

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	9.2.3 	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 Party liable to so
      give, make or publish same shall, to the extent reasonably possible, give
      the other Parties reasonable written notice thereof, along with drafts or
      copies thereof, as soon as is reasonably practicable, and, in the case of
      any disclosure required in terms of the Promotion of Access to Information
      Act, 2000 (Act No. 2 of 2000) (“PAI Act”), the Party liable to make such
      disclosure shall, inasfar as it shall be able, apply the principles of
      Chapter 4 of the PAI Act in order to avoid and/or limit the extent of any
      such disclosure, and such Party shall not make any disclosure which it
      shall not be legally obliged to make;

	 	 
	9.2.4 	is required to be disclosed by any Party to any Financier
      in order for such Financier to take informed decisions regarding such
      Party, provided that such Party shall use its reasonable endeavours to
      procure that the Financier shall keep such information confidential;
      and

	 	 
	9.2.5 	is, in terms of usual commercial practice, disclosed in
      the ordinary course of its operations by any of the Parties to any of
      their direct and indirect shareholders (and/or to any direct and/or
      indirect subsidiary of any of its direct and/or indirect shareholders)
      and/or to any Financier for the purpose of and/or in connection with the
      making of any investment decisions, provided that the relevant Party
      shall

 

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procure that such direct and indirect
  shareholders and/or Financier shall comply mutatis mutandis with the
  provisions of this clause 9. 

	10. 	BREACH

	10.1 	Should any Party ("Defaulting Party") commit a breach of
      any of the provisions hereof, then any other Party ("Aggrieved Party")
      shall, if it wishes to enforce its rights hereunder, be obliged to give
      the Defaulting Party 30 days written notice to remedy the breach. If the
      Defaulting Party fails to comply with such notice, the Aggrieved Party
      shall be entitled 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, it being recorded that the Aggrieved Party shall not be entitled
      to cancel this Agreement. The foregoing is without prejudice to such other
      rights as the Aggrieved Party may have at law.

	 	 
	10.2 	Notwithstanding anything to the contrary contained
      herein, no liability shall attach to any of the Parties in respect of any
      breach of this Agreement in relation to claims, losses or liabilities for
      any loss of profit or any other indirect, special or consequential
      loss.

	11. 	DOMICILIUM

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

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	 	Plateau: 	82 Grayston Drive 
	 	 	Sandton 
	 	 	JOHANNESBURG 
	 	 	2146 
	 	 	Fax No. +27 11 883 0836 
	 	 	Attention: The Chief Financial Officer 
	 	 	 
	 	 	 
	 	RPM: 	13th Floor 
	 	 	55 Marshall Street 
	 	 	JOHANNESBURG 
	 	 	2001 
	 	 	Fax No. +27 11 373 5111 
	 	 	Attention: The Company Secretary 
	 	 	 
	 	 	 
	 	Holdco: 	13th Floor 
	 	 	55 Marshall Street 
	 	 	JOHANNESBURG 
	 	 	2001 
	 	 	Fax No. +27 11 373-5111 
	 	 	Attention: The Company Secretary 

	11.2 	Any 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 in the Republic other than a box number, and any
      such change shall only be effective upon receipt of notice in writing by
      the other Parties of such change.

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

	 	 
	11.4 	A notice sent by one Party to another Party shall be
      delivered by hand or sent by telefax and shall be deemed to be
      received:

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	11.4.1 	on the same day, if delivered by hand, provided that in
      the event that such day shall not be a Business Day, the notice shall be
      deemed to have been received on the next Business Day; and

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

	11.5 	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.

	12. 	DISPUTE
      RESOLUTION

	12.1 	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 any Party be submitted to
      arbitration in Johannesburg in accordance with the AFSA rules, which
      arbitration shall be administered by AFSA.

	 	 
	12.2 	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

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		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.

	 	 
	12.3 	Any party to the arbitration may appeal the decision of
      the arbitrator or arbitrators in terms of the AFSA rules for commercial
      arbitration. Should AFSA, as an institution, not be operating at the time
      or not be accepting requests for appeals for any reason, then the appeal
      shall be conducted in accordance with the AFSA rules for commercial
      arbitration (as last applied by AFSA).

	 	 
	12.4 	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.

	 	 
	12.5 	Any arbitration in terms of this clause 12 (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.

	 	 
	12.6 	This clause 12 will continue to be binding on the Parties
      notwithstanding any termination or cancellation of this
      Agreement.

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	12.7 	The Parties agree that the written demand by a party to a
      dispute, in terms of clause 12.1, that such 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.

	13. 	COUNTERPARTS

	 	 
		This Agreement may be executed in any number of
      counterparts and by the different Parties hereto on separate counterparts,
      each of which when so executed and delivered shall be an original, but all
      such counterparts together shall constitute one and the same
      instrument.

	 	 
	14. 	GOVERNING LAW

	 	 
		This Agreement shall be governed by and construed in
      accordance with the laws of the Republic. The Parties hereby irrevocably
      and unconditionally consent to the non-exclusive jurisdiction of the High
      Court of the Republic of South Africa (Witwatersrand Local Division) in
      respect of any matter arising in terms of and/or in connection with this
      Agreement.

	 	 
	15. 	SEVERANCE

	 	 
		If any provision of this Agreement, which is not material
      to its efficacy as a whole, is rendered void, illegal or unenforceable in
      any respect under any law, the validity, legality and enforceability of
      the remaining provisions shall not in any way be affected or impaired
      thereby and the Parties shall endeavour in good faith to agree an
      alternative provision to the void, illegal or unenforceable
      provision.

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	16. 	GENERAL

	16.1 	This document, together with the Transactional Agreements
      constitutes the sole record of the agreement amongst the Parties and the
      parties to the respective Transactional Agreements, in regard to the
      subject matter thereof.

	 	 
	16.2 	None of the Parties shall be bound by any express or
      implied term, representation, warranty, promise or the like, not recorded
      herein.

	 	 
	16.3 	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.

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

	 	 
	16.5 	The Parties undertake at all times to do all such things,
      to perform all such acts and to take all such steps and to procure 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.

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	16.6 	None of the Parties shall be entitled to cede, delegate
      or otherwise transfer all or any of its rights, interest or obligations
      under and in terms of this Agreement except with the prior written consent
      of the other Parties.

 

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2008. 

 

For and on behalf of 

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his
  authority hereto 

 

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2008. 

 

For and on behalf of 

RUSTENBURG PLATINUM MINES
  LIMITED 

by 

  _____________________________________

  who warrants his authority hereto 

 

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANGL12-CS19 
	PHASE 3 IMPLEMENTATION AGR) 
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	Page 45

 

THUS DONE and SIGNED at ___________________________ on this the
  ________________ day of ________________________ 2008. 

 

For and on behalf of 

RICHTRAU NO 179 (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his authority hereto 

 

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANGL12-CS19 
	PHASE 3 IMPLEMENTATION AGR) 
	AC/gvh 
	 

SCHEDULE 1

DRAFT BEE PRINCIPLES ACKNOWLEDGMENT LETTER 

ON THE LETTERHEAD OF EITHER ANOORAQ, PELAWAN OR THE
  TRUSTEES 

OF THE PELAWAN TRUST 

[Date] 

The Company Secretary 

  Rustenburg Platinum Mines Limited 

Dear Sirs 

ACKNOWLEDGMENT LETTER 

	1. 	We refer to:

	1.1 	the shareholders’ agreement ("Holdco Shareholders’
      Agreement") entered into amongst Rustenburg Platinum Mines Limited
      ("RPM"), Plateau Resources (Proprietary) Limited ("Plateau")
      and Richtrau No 179 (Proprietary) Limited (“Holdco”) (collectively,
      the “Parties”), which shall, amongst other things, govern RPM and
      Plateau’s relationship as shareholders in Holdco; and

	 	 
	1.2 	the implementation agreement (“Phase 3 Implementation
      Agreement”) entered into amongst the Parties which, amongst other
      things, contains the conditions precedent to the implementation of the
      Holdco Shareholders Agreement and certain other transactional
      agreements.

	2. 	Schedule 2 to the Holdco Shareholders’ Agreement (“BEE
      Principles Schedule”) contains the BEE principles and pre-emptive
      rights that shall govern Plateau and RPM’s relationship as shareholders in
      Holdco. Further, it contains clauses which may result in Plateau’s
      shareholding interest in Holdco being

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		compulsorily disposed of and/or RPM being entitled to put
      its entire shareholding interest in Holdco to Plateau or its successor/s
      in title.

	 	 
	3. 	As envisioned in the conditions precedent contained in
      clause 4.1.15 of the Phase 3 Implementation Agreement, it is hereby
      confirmed that Anooraq/Pelawan/the trustees of the Pelawan Trust
      acknowledge/s and fully understand/s the terms of the BEE Principles
      Schedule. Further, Anooraq/Pelawan/the trustees of the Pelawan Trust
      acknowledge/s that all of the provisions of the BEE Principles Schedule
      and the restrictions therein contained are fair and reasonable and are
      part of the overall intention of the Parties in connection with the Holdco
      Shareholders’ Agreement.

Yours faithfully 

  ......................................................................

  Director/Trustee
  for and on behalf of

  ANOORAQ RESOURCES CORPORATION / PELAWAN INVESTMENTS
    (PROPRIETARY) LIMITED / THE PELAWAN TRUST 

Received a copy hereof on this 

the ____ day of
  _______________

_____________________________ 

  Director for and on behalf of 

  RUSTENBURG PLATINUM MINES LIMITED

 

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 
	ANGL12-CS19 ADDENDUM TO IMPLEMENTATION AGR) 
	AC/gvh 

SCHEDULE 2

CONFORMED COPY OF THE IMPLEMENTATION AGREEMENT

 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 

  ANGL12-CS19 SECOND ADDENDUM TO IMPLEMENTATION AGR) 

  AC 

  10.06.09 

 

SECOND ADDENDUM TO THE PHASE 3

IMPLEMENTATION AGREEMENT

 

amongst 

 

RUSTENBURG PLATINUM MINES LIMITED 

 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

 

and 

 

RICHTRAU NO 179 (PROPRIETARY) LIMITED

 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 

  ANGL12-CS19 SECOND ADDENDUM TO IMPLEMENTATION AGR) 

  AC 

SECOND ADDENDUM TO THE PHASE 3 IMPLEMENTATION

AGREEMENT DATED 28 MARCH 2008 

amongst 

RUSTENBURG PLATINUM MINES LIMITED

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

and 

RICHTRAU NO 179 (PROPRIETARY) LIMITED

(“the Implementation Agreement”) 

AMENDMENT TO THE AGREEMENT

The Implementation Agreement is hereby amended by the deletion
  of clause 4.1.21 

and the substitution therefor of the following: 

	“4.1.21 	by not later than 30 June 2009,
      or such later date as the Parties may agree in writing: 

	4.1.21.1 	Opco shall have repaid to Holdco an amount of R1 764 705
      783, in settlement of a portion of the loan outstanding in terms of the
      Opco Shareholder Loan Agreement;

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	4.1.21.2 	Holdco shall have repaid to RPM an amount of R1 764 705
      783, in settlement of a portion of the loan outstanding in terms of the
      Holdco Shareholder Loan Agreement;

	 	 
	4.1.21.3 	RPM shall have subscribed for, and Holdco shall have
      allotted and issued to RPM, 17 548 ordinary shares of R1 each in the share
      capital of Holdco, for an aggregate subscription price of R1 810 223
      017;

	 	 
	4.1.21.4 	Holdco shall have subscribed for, and Opco shall have
      allotted and issued to Holdco, 17 548 ordinary shares of R1 each in the
      share capital of Opco, for an aggregate subscription price of R1 810 223
      017; and

	 	 
	4.1.21.5 	and after implementation of the provisions of clauses
      4.1.21.1 to 4.1.21.4 (both inclusive), the issued share capital of both
      Holdco and Opco shall comprise 17 648 ordinary shares of R1 each and the
      claim on loan account of the shareholder of each of Holdco and Opco
      against such companies shall be equal to an amount of R5 294 117 746;
      and”.

 

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	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 

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his authority hereto 

 

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	AC 
	Page 4

 

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

For and on behalf of 

RICHTRAU NO 179 (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his authority hereto 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 

  ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR) 

  AC 

  26.06.09 

 

 

THIRD ADDENDUM TO THE PHASE 3

IMPLEMENTATION AGREEMENT

 

amongst 

 

RUSTENBURG PLATINUM MINES LIMITED 

 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

 

and 

 

RICHTRAU NO 179 (PROPRIETARY) LIMITED

 

ANGL12-CS19 

  (RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 

  ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR) 

  AC 

THIRD ADDENDUM TO THE PHASE 3 IMPLEMENTATION

AGREEMENT DATED 28 MARCH 2008 

amongst 

RUSTENBURG PLATINUM MINES LIMITED

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

and 

RICHTRAU NO 179 (PROPRIETARY) LIMITED

(“the Implementation Agreement”) 

	1. 	AMENDMENTS TO THE IMPLEMENTATION
      AGREEMENT

	1.1 	Clause 3.2 of the Implementation Agreement is hereby
      amended by the insertion of the phrase “(other than the Boikgantsho Sale
      of Rights Agreement and the Kwanda Sale of Rights Agreement)” immediately
      after the phrase “Phase 3 Transactional Agreements” where its appears in
      clauses 3.2.1 and 3.2.2.

	 	 
	1.2 	Clause 4 of the Agreement is hereby amended
      by:

	1.2.1 	the deletion of clauses 4.1.2 to 4.1.4 (both inclusive)
      and clause 4.1.9;

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	1.2.2 	the renumbering of the existing clauses 4.1.5 to 4.1.8
      (both inclusive) as clauses 4.1.2 to 4.1.5 (both inclusive) and the
      renumbering of the existing clauses 4.1.10 to 4.1.22 (both inclusive) as
      clauses 4.1.6 to 4.1.18 (both inclusive);

	 	 
	1.2.3 	the deletion of the phrase “this clause 4.1.5” where it
      appears in the renumbered clause 4.1.2 and its substitution therefor of
      the phrase “this clause 4.1.2”;

	 	 
	1.2.4 	the deletion of the phrase “this clause 4.1.19” where it
      appears in the renumbered clause 4.1.15 and its substitution therefor of
      the phrase “this clause 4.1.15”;

	 	 
	1.2.5 	the deletion of the phrase “and after implementation of
      the provisions of clauses 4.1.21.1 to 4.1.21.4 (both inclusive)” where it
      appears in the renumbered clause 4.1.17 and its substitution therefor of
      the phrase “and after implementation of the provisions of clauses 4.1.17.1
      to 4.1.17.4 (both inclusive)”; and

	 	 
	1.2.6 	the deletion of clause 4.2 and its substitution therefore
      of the following:

	 	“4.2 	The Conditions in clauses: 

	 	4.2.1 	4.1.5 to 4.1.7 (both inclusive) and 4.1.9 relate to
      compulsory regulatory approvals and may not be waived by any of the
      Parties;

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	 	4.2.2 	4.1.1; 4.1.3; 4.1.4; 4.1.12; 4.1.13; 4.1.17 and 4.1.18
      are imposed for the benefit of all the Parties, and may not be waived
      except by unanimous written agreement amongst the Parties at any time
      prior to the dates respectively specified for their fulfilment;

	 	 	 
	 	4.2.3 	4.1.2 and 4.1.11 are inserted for the benefit of RPM and
      may be waived only by RPM, by way of notice in writing to both Plateau and
      Holdco, at any time prior to the dates respectively specified for their
      fulfilment; and

	 	 	 
	 	4.2.4 	4.1.8; 4.1.10; 4.1.14; 4.1.15 and 4.1.16 are inserted for
      the benefit of Plateau and may be waived only by Plateau, by way of notice
      in writing to both RPM and Holdco, at any time prior to the dates
      respectively specified for their fulfilment.”.

	1.3 	Clause 5 of the Implementation Agreement is hereby
      amended by the deletion of the phrase “On the Closing Date, the Phase 3
      Transactional Agreements shall be implemented in the sequence set out
      below:” and its substitution therefor of the phrase “Save for the
      Boikgantsho Sale of Rights Agreement and the Kwanda Sale of Rights
      Agreement (which shall be implemented only in accordance with their
      respective terms and conditions), the Phase 3 Transactional Agreements
      shall be implemented on the Closing Date in the sequence set out
      below:”

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	AC 
	Page 4

	1.4 	Clauses 5.1 and 5.2 of the Implementation Agreement are
      hereby deleted.

	 	 
	1.5 	Clause 6 of the Implementation Agreement is hereby
      amended by the insertion of the phrase “(other than the Boikgantsho Sale
      of Rights Agreement and the Kwanda Sale of Rights Agreement)” immediately
      after the phrase “Phase 3 Transactional Agreements” where it appears in
      that clause.

	 	 
	1.6 	Clause 8.2 is hereby amended by the deletion of the
      phrase “clause 4.1.8” where it appears in that clause and its substitution
      therefore with the phrase “clause 4.1.5”.

	2. 	FULFILMENT OF CONDITIONS
      PRECEDENT

	2.1 	As a result of the renumbering of the sub-clause numbers
      in clause 4.1 of the Implementation Agreement, in accordance with clause
      1.2.2 above, the recordal of those conditions precedent that have been
      fulfilled or waived, as specified in clause 3 of the First Addendum to the
      Implementation Agreement dated 12 May 2009 (“First Addendum”), is
      incorrect.

	 	 
	2.2 	Accordingly, each of the signatories to this addendum
      hereby agrees to the deletion of clause 3 of the First Addendum and hereby
      confirms and agrees that the conditions precedent contained in clauses
      4.1.5; 4.1.8, 4.1.14 and 4.1.15 of the Implementation Agreement (as
      renumbered in accordance with clause 1.2.2 above) have, as at the date of
      last signature of this addendum, been fulfilled and if not fulfilled, are,
      to the extent possible, hereby waived.

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 
	ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR) 
	AC 
	Page 5

	2.3 	Further, each of the signatories to this addendum hereby
      confirms and agrees that it is not necessary to fulfil the condition
      precedent contained in clause 4.1.6 (as
      renumbered).

 

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 

 

	ANGL12-CS19 
	(RS\AGR\AMPLATS\ANOORAQ ADDENDA\ 
	ANGL12-CS19 THIRD ADDENDUM TO IMPLEMENTATION AGR) 
	AC 
	Page 6

 

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

For and on behalf of 

PLATEAU RESOURCES (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his
  authority hereto 

 

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

For and on behalf of 

RICHTRAU NO 179 (PROPRIETARY)
  LIMITED 

by 

  _____________________________________

  who warrants his authority heretoFiled by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4.10

HOLDCO SALE OF SHARES
AGREEMENT

 

amongst

 

PLATEAU RESOURCES (PROPRIETARY)
LIMITED

 

RUSTENBURG PLATINUM MINES
LIMITED

 

and

 

ANGLO PLATINUM LIMITED

 

	TABLE OF
      CONTENTS 

	1.
      	PARTIES
      	1
      
	2.
      	INTERPRETATION
      	1
      
	3.
      	INTRODUCTION
      	21
      
	4.
      	CONDITION
      PRECEDENT 	22
      
	5.
      	SALE
      	22
      
	6.
      	PURCHASE
      PRICE 	23
      
	7.
      	PAYMENT
      OF THE PURCHASE PRICE 	23
      
	8.
      	CLOSING
      	23
      
	9.
      	RISK,
      BENEFIT AND OWNERSHIP 	24
      
	10.
      	WARRANTIES
      AND INDEMNITIES 	24
      
	11.
      	GENERAL
      WARRANTIES 	31
      
	12.
      	COSTS
      	32
      
	13.
      	GENERAL
      	33
      

---oOo--- 

	SCHEDULE 1 	- 	WARRANTIES 
	SCHEDULE 2 	- 	DISCLOSURE LETTER 
	SCHEDULE 3 	- 	LEBOWA AREA MAP 
	SCHEDULE 4 	- 	OLD ORDER RIGHTS 
	SCHEDULE 5 	  	LEBOWA PRO FORMA FINANCIAL
      STATEMENTS 

 

HOLDCO SALE OF SHARES
AGREEMENT

	1. 	PARTIES 

	1.1 	PLATEAU RESOURCES (PROPRIETARY) LIMITED
      
	 	 
	1.2 	RUSTENBURG PLATINUM MINES LIMITED
    
	 	 
	1.3 	ANGLO PLATINUM LIMITED
  

	2. 	INTERPRETATION

	2.1 	
      The headnotes to the clauses of this Agreement are
      inserted for reference purposes only and shall in no way govern or affect
      the interpretation hereof.

	 	 
	2.2 	
      Unless inconsistent with the context, the expressions set
      forth below shall bear the following meanings:

		“Agreement” 	
      this Holdco Sale of Shares Agreement, together with the
      schedules hereto 

	 	  	
      

		“Anglo” 	
      Anglo American plc, a public company registered in
      England and Wales, registration no. 3564138 

	 	  	
      

		“Anglo Group” 	
      the group of entities comprising Anglo and all its direct
      and indirect Subsidiary 

 

Page 2 

	 	  	
  Companies, from time to time  

	 	  	
   

		“Anooraq” 	
      Anooraq Resources Corporation, a public
      company incorporated in accordance with the laws of British Columbia,
  Canada, registration no. 10022-2033 

	 	  	
   

		“Anooraq Group” 	
      the group of entities comprising the Anooraq
      Parties and their respective direct and indirect Subsidiary Companies,
  from time to time 

	 	  	
   

		“Anooraq Parties” 	
      the Anooraq Parties, as defined in the
  Holdco Shareholders’ Agreement 

	 	  	
   

		“APL” 	
      Anglo Platinum Limited, a public company
      incorporated in accordance with the laws of the Republic, registration no.
  1946/022452/06 

	 	  	
   

		“APL Group” 	
      the group of entities comprising APL and RPM
      and their respective direct and indirect Subsidiary Companies, from time
  to time 

	 	  	
   

		“Boikgantsho” 	
      Boikgantsho Platinum Mine (Proprietary)
  Limited, a private company incorporated in 

 

Page 3 

			      accordance with the laws of the Republic, registration
  no. 2003/012394/07 

	 	  	       

		“Boikgantsho Sale Assets”    	      the Sale Assets, as defined in the Boikgantsho Sale of
  Rights Agreement 

	 	  	       

		“Boikgantsho Sale of Rights
      Agreement” 	      the Boikgantsho Sale of Rights Agreement entered into, or
        to be entered into, amongst Plateau, RPM and Boikgantsho, in terms whereof
        Plateau and RPM shall respectively sell certain of the Boikgantsho Sale
  Assets to Boikgantsho 

	 	  	       

		“Business” 	      collectively, the Ga-Phasha Business, the LPM Business,
  the Boikgantsho Sale Assets and the Kwanda Sale Assets 

	 	  	       

		“Business Day” 	      every day except Saturdays, Sundays and statutory
  holidays in the Republic and/or British Columbia 

	 	  	       

		“CCMA” 	      the Commission for Conciliation, Mediation and
        Arbitration, established in terms of the Labour Relations Act, 1995 (Act
  66 of 1995) 

Page 4 

		“Closing Date” 	
      the Closing Date, as defined in the Phase 3
      Implementation Agreement 

	 	  	
      

		“Closing Date Financial Statements” 	
      the audited financial statements of Lebowa as at, and for
      the 12 (twelve) month period ended on, 31 December 2007, which audited
      financial statements shall be delivered by RPM to Plateau by 31 March 2008      

	 	  	
      

	 	“Companies Act” 	
      the Companies Act, 1973 (Act 61 of 1973) 

	 	  	
      

	 	“Condition” 	
      the condition precedent in clause 4.1 

		 	 
		“Contractor Agreement” 	
      the Contractor Agreement entered into on 21 December 2007
      between Lebowa and Opco, in terms whereof Lebowa appointed Opco as an
      independent contractor in terms of Section 101 of the MPRD Act to
      undertake Mining in the Lebowa Area 

	 	  	
      

		“CPI” 	
      the average annual rate of change (expressed as a
      percentage) in the Consumer Price Index for all metropolitan areas as
      published in the Government Gazette by Statistics South Africa, or such      

Page 5 

			
      other index reflecting the official rate of inflation in
      the Republic as may replace it, which annual change shall be determined by
      comparing the most recently published index with the index published in
      respect of the corresponding month in the previous year 

	 	  	
      

		“Disclosure” 	
      any disclosure made by RPM to Plateau prior to the Final
      Disclosure Date, by means of the Disclosure Letter 

	 	  	
      

		“Disclosure Letter” 	
      the disclosure letter to be furnished by RPM to Plateau
      in respect of the Warranties, substantially in the form of the draft
      annexed hereto as Schedule 2 

	 	  	
      

		“Environment” 	
      the surroundings within which humans exist, comprising
      the land, water and atmosphere of the earth, all forms of life, ecological
      systems; and the physical, chemical, aesthetic and cultural properties and
      conditions of the foregoing that influence human health and well-being
    

	 	  	
      

		“Environmental Law” 	
      includes all – 

      1. common law duties, national, provincial
  

 

Page 6 

	 	
      and municipal legislation (including regulations and
      other subsidiary legislation); and self-executing provisions of
      international agreements approved by Parliament, that are concerned with
      the protection or rehabilitation of the Environment, the use of natural
      resources (including land), and the maintenance of an Environment
      conducive to human health and well-being;

	 	
       

	 	
      2. directives, orders or other instructions lawfully
      given by an organ of state or state functionary exercising powers under
      any provision referred to in 1 above;

	 	
       

	 	
      3. permits, authorisations and exemptions issued under
      any provision referred to in 2 above; and

	 	
       

	 	
      4. when used in relation to a jurisdiction other than the
      Republic, refers to all legally binding legal instruments or instructions
      that under the laws of that jurisdiction are equivalent to those referred
      to in 1, 2 and 3 above

Page 7 

		“Environmental Warranties”      	the Warranties contained in
      paragraph 95 of Schedule 1 
	 	  	 
		"First Addendum to the Sale of Concentrate Agreement" 	the First Addendum to the Sale of      Concentrate Agreement entered into on 6 March 2008 between RPM and Lebowa 
	 	  	 
	 	“Final Disclosure Date”    	15 April 2008 
	 	  	 
		“Ga-Phasha Business”      	the business (together with all of
      its components, parts, assets and/or liabilities), as a going concern, of Micawber as at the Closing Date 
	 	  	 
		“Holdco” 	Richtrau No 179 (Proprietary)
      Limited, a private company incorporated in      accordance with the laws of the Republic, registration no. 2007/016711/07 
	 	  	 
		“Holdco Group” 	the group of entities comprising
      Holdco and its direct and indirect Subsidiary      Companies, from time to time 
	 	  	 
		“Holdco Shareholders’      Agreement” 	the Holdco Shareholders’ Agreement entered into, or to be entered into, amongst      Plateau, RPM and Holdco 

Page 8 

		“Holdco Shareholder Loan Agreement” 	
      the Holdco Shareholder Loan Agreement entered into, or to
      be entered into, in terms whereof RPM shall lend to Holdco an amount of R7
      058 823 529 (seven billion fifty eight million eight hundred and twenty
      three thousand five hundred and twenty nine Rand) 

	 	  	
       

		“Interim Skills Transfer Agreement” 	
      the Interim Skills Transfer Agreement entered into, or to
      be entered into, in terms whereof RPM shall, during the period commencing
      on the Signature Date and ending on the Closing Date, transfer certain
      skills to specified Plateau representatives and/or employees 

	 	  	
       

		“Kwanda” 	
      Richtrau No. 207 (Proprietary) Limited, a private company
      incorporated in accordance with the laws of the Republic, registration no.
      2008/003368/07 

	 	  	
       

		“Kwanda Sale Assets” 	
      the Sale Assets, as defined in the Kwanda Sale of Rights
      Agreement 

Page 9 

		“Kwanda Sale of Rights
      Agreement” 	
      the Kwanda Sale of Rights Agreement
      entered into, or to be entered into, amongst
      RPM, Plateau and Kwanda, in terms whereof RPM and Plateau shall sell their respective undivided 50% shares of the Kwanda
      Sale Assets to Kwanda 

	 	  	
       

		“Lebowa” 	
      Lebowa Platinum Mines Limited, a public
      company incorporated in accordance with the laws of the Republic, registration no. 1963/006144/06 

	 	  	
       

		“Lebowa Area” 	
      the Lebowa Area, as indicated on the map
      annexed as Schedule 3 

	 	  	
       

		“Lebowa Step 1 Sale of
      Shares Agreement” 	
      the Lebowa Step 1 Sale of Shares
      Agreement entered into on 21
      December 2007 between APL and RPM, in terms whereof
      APL sold and RPM purchased the entire ordinary issued
      share capital of Lebowa 

	 	  	
       

		“Lebowa Step 2 Sale of
      Shares Agreement” 	
      the Lebowa Step 2 Sale of Shares
      Agreement entered into on 21 December 2007 between RPM and Holdco, in terms whereof
      RPM sold and Holdco purchased 

 

Page 10 

			
      the entire ordinary issued share capital of
      Lebowa 

	 	  	
       

		“LPM Business” 	
      the business (together with all of its
      components, parts, assets and/or liabilities)
      as a going concern, of Lebowa and/or Opco, as the case may be, including (for the
      avoidance of doubt) the Rights to Mine held by Lebowa
      and/or Opco, as the case may be 

	 	  	
       

		“Micawber” 	
      Micawber 277 (Proprietary) Limited, a
      private company incorporated in accordance with the laws of the Republic, registration no. 2002/016481/07 

	 	  	
       

	 	“Minerals Act” 	
      the Minerals Act, 1991 (Act 50 of 1991)
      

	 	  	
       

		“Mining” 	
      the mining of PGMs, the rehabilitation of
      all areas mined, and the processing of all
      platinum and related minerals; and “Mine” shall bear a corresponding meaning 

	 	  	
       

		“Mining Rights” 	
      mining rights (as defined in terms of the
      MPRD Act) 

Page 11 

		“MPRD Act” 	
      the Mineral Petroleum and Resources
      Development Act, 2002 (Act 28 of 2002)
  

	 	  	
       

		“New Order Rights” 	
      the Mining Rights into which the Old Order
      Rights shall be converted 

	 	  	
       

		“Old Order Rights” 	
      the old order rights (as defined in Schedule
      II of the MPRD Act) forming part of, respectively, the LPM Business and the Ga-Phasha Business, as set out in the list attached hereto as Schedule 4 

	 	  	
       

		“Opco” 	
      Richtrau No 177 (Proprietary) Limited, a
      private company incorporated in accordance with the laws of the Republic, registration no. 2007/016001/07 

	 	  	
       

		“Opco Shareholder Loan
      Agreement” 	
      the Opco Shareholder Loan Agreement
      entered into, or to be entered into between
      Holdco and Opco, in terms whereof Holdco shall lend to Opco an amount of R7 058 823 529
      (seven billion fifty eight million eight hundred and
      twenty three thousand five hundred and twenty nine
      Rand) 

Page 12 

		“Parties” 	
      APL, RPM and Plateau and a “Party” shall mean each or any
      of them, as the context requires 

	 	  	
       

		“Pelawan” 	
      Pelawan Investments (Proprietary) Limited, a private
      company incorporated in accordance with the laws of the Republic,
      registration no. 2002/017920/07 

	 	  	
       

		“Pelawan Trust” 	
      Pelawan Trust, established in accordance with the trust
      deed dated 2 September 2004, Master’s reference IT8411/2004 

	 	  	
       

		“PGMs” 	
      collectively, platinum, palladium, rhodium, ruthenium,
      iridium, osmium and the metals and minerals mineralogically associated
      therewith, including but not limited to gold, silver, copper, nickel and
      cobalt together with any such metals and minerals which may be extracted
      from the normal mining of the abovementioned minerals in, on or under the
      relevant project area 

	 	  	
       

		“Phase 1 Transactional Agreements” 	
      collectively:
      
- the Lebowa Step 1 Sale of Shares Agreement; 

    

Page 13 

		 	
      - the Lebowa Step 2 Sale of Shares      Agreement; 

	 	  	
       

		 	
      - the Sale of Lebowa Business Agreement; 

	 	  	
       

	 	  	
    - the Contractor Agreement; and    

	 	  	
       

	 	  	
      - the Sale of Concentrate Agreement      

	 	  	
       

		“Phase 2 Transactional Agreements” 	
      collectively: 

		 	 
		 	
      - the Holdco Shareholder Loan Agreement; 

	 	  	
       

		 	
      - the Opco Shareholder Loan Agreement; 

	 	  	
       

		 	
      - the Umbrella Services Agreement;      and 

	 	  	
       

	 	  	
      - the Interim Skills Transfer Agreement      

	 	  	
       

		“Phase 3 Implementation Agreement” 	
  the Phase 3 Implementation Agreement      entered into, or to be entered into, amongst      RPM, Plateau and Holdco, the terms  

 

Page 14 

			
      whereof shall, amongst other things,
      govern the order in which the Phase 3 Transactional Agreements will be implemented
      

	 	  	
       

		“Phase 3 Transactional
      Agreements” 	
      collectively: 

	 	 	 
	 	  	
      - this Agreement; 

	 	  	
       

			
      - the Boikgantsho Sale of Rights
      Agreement; 

	 	  	
       

			
      - the Kwanda Sale of Rights Agreement; 

	 	  	
       

			
      - the RPM Sale of Boikgantsho Shares
      and Claims Agreement; 

	 	  	
       

			
      - the RPM Sale of Kwanda Shares Agreement; 

	 	  	
       

			
      - the RPM Sale of Micawber Shares
      and Claims Agreement; 

	 	  	
       

			
      - the Plateau Sale of Boikgantsho
      Shares and Claims Agreement; 

	 	  	
       

	 	  	
      - the Plateau Sale of Kwanda Shares
      

 

Page 15 

	 	  	
      Agreement; 

	 	  	
       

			
      - the Plateau Sale of Micawber Shares
      and Claims Agreement; and 

	 	  	
       

	 	  	
      - the Holdco Shareholders’ Agreement
      

	 	  	
       

		“Plateau” 	
      Plateau Resources (Proprietary) Limited, a
      private company incorporated in accordance with the laws of the Republic, registration no. 1996/013879/07 

	 	  	
       

		“Plateau Sale of Boikgantsho
      Shares and Claims Agreement”
      	
      the Plateau Sale of Boikgantsho Shares
      and Claims Agreement entered into, or to be entered into, between Plateau and Holdco, in
      terms whereof Plateau shall sell and Holdco shall
      purchase 50% of the entire issued share capital of
      Boikgantsho and Plateau’s claims against Boikgantsho
      on shareholder’s loan account 

	 	  	
       

		“Plateau Sale of Kwanda
      Shares Agreement” 	
      the Plateau Sale of Kwanda Shares
      Agreement entered into, or to be entered into, between Plateau and Holdco, in terms whereof Plateau shall sell and Holdco shall purchase 50% of the entire issued share

Page 16 

	 	  	
      capital of Kwanda 

	 	  	
      

		“Plateau Sale of Micawber Shares and Claims
      Agreement” 	
      the Plateau Sale of Micawber Shares and Claims Agreement
      entered into, or to be entered into, between Plateau and Holdco, in terms
      whereof Plateau shall sell and Holdco shall purchase 50% of the entire
      issued share capital of Micawber and Plateau’s claims against Micawber on
      shareholder’s loan account 

	 	  	
      

		“Prime” 	
      the prime rate of interest publicly quoted as such by The
      Standard Bank of South Africa Limited (“Standard Bank”) from time to time,
      calculated on a 365-day factor (irrespective of whether or not the year is
      a leap year) and compounded monthly in arrears, as certified by any
      manager of Standard Bank, whose appointment as such it shall not be
      necessary to prove, which certificate shall serve as prima facie
      proof of its contents 

	 	  	
      

		"Pro Forma Financial Statements" 	
      the pro forma financial statements of Lebowa as at, and
      for the 12 (twelve) month period ended on, 30 June 2007 and annexed hereto
      as Schedule 5 

 

Page 17 

		“Purchase Price” 	
      the purchase price payable by Plateau to
      RPM in respect of the Sale Shares and the Sale Claim, in accordance with clause 6 

	 	  	
       

	 	“Republic” 	
      the Republic of South Africa
  

	 	  	
       

		“Rights to Mine” 	
      all rights of whatsoever nature in and to
      any and all minerals at any time, including
      (without limitation) the Old Order Rights and the New Order Rights 

	 	  	
       

		“RPM” 	
      Rustenburg Platinum Mines Limited, a
      public company incorporated in accordance with the laws of the Republic, registration no. 1931/003380/06 

	 	  	
       

		“RPM Sale of Boikgantsho
      Shares and Claims Agreement”
      	
      the RPM Sale of Boikgantsho Shares and
      Claims Agreement entered into, or to be entered into, between RPM and Holdco, in terms
      whereof RPM shall sell and Holdco shall purchase 50%
      of the entire issued share capital of Boikgantsho and
      RPM’s claims against Boikgantsho on shareholder’s loan account 

Page 18 

		“RPM Sale of Kwanda Shares Agreement” 	
      the RPM Sale of Kwanda Shares Agreement entered into, or
      to be entered into, between RPM and Holdco, in terms whereof RPM shall
      sell and Holdco shall purchase 50% of the entire issued share capital of
      Kwanda 

	 	  	
      

		“RPM Sale of Micawber Shares and Claims
      Agreement” 	
      the RPM Sale of Micawber Shares and Claims Agreement
      entered into, or to be entered into, between RPM and Holdco, in terms
      whereof RPM shall sell and Holdco shall purchase 50% of the issued share
      capital of Micawber and RPM’s claims against Micawber on shareholder’s
      loan account 

	 	  	
      

		“Sale Claim” 	
      that portion of RPM’s claim against Holdco on
      shareholders loan account constituting 51% of the total amount owing by
      Holdco to RPM as at the Closing Date 

	 	  	
      

		“Sale of Concentrate Agreement” 	
      the Sale of Concentrate Agreement entered into on 21
      December 2007 between RPM and Lebowa, in terms whereof Lebowa shall sell
      and RPM shall 

Page 19 

			
      purchase Lebowa’s entire production of concentrate from
      time to time 

	 	  	
      

		“Sale of Lebowa Business Agreement” 	
      the Sale of Lebowa Business Agreement entered into on 21
      December 2007 between Lebowa and Opco, in terms whereof Lebowa sold and
      Opco purchased the LPM Business 

	 	  	
      

		“Sale Shares” 	
      14 873 ordinary shares of R1 each, fully paid up, in the
      issued share capital of Holdco, which shall constitute 20.92% of the
      entire issued share capital of Holdco 

	 	  	
      

		“Services Agreement(s)” 	
      the Services Agreement(s) to be entered into, in terms
      whereof members of the Anglo Group and/or the Anooraq Group shall provide
      services to members of the Holdco Group, from time to time 

	 	  	
      

	 	“Signature Date” 	
      the date of last signature of this Agreement 

	 	  	
      

		“Subsidiary Company” 	
      a subsidiary company (which for the purposes of this
      Agreement shall be deemed to include any company incorporated outside the
      Republic) as 

Page 20 

			
      defined in terms of Section 1(3) of the Companies Act
    

	 	  	
       

		"Tax" 	
      all income tax, capital gains tax, secondary tax on
      companies, dividend tax, value- added tax, stamp duty, uncertificated
      securities tax, employees tax, levies, assessments, imposts, deductions,
      charges and withholdings whatsoever in terms of any tax legislation, and
      includes all penalties and interest payable as a consequence of any
      failure or delay in paying any Taxes 

	 	  	
       

		“Transaction” 	
      the Transaction to which the Transactional Agreements
      will give effect 

	 	  	
       

		“Transactional Agreements” 	
      collectively, the Phase 1 Transactional 
Agreements,
      the Phase 2 Transactional 
Agreements, the Phase 3 Transactional
      
Agreements, the Phase 3 Implementation 
Agreement and the Services
      Agreement(s) 

	 	  	
       

		“Transaction Framework Agreement” 	
      the Transaction Framework Agreement entered into on 3
      September 2007 by, amongst others, the Parties 

 

Page 21 

		“Umbrella Services Agreement” 	
      the Umbrella Services Agreement entered into, or to be
      entered into, amongst APL, Anooraq and Holdco, the terms whereof shall,
      amongst other things, contain the high level principles agreed upon
      amongst Anooraq, APL and Holdco in respect of the content of the Services
      Agreement(s) 

	 	  	
      

		"Warranties" 	
      the warranties given by a Party in favour of any other
      Party, in terms of this Agreement and “Warranty” shall have a
      corresponding meaning 

	 	  	
      

	 	"Warranty Company" 	
      any of Lebowa, Opco or Holdco.

	2.3 	
      The interpretation and construction guidelines set out in
      clauses 2.3 to 2.10 (both inclusive) of the Phase 3 Implementation
      Agreement shall apply mutatis mutandis to the interpretation and
      construction of this Agreement.

	3. 	INTRODUCTION

	3.1 	
      The Parties have entered into the Transaction Framework
      Agreement, and intend to undertake and to complete the
  Transaction.

	 	 
	3.2 	
      RPM is the registered and beneficial owner of the Sale
      Shares and the Sale Claim, and is entitled to dispose of
  same.

 

Page 22 

	3.3 	
      RPM wishes to sell and Plateau wishes to purchase the
      Sale Shares and the Sale Claim, as one indivisible transaction, on the
      terms and conditions set out herein.

	4. 	CONDITION PRECEDENT

	4.1 	
      This entire Agreement (save in respect of clauses 1 to 4
      (both inclusive) and clauses 10.1.4, 12 and 13, which shall be of
      immediate force and effect) shall be subject to the fulfilment of the
      Condition that the Phase 3 Implementation Agreement shall have become
      unconditional in accordance with its terms, save insofar as it may be
      conditional on this Agreement becoming unconditional.

	 	 
	4.2 	
      The Parties shall use their respective reasonable
      commercial endeavours to procure the fulfilment of the Condition as soon
      as reasonably possible after the Signature Date. If the Condition shall
      not have been fulfilled by the last date for the fulfilment of the
      conditions precedent to the Phase 3 Implementation Agreement, this
      Agreement (save for clauses 1 to 3 (both inclusive), this clause 4.2 and
      clauses 12 and 13 which shall remain of full force and effect) shall lapse
      and shall be of no force and effect and neither Party shall have any claim
      against the other in terms hereof or arising from the failure of the
      Condition.

	5. 	SALE 

RPM hereby sells to Plateau, which
hereby purchases, the Sale Shares and the Sale Claim, with effect from the
Closing Date, as one indivisible transaction. 

 

Page 23 

	6. 	PURCHASE PRICE

	6.1 	
      The Purchase Price payable by Plateau to RPM in respect
      of the Sale Shares and the Sale Claim shall be an amount of R3 600 000 000
      (three billion six hundred million Rand).

	 	 
	6.2 	
      A portion of the Purchase Price equal to the face value
      of the Sale Claim shall be allocated to the Sale Claim; and the balance of
      the Purchase Price shall be allocated to the Sale
Shares.

	7. 	PAYMENT OF THE PURCHASE PRICE
  
	  	  
		
      Plateau shall pay the Purchase Price to RPM in cash,
      without set-off and/or deduction on the Closing Date, by the transfer of
      the full amount of the Purchase Price in immediately available funds to
      such South African bank account as RPM may specify by written notice
      delivered by not later than 3 Business Days before the Closing Date.
    

	  	
       

	8. 	
      CLOSING 

	  	
       

		
      On the Closing Date and against payment of the Purchase
      Price in accordance with the provisions of clause 7, RPM shall deliver to
      Plateau: 

	8.1 	
      certificates in respect of the Sale Shares, together with
      currently dated transfer forms in respect thereof, duly signed by RPM and
      in favour of Plateau as the transferee;

	 	 
	8.2 	
      a written cession of the Sale Claim in favour of Plateau;
      and

 

Page 24 

	8.3 	
      a certified copy of a resolution of the directors of
      Holdco:

	8.3.1 	
      approving the transfer of the Sale Shares to Plateau;
      and

	 	 
	8.3.2 	
      noting and consenting to the cession of the Sale Claim to
      Plateau.

	9. 	RISK, BENEFIT AND OWNERSHIP

	  	  
		
      The risk and benefit in and to, and the ownership of, the
      Sale Shares and Sale Claim shall pass to Plateau on and with effect from
      the Closing Date. 

	10. 	WARRANTIES AND INDEMNITIES
  

	10.1 	APL gives to Plateau the Warranties, it being
      agreed that: 

	10.1.1 	
      each Warranty shall prima facie be deemed to be material
      and to be a material representation of fact inducing Plateau to enter into
      this Agreement;

	 	 
	10.1.2 	
      the Warranties are made and given subject to any
      Disclosures made by RPM, which Disclosures shall have the effect of
      limiting the scope of the Warranties and the indemnity in clause 10.8.4,
      to the extent of such Disclosure, provided that RPM shall be entitled to
      Disclose matters, events, circumstances and/or things to Plateau in
      writing up to and including the Final Disclosure
Date;

 

Page 25 

	10.1.3 	
      each Warranty shall be given as at the Signature Date and
      the Closing Date, unless otherwise stated to the contrary in a particular
      Warranty;

	 	 
	10.1.4 	
      RPM may, at any time between the Final Disclosure Date
      and the date on which the condition precedent in clause 4.1.21 of the
      Phase 3 Implementation Agreement shall have been fulfilled, notify Plateau
      of the occurrence and/or existence of any matter, event, circumstance
      and/or thing in respect of and/or in connection with the Business;
    and

	 	 
	10.1.5 	
      subject to clause 10.4, each Warranty shall be a separate
      Warranty and in no way limited or restricted by reference to or inference
      from the terms of any other Warranty.

	10.2 	
      Plateau is entering into this Agreement relying upon the
      Warranties.

	 	 
	10.3 	
      Notwithstanding the Warranties and indemnities given by
      APL, no liability shall attach to APL in respect of any indemnity or
      breach of any Warranty contained in this Agreement in relation to any
      established claim or loss sustained by Plateau, or deemed claim or loss
      sustained by Plateau in accordance with clause 10.10, which in respect of
      an individual claim or loss, or an aggregate of individual claims or
      losses, shall be of an amount less than R5 000 000 (five million Rand),
      provided that, in the event that any individual claim and/or loss, or an
      aggregate of such claims and/or losses, shall be in excess of the
      aforesaid limit specified in this clause 10.3, the liability of APL shall
      be in respect of the entire amount of such claim and/or
  loss.

 

Page 26 

	10.4 	
      The maximum liability of APL in respect of all claims
      made in respect of any indemnity or Warranty contained in this Agreement
      shall not exceed an amount equal to the aggregate of R3.85 billion,
      escalated annually by CPI on each anniversary of the Closing
    Date.

	 	 
	10.5 	
      Save in respect of any claims made upon APL
    regarding:

	10.5.1 	
      any Warranty related to Tax (in respect of which a notice
      of any such claim must be given in writing by Plateau to APL by not later
      than the sixth anniversary of the Closing Date);

	 	 
	10.5.2 	
      any Environmental Warranties (in respect of which a
      notice of any such claim must be given in writing by Plateau to APL by no
      later than the tenth anniversary of the Closing Date); or

	 	 
	10.5.3 	
      any Warranty contained in paragraphs 1 to 6, 11 to 14, 16
      and 18 to 21 of Schedule 1 (to which no limitation shall be applicable as
      to the time within which any notice of such claim may be
  made);

any claim made upon APL in respect of
any indemnity or Warranty contained in this Agreement shall be wholly barred and
unenforceable unless notice of such claim is given in writing by Plateau to APL
by not later than 18 months after the Closing Date, and notwithstanding the type
of Warranty, or indemnity, in respect of which a notice of claim shall have been
served, proceedings in respect thereof shall have been issued and served (which
for the purposes hereof shall include any matter referred to arbitration, and in
respect of which a statement of claim shall have been 

 

Page 27 

		
      delivered) within 6 months after such written
      notification of claims shall have been delivered to APL.

	 	 
	10.6 	
      Where any Warranty is qualified by the expression "RPM is
      not aware", "to the best of RPM's knowledge and belief" or any similar
      expression, that expression will be deemed to include an additional
      statement that it has been made after due enquiry. In this regard, RPM
      shall be deemed to have the same knowledge which any executive director of
      the relevant Warranty Company has.

	 	 
	10.7 	
      Save as otherwise recorded in Schedule 1 or elsewhere in
      this Agreement, neither RPM nor APL make any representations and give no
      warranties to Plateau in respect of and/or in connection with the Sale
      Shares and/or the Sale Claim, the Sale Shares and the Sale Claim being
      sold voetstoots and as they stand.

	 	 
	10.8 	
      Without prejudice to any rights of Plateau arising from
      any other provision of this Agreement and to the extent that such
      liability is not fully provided for or reflected as a liability in the Pro
      Forma Financial Statements and/or the Closing Date Financial Statements,
      APL hereby gives Plateau an indemnity against and holds it harmless from
      all claims, liability, damage, loss (excluding consequential loss),
      penalty, expense and cost (including legal costs on an attorney and own
      client scale) of any nature whatsoever which Plateau may sustain as a
      result of or attributable to:

 

Page 28 

	10.8.1 	notwithstanding any Disclosure,
  ***

	10.8.2 	
      notwithstanding any Disclosure, the failure by the
      shareholder of Lebowa to pass and, to the extent necessary, register a
      resolution under section 228 of the Companies Act in respect of the
      entering into of the Sale of Lebowa Business Agreement; provided that such
      indemnity shall lapse if RPM shall furnish Plateau with a copy of such
      resolution and proof that such resolution shall have been registered with
      the Registrar of Companies;

	 	 
	10.8.3 	
      notwithstanding any Disclosure, any claims made by any
      member of the APL Group against any member of the Holdco Group in respect
      of the cancellation of the agreement between Lebowa and RPM referred to in
      clause 23.1 of the Sale of Concentrate Agreement, as amended by the First
      Addendum to the Sale of Concentrate Agreement;

	 	 
	10.8.4 	
      any liability, whether actual or contingent, of
      whatsoever nature or kind and howsoever arising in respect of Lebowa,
      insofar as:

	10.8.4.1 	
      the cause of action of which arose prior to 30 June
      2007;

	 	 
	10.8.4.2 	
      such liability was not reflected and fully brought to
      account in the Pro Forma Financial Statements; and

	 	 
	10.8.4.3 	
      such liability shall not have been
  Disclosed;

 

Page 29 

	10.8.5 	
      any liability incurred by Lebowa between 30 June 2007 and
      31 December 2007 otherwise than in the ordinary course of business or as
      Disclosed;

	 	 
	10.8.6 	
      any liability incurred by Opco between 31 December 2007
      and the Closing Date otherwise than in the ordinary course of business or
      as Disclosed; and

	10.8.7 	notwithstanding any Disclosure,
  ***

	10.9 	
      Any Tax and/or other amounts payable by any of the
      Warranty Companies to any competent authority in respect of any period
      prior to the Closing Date, and which have not been paid as at the Closing
      Date, may be paid by Plateau or the relevant Warranty Company, as the case
      may be, subsequent to the Closing Date, in which
event:

	10.9.1 	
      APL shall forthwith pay to Plateau or the relevant
      Warranty Company, as the case may be, an amount equal to such payment;
      and

	 	 
	10.9.2 	
      Plateau will procure that the relevant Warranty Company
      shall, if so requested by APL, apply for such refund of such payment as
      may be

Page 30 

competent and if any such refund is
received, Plateau shall promptly procure payment of such refund to APL. 

	10.10 	
      Any claim, liability, damage, loss, penalty, expense or
      cost suffered or incurred, and not recovered, by a Warranty Company shall
      be deemed to be suffered or incurred as to 51% (fifty one percent) thereof
      by Plateau.

	 	 
	10.11 	
      Plateau will notify APL of any claim which may be made
      against a Warranty Company in respect of any of the matters referred to in
      clause 10.8 as expeditiously as possible after Plateau becomes aware
      thereof. APL and/or RPM will be entitled to contest the claim concerned in
      the name of the relevant Warranty Company and will be entitled to control
      the proceedings in regard thereto, provided that
–

	10.11.1 	
      APL delivers to Plateau a written indemnity in terms
      reasonably acceptable to Plateau, indemnifying Plateau and the relevant
      Warranty Company against all charges and all legal costs (on an attorney
      to own client scale) which may be incurred or awarded as a consequence of
      such steps. Plateau will be entitled to require APL to give reasonable
      security against such costs; and

	 	 
	10.11.2 	
      Plateau will procure that the relevant Warranty Company
      –

	10.11.2.1 	
      renders reasonable assistance to APL and/or RPM (at the
      expense of RPM and/or APL) in regard to the steps taken by RPM and or APL
      (in each instance as the case may be); and

Page 31 

	10.11.2.2 	
      will make all relevant books and records available to APL
      and/or RPM.

	10.12 	
      In the event of Plateau suffering or paying any loss,
      damage, liability, cost, charge, expense, payment or penalty to which any
      representation, undertaking, Warranty or indemnity (given by APL) relates,
      APL will forthwith upon such amount being determined (by a Court with
      competent jurisdiction, an arbitrator or as agreed between the Parties, as
      the case may be) pay to Plateau an amount equal to such loss, damage,
      liability, cost, charge, expense, payment or penalty. Any amount payable
      by APL pursuant to this clause shall bear interest at Prime from the date
      on which the loss occurred to date of payment by APL, both days inclusive,
      which interest shall be payable simultaneously with the amount payable by
      APL.

	11. 	GENERAL WARRANTIES

	11.1 	Each Party hereby warrants to and in favour of
      the other that – 

	11.1.1 	
      it has the legal capacity and has taken all necessary
      corporate action required to empower and authorise it to enter into this
      Agreement;

	 	 
	11.1.2 	
      this Agreement constitutes an agreement valid and binding
      on it and enforceable against it in accordance with its terms;
  and

	 	 
	11.1.3 	
      the execution of this Agreement and the performance of
      its obligations hereunder does not and shall not –

 

Page 32 

	11.1.3.1 	
      contravene any law or regulation to which it is
      subject;

	 	 
	11.1.3.2 	
      contravene any provision of it’s constitutional
      documents; or

	 	 
	11.1.3.3 	
      conflict with, or constitute a breach of any of the
      provisions of any other agreement, obligation, restriction or undertaking
      which is binding on it.

	11.2 	Each of the Warranties given by the Parties in
      terms of clause 11.1, shall: 

	11.2.1 	
      be a separate warranty and will in no way be limited or
      restricted by inference from the terms of any other Warranty or by any
      other words in this Agreement;

	 	 
	11.2.2 	
      continue and remain in force notwithstanding the
      completion of any or all the transactions contemplated in this Agreement;
      and

	 	 
	11.2.3 	
      prime facie be deemed to be material and to be a
      material representation inducing the other Party to enter into this
      Agreement.

	12. 	COSTS 

	12.1 	
      Each of the Parties shall bear its own costs of and
      incidental to the negotiation, preparation and execution of this
      Agreement.

	 	 
	12.2 	
      Plateau shall pay all stamp duty in connection with the
      transfer of the Sale Shares to it.

 

Page 33 

	13. 	
      GENERAL

	 	 
		
      The provisions of clauses 9 to 16 (both inclusive) of the
      Phase 3 Implementation Agreement shall apply mutatis mutandis in
      respect of this Agreement; provided that for purposes of clause 9 of such
      agreement, APL’s domicilium shall be the same as
RPM’s.

THUS DONE and SIGNED at ___________________________ on this the
________________ day of  ________________________ 2008. 

	 	For and on behalf of 
	 	  
	 	PLATEAU RESOURCES (PROPRIETARY) 
	 	LIMITED 
	 	  
	 	  
	 	by 
	 	  
	 	
	 	who warrants his authority hereto

 

Page 34 

THUS DONE and SIGNED at ___________________________ on this the
________________ day of  ________________________ 2008. 

	 	For and on behalf of 
	 	ANGLO PLATINUM LIMITED 
	 	  
	 	by   
	 	
	 	who warrants his authority hereto

THUS DONE and SIGNED at ___________________________ on this
the  ________________ day of  ________________________ 2008. 

	 	For and on behalf of 
	 	RUSTENBURG PLATINUM MINES LIMITED 
	 	  
	 	by 
	 	
	 	who warrants his authority hereto

 

SCHEDULE 1

WARRANTIES

The following Warranties are given by APL on the basis set
forth in clause 10 of the Agreement.

	1. 	
      As at the Closing Date, the authorised share capital of
      Holdco shall be 500 000 ordinary shares of R1 each.

	 	 
	2. 	
      Unless the fulfilment of the condition precedent
      contained in clause 4.1.19 of the Phase 3 Implementation Agreement shall
      have resulted in RPM holding a different number of shares in Holdco’s
      issued share capital, RPM shall, as at the Closing Date (and prior to the
      implementation of the Phase 3 Transactional Agreements), be the registered
      and beneficial owner of 27 450 ordinary shares of R1 each in the issued
      share capital of Holdco.

	 	 
	3. 	
      Following the implementation of the Phase 3 Transactional
      Agreements, Plateau will hold not less than 51% of the issued share
      capital of Holdco and RPM will hold not more than 49% of the issued share
      capital of Holdco.

	 	 
	4. 	
      As at the Closing Date, RPM will be the registered and
      beneficial owner of the Sale Shares and the beneficial owner of the Sale
      Claim and shall be entitled validly and effectively to transfer and to
      deliver respectively the Sale Shares and the Sale Claim to Plateau, and
      Plateau shall receive such Sale Shares and Sale Claim free of any lien,
      charge and/or encumbrance.

	 	 
	5. 	
      Save in terms of the Transactional Agreements, no person
      has any right (including any option or right of first refusal or
      pre-emption) to acquire any of the issued share

 

Page 2 

		
      capital of Holdco, or to subscribe for any unissued
      shares in Holdco, present or future.

	 	 
	6. 	
      Holdco is duly incorporated as a private company with
      limited liability according to the laws of the Republic.

	 	 
	7. 	
      No steps will have been taken and RPM is not aware of any
      steps pending or threatened against Holdco in terms of the Companies
      Act.

	 	 
	8. 	
      As at the Closing Date, the rights and entitlements of
      Holdco in terms of and/or in connection with the Transactional Agreements,
      or any of them, shall be valid and enforceable in accordance with their
      respective terms, and no member of the APL Group party to any of the
      Transactional Agreements shall, as at the Closing Date, have committed any
      material breach of any term of the Transactional Agreements, or any of
      them.

	 	 
	9. 	
      As at the Closing Date, the Phase 1 Transactional
      Agreements and the Phase 2 Transactional Agreements shall have been
      implemented in accordance with their terms.

	 	 
	10. 	
      Before the entering into of the Transactional Agreements,
      Holdco had no assets and no liabilities, and had not conducted any
      business of any nature whatsoever; and, between 21 December 2007 and the
      Closing Date and save in terms of the Transactional
  Agreements:

	10.1. 	Holdco will not have carried on any business;
    

 

Page 3 

	10.2. 	
      no resolution will have been passed requiring Holdco to
      increase or reduce its authorised or issued share capital or to vary any
      of the rights attaching to the Sale Shares;

	 	 
	10.3. 	
      none of Holdco’s assets will have been sold or otherwise
      disposed of;

	 	 
	10.4. 	
      no resolutions will have been passed by the members
      and/or directors of Holdco, save for:

	10.4.1. 	
      such resolutions as will have been necessary to give
      effect to the Transactional Agreements, or any of them; and/or

	 	 
	10.4.2. 	
      such resolutions as will have been approved by Plateau in
      writing;

	10.5. 	
      RPM will not have done or omitted to do anything which
      will have:

	10.5.1. 	
      materially prejudiced the continued goodwill of Holdco;
      and

	 	 
	10.5.2. 	
      reduced the scope of Holdco’s business and/or
    affairs.

WARRANTIES RELATING TO OPCO

	11. 	
      As at the Signature Date, the authorised share capital of
      Opco is R1 000, divided into 1 000 ordinary shares of R1 each, and the
      issued share capital of Opco is R100, divided into 100 ordinary shares of
      R1 each.

	 	 
	12. 	
      Holdco is the registered and beneficial owner of the
      entire issued share capital of Opco ("Opco Shares") and the beneficial
      owner of all the claims on loan account

 

Page 4 

		
      against Opco ("Opco Claims"), and the Opco Shares and
      Opco Claims are free of any lien, charge and/or encumbrance.

	 	 
	13. 	
      Save in terms of the Transactional Agreements, no person
      has any right (including any option or right of first refusal or
      pre-emption) to acquire any of the issued share capital of Opco, or to
      subscribe for any unissued shares in Opco, present or future

	 	 
	14. 	
      Opco is duly incorporated as a private company with
      limited liability according to the laws of the Republic.

	 	 
	15. 	
      No steps will have been taken and RPM is not aware of any
      steps pending or threatened against Opco in terms of the Companies
    Act.

WARRANTIES APPLICABLE TO LEBOWA, OPCO AND THE LPM BUSINESS

	16. 	
      Lebowa is duly incorporated as a public company with
      limited liability according to the laws of the Republic.

	 	 
	17. 	
      No steps will have been taken and RPM is not aware of any
      steps pending or threatened against Lebowa in terms of the Companies
      Act.

	 	 
	18. 	
      As at the Closing Date, the authorised share capital of
      Lebowa shall be R2 000 000, divided into 200 000 000 ordinary shares of
      R0,01 each.

	 	 
	19. 	
      As at the Closing Date, the issued share capital of
      Lebowa shall be R1 200 000, divided into 120 000 000 ordinary shares of
      R0,01 each, fully paid up.

 

Page 5 

	20. 	
      As at the Closing Date, Holdco shall be the registered
      and beneficial owner of the entire issued share capital of Lebowa and such
      shares are free of any lien, charge and/or encumbrance.

	 	 
	21. 	
      Lebowa is the sole beneficial holder of the entire issued
      share capital of Middelpunt Hill Management Services (Proprietary)
      Limited, registration number 1999/012348/07 ("Middelpunt"). Lebowa was the
      sole registered and beneficial holder of the entire issued share capital
      of Maandagshoek Platinum (Proprietary) Limited ("Maandagshoek"), which
      company has been deregistered.

	 	 
	22. 	
      Neither Middelpunt nor Maandagshoek have any assets or
      liabilities and do not conduct any trade.

	 	 
	23. 	
      Lebowa is not under any obligation (whether contingently
      upon the exercise of any right or otherwise), and no resolution had been
      passed requiring Lebowa, to increase or reduce or vary the rights
      attaching to the ordinary shares comprising its authorised or issued share
      capital.

	 	 
	24. 	
      Save in respect of the rights granted in terms of the
      Transactional Agreements, no person has any right (including any option or
      right of first refusal or pre-emption) to acquire any of the issued share
      capital of Lebowa, or to subscribe for any unissued shares in Lebowa,
      present or future.

	 	 
	25. 	
      All the books, records and accounts of the Warranty
      Companies have been properly maintained according to law, are readily and
      without restriction accessible to the Warranty Companies on reasonable
      notice, are materially correct and capable of

 

Page 6 

		
      being written up within a reasonable time so as to record
      all the transactions of such Warranty Companies.

	 	 
	26. 	
      No auditor of a Warranty Company has at any time
      furnished the directors of such Warranty Company with a report concerning
      any material irregularity as contemplated in the Auditing Profession Act,
      2005 or any similar legislation in force from time to time prior to the
      enactment of such act.

	 	 
	27. 	
      On the SOB Date as defined in the Sale of Lebowa Business
      Agreement ("SOB Date") and subject to the terms of the Sale of Lebowa
      Business Agreement:

	27.1. 	
      Lebowa was the sole and beneficial owner of the LPM
      Business and was entitled and able to give free and unencumbered title to
      the LPM Business to Opco, save in respect of that portion of the Old Order
      Rights attributable to the LPM Business; and

	 	 
	27.2. 	
      no person had any right (including any option or right of
      first refusal) to acquire any interest in or to the LPM Business, other
      than Opco in terms of the Lebowa Sale of Business
  Agreement.

	28. 	
      Lebowa had up until the SOB Date, and Opco has with
      effect from the SOB Date, all material licences, consents, permits and
      approvals and all other material authorities prescribed by law for the
      lawful conduct of the LPM Business in the manner in which it is presently
      conducted, and RPM is not aware of any fact or circumstance which may
      result in the cancellation, withdrawal or non-renewal of any of
    them.

 

Page 7 

	29. 	
      Lebowa and Opco have complied with and are not in breach
      of any legislation, regulations, enactments, proclamations and by-laws
      affecting them, including all ordinances issued by any governmental or
      regulatory authority or body or any department or agency thereof
      including, without limitation, any court or administrative agency or
      commission, save as will not have a material adverse effect on the LPM
      Business and/or the affairs of Lebowa or Opco, as the case may
  be.

	 	 
	30. 	
      To the best of RPM's knowledge and belief, the processes
      employed and the products now or herebefore dealt in by Lebowa and/or Opco
      in relation to the LPM Business do not infringe the patent, copyright or
      other industrial property rights of any third party, save as will not have
      a material adverse effect on the LPM Business and/or the affairs of Lebowa
      or Opco, as the case may be.

	 	 
	31. 	
      Save in terms of the Transactional Agreements, no person
      is entitled (otherwise than as a shareholder) to participate or share in,
      nor to a commission on the income or the profits or dividends of any
      Warranty Company or to any payment of any kind calculated with reference
      to the profits or income of any Warranty Company.

	 	 
	32. 	
      Lebowa and Opco have utilised all import permits issued
      to them only in regard to their respective businesses and have not used
      any such import permit for the importation of goods on behalf of anyone
      else, save as will not have a material adverse effect on the businesses
      and/or affairs of Lebowa or Opco, as the case may
be.

 

Page 8 

	33. 	
      Neither Lebowa nor Opco has engaged in any activity
      prohibited in terms of the Competition Act, 1998.

	 	 
	34. 	
      Neither Lebowa nor Opco is liable, whether contingently
      or otherwise and whether as surety, co-principal debtor, guarantor or
      indemnitor, for the liabilities of any third party.

	 	 
	35. 	
      Opco has no assets other than those reflected in its
      asset registers.

	 	 
	36. 	
      None of the assets of whatsoever nature beneficially
      owned by Opco and used by it in respect of the LPM Business, is subject to
      any reservation of ownership, lease, lien, hypothec, mortgage, notarial
      bond, pledge or other encumbrance whatsoever to or in favour of any third
      party, nor are such assets subject to any hire-purchase agreement, credit
      agreement, instalment sale agreement or leasing transaction whether
      contemplated under the National Credit Act, 34 of 2005, or otherwise to or
      in favour of any third party.

	 	 
	37. 	
      Opco owns or has the right to use all material assets of
      whatsoever nature used by it in respect of the LPM Business.

	 	 
	38. 	
      No person has any right (whether pursuant to any option,
      right of first refusal or otherwise) to purchase or acquire (whether as
      security or otherwise) any of the assets of Opco other than the right to
      purchase trading stock in the normal course of business for value, other
      than in terms of the Sale of Lebowa Business Agreement and/or the Sale of
      Concentrate Agreement and/or in the normal and ordinary course of the
      conduct of the LPM Business.

 

Page 9 

	39. 	
      As at the Closing Date, all the assets of Opco are
      insured against the risks to which they are ordinarily subject in
      accordance with the relevant policy under the Anglo American Insurance
      Programme, and all premiums due in respect of such insurance shall have
      been paid and Opco shall have complied with all of the conditions to which
      the liability of the insurer under the policies of insurance will be
      subject. RPM is not aware of any facts, matters or circumstances which
      may, prior to the Closing Date, give rise to the cancellation of any of
      the said policies of insurance, or the repudiation of any claims
      thereunder.

	 	 
	40. 	
      To the best of RPM’s knowledge and belief, the plant,
      machinery and equipment belonging to Opco which are necessary for the
      effective operation of the Business are in good working order and
      condition, fair wear and tear excepted, have been properly maintained and
      are capable of carrying out the functions for which they are
    intended.

	 	 
	41. 	
      All amounts owing to Opco by its trade debtors will be
      fully recovered, save to the extent Disclosed and/or provided against in
      the Closing Date Financial Statements.

	 	 
	42. 	
      Neither Lebowa nor Opco has any liabilities (whether
      actual, or contingent) other than –

	42.1. 	
      those liabilities which are Disclosed;

	 	 
	42.2. 	
      the Opco Claims;

 

Page 10 

	42.3. 	
      liabilities disclosed in the Pro Forma Financial
      Statements and/or the Closing Date Financial Statements;

	 	 
	42.4. 	
      liabilities incurred in the normal and ordinary course of
      its business between 30 June 2007 and the Closing Date; and

	 	 
	42.5. 	
      the share capital of each of
them.

	43. 	
      There are no amounts of any kind owing by either of
      Lebowa or Opco to RPM or any member of the APL Group, save in terms of the
      Transactional Agreements and in respect of the Opco Claims, the dividend
      declared by Lebowa in favour of APL immediately prior to the conclusion of
      the Lebowa Step 1 Sale of Shares Agreement, and any other dividend
      declared by such Warranty Companies prior to the Closing Date.

	 	 
	44. 	
      Save in terms of the Transactional Agreements, Opco has
      not borrowed any funds from any party.

	 	 
	45. 	
      The total borrowings of Lebowa do not exceed any
      limitation on its borrowing powers contained in its articles of
      association. The total amount borrowed by Lebowa from its bankers does not
      exceed any limits imposed on such borrowings by such bankers. Lebowa has
      not received formal or informal notification from any lenders of funds to
      Lebowa requiring repayment of all or part of such borrowings, nor has it
      received from such lenders any notice of default that is still
    current.

 

Page 11 

	46. 	
      Save for legal proceedings relating to the collection by
      Lebowa and/or Opco of amounts owing to it by trade debtors in the normal
      course of the LPM Business, neither Lebowa nor Opco is a party to any
      current or pending litigation or similar legal proceedings (including
      arbitration, criminal proceedings or administrative proceedings, but
      specifically excluding all proceedings in respect of labour issues and/or
      any matter before the CCMA) and RPM is not aware of any facts or
      circumstances which may now or in future lead to any such proceedings
      against Lebowa and/or Opco, save as will not have a material adverse
      effect on the business and/or the affairs of Lebowa or Opco, as the case
      may be.

	 	 
	47. 	
      Neither Lebowa nor Opco is in default under or with
      respect to any judgment, order, award, interdict or other similar
      pronouncement of any court or administrative authority having jurisdiction
      over Lebowa or Opco.

	 	 
	48. 	
      Each of Lebowa and Opco has in all respects complied with
      all such South African Exchange Control regulations and rulings as may be
      applicable to it.

	 	 
	49. 	
      To the best of RPM’s knowledge and belief, the premises
      on and from which the LPM Business is carried out comply with all
      applicable governmental and local authority regulations and requirements
      which are necessary for the effective operation of the LPM Business, save
      to the extent that the failure to comply with same will not have a
      material adverse effect on the business and/or the affairs of Lebowa or
      Opco, as the case may be.

	 	 
	50. 	
      To the best of its knowledge and belief, RPM has
      Disclosed in writing to Plateau all trade marks, trade names, patents and
      other intellectual property, but excluding all intellectual property
      developed as part of work programmes

 

Page 12 

		
      (including without limitation all mineralogy and
      concentrator test-work conducted) external to the Warranty Companies
      ("Intellectual Property") and copyright rights used in respect of the LPM
      Business, and all such Intellectual Property has been transferred by
      Lebowa to Opco in terms of the Sale of Lebowa Business
Agreement.

	 	 
	51. 	
      All Intellectual Property necessary for the effective
      operation of the LPM Business is either owned by Opco (as the sole
      beneficial owner) or validly made available to Opco. Plateau has been
      provided with true and complete copies of all material licence
      agreements.

	 	 
	52. 	
      No person has any claim of any nature whatsoever against
      Lebowa and/or Opco arising out of the use by it of any trade or brand
      name, trade mark or patent and no person is entitled to an order for the
      expungement of any trade mark used in or in relation to the LPM
      Business.

	 	 
	53. 	
      To the best of RPM’s knowledge and belief, none of RPM,
      Lebowa or Opco has taken any action or omitted any action as a result of
      which any Intellectual Property rights could become unenforceable; save to
      the extent that the unenforceability of such Intellectual Property rights
      will not have a material adverse effect on the business and/or the affairs
      of Lebowa or Opco, as the case may be.

	 	 
	54. 	
      Opco and Lebowa have lodged all proper Tax returns that
      may have become due by either of them from time to time under any law
      administered by the Commissioner for the South African Revenue Service or
      an equivalent revenue authority in any foreign jurisdiction ("Revenue
      Authority") and such returns are

 

Page 13 

		
      not and, to the best of RPM's knowledge and belief, will
      not be the subject of any dispute with any Revenue Authority.

	 	 
	55. 	
      All returns due as at the Closing Date by Lebowa and/or
      Opco in respect of Tax, have been rendered on a proper basis, are correct,
      and, to the best of RPM's knowledge and belief, will not become the
      subject matter of any dispute with or claim by any Revenue Authority or
      any other competent authority.

	 	 
	56. 	
      All provisional tax payable by the Warranty Companies has
      been paid as at the due date thereof, in compliance with the provisions of
      the Income Tax Act.

	 	 
	57. 	
      No Revenue Authority has reopened, and to the best of
      RPM's knowledge and belief as at the Closing Date, no Revenue Authority
      will reopen any existing Tax assessment in respect of Lebowa and, to the
      best of RPM's knowledge and belief as at the Closing Date, no grounds
      exist for the re-opening of any existing assessment.

	 	 
	58. 	
      The Tax files relating to the correspondence with, and
      queries from, any Revenue Authority have been made available by RPM to
      Plateau and contain adequate records of all queries raised by any Revenue
      Authority official and the replies thereto.

	 	 
	59. 	
      None of the Warranty Companies is in material breach of
      any law relating to Tax.

	 	 
	60. 	
      Other than in terms of the Transactional Agreements,
      Lebowa has not at any time during the 5 years immediately preceding the
      Signature Date been a party to any “company formation transaction”,
      “share-for-share transaction”, “amalgamation

 

Page 14 

		
      transaction”, “intra-group transaction”, “unbundling
      transaction” or “liquidation, winding-up or deregistration transaction”
      all as contemplated in Part III of the Income Tax Act, or any other
      transaction which might be so classified, except as fully Disclosed in
      writing to Plateau prior to the Signature Date;

	 	 
	61. 	
      Lebowa and Opco have complied in all material respects
      with the provisions of the Value Added Tax Act, 1991 (Act 89 of 1991)
      (“VAT Act”), the Regional Services Councils Act, 1985 (Act 109 of 1985)
      and all regulations made thereunder (“Regional Services Act”), the
      Unemployment Insurance Contributions Act, 2002 (Act 4 of 2002) (“UIF
      Act”), and the Skills Development Levies Act, 1999 (Act 9 of 1999) (“SDL
      Act”) and all material returns and declarations required to be furnished
      have been furnished by them in respect of all periods from the date of
      commencement of the VAT Act, the Regional Services Act, the UIF Act and
      the SDL Act to the Closing Date and all material estimates and assessments
      of tax and levies due as at, or prior to, the Closing Date have been paid
      as at the due date thereof in compliance with the provisions of the VAT
      Act, the Regional Services Act, the UIF Act and the SDL Act.

	 	 
	62. 	
      Neither Lebowa nor Opco is engaged in or a party to any
      appeal against the disallowance by a Revenue Authority of any objection
      lodged by Lebowa or Opco, as the case may be.

	 	 
	63. 	
      Save as Disclosed, no liability for Tax on the part of
      Lebowa or Opco has been postponed, nor has any agreement been entered into
      between Lebowa or Opco, as the case may be, and a Revenue Authority to
      that effect.

 

Page 15 

	64. 	
      All liability for Tax in respect of Lebowa arising for
      all periods prior to 1 January 2008, will be fully provided for in the
      Closing Date Financial Statements.

	 	 
	65. 	
      To the best of RPM's knowledge and belief
  –

	65.1. 	
      no facts or circumstances exist which could cause a
      Revenue Authority to disallow any existing assessed loss or the carrying
      forward of such loss; and

	 	 
	65.2. 	
      no Warranty Company has been a party to any scheme or
      arrangement of which the sole or main purpose was the avoidance or
      postponement of or reduction in liability to
Tax.

	66. 	
      Lebowa and Opco are duly registered as vendors in terms
      of the Value-Added Tax Act, 1991.

	 	 
	67. 	
      Neither Lebowa nor Opco is in material breach of any
      obligations undertaken by it under any contracts to which it is a party
      and each of Lebowa and Opco is entitled to all material benefits and
      rights under and in terms of such contracts, all of which are legally
      binding and enforceable and RPM is not aware of any reason which might
      preclude Lebowa or Opco from fulfilling any material obligations still to
      be fulfilled by it in terms of such contracts.

	 	 
	68. 	
      To the best of RPM’s knowledge and belief, neither Lebowa
      nor Opco is bound by any contracts whatsoever other than contracts entered
      into in the ordinary and normal course of its business, all of which
      contracts have been properly concluded, amended (where applicable) in
      accordance with the provisions of

 

Page 16 

		
      such contracts, and are of full force and effect
      according to their terms. Neither Lebowa nor Opco is in breach of any of
      its material obligations under any contracts which could result in any
      such contract being terminated against it, and RPM is not aware of any
      material breach which has been committed by any of the counterparties to
      such contracts.

	 	 
	69. 	
      RPM is not aware of any fact or circumstance which will
      or is likely to result in any loss being suffered by either Lebowa or Opco
      in respect of any contract or which will or is likely to form the basis of
      a claim to rectification at the instance of any other person.

	 	 
	70. 	
      Save in terms of the Transactional Agreements, neither
      Lebowa nor Opco is bound by any –

	70.1. 	
      contract in restraint of trade or any material management
      contract in terms of which a third party (including any member of the APL
      Group) provides management services to either of them;

	 	 
	70.2. 	
      contract which in any way restricts its freedom to carry
      on the whole or any part of its business in the Republic or elsewhere in
      such manner as it deems fit; or

	 	 
	70.3. 	
      power of attorney, save in the ordinary course of
      business.

	71. 	
      Other than in the ordinary course of the conduct of the
      business and affairs of either Lebowa or Opco, neither Lebowa nor Opco, as
      the case may be, is bound

 

Page 17 

		
      by any outstanding offer or tender which may be converted
      into an obligation of Lebowa or Opco, as the case may be, by acceptance or
      other act by any person.

	 	 
	72. 	
      Lebowa and/or Opco have lawful access to an adequate
      supply of electricity and water for their operations; provided that this
      Warranty shall not be construed as warranting that Lebowa and/or Opco will
      actually receive an adequate supply of electricity and water for their
      operations.

	 	 
	73. 	
      Save for the Transactional Agreements, no Warranty
      Company is bound by any contract with RPM, or any member of the APL Group,
      or any director or officer of RPM or of any member of the APL
  Group.

	 	 
	74. 	
      The entering into of this Agreement or its implementation
      does not constitute a breach of any of the contractual obligations of any
      Warranty Company nor will the entering into or implementation of this
      Agreement entitle any person to terminate or vary any contract to which
      any Warranty Company is a party, save to the extent that any such breach
      or right to terminate or vary will not have a material adverse effect on
      the business and/or the affairs of Lebowa or Opco, as the case may
    be.

	 	 
	75. 	
      The Closing Date Financial
Statements:

	75.1. 	
      will be prepared in accordance with IFRS and on the same
      basis as the audited financial statements of Lebowa for the financial year
      ended on 31 December 2006;

 

Page 18 

	75.2. 	
      will give a true and fair view of the financial position
      and profits of Lebowa at and for the year ended on 31 December 2007 and
      fairly present the state of affairs and business of Lebowa;

	 	 
	75.3. 	
      will reflect or disclose all liabilities, actual or
      contingent, at their full amount;

	 	 
	75.4. 	
      will adequately provide for bad and doubtful debts as
      well as for any and all accrued liabilities including accrued leave pay,
      pensions, bonuses or other similar payments or liabilities to
      employees;

	 	 
	75.5. 	
      will be approved and signed by the directors of
      Lebowa;

	 	 
	75.6. 	
      will value all fixed assets on the basis of past
      practice; and

	 	 
	75.7. 	
      will depreciate fixed assets in accordance with
    IFRS.

	 	 
	76. 	
      The Pro Forma Financial Statements -

	 	 
	76.1. 	
      were prepared in accordance with IFRS and on the same
      basis as the audited financial statements of Lebowa for the financial year
      ended on 31 December 2006;

	 	 
	76.2. 	
      give a true and fair view of the financial position and
      profits of Lebowa as at and for the period ended on 30 June 2007 and
      fairly present the state of affairs and business of Lebowa;

	 	 
	76.3. 	
      reflect or disclose all liabilities, actual or
      contingent, at their full amount;

 

Page 19 

	76.4. 	
      adequately provide for bad and doubtful debts as well as
      for any and all accrued liabilities including accrued leave pay, pensions,
      bonuses or other similar payments or liabilities to employees;

	 	 
	76.5. 	
      value all fixed assets on the basis of past practice;
      and

	 	 
	76.6. 	
      depreciate fixed assets in accordance with
  IFRS.

	77. 	
      No bonus or capitalisation shares or bonus debentures
      have been issued by Lebowa during the 5 years immediately preceding the
      Signature Date, nor has Lebowa at any time during the 5 year period
      immediately preceding the Signature Date distributed any of its assets
      (other than by way of dividend) among any of its shareholders or incurred
      the obligation to do so.

	 	 
	78. 	
      There have been no reductions in the issued share capital
      of Lebowa at any time during the 5 year period immediately preceding the
      Signature Date.

	 	 
	79. 	
      Lebowa has not, during the 5 year period immediately
      preceding the Signature Date, acquired from any other company under any
      scheme of arrangement or reconstruction of Lebowa or its affairs any asset
      which was trading stock of that other company, for no consideration
      measurable in terms of money or for a consideration the money value of
      which was less than the market value of such asset on the date of such
      acquisition.

	 	 
	80. 	
      There is no application pending or threatened for the
      winding-up or judicial management (provisional or final) of any Warranty
      Company.

 

Page 20 

	81. 	
      Since the SOB Date no material debts due to Lebowa and/or
      Opco have been written off or treated or regarded as irrecoverable other
      than in the normal course of business.

	 	 
	82. 	
      Lebowa and Opco have maintained registers of their assets
      in accordance with IFRS.

	 	 
	83. 	
      RPM has made available to Plateau true and accurate
      copies of all queries addressed to Lebowa or any of its representatives by
      any tax official and the replies thereto, as well as full details of any
      tax objections lodged by Lebowa and which have not been fully disposed of
      as at the Signature Date.

	 	 
	84. 	
      No present or past employee of the LPM Business has any
      right or claim to any exceptional:

	84.1. 	
      leave privileges; or

	 	 
	84.2. 	
      accumulated leave; or

	 	 
	84.3. 	
      payment in lieu of leave, pension, retirement (including
      but not limited to post- retirement medical aid funding contributions)
      death, disability, bonus, profit share, severance pay in excess of the
      statutory minimum severance pay, annuity, gratuity, privileges;
  or

	 	 
	84.4. 	
      rights or compensation for loss of office or other like
      payment.

 

Page 21 

	85. 	
      Opco is not bound by any current service contract, in
      respect of permanent employees, whether oral or in writing requiring more
      than one calendar month's notice for the termination thereof by
    Opco.

	 	 
	86. 	
      The details of all share and other incentive schemes
      applicable to the employees of Opco have been documented in writing and
      RPM has Disclosed all such documents to Plateau.

	 	 
	87. 	
      No employee or contractor of a Warranty Company is
      entitled to any extraordinary or specific payment as a result of the
      conclusion of the Transactional Agreements.

	 	 
	88. 	
      The performance reviews in respect of all the employees
      of Opco have been carried out in accordance with the formal policy
      applicable thereto.

	 	 
	89. 	
      All employees tax deductions required by law to be made
      by Lebowa/and or Opco have been made, proper returns have been rendered in
      respect thereof and all payments which are due have been made.

	 	 
	90. 	
      Neither Lebowa nor Opco has any liability in respect of
      fringe benefits granted to its employees, all of which have been taxed in
      full.

	 	 
	91. 	
      There is no unfunded deficit in respect of any pension or
      retirement fund of which the employees of Opco are members, whether or not
      such unfunded deficit has been accrued or is reflected as a liability of
      Opco.

	 	 
	92. 	
      To the best of RPM’s knowledge and belief, Lebowa and
      Opco have complied with all wage and employee rules, regulations and
      legislation and all determinations, arbitration awards and collective
      agreements which apply to it and its employees,

 

Page 22 

		
      save to the extent that such non-compliance will not have
      a material adverse effect on the business and/or the affairs of Lebowa or
      Opco, as the case may be.

	 	 
	93. 	
      RPM has provided Plateau with a copy of each collective
      agreement between Lebowa and any registered trade
union.

WARRANTIES RELATING TO THE PERIOD BETWEEN 30 JUNE 2007 AND
THE 

CLOSING DATE

	94. 	During the period between 30 June 2007 and the
      Closing Date - 

	94.1. 	
      save in terms of the Transactional Agreements, Lebowa and
      Opco will continue to carry on their respective businesses in the ordinary
      and regular course and in accordance with the trading style presently used
      by it;

	 	 
	94.2. 	
      none of the Warranty Companies will have declared and/or
      made payment of a dividend or distribution in specie;

	 	 
	94.3. 	
      neither Lebowa nor Opco will do anything or omit to do
      anything which could -

	94.3.1. 	
      materially prejudice the goodwill of its
  business;

	 	 
	94.3.2. 	
      materially reduce the scope of its business;

	 	 
	94.3.3. 	
      result in any third party negatively varying the material
      terms on which it transacts business with Lebowa or Opco, as the case may
      be; or

 

Page 23 

	94.3.4. 	cause, constitute or result in a breach of any
      of the Warranties; 

	94.4. 	
      neither Lebowa nor Opco will incur or become committed to
      incur any material capital expenditure, other than in terms of the
      Transactional Agreements, the latest approved budget in respect thereof
      and/or other than as required to be expended in the ordinary course of the
      conduct of the business and/or the affairs of such company;

	 	 
	94.5. 	
      no Warranty Company will, save in respect of the
      Transactional Agreements, enter into any transaction or incur any
      liability or dispose of any asset save in the ordinary and regular course
      of conduct of its business;

	 	 
	94.6. 	
      no Warranty Company will transfer any amounts from
      reserves (excluding any share premium account) or profits to its stated
      capital, share capital or share premium account, re-purchase any of its
      issued shares or repay other amounts owing by it which are not yet due for
      payment (other than early payment of trade creditors);

	 	 
	94.7. 	
      as at the Closing Date, RPM shall, in terms of the Sale
      of Concentrate Agreement, owe Opco an amount in respect of the concentrate
      delivered during the two months immediately prior to the Closing
    Date;

	 	 
	94.8. 	
      as at the Closing Date, the only debt owed by the
      Warranty Companies (excluding debts in the ordinary course of business and
      in terms of the Initial Funding Agreements, as defined in the Holdco
      Shareholders’ Agreement), will be shareholders’
loans;

 

Page 24 

	94.9. 	
      no resolutions will be passed by the members or directors
      of any Warranty Company, save for such resolutions as
–

	94.9.1. 	
      may be necessary to give effect to this Agreement or any
      other Transactional Agreement;

	 	 
	94.9.2. 	
      may be necessary to conduct its business in the ordinary,
      normal and regular course thereof;

	94.10. 	
      neither Lebowa nor Opco will vary the terms and
      conditions of employment or working conditions of any of its employees,
      save in the ordinary course of business; and

	 	 
	94.11. 	
      neither Lebowa nor Opco will give any express, tacit or
      implied warranties in respect of products sold by it or services rendered
      by it other than those normally given in the course of its
  business.

WARRANTIES RELATING TO THE ENVIRONMENT

	95. 	The Warranty Companies –

	95.1. 	
      are aware of all Environmental Laws that have applied to
      Lebowa up to 1 January 2008 and which currently apply to Opco;

	 	 
	95.2. 	
      are aware of all Environmental Laws that have applied to
      the LPM Business in each jurisdiction in which Lebowa owned, controlled or
      had the right to use immovable property or conducted the LPM Business up
      to 1 January 2008;

 

Page 25 

	95.3. 	
      are aware of all Environmental Laws that apply to the LPM
      Business in each jurisdiction in which Opco owns, controls or has the
      right to use immovable property or conducts the LPM Business;

	 	 
	95.4. 	
      have identified the actual and potential impacts on the
      Environment of the LPM Business or arising from land that was owned,
      controlled or used by Lebowa up to 1 January 2008, and which is presently
      owned, controlled or used by Opco; and

	 	 
	95.5. 	
      have monitored and continue to monitor those impacts that
      may have caused significant harm to human health, ecological degradation
      or pollution of water, soil or air.

	96. 	The Warranty Companies:

	96.1. 	
      have all Environmental Law licenses, consents, permits,
      approvals, exemptions, and other authorisations that are or have been
      required for the lawful conduct of its business and RPM is not aware of
      any fact or circumstance that may result in the cancellation, withdrawal
      or non-renewal of any of them, save where any failure to have any such
      license, consent, permit, approval, exemption or other authorisation will
      not have a material adverse effect on the business and/or affairs of
      Lebowa or Opco, as the case may be.

	 	 
	96.2. 	
      have taken all reasonable measures to prevent any
      pollution or degradation of the Environment occurring as a result of the
      undertaking of its business or emanating from land that they own, control,
      or have the right to use and

 

Page 26 

		
      to minimise or rectify any such pollution or degradation
      that has arisen, save where any failure to do so shall not have a material
      adverse effect on the business and/or the affairs of Lebowa or Opco, as
      the case may be;

	 	 
	96.3. 	
      do not have any outstanding obligations under any
      Environmental Law to remedy any environmental harm, remediate any land,
      demolish any buildings or structures, or make any alterations, repairs or
      additions to any immovable property, and in particular have taken all
      necessary steps to adequately remedy such incidents of non-compliance with
      Environmental Laws identified in the electronic and physical set of
      information made available by RPM to Plateau before the Signature Date for
      purposes of the Anooraq Due Diligence, save where any such outstanding
      obligations shall not have a material adverse effect on the business
      and/or the affairs of Lebowa or Opco, as the case may, be and provided
      that nothing contained in this Warranty shall constitute a guarantee or be
      capable of an interpretation that it constitutes a guarantee that the
      environmental liabilities of the Warranty Companies are fully funded;
      and

	 	 
	96.4. 	
      to the best of RPM’s knowledge, are not aware of any
      breach of Environmental Laws committed by any of Lebowa's predecessors in
      title which is likely to have a material adverse effect on the business
      and/or the affairs of Lebowa or Opco, as the case may
be.

	97. 	
      To the best of RPM’s knowledge and belief, Lebowa has
      complied, and Opco is in compliance, with all material Environmental Laws
      in each jurisdiction in which it owns immovable property or its business
      is conducted, and in particular Lebowa

 

Page 27 

		
      and/or Opco has reported and dealt with incidents that
      potentially threatened the environment or human health or safety, as
      required by the Environmental Laws.

	 	 
	98. 	
      Lebowa and/or Opco are in compliance with any contractual
      obligations (the breach of which would likely have a material adverse
      effect on the LPM Business) that it has assumed or contractual
      undertakings that it has given to monitor or remedy its impacts on the
      Environment.

	 	 
	99. 	
      Lebowa and Opco have made adequate financial provisions
      for the remediation of any environmental damage to the Immovable Property
      (as described in paragraph 101 below) or arising from the conduct of its
      business.

	 	 
	100. 	
      Neither Lebowa nor Opco has received any
  –

	100.1. 	
      notice from any enforcement authority, or other person,
      concerning any alleged breach of an Environmental Law or requiring
      measures to be taken to protect the health and well-being of any person,
      to stop pollution of the Environment, to remedy ecological degradation, or
      to pay any costs incurred by a public body in doing so; or

	 	 
	100.2. 	
      notification or threat of legal proceedings (including
      civil, criminal and administrative proceeding) in respect of, or resulting
      from, any breach of any Environmental Law and no such proceedings are
      under way, or are pending against it.

WARRANTIES IN RESPECT OF IMMOVABLE PROPERTY 

	101. 	
      Each of Lebowa and Opco is the sole registered and
      beneficial owner of all immovable property of which it is the registered
      owner ("Immovable Property").

	 	 
	102. 	
      All fixtures and fittings of a permanent nature included
      in the Immovable Property are fully paid for, owned by Lebowa or Opco, as
      the case may be, and in good

 

Page 28 

		
      working order and condition, save as will not have a
      material adverse effect on the business and/or affairs of Lebowa or Opco,
      as the case may be.

	 	 
	103. 	
      Neither Lebowa nor Opco, as the case may be, will have
      sold or have alienated the Immovable Property, or any part thereof, nor
      will it have granted to any third party the right to acquire, either by
      way of option or right of pre-emption, the Immovable Property or any right
      or interest therein, save in terms of the Sale of Lebowa Business
      Agreement.

	 	 
	104. 	
      RPM has no knowledge of any actual, pending or proposed
      expropriation for whatever purpose, or which will or may affect the
      Immovable Property in any manner whatsoever, either directly or
      indirectly.

	 	 
	105. 	
      Neither the Immovable Property nor any part thereof is
      subject to any lawful right of occupation by any person other than in
      terms of the leases Disclosed in the Disclosure Letter.

	 	 
	106. 	
      Lebowa and Opco have made all payments due in respect of
      municipal and/or other assessment rates, taxes and other imposts of
      whatsoever nature in respect of the Immovable Property, and all charges in
      respect of water, sewerage, gas and electricity supplied to or consumed on
      the Immovable Property.

	 	 
	107. 	
      No buildings erected on the Immovable Property encroach
      on any neighbouring properties or vice versa.

	 	 
	108. 	
      To the best of RPM's knowledge and belief and insofar as
      shall be necessary in terms of any applicable law the buildings, including
      outbuildings, and all fixed improvements erected on the Immovable Property
      are structurally sound and have been erected in terms of
  –

 

Page 29 

	108.1. 	
      plans approved in writing by the relevant local or other
      competent authority and in accordance with the provisions of the National
      Building Regulations and Building Standards Act, 1977; and

	 	 
	108.2. 	
      all other applicable laws, by-laws and applicable
      regulations, including any applicable town-planning scheme, building line
      or height restriction, and the conditions of the title deed of the
      Immovable Property.

	109. 	
      No building on the Immovable Property has been declared
      as a national monument or protected or provisionally protected under the
      National Heritage Resources Act, 1999, nor has any proposal to do so been
      made.

	 	 
	110. 	
      The Immovable Property is not subject to any mortgage,
      pledge, lien, notarial bond or other similar real right.

	 	 
	111. 	
      Neither Lebowa nor Opco has any actual, contingent or
      potential liability for any development contribution, contribution to
      engineering services, endowment, betterment or other similar contribution
      or expense in respect of any of the Immovable Property.

	 	 
	112. 	
      No one, other than Lebowa or Opco, has any right or
      contingent right to claim ownership, transfer or any servitude in respect
      of the Immovable Property, save only as Disclosed in the title deed
      relating thereto, and no agreement will have been entered into whereby any
      restrictive condition or servitude is to be attached to the Immovable
      Property.

	 	 
	113. 	
      RPM has no knowledge of any lodged or pending claim, or
      any claim which is likely or contemplated, relating to the Immovable
      Property or any part thereof, in terms of or pursuant to the Restitution
      of Land Rights Act, 1994, which will or may affect the Immovable Property
      in any manner whatsoever, either directly or
indirectly.

 

Page 30 

	114. 	
      Lebowa and Opco have complied with all their legal
      obligations in respect of installations in or on the Immovable Property.
      Lebowa and Opco have maintained all mechanical equipment and service
      installations provided in or in connection with buildings erected on the
      Immovable Property. All electrical installations comply with the safety
      requirements in accordance with the provisions of the Occupational Health
      and Safety Act, 1993.

	 	 
	115. 	
      The Immovable Property and all buildings and erections
      thereon comply in every respect with all governmental or other
      authorities' requirements (insofar as legally required) relating thereto.
      Neither Lebowa nor Opco is under any obligation to make any alterations,
      repairs or additions to the Immovable Property or to any buildings or
      erections thereon, save as will not have a material adverse effect on the
      business and/or affairs of Lebowa or Opco, as the case may
  be.

GENERAL DISCLOSURE 

	116. 	
      RPM has made a full and complete Disclosure to Plateau of
      the material affairs of Holdco, Opco and Lebowa and all material
      information of whatsoever nature or kind has been Disclosed to Plateau
      which would have been material in the decision of Plateau to enter into
      the Agreement.

 

SCHEDULE 2

DISCLOSURE LETTER

ON THE LETTERHEAD OF RUSTENBURG PLATINUM MINES
LIMITED

[Date]

 

The Managing Director 
Plateau Resources (Proprietary)
Limited 

Dear Sirs 

DISCLOSURE LETTER

	1. 	
      We refer to the agreement ("Agreement") entered
      into amongst Anglo Platinum Limited, Rustenburg Platinum Mines Limited
      ("Seller") and Plateau Resources (Proprietary) Limited
      ("Purchaser"), relating to the sale and purchase of 20.92% of the
      issued ordinary share capital of Richtrau No 179 (Proprietary) Limited
      (“Holdco”) and 51% of the claims against Holdco on shareholders’
      loan account.

	 	 
	2. 	
      This letter, together with all the documents, matters and
      information contained or referred to in this letter, is the Disclosure
      Letter as referred to in the Agreement. In the event that any
      inconsistency exists between any provisions of either the Agreement and
      any part of this Disclosure Letter (including the information referred to
      in this Disclosure Letter), this letter shall prevail and be deemed to be
      the relevant Disclosure. Words and expressions used in this Disclosure
      Letter have the same meanings given to them in the Agreement unless the
      context otherwise requires.

	 	 
	3. 	
      This Disclosure Letter makes Disclosures for the purpose
      of limiting the scope of the Warranties. The Warranties are made and given
      subject to the documents, matters and information contained or referred to
      in this Disclosure Letter.

 

Page 2 

	4. 	
      References in this Disclosure Letter to the provision,
      availability or Disclosure of information to the Purchaser shall be deemed
      to include and to have been satisfied by the provision, availability or
      Disclosure of such information to any of the Anooraq Group‘s employees,
      officers, agents, professional advisers and/or consultants.

	 	 
	5. 	
      For purposes of this Disclosure
Letter:

“Data Room” means the
electronic and physical set of information made available and Disclosed by the
Seller to the Purchaser on or before the Final Disclosure Date. 

	6. 	
      RPM shall deliver to Plateau, within 5 Business Days
      after the Final Disclosure Date, compact discs labelled “Lebowa Data
      Room”, which shall contain a copy of all the information in the Data Room,
      as at the Final Disclosure Date.

Disclosures

We hereby disclose to you: 

	1. 	
      the contents of the Transactional Agreements;

	 	 
	2. 	
      all matters, records, documents and/or information of any
      kind whatsoever contained in the Data Room;

	 	 
	3. 	
      all matters contained or referred to in respectively the
      Closing Date Financial Statements and/or the Pro-Forma Financial
      Statements;

	 	 
	4. 	
      all matters which are a matter of public record and are
      available in the records of the Companies and Intellectual Property
      Registration Office and all relevant Deeds Registry
  offices.

(collectively, “Disclosed
Information”)

The Purchaser will be deemed to have full knowledge of all the
Disclosed Information. 

Yours faithfully 

 

Page 3 

....................................................
Director
for and on behalf of
RUSTENBURG PLATINUM MINES LIMITED 

We acknowledge receipt of this Disclosure Letter and the
documents attached to or referred to in this Disclosure Letter. We also confirm
our acceptance of the Disclosed Information contained or referred to in this
Disclosure Letter. 

....................................................
Director
for and on behalf of 
PLATEAU RESOURCES (PROPRIETARY) LIMITED 

[Date]

 

SCHEDULE 3

LEBOWA AREA MAP

 

 

SCHEDULE 4

OLD ORDER RIGHTS

	1. 	
      Mining License 8/2004 in respect of the Farms Klipfontein
      465 KS, Paschaskraal 466 KS, De Kamp 507 KS and Avoca 472 KS
      (Ga-Phasha);

	 	 
	2. 	
      Mining License 6/2003 in respect of the Farms Diamand 422
      KS, Zeekoegat 421 KS, Middelpunt 420 KS, Umkoanesstad 419 KS and
      Brakfontein 464 KS (Lebowa);

	 	 
	3. 	
      Mining Licence 23/2003 in respect of the Farms
      Wintersveld 417 KS and Jagdlust 418 KS (Lebowa).

	 	 
	4. 	
      Mineral Lease K5367/2002L & Variation K5368/2002 RM
      in respect of the Farm Brakfontein 464 KS (Lebowa);

	 	 
	5. 	
      Mining Lease 6/72 (Cession no. 7/72) in respect of the
      Farm Middelpunt 420 KS (Lebowa);

	 	 
	6. 	
      Mining Lease 23/91 (Cession no. 26/91), in respect of the
      Farm Diamand 422 KS (Lebowa);

	 	 
	7. 	
      Mining Lease 24/91 (Cession no 26/91), in respect of a
      portion of the Farm Zeekoegat 421 KS (Lebowa);

	 	 
	8. 	
      Mining Lease 25/91 (Cession no 26/91), in respect of the
      Farm Umkoanesstad 419 KS;

 

Page 2 

	9. 	
      A share comprising one forty eighth of the Consent to
      Mine (granted by RPM in terms of section 9 of the Minerals Act under title
      deed K44/69RM), in respect of the Farm Diamand 422 KS;

	 	 
	10. 	
      Consent to Mine (granted by RPM in terms of section 9 of
      the Minerals Act, under title deed K181/75 RM) in respect of the Farm
      Zeekoegat 421 KS; and

	 	 
	11. 	
      Consent to Mine (granted by RPM in terms of section 9 of
      the Minerals Act, under title deeds K23/2004 RM and K265/66 RM) in respect
      of the Farm Umkoanesstad 419 KS.

 

SCHEDULE 5

LEBOWA PRO FORMA FINANCIAL STATEMENTS

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