Document:

Filed by sedaredgar.com - Anooraq Resources Corp. - Exhibit 4.23

PLATEAU FUNDING LOAN AGREEMENT

Between

PLATEAU RESOURCES (PROPRIETARY)
LIMITED

and

RICHTRAU NO. 179 (PROPRIETARY)
LIMITED

	TABLE OF CONTENTS
      

	1.
      	PARTIES
      	1
      
	 	 	 
	2.
      	INTERPRETATION
      	1
      
	 	 	 
	3.
      	INTRODUCTION
      	8
      
	 	 	 
	4.
      	ADVANCE
      OF PLATEAU OCSF TRANCHES 	9
      
	 	 	 
	5.
      	REPAYMENT
      OF THE LOANS AND THE PLATEAU OCSF TRANCHES 	   10
	  		
	6.
      	PREPAYMENT
      	11
      
	 	 	 
	7.
      	INTEREST
      	11
      
	 	 	 
	8.
      	PAYMENTS
      	12
      
	 	 	 
	9.
      	TAX
      GROSS-UP AND OTHER ADDITIONAL PAYMENTS 	12
      
	 	 	 
	10.
      	REPRESENTATIONS
      AND WARRANTIES 	14
      
	 	 	 
	11.
      	EVENTS
      OF DEFAULT 	15
      
	 	 	 
	12.
      	CESSION
      	18
      
	 	 	 
	13.
      	CERTIFICATE
      OF INDEBTEDNESS 	18
      
	 	 	 
	14.
      	NOTICES
      AND DOMICILIA 	18
      
	 	 	 
	15.
      	GOVERNING
      LAW 	20
      
	 	 	 
	16.
      	JURISDICTION
      	21
      
	 	 	 
	17.
      	SEVERABILITY
      	21
      
	 	 	 
	18.
      	COSTS
      	21
      
	 	 	 
	19.
      	GENERAL
      	22
      
	 	 	 
	20.
      	COUNTERPARTS
      	23
      
	 	 
	SCHEDULE
      1 – PART 1: REPAYMENT PROFILE 	25
      

PLATEAU FUNDING LOAN
AGREEMENT

1. PARTIES

	1.1 	
      The Parties to this Agreement
are:

	1.1.1 	
      PLATEAU RESOURCES (PROPRIETARY) LIMITED;
  and

	 	 
	1.1.2 	
      RICHTRAU NO. 179 (PROPRIETARY)
  LIMITED.

	1.2 	
      The Parties agree as set out
below.

2. INTERPRETATION

	2.1 	
      The headings to the clauses of this Agreement are for
      reference purposes only and shall in no way govern or affect the
      interpretation of nor modify nor amplify the terms of this Agreement nor
      any clause hereof.

	 	 
	2.2 	
      Words and expressions not otherwise defined in this
      Agreement shall bear the meaning given to them in the Holdco Shareholders
      Agreement (as defined below) provided that, if there is any inconsistency
      between the provisions of the Holdco Shareholders Agreement and the
      provisions of this Agreement, the provisions of this Agreement shall
      prevail. In addition unless the context dictates otherwise, the words and
      expressions set forth below shall bear the following meanings and cognate
      expressions shall bear corresponding meanings:

	2.2.1 	
      “Acquired Claims” has the meaning given to in
      clause 3.1;

	 	 
	2.2.2 	
      “Agreement” means this Plateau Funding Loan
      Agreement;

	 	 
	2.2.3 	
      “Borrower Proceeds Account” has the meaning given
      to it in the Plateau Senior Facilities
Agreement;

Page 2.

	2.2.4 	
      “Business Day” means a day (other than a Saturday
      or Sunday) on which banks are open for general business in
      Johannesburg;

	 	 
	2.2.5 	
      “Closing Date” has the meaning given to it in the
      Plateau Senior Facilities Agreement;

	 	 
	2.2.6 	
      “Global Intercreditor Agreement” has the meaning
      given to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.7 	
      “Holdco” means Richtrau No. 179 (Proprietary)
      Limited (Registration No. 2007/106711/07), a private company duly
      incorporated according with the company laws of South Africa;

	 	 
	2.2.8 	
      “Holdco Shareholder Loan Agreement” means the
      Holdco shareholder loan agreement, dated 19 March 2008, between RPM as
      lender and Holdco as borrower pursuant to which RPM loaned the sum of
      ZAR7,058,823,529 (Seven Billion Fifty-eight Million Eight Hundred and
      Twenty-three Thousand Five Hundred and Twenty- nine Rand) to Holdco (which
      loan amount is to be written down for accounting purposes by
      ZAR1,960,784,313 (One Billion Nine Hundred and Sixty Million Seven Hundred
      and Eighty-four Thousand Three Hundred and Thirteen Rand) pursuant to an
      amendment to the Holdco Shareholder Loan Agreement);

	 	 
	2.2.9 	
      “Holdco Shareholders Agreement” means the written
      shareholders agreement, dated 28 March 2008 between RPM, Plateau and
      Holdco;

	 	 
	2.2.10 	
      “Interest Rate” means the prevailing interest rate
      (including, for the avoidance of doubt, the default interest rate
      thereunder for so long as such rate may apply) which applies under the
      Plateau Senior Facilities Agreement taking into account any increase in
      the interest rate hereunder based on the relevant provisions of the
      Plateau Senior Facilities Agreement and provided that to the extent any
      interest rate

Page 3.

		
      swap arrangements are concluded between Plateau and a
      Plateau Hedge Counterparty in relation to the funding under the Plateau
      Senior Facilities Agreement or any principal portion thereof attracts
      interest at a fixed rate (the principle amount contemplated above, the
      “Fixed Rate Tranche”), the Interest Rate in relation to that
      portion of the Loan hereunder which equals the Fixed Rate Tranche shall be
      the relevant fixed rate of interest which Plateau is obliged to pay to the
      Plateau Hedge Counterparty under the relevant Plateau Hedging Documents
      relating to those interest rate swap arrangements;

	 	 
	2.2.11 	
      “JIBAR” means the “JIBAR” rate as
      determined in and prevailing under the Plateau Senior Facilities Agreement
      from time to time;

	 	 
	2.2.12 	
      “Loan” means the principal amount of the Acquired
      Claims outstanding under this Agreement from time to time;

	 	 
	2.2.13 	
      “OCSF Loans” has the meaning given to it in clause
      3.4;

	 	 
	2.2.14 	
      “OCSF Rate” means the “Interest Rate” as
      defined in the RPM Operating Cash Flow Shortfall Facility
  Agreement;

	 	 
	2.2.15 	
      “Opco” means Richtrau No. 177 (Proprietary)
      Limited (Registration No. 2007/016711/07), a private company duly
      incorporated according to the company laws of South Africa;

	 	 
	2.2.16 	
      “Opco Funding Loan Agreement” has the meaning
      given to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.17 	
      “Parties” means:

	2.2.17.1 	
      Plateau; and

	 	 
	2.2.17.2 	
      Holdco,

Page 4.

		
      and “Party” means, as the context requires, either
      of them;

	 	 
	2.2.18 	
      “Plateau” means Plateau Resources (Proprietary)
      Limited (Registration No. 1996/013879/07), a private company duly
      incorporated according to the company laws of South Africa;

	 	 
	2.2.19 	
      “Plateau Hedge Counterparty” has the meaning given
      to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.20 	
      “Plateau Hedging Documents” has the meaning given
      to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.21 	
      “Plateau OCSF Tranches” has the meaning given to
      it in clause 3.4;

	 	 
	2.2.22 	
      “Plateau Senior Facilities Agreement” means the
      written agreement entitled “Senior Term Loan Facilities Agreement”
      concluded or to be concluded between inter alia Plateau, SCB and
      the Plateau Security SPV on or about the Signature Date;

	 	 
	2.2.23 	
      “Plateau Security SPV” means Micawber 634
      (Proprietary) Limited (Registration No. 2007/025445/07), a private company
      duly incorporated according to the company laws of South Africa;

	 	 
	2.2.24 	
      “RPM” means Rustenburg Platinum Mines Limited
      (Registration No. 1931/003380/06), a public company duly incorporated
      according to the company laws of South Africa;

	 	 
	2.2.25 	
      “RPM Claims” means the loan claims of RPM against
      Holdco under the Holdco Shareholder Loan Agreement;

	 	 
	2.2.26 	
      “RPM Funding Loan Agreement” has the meaning given
      to it in the Plateau Senior Facilities
Agreement;

Page 5.

	2.2.27 	
      “RPM Operating Cash Flow Shortfall Facility Agreement”
      has the meaning given to it in the Plateau Senior Facilities
      Agreement;

	 	 
	2.2.28 	
      “SCB” means Standard Chartered Bank, Johannesburg
      Branch (Registration No: 2003/020177/10), a company incorporated in
      England with limited liability by Royal Charter 1853, under reference ZC18
      and registered as an external company in South Africa;

	 	 
	2.2.29 	
      “Senior Debt Payment Date” means each and every
      date on which a repayment or the payment of interest is required to be
      made by Plateau as borrower under the Plateau Senior Facilities
      Agreement;

	 	 
	2.2.30 	
      “Senior Agent” has the meaning given to it in the
      Plateau Senior Facilities Agreement;

	 	 
	2.2.31 	
      “Senior Lenders” has the meaning given to
      “Lender” in the Plateau Senior Facilities Agreement;

	 	 
	2.2.32 	
      “Signature Date” means the date of signature of
      the Party last signing this Agreement;

	 	 
	2.2.33 	
      “South Africa” means the Republic of South Africa
      as constituted from time to time;

	 	 
	2.2.34 	
      “Termination Date” has the meaning given to it in
      the Plateau Senior Facilities Agreement.

	2.3 	
      Any reference in this Agreement
to:

	2.3.1 	
      a “clause” shall, subject to any contrary indication, be
      construed as a reference to a clause hereof;

Page 6.

	2.3.2 	
      “including” or “includes” means including (or includes)
      without limitation;

	 	 
	2.3.3 	
      “law” shall be construed as any law (including common or
      customary law) or statute, constitution, decree, judgment, treaty,
      regulation, directive, bye-law, order or any other legislative measure of
      any relevant government, supranational, local government, statutory or
      regulatory body or court; and

	 	 
	2.3.4 	
      a “person” shall be construed as a reference to any
      person, firm, company, trust, corporation, government, state or agency of
      a state or any association or partnership (whether or not having separate
      legal personality) of two or more of the
foregoing.

	2.4 	
      Unless inconsistent with the context or save where the
      contrary is expressly indicated:

	2.4.1 	
      if any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it appears only in this interpretation clause, effect
      shall be given to it as if it were a substantive provision of this
      Agreement;

	 	 
	2.4.2 	
      when any number of days is prescribed in this Agreement,
      the same 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 case the last day shall be the next succeeding Business
    Day;

	 	 
	2.4.3 	
      in the event that the day for payment of any amount due
      in terms of this Agreement should fall on a day which is not a Business
      Day, the relevant day for payment shall be the previous Business
    Day;

	 	 
	2.4.4 	
      in the event that the day for performance of any
      obligation in terms of this Agreement (other than a payment obligation)
      should fall on a

Page 7.

		
      day which is not a Business Day, the relevant day for
      performance shall be the next succeeding Business Day;

	 	 
	2.4.5 	
      any reference in this Agreement to any legislation, law
      or enactment is to that legislation, law or enactment as at the Signature
      Date and as amended or re-enacted from time to time;

	 	 
	2.4.6 	
      any reference in this Agreement to this Agreement or any
      other agreement or document shall be construed as a reference to this
      Agreement or, as the case may be, such other agreement or document as the
      same may have been, or may from time to time be, amended, varied, novated
      or supplemented;

	 	 
	2.4.7 	
      no provision of this Agreement constitutes a stipulation
      for the benefit of any person who is not a Party to this Agreement;
    and

	 	 
	2.4.8 	
      a reference to a Party includes that Party’s
      successors-in-title and permitted assigns.

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

	2.5.1 	
      any one gender includes the other genders;

	 	 
	2.5.2 	
      a natural person includes a juristic person and vice
      versa; and

	 	 
	2.5.3 	
      the singular includes the plural and vice
      versa.

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

Page 8.

	2.7 	
      The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the Party responsible for the
      drafting thereof, shall not apply in the interpretation of this
      Agreement.

	 	 
	2.8 	
      The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.

	 	 
	2.9 	
      The use of any expression in this Agreement covering a
      process available under South African law such as winding-up (without
      limitation eiusdem generis) shall, if any of the Parties is subject
      to the law of any other jurisdiction, be construed as including any
      equivalent or analogous proceedings under the law of such other
      jurisdiction.

	 	 
	2.10 	
      Where figures are referred to in numerals and in words,
      if there is any conflict between the two, the words shall
  prevail.

3. INTRODUCTION

	3.1 	
      Pursuant to the implementing of the Holdco Sale of Shares
      Agreement, Plateau shall acquire a portion of the RPM Claims under the
      Holdco Shareholder Loan Agreement in an amount of R500,000,000 (Five
      Hundred Million Rand) (the “Acquired Claims”) so that Plateau has
      Claims for that amount against Holdco.

	 	 
	3.2 	
      Plateau shall fund the payment for the Acquired Claims by
      borrowing an amount of R500,000,000 (Five Hundred Million Rand) from the
      Senior Lenders under the Plateau Senior Facilities
  Agreement.

Page 9.

	3.3 	
      In terms of the RPM Operating Cash Flow Shortfall
      Facility Agreement, Plateau may become entitled to draw loans up to an
      amount not exceeding R778,000,000 (Seven Hundred and Seventy-eight Million
      Rand) from RPM (the “OCSF Loans”).

	 	 
	3.4 	
      To the extent Plateau draws any OCSF Loans from RPM, it
      shall make loans available to Holdco in a corresponding amount pursuant to
      this Agreement (each such loan a “Plateau OCSF Tranche”, and
      multiple loans “Plateau OCSF Tranches”).

	 	 
	3.5 	
      This Agreement sets out the terms and conditions which
      shall apply to:

	3.5.1 	
      the Acquired Claims with effect on the Closing Date and
      which accordingly hereby replace the terms and conditions which applied to
      that portion of the RPM Claims comprising the Acquired Claims in terms of
      the Holdco Shareholder Loan Agreement, with effect on the Closing Date;
      and

	 	 
	3.5.2 	
      the Plateau OCSF Tranches.

4. ADVANCE OF PLATEAU OCSF TRANCHES

	4.1 	
      Plateau hereby undertakes and agrees that if and each
      time it borrows an OCSF Loan from RPM, it shall advance a Plateau OCSF
      Tranche to Holdco in a corresponding amount to such OCSF Loan and on the
      same date as such OCSF Loan is advanced to Plateau.

	 	 
	4.2 	
      If so requested by Opco, and consented to by Holdco,
      Plateau shall advance the Plateau OCSF Tranches directly to Opco, which
      shall constitute an advance of the Plateau OCSF Tranches under this
      Agreement.

	 	 
	4.3 	
      It is recorded that RPM may, upon request from Opco, and
      with the consent of Holdco and Plateau, advance the Plateau OCSF
      Tranches

Page 10.

directly to Opco on behalf of Plateau,
which shall constitute an advance of the Plateau OCSF Tranches by Plateau under
this Agreement.

5. REPAYMENT OF THE LOANS AND THE PLATEAU OCSF
TRANCHES

	5.1 	
      To the extent cash is available, Holdco shall repay the
      Loan to Plateau in instalments by repaying, on each Senior Debt Payment
      Date set out in Schedule 1 (Repayment Profile), an amount which
      reduces the outstanding aggregate Loan by an amount equal to the relevant
      proportion of the Acquired Claims on the Closing Date, as set out in
      Schedule 1 (Repayment Profile), provided that irrespective of
      whether cash is available, the full amount of the Loan, inclusive of all
      accrued and unpaid interest and any other amounts that may become payable
      hereunder shall be repaid on the earlier of:

	5.1.1 	
      the Termination Date; and

	 	 
	5.1.2 	
      the date on which the Loan and all accrued and unpaid
      interest and any other amounts become payable pursuant to a written notice
      issued to Holdco under clause 11.2 (Events of
  Default).

	5.2 	
      To the extent cash is available after the making of all
      payments referred to in clause 5.1 above, and subject to the provisions of
      the Global Intercreditor Agreement, Holdco shall repay that portion of the
      Plateau OCSF Tranches equal to such available cash on each Senior Debt
      Payment Date provided that, irrespective of whether cash is available, but
      subject to all amounts that are required to be paid under clause 5.1 above
      being settled, and subject to the provisions of the Global Intercreditor
      Agreement, the Plateau OCSF Tranches, inclusive of all accrued and unpaid
      interest and any other amounts that may become payable hereunder in
      respect of the Plateau OCSF Tranches shall be repaid on the earlier
    of:

	5.2.1 	
      the Termination Date; and

Page 11.

	5.2.2 	
      the date on which the Plateau OCSF Tranches and all
      accrued and unpaid interest and any other amounts become payable pursuant
      to a written notice issued to Holdco under clause 11.2 (Events of
      Default).

	5.3 	
      The instalments referred to above shall be paid by direct
      electronic transfer to the Borrower Proceeds Account of
  Plateau.

6. PREPAYMENT

If any amount of the Loan is prepaid by Holdco, then the amount
of the instalment due on each Senior Debt Repayment Date set out in Schedule 1
(Repayment Profile) falling after that prepayment will reduce in inverse
chronological order by the amount of the Loan prepaid.

7. INTEREST

	7.1 	
      The unpaid principal balance of the Loan shall bear
      interest at the Interest Rate, and on the same terms and subject to the
      same conditions mutatis mutandis as are applicable to the bearing
      of interest on the funding under the Plateau Senior Facilities
      Agreement.

	 	 
	7.2 	
      Any amount payable under this Agreement in respect of the
      Loan which is not paid on its due date for payment shall be capitalised on
      the day after the relevant amount was payable and thereafter form part of
      the Loan.

	 	 
	7.3 	
      Any amount of interest which is capitalised shall be
      repaid as soon as cash is available.

	 	 
	7.4 	
      Interest on the unpaid principal balance of the Loan
      shall be paid on the same Senior Debt Payment Dates and on the same terms
      and subject to the same conditions mutatis mutandis as are
      applicable to the payment of interest on the funding under the Plateau
      Senior Facilities Agreement.

Page 12.

	7.5 	
      The unpaid principal balance of the Plateau OCSF Tranches
      shall bear interest at the OCSF Rate.

	 	 
	7.6 	
      To the extent that cash is available after the making of
      all payments of interest referred to in clause 7.1 above, and subject to
      the provisions of the Global Intercreditor Agreement, interest on the
      unpaid principal balance of the Plateau OSCF Tranches shall be paid on the
      same Senior Debt Payment Dates and on the same terms and conditions
      mutatis mutandis as are applicable to the payment of interest on
      the OCFS Loans under the RPM Operating Cash Flow Shortfall Facility
      Agreement.

	 	 
	7.7 	
      The interest referred to above shall be paid by direct
      electronic transfer to the Borrower Proceeds Account of
  Plateau.

8. PAYMENTS

All payments to be made by HoldCo to Plateau in terms of this
Agreement in relation to the Loan and the Plateau OCSF Tranches shall be made on
the same terms and subject to the same conditions mutatis mutandis as are
applicable to payments in relation to the funding under the Plateau Senior
Facilities Agreement and if on any payment date the amount received by Plateau
from Holdco is less than the full amount required to be paid by Holdco under
this Agreement on that date, the amount received by Plateau shall be applied to
discharge the liabilities of Holdco under this Agreement in the order of
priority set out in the Global Intercreditor Agreement in relation to the Holdco
Cash Waterfall (as defined in the Global Intercreditor Agreement).

9. TAX GROSS-UP AND OTHER ADDITIONAL PAYMENTS

	9.1 	
      If any amount becomes payable by Plateau to the Senior
      Lenders, the Senior Agent or certain of them under the Plateau Senior
      Facilities Agreement (x) in relation to any tax gross ups and indemnities,
      increased costs or other indemnities (only to the extent not already
      reflected in an

Page 13.

		
      increase to the Interest Rate), or (y) in the form of any
      amount other than interest and principal ((x) and (y) referred to as an
      “Additional Senior Amount”), Holdco shall be obliged to make
      payment of an amount equivalent to that Additional Senior Amount to
      Plateau on the same date or dates (as applicable) as such Additional
      Senior Amounts are payable by Plateau under the Plateau Senior Facilities
      Agreement.

	 	 
	9.2 	
      Any Additional Senior Amount shall be paid in the
      currency as directed in writing to Plateau by the Senior Agent into the
      Borrower Proceeds Account.

	 	 
	9.3 	
      Holdco hereby indemnifies Plateau immediately on demand
      against any cost, loss or liability incurred by Plateau to the Senior
      Lenders, the Senior Agent or any of them under the Plateau Senior
      Facilities Agreement (in each case constituting a cost, loss or liability
      which is lawfully claimed from Plateau by the relevant counterparty) and
      in respect of which Plateau would not otherwise be entitled to receive a
      matching payment from Holdco under this Agreement, the Parties
      acknowledging and agreeing that Plateau is relying on receiving payments
      from Holdco hereunder in order to discharge all amounts payable by it from
      time to time under the Plateau Senior Facilities Agreement.

	 	 
	9.4 	
      If any amount becomes payable by Plateau to RPM under the
      RPM Operating Cash Flow Shortfall Facility Agreement (x) in relation to
      any tax gross ups and indemnities, increased costs or other indemnities
      (only to the extent that they are not already reflected in the OCSF Rate
      applicable to the OCSF Loans), or (y) in the form of any amount other than
      interest in principal ((x) and (y) referred to as an “Additional OCSF
      Amount”), Holdco shall be obliged to make payment of an amount
      equivalent to that Additional OCSF Amount to Plateau on the same date or
      dates (as applicable) as such Additional OCSF Amounts are payable by
      Plateau under the RPM Operating Cash Flow Shortfall Facility
    Agreement.

Page 14.

	9.5 	
      Any Additional OCSF Amount shall be paid in the currency
      as directed in writing to Plateau by RPM into the Borrower Proceeds
      Account.

	 	 
	9.6 	
      Holdco hereby indemnifies Plateau immediately on demand
      against any cost, loss or liability incurred by Plateau to RPM under the
      RPM Operating Cash Flow Shortfall Facility Agreement (in each case
      constituting a cost, loss or liability which is lawfully claimed from
      Plateau by RPM) and in respect of which Plateau would not otherwise be
      entitled to receive a matching payment from Holdco under this Agreement,
      the Parties acknowledging and agreeing that Plateau is relying on
      receiving payments from Holdco hereunder in order to discharge all amounts
      payable by it from time to time under the RPM Operating Cash Flow
      Shortfall Facility Agreement.

10. REPRESENTATIONS AND WARRANTIES

	10.1 	
      Holdco hereby represents and warrants to Plateau that on
      the Signature Date and the Closing Date:

	10.1.1 	
      Holdco is a private company duly organised and existing
      under the laws of South Africa with the power and authority to enter into
      and to exercise its rights and perform its obligations under this
      Agreement;

	 	 
	10.1.2 	
      Holdco has procured the taking of all necessary corporate
      and other action to authorise the execution of this Agreement;

	 	 
	10.1.3 	
      this Agreement is legal and binding on, and enforceable
      against, Holdco;

	 	 
	10.1.4 	
      the provisions of this Agreement are not in conflict
      with, and will not constitute a breach of the provisions of any other
      agreement or undertaking which is binding on
Holdco.

Page 15.

	10.2 	
      Each of the representations and warranties given by
      Holdco in terms of clause 10.1 shall:

	10.2.1 	
      prima facie be deemed to be a representation of
      fact inducing Plateau to enter into this Agreement;

	 	 
	10.2.2 	
      be presumed to be material unless the contrary is
      proved;

	 	 
	10.2.3 	
      insofar as any of the warranties is promissory or relates
      to a future event, be deemed to have been given as at the due date for
      fulfilment of the promise or for the happening of the event, as the case
      may be; and

	 	 
	10.2.4 	
      be a separate warranty and in no way be limited or
      restricted by reference to or inference from the terms of any other
      warranty.

	10.3 	
      Plateau is entering into this Agreement relying upon the
      representations and warranties given by Holdco in clause
  10.1.

11. EVENTS OF DEFAULT

	11.1 	
      An Event of Default shall occur
if:

	11.1.1 	
      Holdco fails to pay any sum due from it hereunder at the
      time, in the currency and in the manner specified herein unless the
      failure to pay is solely due to technical or administrative reasons and
      the relevant amount is duly paid within 2 (two) Business Days of its due
      date; or

	 	 
	11.1.2 	
      any material representation or statement made by Holdco
      in connection with this Agreement is or proves to have been incorrect or
      misleading when made and Holdco fails to remedy such circumstances within
      10 (ten) Business Days after receiving written notice from Plateau
      requiring such remedy; or

Page 16.

	11.1.3 	
      Holdco fails to duly perform or comply with any other
      obligation expressed to be assumed by it in this Agreement and such
      failure is not remedied within 10 (ten) Business Days after Plateau has
      given written notice thereof to Holdco; or

	 	 
	11.1.4 	
      Holdco takes any corporate action or other steps are
      taken or legal proceedings are started for its winding-up (whether
      provisional or final), dissolution, administration or re-organisation or
      for the appointment of a liquidator, receiver, administrator,
      administrative receiver, trustee or similar officer over it or any or all
      of its revenues and assets; or

	 	 
	11.1.5 	
      at any time any act, condition or thing required to be
      done, fulfilled or performed by Holdco in
order:

	11.1.5.1 	
      to enable Holdco lawfully to enter into, exercise its
      rights under and perform the obligations expressed to be assumed by it in
      this Agreement; or

	 	 
	11.1.5.2 	
      to ensure that the obligations expressed to be assumed by
      Holdco in this Agreement are enforceable, legal and
  valid,

		
      is not done, fulfilled or performed;

	 	 
	11.1.6 	
      at any time it is or it becomes unlawful for Holdco to
      perform or comply with any or all of its obligations under this Agreement
      or any of the obligations of Holdco under this Agreement are not or cease
      to be legal, valid and binding;

	 	 
	11.1.7 	
      the Senior Agent takes or is instructed to take any of
      the actions referred to in clause 28.20 (Acceleration) of the
      Plateau Senior Facilities Agreement;

Page 17.

	11.1.8 	
      RPM (or the Senior Agent on its behalf) takes any of the
      actions referred to in clause 11.2 of the RPM Funding Loan
    Agreement;

	 	 
	11.1.9 	
      Opco (or the Senior Agent on its behalf) takes any of the
      actions referred to in clause 11.2 of the Opco Funding Loan
    Agreement.

	11.2 	
      Upon the occurrence of an Event of Default and subject to
      any restrictions on enforcement action provided for in the Global
      Intercreditor Agreement, Plateau may, without prejudice to any other
      rights it may have in terms of this Agreement or at law, by written notice
      to Holdco:

	11.2.1 	
      claim and recover from Holdco (which amount shall be
      immediately due and payable):

	11.2.1.1 	
      the unpaid principal balance of the Loan;

	 	 
	11.2.1.2 	
      all accrued and unpaid interest due and payable by Holdco
      in accordance with the terms of this Agreement; and

	 	 
	11.2.1.3 	
      any other amounts which are payable by Holdco to Plateau
      under this Agreement (whether or not then due and payable on the basis
      that any and all such amounts shall immediately be due and
  payable);

	11.2.2 	
      declare the Loan and all other amounts payable by Holdco
      pursuant to this Agreement to be due and payable on demand of
    Plateau.

	11.3 	
      If Plateau takes any of the actions referred to in clause
      11.2, interest shall accrue on all outstanding amounts under this
      Agreement in respect of the Plateau OCSF Tranches from the due date of
      payment up to the date of actual payment (both before and after judgment)
      at a rate which is 2% per annum higher than the OCSF Rate. Any interest
      accruing under this

Page 18.

Clause 11.3 shall be immediately
payable by Holdco on demand by Plateau.

12. CESSION

Plateau shall be entitled to cede its rights, title, interest
and benefits under this Agreement to the Plateau Security SPV without the
consent of Holdco. To the extent that any splitting of claims arises against
Holdco as a consequence of such cession, Holdco hereby consents to such
splitting of claims. Save as referred to above, neither Party shall be entitled
to cede or assign its rights, title, interest or benefits or to delegate any of
its obligations under this Agreement.

13. CERTIFICATE OF INDEBTEDNESS

A certificate signed by a manager or director of Plateau (whose
appointment it shall not be necessary to prove) shall be prima facie
proof of:

	13.1 	
      the amount of any indebtedness owing by Holdco to Plateau
      pursuant to this Agreement;

	 	 
	13.2 	
      the due date of such indebtedness; and

	 	 
	13.3 	
      the fact that such indebtedness is due and owing and has
      not been paid or otherwise discharged.

14. NOTICES AND
DOMICILIA

	14.1 	
      Notices

	14.1.1 	
      Each Party chooses the addresses set out opposite its
      name below as its addresses to which any written notice in connection with
      this Agreement may be addressed.

Page 19.

	14.1.1.1 	Plateau: 
	  	 	
       
	
       

	  	 	
      4th Floor, 82 Grayston Drive 

	  	 	
      Off Esterhysen Lane 

		 	
      Sandton 

	  	 	
      Telefax No.: 
	
      (011) 883 0836 

	  	 	
      Attention: 
	
      The Company Secretary 

	  	 	
       
	
       

	  	 	
       
	
       

	14.1.1.2 	Holdco: 
	  	 	
       
	
       

	  	 	
      4th Floor, 82 Grayston Drive 

	  	 	
      Off Esterhysen Lane 

		 	
      Sandton 

	  	 	
      Telefax No.: 
	
      (011) 883 0836 

	  	 	
      Attention: 
	The Company Secretary 

	14.1.2 	
      Any notice or communication required or permitted to be
      given in terms of this Agreement shall be valid and effective only if in
      writing but it shall be competent to give notice by telefax transmitted to
      its telefax number set out opposite its name above.

	 	 
	14.1.3 	
      Either Party may by written notice to the other Party
      change its chosen addresses and/or telefax number for the purposes of
      clause 14.1.1 to any other address(es) and/or telefax number, provided
      that the change shall become effective on the fourteenth day after any
      deemed or actual receipt of the notice by the other Party pursuant to
      clauses 14.1.4 or 14.1.5 (as applicable).

	 	 
	14.1.4 	
      Any notice given in terms of this Agreement
  shall:

	14.1.4.1 	
      if sent by a courier service be deemed to have been
      received by the addressee on the 5th (fifth) Business Day
      following the date of such sending;

	 	 
	14.1.4.2 	
      if delivered by hand be deemed to have been received by
      the addressee on the date of delivery;

Page 20.

	14.1.4.3 	
      if transmitted by facsimile be deemed to have been
      received by the addressee on the first Business Day after the date of
      transmission;

		
      unless the contrary is proved.

	 	 
	14.1.5 	
      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 address
      and/or telefax number.

	14.2 	
      Domicilia

	14.2.1 	
      Each of the Parties chooses its address referred to in
      clause 14.1 as its domicilium citandi et executandi at which
      address documents in legal proceedings in connection with this Agreement
      may be served.

	 	 
	14.2.2 	
      Either Party may by written notice to the other Party
      change its domicilium from time to time to another address, not
      being a post office box or a poste restante, in South Africa;
      provided that any such change shall only be effective on the fourteenth
      day after deemed receipt of the notice by the other Party pursuant to
      clause 14.1.4.

15. GOVERNING LAW

The entire provisions of this Agreement shall be governed by
and construed in accordance with the laws of South Africa.

Page 21.

16. JURISDICTION

The Parties hereby irrevocably and unconditionally consent to
the non-exclusive jurisdiction of the South Gauteng High Court, Johannesburg,
South Africa (or any successor to that division) in regard to all matters
arising from this Agreement.

17. SEVERABILITY

Each provision in this Agreement is severable from all others,
notwithstanding the manner in which they may be linked together or grouped
grammatically, and if in terms of any judgment or order, any provision, phrase,
sentence, paragraph or clause is found to be defective or unenforceable for any
reason, the remaining provisions, phrases, sentences, paragraphs and clauses
shall nevertheless continue to be of full force. In particular, and without
limiting the generality of the aforegoing, the Parties hereto acknowledge their
intention to continue to be bound by this Agreement notwithstanding that any
provision may be found to be unenforceable or void or voidable, in which event
the provision concerned shall be severed from the other provisions, each of
which shall continue to be of full force.

18. COSTS

	18.1 	
      It is recorded that the costs of and incidental to the
      negotiation, preparation and execution of this Agreement shall be borne in
      accordance with the provisions of the Plateau Senior Facilities
      Agreement.

	 	 
	18.2 	
      All legal costs incurred by a Party in consequence of any
      default of the provisions of this Agreement by the other Party shall be
      payable on demand by the Defaulting Party on the scale as between attorney
      and own client and shall include collection charges, the costs incurred by
      the Aggrieved Party in endeavouring to enforce such rights prior to the
      institution of legal proceedings and the costs incurred in connection
      with

Page 22.

the satisfaction or enforcement of any
judgement awarded in favour of the Aggrieved Party in relation to its rights in
terms of or arising out of this Agreement.

19. GENERAL

	19.1 	
      This Agreement contains the entire agreement between the
      Parties in regard to the subject matter hereof.

	 	 
	19.2 	
      Neither Party shall be bound by or have any claim or
      right of action arising from any express or implied term, undertaking,
      representation, warranty, promise or the like not included or recorded in
      this document whether it induced the contract and/or whether it was
      negligent or not.

	 	 
	19.3 	
      No variation, amendment or consensual cancellation of
      this Agreement or any provision or term hereof and no settlement of any
      disputes arising under this Agreement and no extension of time, waiver or
      relaxation or suspension of any of the provisions or terms of this
      Agreement shall be binding or have any force and effect unless reduced to
      writing and signed by or on behalf of the Parties. Any such extension,
      waiver or relaxation or suspension which is so given or made shall be
      construed as relating strictly to the matter in respect whereof it was
      made or given.

	 	 
	19.4 	
      No extension of time or waiver or relaxation of any of
      the provisions or terms of this Agreement shall operate as an estoppel
      against any Party in respect of its rights under this Agreement.

	 	 
	19.5 	
      No failure by either Party to enforce any provision of
      this Agreement shall constitute a waiver of such provision or affect in
      any way such Party’s right to require the performance of such provision at
      any time in the future, nor shall a waiver of a subsequent breach nullify
      the effectiveness of the provision itself.

Page 23.

	19.6 	
      Except as provided for under this Agreement, neither
      Party shall cede any of its rights or delegate any of its obligations
      under this Agreement without the prior written consent of the other
      Parties.

20. COUNTERPARTS

This Agreement may be executed in any number of counterparts
and by different Parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same agreement.

Page 24.

SIGNED at Johannesburg on this the 12th day
of June 2009.

For and on behalf of
PLATEAU
RESOURCES 
(PROPRIETARY) LIMITED

/s/ signed

____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto

SIGNED at Johannesburg on this the 12th day
of June 2009.

For and on behalf of
RICHTRAU
NO. 179 
(PROPRIETARY) LIMITED

/s/ signed

____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto

Page 25.

SCHEDULE 1 

REPAYMENT PROFILE

  	Senior
        Debt Repayment Date 	Repayment Instalment 
	31 January 2013 	1 /12 
	31 July 2013 	1 /12 
	31 January 2014 	1 /12 
	31 July 2014 	1 /12 
	31 January 2015 	1 /12 
	31 July 2015 	1 /12 
	31 January 2016 	1 /12 
	31 July 2016 	1 /12 
	31 January 2017 	1 /12 
	31 July 2017 	1 /12 
	31 January 2018 	1 /12 
	Termination Date 	1 /12Filed by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4.24

EXECUTION COPY 

OPERATING CASH FLOW SHORTFALL LOAN FACILITY AGREEMENT

 

of ZAR778,000,000 

 

for

 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

 

provided by

 

RUSTENBURG PLATINUM MINES LIMITED 

 

CONTENT 

	Clause      	Page      
	  	  	  
	1.
      	INTERPRETATION
      	3
      
	2.
      	INTRODUCTION
      	6
      
	3.
      	COMMON
      TERMS AGREEMENT 	6
      
	4.
      	FACILITY
      	6
      
	5.
      	PURPOSE
      	6
      
	6.
      	DRAWDOWNS
      	6
      
	7.
      	REPAYMENT
      AND INTEREST 	9
      
	8.
      	COMMITMENT
      FEE 	10
      
	9.
      	CONSEQUENCES
      OF AN EVENT OF DEFAULT 	10
      
	SCHEDULE
      1 NOTICE OF DRAWDOWN 	13
      

2 

OPERATING CASH FLOW SHORTFALL LOAN
FACILITY AGREEMENT 

THIS AGREEMENT is dated 12 June 2009 and made between:

	(1) 	
      PLATEAU RESOURCES (PROPRIETARY) LIMITED, a private
      limited liability company incorporated under the laws of South Africa with
      registration no. 1996/013879/07 as borrower (the "Borrower");
      and

	 	 
	(2) 	
      RUSTENBURG PLATINUM MINES LIMITED as lender (the
      "Lender").

The Parties agree as set out below. 

	1. 	INTERPRETATION 

	1.1 	
      Words and expressions not otherwise defined in this
      Agreement shall bear the meaning given to them in the RPM Funding Common
      Terms Agreement (as defined below). In addition, unless the context
      dictates otherwise, the words and expressions set forth below shall bear
      the following meanings and cognate expressions shall bear corresponding
      meanings:

	1.1.1 	
      "Advance" means an advance made or to be made or
      deemed to be made by the Lender to the Borrower hereunder from the
      Facility and "Advances" will be construed accordingly;

	 	 
	1.1.2 	
      "Advance Date" means the date upon which the
      Lender makes an Advance to the Borrower in accordance with the provisions
      of clause 6 (Drawdowns) and "Advance Dates" shall be construed
      accordingly;

	 	 
	1.1.3 	
      "Agreement" means this Operating Cash Flow
      Shortfall Loan Facility Agreement and its Schedules as read together with
      the RPM Funding Common Terms Agreement;

	 	 
	1.1.4 	
      "Available Guarantee Commitment" means the
      Guarantee Commitment less the aggregate amount of the Advances made or to
      be made under the Guarantee Facility pursuant to a Notice of Drawdown
      which has been issued but in respect of which the Advance Date has not yet
      occurred;

	 	 
	1.1.5 	
      "Available OCSF Commitment" means the OCSF
      Commitment less the aggregate amount of the OCSF Advances made or to be
      made under the OCSF Facility pursuant to a Notice of Drawdown which has
      been issued but in respect of which the Advance Date has not yet occurred,
      but excluding the amount of any deemed Advance made in respect of the
      commitment fee in terms of clause 8 (Commitment Fee) which deemed Advance
      shall not be taken into account for purposes of determining the Available
      OCSF Commitment;

	 	 
	1.1.6 	
      "Availability Period"
means:

	 	(a) 	
      in respect of the OCSF Facility, the period during which
      the OCSF Facility will be available commencing on the Closing Date and
      ending on the third anniversary of the Closing Date;
and

3 

	 	(b) 	
      in respect of the Guarantee Facility, the period during
      which the Guarantee Facility will be available commencing on the Closing
      Date and ending on the first anniversary of the Closing
  Date;

	1.1.7 	
      "Base Case Model" means the Base Case Model (as
      defined in the RPM Funding Common Terms Agreement) in the form existing as
      at the Closing Date;

	 	 
	1.1.8 	
      "Commitment" means the OCSF Commitment and the
      Guarantee Commitment';

	 	 
	1.1.9 	
      "Existing Operational Guarantees" means a
      guarantee existing as at the Signature Date and disclosed in Schedule 6 of
      the RPM Funding Common Terms Agreement;

	 	 
	1.1.10 	
      "Facility" means:

	 	(a) 	
      the loan facility granted to the Borrower by the Lender
      in this Agreement in an aggregate principal amount equal to the OCSF
      Commitment ("the OCSF Facility"); and

	 	 	 
	 	(b) 	
      the guarantee facility granted to the Borrower by the
      Lender in this Agreement in an aggregate principal amount equal to the
      Guarantee Commitment ("the Guarantee
Facility");

	1.1.11 	
      "Guarantee Collateral Amount" means the amount of
      cash collateral which Opco is required to provide for an Opco Guarantee
      having used reasonable commercial endeavours to procure insurance coverage
      as an alternative to providing collateral in connection with such
      guarantee;

	 	 
	1.1.12 	
      "Guarantee Commitment" means R28 000 000 (twenty
      eight million Rand), to the extent not cancelled or reduced under this
      Agreement;

	 	 
	1.1.13 	
      "Guarantee Shortfall Contribution Amount" means
      the portion of the Guarantee Collateral Amount which the Borrower is
      required to contribute to Holdco under the Holdco Shareholders
      Agreement;

	 	 
	1.1.14 	
      "Global Intercreditor Agreement" means the global
      intercreditor agreement in the agreed form, dated on or about the date of
      this Agreement, between, inter alia, the Senior Agent, the Security
      Agent, the Borrower, RPM, Holdco, Opco, the Parent, N1C Resources, N2C
      Resources, the Opco Security SPV and the Plateau Security SPV;

	 	 
	1.1.15 	
      "Holdco" means Richtrau No. 179 (Proprietary)
      Limited (Registration No. 2007/106711/07), a private company incorporated
      in accordance with the laws of South Africa;

	 	 
	1.1.16 	
      "Holdco Shareholders Agreement" means the written
      shareholders agreement dated 28 March 2008 between the Lender, the
      Borrower and Holdco;

	 	 
	1.1.17 	
      "Interest Rate" means 15.84% (nacq), subject to
      adjustment pursuant to clause 7 of the RPM Funding Common Terms Agreement
      (Changes to the calculation of Interest);

4 

	1.1.18 	
      "Interim Repayment Date" means the date falling on
      the 6th (sixth) anniversary of the Closing Date;

	 	 
	1.1.19 	
      "Lebowa" means the Lebowa Platinum Mine operations
      conducted by Opco, including a PGM mine located on the Eastern Limb of the
      Bushveld Complex in South Africa, on the Diamand, Wintersveld, Jagdlust,
      Middelpunt, Umkoanesstad and Zeekoegat farms;

	 	 
	1.1.20 	
      "Loan" means the aggregate principal amount of
      Advances for the time being outstanding hereunder;

	 	 
	1.1.21 	
      "Notice of Drawdown" means a notice substantially
      in the form set out in Schedule 1 to be utilised in drawing down the
      Facility;

	 	 
	1.1.22 	
      "OCSF Commitment" means R750 000 000 (seven
      hundred and fifty million Rand), to the extent not cancelled, reduced or
      transferred by it under this Agreement;

	 	 
	1.1.23 	
      "Opco Guarantee" means a guarantee issued by Opco
      in replacement of an Existing Operational Guarantee, provided that such
      Opco Guarantee is a Permitted Guarantee for purposes of the RPM Funding
      Common Terms Agreement;

	 	 
	1.1.24 	
      "Operating Cash Shortfall" means any operating
      expenditure and/or capital expenditure (including stay in business capital
      expenditure) of Opco arising in respect of Lebowa in order to finance the
      production schedule and project pipeline as set out in the Base Case
      Model, which Holdco, acting reasonably and in good faith and with
      reference to the latest cumulative consolidated quarterly management
      accounts of the Holdco Group delivered to the Lender pursuant to clause
      12.1.3 of the RPM Funding Common Terms Agreement, anticipates will fall
      due for payment prior to the next Repayment Date and cannot or is not
      reasonably expected to be able to be funded out of internally generated
      cash flows of Opco, but excluding any expenditure arising in respect of
      (a) Taxes, and/or (b) the acquisition of assets or other expenditure which
      is not related to such projects contemplated in the Base Case Model and
      (c) payments or projected payments required to be made to Holdco under the
      Finance Documents;

	 	 
	1.1.25 	
      "Operating Cash Shortfall Contribution Amount"
      means the portion of the Operating Cash Shortfall which the Borrower is
      required to contribute to Holdco in terms of the Holdco Shareholders
      Agreement;

	 	 
	1.1.26 	
      "Party" means a party to this Agreement and
      "Parties" shall, as the context requires, be a reference to all of
      them;

	 	 
	1.1.27 	
      "PGM" means platinum group metals, comprising
      platinum, palladium, rhodium, ruthenium, osmium and iridium;

	 	 
	1.1.28 	
      "RPM Funding Common Terms Agreement" means the
      common terms agreement to be entered into or about the date of this
      Agreement between, inter alia, the Lender, the Borrower, Pelawan
      SPV and Anooraq Resources Corporation setting out, inter alia,
      certain common terms relating to the funding to be provided by the Lender
      to the Borrower and Pelawan SPV;

5 

	1.1.29 	
      "Signature Date" means the date of the signature
      of the Party last signing this Agreement;

	2. 	INTRODUCTION 

	2.1 	
      The ordinary shareholders of Holdco have agreed to
      advance shareholder loans to Holdco to fund:

	2.1.1 	
      Operating Cash Shortfalls at Lebowa which may arise
      during the Availability Period in respect of the OCSF Facility. These
      shareholder loans will be applied by HoldCo to finance the production
      schedule and project pipeline as contemplated in the Base Case Model;
      and

	 	 
	2.1.2 	
      Guarantee Collateral Amounts which may be required to
      cash collateralise the Opco Guarantees,

		
      subject to the terms of this Agreement.

	 	 
	2.2 	
      The Borrower requires a facility in order to enable it to
      meet its obligations referred to in clause 2.1 and the Lender is willing
      to provide such facility on the terms and conditions set out in this
      Agreement and subject to the relevant provisions of the Global
      Intercreditor Agreement which restrict the payment of interest and the
      repayment of the Loans by the Borrower to the
Lender.

	3. 	COMMON TERMS AGREEMENT

	3.1 	
      This Agreement and the rights and obligations of the
      Parties are in all respects subject to the terms and conditions of the RPM
      Funding Common Terms Agreement. The terms and conditions of the RPM
      Funding Common Terms Agreement are incorporated by reference into this
      Agreement as if repeated herein in full.

	 	 
	3.2 	
      In the event of a conflict between the terms of this
      Agreement and the RPM Funding Common Terms Agreement the provisions of
      this Agreement shall prevail.

	4. 	
      FACILITY

	 	 
		
      Subject to the terms and conditions of this Agreement and
      the RPM Funding Common Terms Agreement, the Lender agrees to make the
      Facility available to the Borrower on the terms and conditions set out
      herein.

	 	 
	5. 	
      PURPOSE

	 	 
		
      The Borrower shall apply all amounts borrowed by it under
      the Facility for the sole purpose of advancing a corresponding loan to
      Holdco in accordance with the provisions of the Holdco Shareholders Loan
      Agreement and the Plateau Funding Loan Agreement.

	 	 
		
      The Lender shall not be obliged to monitor or verify the
      application of any Advance.

	 	 
	6. 	
      DRAWDOWNS

	6.1 	
      Subject to the fulfilment of the conditions set out in
      Clause 4 (Conditions of Utilisation) of the RPM Funding Common Terms
      Agreement, the Lender shall, if required pursuant to the delivery of a
      duly completed Notice of Drawdown from time to time, make Advances to the
      Borrower during the applicable Availability Period

6 

		
      under the Facility which shall be drawn down by the
      Borrower in accordance with the provisions of this clause 6.

	 	 
	6.2 	
      The Facility may only be drawn down by the Borrower
      if:

	6.2.1 	
      in the case of a draw down of the OCSF Facility, an
      Operating Cash Shortfall arises and the Borrower is required to advance
      the relevant Operating Cash Shortfall Contribution Amount to Holdco in
      terms of the Holdco Shareholders Agreement;

	 	 
	6.2.2 	
      in the case of a draw down of the Guarantee Facility, the
      Borrower is required to advance the relevant Guarantee Shortfall
      Contribution Amount to Holdco in terms of the Holdco Shareholders
      Agreement;

	 	 
	6.2.3 	
      unless otherwise agreed in writing between the Lender and
      the Borrower in respect of a specified proposed Advance (which agreement
      shall apply to the specified Advance only and not to future Advances), it
      submits a duly completed Notice of Drawdown to the Lender not less than 10
      (ten) Business Days (or such other period as the Lender and the Borrower
      may agree in writing in respect of a specified proposed Advance (which
      agreement shall apply to the specified Notice of Drawdown only and not to
      future Notices of Drawdown)) prior to the proposed Advance Date which
      Notice of Drawdown shall specify the amount of the Advance
  required;

	 	 
	6.2.4 	
      in the case of a draw down of the OCSF Facility, the
      amount of the proposed Advance does not exceed either
of:

	 	(a) 	
      the Operating Cash Shortfall Contribution Amount required
      to be paid by the Borrower to Holdco on the proposed Advance Date;
    and

	 	 	 
	 	(b) 	
      the amount of the Available OCSF
  Commitment;

	6.2.5 	
      in the case of a draw down of the Guarantee Facility, the
      amount of the proposed Advance does not exceed either
of:

	 	(a) 	
      the Guarantee Shortfall Contribution Amount required to
      be paid by the Borrower to Holdco on the proposed Advance Date;
  and

	 	 	 
	 	(b) 	
      the amount of the Available Guarantee
  Commitment;

	6.2.6 	
      in the case of a draw down of the OCSF Facility, the
      amount of the proposed Advance together with the aggregate amount of the
      Advances made to date in that Calculation Period does not exceed R450 000
      000 (four hundred and fifty million Rand). For purposes of this clause
      6.2.6 a Calculation Period shall mean each 12 month period commencing on
      the Closing Date;

	 	 
	6.2.7 	
      the proposed date for the making of such Advance is a
      Business Day within the applicable Availability Period;

	 	 
	6.2.8 	
      no Fundamental Event of Default (as defined in the Global
      Intercreditor Agreement) has occurred, other than a Fundamental Event of
      Default referred to in paragraph 4 of schedule 3 of the Global
      Intercreditor agreement;

	 	 
	6.2.9 	
      no Senior Enforcement Action (as defined in the Global
      Intercreditor Agreement) has occurred;

7 

	6.2.10 	
      no event referred to in clause 6.2 of the RPM Funding
      Common Terms Agreement (Mandatory Prepayments: Change of Control) has
      occurred;

	 	 
	6.2.11 	
      the Senior Discharge Date has not occurred; and

	 	 
	6.2.12 	
      the Borrower has not failed in respect of any previous
      Advance made to it under this Agreement to make a corresponding advance
      ("the Borrower Advance") to Holdco under and in accordance with the
      Plateau Funding Loan Agreement, and Holdco has not failed in respect of
      any previous Borrower Advance made to it by the Borrower under the Plateau
      Funding Loan Agreement to make a corresponding advance to Opco under the
      Opco Funding Loan Agreement, in each case unless such failure has been
      remedied to the Lender's satisfaction.

	6.3 	
      Unless otherwise agreed in writing between the Lender and
      the Borrower only one Notice of Drawdown may be submitted in any calendar
      month.

	 	 
	6.4 	
      The Lender will make each Advance to the Borrower on the
      date specified in the relevant Notice of Drawdown by paying the amount of
      each Advance into the account nominated in the Notice of Drawdown, which
      account shall be either the Borrower Proceeds Account, or subject to
      clause 6.5, the Opco Business Account or the Holdco Business
    Account.

	 	 
	6.5 	
      The parties agree that, unless and until the Lender
      notifies the Borrower otherwise, the Borrower shall be entitled to elect
      in the Notice of Drawdown whether it wishes an Advance to be paid into the
      Borrower Proceeds Account, the Opco Business Account or the Holdco
      Business Account. The Lender shall be entitled to at any time notify the
      Borrower that it shall only be entitled to elect the Borrower Proceeds
      Account for purposes of receiving payment of certain specified or all
      future Advances, which notice shall take effect in accordance with its
      terms. The payment of the amount of an Advance by the Lender into the Opco
      Business Account or the Holdco Business Account in accordance with an
      election made by the Borrower in the applicable Notice of Drawdown shall
      fully discharge the Lender's obligation to make such Advance in terms of
      this Agreement and shall for purposes of this Agreement be deemed to be
      payment of the Advance to the Borrower.

	 	 
	6.6 	
      The Borrower acknowledges and agrees
  that:

	6.6.1 	
      unless the Lender otherwise agrees in writing in relation
      to a specific Advance, the Lender shall not be obliged to make any payment
      pursuant to any Notice of Drawdown unless and until the Borrower shall
      have complied strictly with the requirements in respect thereof as set out
      in this clause 6;

	 	 
	6.6.2 	
      no Advance or portion thereof repaid by the Borrower in
      accordance with the provisions of this Agreement or otherwise shall be
      available to be re- advanced by the Lender;

	 	 
	6.6.3 	
      any Notice of Drawdown purportedly signed by an
      authorised signatory of the Borrower shall be deemed to be a valid Notice
      of Drawdown issued by the Borrower and each payment paid pursuant to such
      Notice of Drawdown to the Borrower from the Facility shall constitute a
      valid Advance to the Borrower and constitute part of the
  Loan;

8 

	6.6.4 	
      the Lender shall not incur any liability to the Borrower
      in the event of any Advance not being utilised for the purpose referred to
      in clause 3 (Purpose) and in such an event, the portion of those payments
      made from the Facility will nevertheless be regarded as constituting valid
      Advances.

	7. 	REPAYMENT AND INTEREST

	7.1 	
      The balance of the Loan outstanding from time to time
      shall bear interest at the Interest Rate. Interest on the Loan outstanding
      from time to time shall accrue daily and be compounded quarterly in
      arrears and is calculated on the basis of the actual number of days
      elapsed and a year of 365 (three hundred and sixty five) days.

	 	 
	7.2 	
      Accrued interest shall be paid by the Borrower to the
      Lender on each Repayment Date in accordance with clause 7.4. If any
      accrued interest is not permitted to be paid on a Repayment Date in
      accordance with the Global Intercreditor Agreement, then such interest
      shall be capitalised and form part of the Loan for interest calculation
      purposes, but shall, for the avoidance of doubt not be taken into account
      in determining the Available OSCF Commitment or the Available Guarantee
      Commitment.

	 	 
	7.3 	
      If the Borrower fails to pay any amount payable by it
      under this Agreement on its due date, interest shall accrue on such
      outstanding amounts from the due date of payment up to the date of actual
      payment (both before and after judgment) at a rate which is 2% per annum
      higher than the Interest Rate. Any interest accruing under this Clause 0
      shall be immediately payable by the Borrower on demand by the Lender. An
      amount shall not be regarded as being due and payable for purposes of this
      clause in the event that there is not sufficient proceeds credited to the
      Borrower Proceeds Account in order for the Borrower to pay such amount to
      the Lender on that date in accordance with the terms of the Global
      Intercreditor Agreement (having regard to all prior payments which the
      Borrower is required to make in accordance with the Global Intercreditor
      Agreement).

	 	 
	7.4 	
      Subject to clause 6.1 and 6.2 of the RPM Funding Common
      Terms Agreement (Illegality and Mandatory Prepayments) the Loan together
      with accrued interest thereon (or a portion thereof, as the case may be)
      shall, on each Repayment Date, be repaid from the available proceeds, if
      any, (having regard to all prior payments which the Borrower is required
      to make from the Borrower Proceeds Account in accordance with the Borrower
      Cash Waterfall on that date) standing to the credit of the Borrower
      Proceeds Account subject to and in accordance with the Borrower Cash
      Waterfall relating to such account as provided for in the Global
      Intercreditor Agreement, provided that:

	7.4.1 	
      by no later than the Interim Repayment Date the Borrower
      shall apply the proceeds raised, if any, through the Mandatory Debt
      Refinance contemplated in clause 6.3 (Mandatory Refinancing) of the RPM
      Funding Common Terms Agreement towards the repayment of the Loan, together
      with all accrued but unpaid interest thereon and all other amounts then
      outstanding under this Agreement; and

	 	 
	7.4.2 	
      the Loan together with all accrued but unpaid interest
      thereon and all other amounts then outstanding under this Agreement shall
      be repaid by no later than the Final Repayment
Date.

9 

	7.5 	
      The Borrower and the Lender agree that if the Loan and
      all other amounts outstanding under this Agreement have not been settled
      in full by the date falling 6 months prior to the Final Repayment Date
      they shall consult with each other with a view to agreeing alternative
      mechanisms to settle the Loan. Should the Borrower and the Lender not be
      able to agree such alternative mechanism for the settlement of the Loan,
      then the Loan shall be repayable in full on the Final Repayment
    Date.

	 	 
	7.6 	
      All payments to be made by the Borrower to the Lender in
      terms of this Agreement shall, subject to the Global Intercreditor
      Agreement, be, in the event of any payment not being made in full on its
      due date, appropriated in the first instance to the payment of any costs,
      charges or expenses, thereafter to interest then due and payable, and
      thereafter in reduction of the principal amount of the
  Loan.

	8. 	COMMITMENT FEE 

	8.1 	
      The Borrower shall pay to the Lender a commitment fee
      computed at the rate of 0.85% (nacq) on the aggregate amount of the
      Available OCSF Commitment and the Available Guarantee Commitment for the
      period from the date of this Agreement to and including the last day of
      the applicable Availability Period.

	 	 
	8.2 	
      The accrued commitment fee shall be calculated daily and
      capitalised and form part of the Loan, and shall accordingly be paid in
      accordance with Clause 7 (Repayment and Interest). On each occasion that
      the accrued commitment fee is capitalised as aforesaid, the Borrower shall
      be deemed to have requested, and the Lender shall be deemed to have made,
      an Advance in an amount equal to the amount of such accrued commitment
      fee. The Lender's obligation to pay the amount of such deemed Advance
      shall be set off against the Borrower's obligation to pay the relevant
      commitment fee, both such obligations being simultaneously discharged. For
      the avoidance of doubt no actual exchange of money shall occur in respect
      of the payment of the commitment fee, such commitment fee having been
      capitalised and to be paid as part of the
Loan.

	9. 	CONSEQUENCES OF AN EVENT OF DEFAULT
  

	9.1 	
      Upon the occurrence of an Event of Default and for so
      long as such Event of Default is continuing, but subject to any
      restrictions on Enforcement Action (as defined in the Global Intercreditor
      Agreement) provided for in the Global Intercreditor Agreement, the Lender
      may, without prejudice to any other rights it may have in terms of this
      Agreement or at law, by written notice to
Borrower:

	9.1.1 	
      cancel all or part of the Commitments at which time they
      shall immediately be cancelled;

	 	 
	9.1.2 	
      claim and recover from the Borrower (which amount shall
      be immediately due and payable):

	 	(a) 	
      the unpaid principal balance of the Loan;

	 	 	 
	 	(b) 	
      all accrued and unpaid interest due and payable by the
      Borrower in accordance with the terms of this Agreement; and

	 	 	 
	 	(c) 	
      any other amounts which are payable by the Borrower to
      the Lender under this Agreement (whether or not then due and payable on
      the

10 

basis that any and all such amounts
shall immediately be due and payable);

	9.1.3 	
      declare the Loan and all other amounts payable by the
      Borrower pursuant to this Agreement to be due and payable on demand of the
      Lender;

	 	 
	9.1.4 	
      exercise or direct the Security Agent, the Opco Security
      SPV and/or the Plateau Security SPV to exercise any or all of its rights,
      remedies, powers or discretions under the Finance Documents (including any
      rights, remedies, powers or discretions it may have under or in connection
      with the Transaction Security Documents),

provided that all payments obligation
of the Borrower under this clause 9 shall be made subject to and in accordance
with the Global Intercreditor Agreement and in particular the Borrower Cash
Waterfall. 

11 

SIGNED at Johannesburg on this the 12 day of  June 2009.

	 	For and on behalf of 
	 	PLATEAU RESOURCES (PROPRIETARY) 
	 	LIMITED 
	 	  
	 	/s/ Tumelo Moathlodi Motsisi
	 	
	 	Name: Tumelo Moathlodi Motsisi
	 	Capacity: 
	 	Who warrants his authority hereto 
	 	  
	 	
	 	Name: 
	 	Capacity: 
	 	Who warrants his authority hereto

SIGNED at Johannesburg on this the 12 day of  June 2009.

	 	For and on behalf of 
	 	RUSTENBURG PLATINUM MINES 
	 	LIMITED  
	 	  
	 	/s/ Simon John Scott
	 	
	 	Name: Simon John Scott
	 	Capacity: Director
	 	Who warrants his authority hereto 
	 	  
	 	
	 	Name: 
	 	Capacity: 
	 	Who warrants his authority hereto

12 

SCHEDULE 1 

NOTICE OF DRAWDOWN 

(To appear on the letterhead of Plateau Resources (Proprietary)
Limited) 

	To: 	Rustenburg Platinum Mines Limited 
	  	  
	  	Per Telefax : [ ] 
	  	Attention: [ ]

Dear Sirs 

OPERATING CASH SHORTFALL FACILITY LOAN AGREEMENT DATED
[INSERT DATE OF AGREEMENT]: NOTICE OF DRAWDOWN 

	1. 	
      We refer to the Operating Cash Shortfall Loan Facility
      Agreement (the "Facility Agreement") dated [insert date of the
      facility agreement] and made between us. The terms defined in the
      Facility Agreement shall have the same meaning in this notice.

	 	 
	2. 	
      This notice is irrevocable.

	 	 
	3. 	
      We hereby give you notice that, pursuant to the Facility
      Agreement and on [Date of Drawdown] we wish to borrow an Advance in
      the amount of R[Insert Amount] under the OCSF/Guarantee Facility
      upon the terms and subject to the conditions contained therein.

	 	 
	4. 	
      The amount of the proposed Advance we wish to borrow is
      required in relation to [insert details of Operating Cash Shortfall
      Amount/Guarantee Collateral Amount.]

	 	 
	5. 	
      Each of the conditions to draw down stipulated in clause
      6.2 of the Facility Agreement have been complied with.

	 	 
	6. 	
      The amount of the proposed Advance together with the
      aggregate amount of the Advances made to date in the applicable
      Calculation Period is [ ]

	 	 
	7. 	
      We request that the Advance be paid into the [Borrower
      Proceeds Account / Holdco Business Account / Opco Business
  Account].

Yours faithfully 

_________________________________________
Name:

Authorised Signatory: 
For and on behalf of: 
PLATEAU RESOURCES
(PROPRIETARY) LIMITED 

13

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