outlook for pgm prices for pla, page-3

The hedging is 15% of production over 5yrs at Platinum price of 2000 and paladium at 450. So that is 7000 oz platinum and 7000oz paladiun. The rest is done at spot which with Platinum at 1000 and Paladium at 225 I worked out that Smokey would earn US$100m pa over 5yrs. The beauty of this is that PLA will easily be able to fund Kalplats. So with ARM 50% and PLA 50% Kalplats should get up. Then PLA should be producing substantially more platinum. Its doubtful more shares will be needed so in a few years time PLA will be shipping in cash.

The key to how much will be based on BFS DUE IN 4TH Q.