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Mission

To leverage our status and position to build a sustainable, black owned and controlled mining company through future transactions in the mining sector as well as exploration and development joint ventures. To pursue this growth in an inclusive manner for the benefit of historically disadvantaged South Africans and the broader society as a whole.

Vision

To evolve into a sustainable, diversified, operating mining company by pursuing value accretive acquisitions throughout Africa, based on an inclusive approach to empowerment and leveraging our entrepreneurial flair and brand.

Chairman’s letter

Lazarus Zim

Evolution describes a process of change or adaptation to prevailing conditions to ensure survival and sustainability and in some cases the attaining of a peak level of performance or development.

CEO’s review

Pine PIenaar

August 2008, Mvela Resources acquired Anglo Platinum’s 22.4% equity interest in Northam (53.1 million shares) and its 50% interest in the Booysendal joint venture and sold 100% of Booysendal to Northam for 121 million new ordinary Northam shares, taking its interest in Northam to a controlling 63%.

Financial Highlights

R178.1mProfit before tax (2007 – R2.394bn loss)

93cpsHeadline earnings per share (2007 – (1,203cps loss)

198cpsAdjusted earnings per share (2007 – 107cps)

R8.596bnBalance sheet assets (2007 – R8.281bn)

Scope of the report

This annual report presents the operating and financial results for the year 1 July 2007 to 30 June 2008 for the Mvela Resources group of companies. The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), and this report has been prepared in compliance with the South African Companies Act No. 61 of 1973 and the Listings Requirements of the JSE Limited (JSE). The guidelines of the King Report on Corporate Governance, 2002 have also been taken into account. The annual report is submitted to the JSE as this is the company's registered exchange. The most noteworthy recent event has been the updates to the Booysendal Transaction announced shortly after the financial year end, on 8 July and 19 August 2008, which indicated that the transaction has been implemented. Mvela Resources’ 21.8% holding in Northam on 30 June 2008 therefore increased to 62.8% on 20 August 2008.

Quicklinks to financials

› Balance sheets
› Income statements
› Cash flow statements
› Statement of changes in equity
› Notes

Quicklinks to commentary

› Mvela Resources at a glance
› Chairman’s letter
› CEO’s review
› Group six-year financial review
› Board and management

Quicklinks to sustainability

› Corporate social investment
› Corporate governance

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