Palabora Mining Co. Ltd. announced the following appointments to its Board of Directors with effect from February 5, 2010, the resignation of Mr. Johan Posthumus as non- executive director. Following a re-organisation at Anglo American, Mr. Posthumus was appointed to the role of manager Corporate Services within Anglo American corporate offices. With effect from February 5, 2010, the appointment of Mr. W.J. Abel. Mr. W.J. Abel is currently Group Head of Mining for Anglo American. He joins the company with extensive South African and International surface and underground mining and project experience in a number of commodities.

Palabora Mining Co. Ltd. reported earnings results for the year to December 2009. For the year, the companys profit fall 61% to ZAR 284 million and 6% fall in revenue to ZAR 5.83 billion. It experienced higher operating costs in the period due to repairs and maintenance in several production centres. Its cost of sales figure rose 13% to ZAR 3,11 billion. Average copper prices were 37% lower last year than in 2008, thanks to sluggish demand from electrical manufacturers. This was the main factor behind a 6% fall in revenue to ZAR 5,83 billion, it was partially offset by a 35% increase in magnetite sales and a 42% increase in magnetite pricing.

Palabora Mining Company Limited reported consolidated earnings results for the year ended December 31, 2009. The net profit for the year was ZAR 284 million or 587 cents per share compared to ZAR 720 million or 1,489 cents per share in 2008. The Group achieved earnings before interest, income tax expense, depreciation and amortization (EBITDA) of ZAR 1,128 million in 2009 compared with ZAR 1,308 million in 2008. The Group's profit before interest and tax was ZAR 577 million compared with ZAR 838 million in 2008, a decrease of ZAR 261 million. Cash generated from operations during the year totaled ZAR 1,073 million compared to ZAR 868,484,000 a year ago. Profit before income tax was ZAR 453,350,000 compared to ZAR 830,080,000 a year ago. Cash flows from operating activities were ZAR 936,527,000 compared to ZAR 404,091,000 a year ago. Revenue for the period was ZAR 5,283,875,000 compared to ZAR 4,604,580,000 a year ago. The company reported headline earnings of ZAR 289 or 598 cents per share compared to ZAR 721 million or 1,493 cents per share for the same period a year ago. The company declared a cash dividend of ZAR 6.20 per share. Payment in South African Rand will be made on March 8, 2010 to shareholders recorded in the register of Palabora on March 5, 2010. The last day to trade to qualify for the dividend will be February 26, 2010 and the shares will trade ex-dividend from 1 March 2010.

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