Search Documents

By Steven Rupprecht

"The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the SAMREC Code or the Code) sets out minimum standards, recommendations and guidelines for public reporting of exploration results, mineral resources and mineral reserves in South Africa. The Code is being rewritten and updated, with work on-going since 2013. The revision is being undertaken to ensure the Code remains relevant, incorporates developments within the international mining industry and keeps abreast of technology. Some of the changes and their reasons are discussed. INTRODUCTION The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (the SAMREC Code or the Code) sets out minimum standards, recommendations and guidelines for public reporting of Exploration Results, Mineral Resources and Mineral Rreserves in South Africa. The Code is being rewritten and updated, with work on-going since 2013. The proposed 2016 update is not significantly different from previous versions of the Code. The revision is being undertaken to ensure the Code remains relevant, incorporates developments within the international mining industry and keeps abreast of technology. The Code sets out minimum standards, recommendations and guidelines for public reporting. However, reporting may be unclear, ambiguous, selective, obscure, distorted or unintelligible. Part of the purpose of the update is to provide better guidelines to Competent Persons (CPs) to ensure that the material information is being reported and that reporting is transparent in accordance with the guidelines of the Code. The information provided should, as required by the Code, be adequate to inform the “reader/investor or potential investor to make a reasonable and balanced assessment of the significance of the information”. The Committee for Mineral Reserves International Reporting Standards (CRIRSCO) highlights the importance of the reporting Codes, as provided from a quote from their website (www.crirsco.com): The mining industry is a vital contributor to national and global economies. It is a truly international business that depends on the trust and confidence of investors and other stakeholders for its financial and operational well-being. Unlike many other industries, it is based on depleting mineral assets, the knowledge of which is important prior to the commencement of extraction. It is therefore essential that the industry communicates the risks associated with investment effectively and transparently in order to earn the level of trust necessary to underpin its activities."

Jan 1, 2015

By M. Bueno, T. Chavez Matus, M. S. Powell, S. Michaux, S. Luukkanen

Comminution tests are an essential element in the design of ore beneficiation plants. Many methods have been developed to assess the breakage characteristics of rocks to generate parameters for modelling. However, most of the existing methods are laborious, expensive and require large samples. Consequently, test work has been traditionally conducted with a few representative reference samples. On the other hand, geometallurgical modelling programs require an extensive amount of test work to allow understanding the variability of ore properties within the deposit and establish spatial geometallurgical domains that show the differential responses to mineral processing. Therefore, comminution tests for geometallurgy need to be more efficient in terms of time, cost and sample size. This paper introduces a new testing device (Geopyörä) which is capable of measuring forces and energy applied to rock particles during the breakage process. The new testing method uses smaller samples and can be up to 50 times faster than other commonly used tests in the industry. This paper presents the concept prototype and the preliminary test work results, which have been benchmarked against some of the industry standard tests, such as the JK Drop Weight Test (JKDWT), the SMC Test® and the Bond ball mill test. Keywords: Geometallurgy, comminution, ore breakage characterization, variability.

Jan 1, 2020

By F. Rwere, A. Masasire, P. Dzomba, M. Mupa

Accurate determination of platinum group metals (PGMs) and gold (Au) has always proven to be a difficult task, due to their low concentrations in platiniferous ores. The most common preconcentration technique used in analysis of these metals is fire assay with a flux containing nickel or lead. This technique can be improved by using co-collectors. Here we hypothesise that Fe, Co, and Cu can be used as co-collectors to enhance separation and preconcentration of PMGs and gold by fire assay. To test this hypothesis, geological exploration samples from Siyanda Union Mine (Northam, South Africa) were analysed by an inductively coupled plasma-optical emission spectrometer (ICP-OES) for PGMs (Pt, Pd, and Rh) and Au. A control sample (certified reference material AMIS 0426) was also analysed by the same technique. The PGM and Au recoveries from the control sample ranged from 83% to 105% for all three co-collectors, with relative standard deviations less than 10% for the control sample and 7% for the geological samples. The PGM and Au recoveries by Fe and Co co-collectors were modestly higher than that of the Cu-collector. These results indicate that Fe and Co are better co-collectors than Cu, presumably due to the loss of analyte when using Cu. Taken together, Fe and Co co-collectors can be viable alternatives for analysis of PGMs and gold using the fire assay method.

Jan 2, 2022

By M. Kumral, Y. A. Sari

Underground mining operations tend to have higher operating costs than surface mines. When metal prices decrease, profitability is jeopardized due to the high costs. Therefore, mining management harnesses new practices that increase operational efficiency. One way to manage this challenge is to invest in new mine planning practices. Stope layout optimization as a part of underground mine planning aims to identify a portion of the orebody in the form of production volumes (stopes) to maximize profit under roadway and stope dimension constraints. In this paper we propose a novel approach based on identifying ore-rich areas of the deposit and prioritizing their extraction through an iterative heuristic clustering approach. The proposed approach is compared with and validated by an exact method through a small mining example. The heuristics produced nearly identical results in a very short time. Finally, a case study was carried out using a larger data-set. The cluster-based iterative approach generated nearoptimal stope layouts in a computationally effective manner.

Mar 1, 2021

By R. G. Votteler, A. C. Brent

"The first in this series of two papers, on the potential of renewable electricity sources for mining operations in South Africa, investigated the internal structure of mining corporations to evaluate feasible alternative electricity sources that were identified as through earlier research. The purpose of this paper is to combine current knowledge about the external macroeconomic and the internal environments to produce a clear picture of how renewable sources of electricity could perform from the perspective of mining corporations in South Africa. The multi-attribute value theory (MAVT) approach was adapted to structure the research and results. The model was fed with real-time data provided from five different energy companies and four mining corporations operating in South Africa. The results show that the performance of hybrid versions of the currently used electricity sources (diesel generators and Eskom grid connection) with solar PV and onshore wind is favourable compared with the current sources alone. The advantage of diesel generators is significantly greater than that of the Eskom grid connection. By combining the macroeconomic influences with the MAVT results, hybrid solar PV versions are identified as having the greatest potential. In second place are hybrid wind solutions, which have the shortcoming that good wind conditions occur only in coastal regions where there are fewer mining activities. Geothermal hybrid versions are the least favourable owing to the lack of service infrastructure and high initial investment costs.IntroductionRecent developments in the macroeconomic environment necessitate an investigation of the internal structure of mining corporations to evaluate possible alternative electricitygenerating sources (Roehrl and Riahi, 2000). To be able to combine current knowledge of macroeconomic factors and the internal structure of mining corporations, the research process is presented in two papers. The first paper (Votteler and Brent, 2016) investigated the internal structure and argued that a strategic tool should be used to evaluate electricity sources from the perspective of mining corporations. The multi-criteria decision analysis (MCDA) approach was selected as the most appropriate strategic tool. Based on a literature review of previous similar MCDA approaches in energy planning, it was concluded that no adaptation of MCDA methods could be found from a corporate, mining, or South African perspective. Finally, the paper investigated the internal evaluation structure in collaboration with mining corporations, by identifying the criteria they use to evaluate electricity sources."

Jan 1, 2017

By W. Newcomen, G. Dick

"Effective management and mitigation of pit slope instability in open pit mines begins with a comprehensive slope monitoring programme. The ability to differentiate between non-critical pit wall movements due to rebound or relaxation of the excavated slopes and movements that may be indicative of slope failure is important for maintaining a safe working environment and maximizing production. Slope failure prediction methods using velocity, acceleration, and strain criteria have been introduced and put into practice over the past few decades. Forty-eight slope failures with surface monitoring data are presented and assessed using the strain-based failure prediction approach, with consideration of the quality of the rock mass and the potential failure mechanism. The results indicate that the strain-based approach can be used to provide general guidance regarding strain thresholds for pit walls for a variety of failure modes in diverse geological environments. The advantages and potential drawbacks of the strain-based and other slope failure prediction methods are discussed. The importance of implementing a pit slope monitoring and performance evaluation system early in mine development is also emphasized. IntroductionThe successful prediction of the Manefay Slide pit slope failure at Bingham Canyon at 9:30 am on 10 April 2013 (Engineering and Mining Journal, 2014) highlighted the importance of having a comprehensive slope monitoring system that provides an accurate prediction of the time of failure of an open pit slope. Using most of the geotechnical monitoring tools available, the time of the failure was predicted within hours and equipment and personnel were evacuated from the pit well in advance of the failure. From a time to slope failure perspective, the monitoring system in place was a success.There are two general groups interested in monitoring pit walls, with slightly different objectives in mind when the monitoring system is being set up. There are those at the mine site that have to implement the pit slope design, monitoring protocols, and the action response plans, and there are those designing the slopes (often consultants) who regularly visit the mine but may not be responsible for the day-to-day activities. was a success.There are two general groups interested in monitoring pit walls, with slightly different objectives in mind when the monitoring system is being set up. There are those at the mine site that have to implement the pit slope design, monitoring protocols, and the action response plans, and there are those designing the slopes (often consultants) who regularly visit the mine but may not be responsible for the day-to-day activities."

Jan 1, 2016

By A. M. Venter, C. W. Siyasiya, N. K. K. Arthur, M. G. Willemse, D. Marais

Although additive manufacturing is fast gaining traction in the industrial world as a reputable manufacturing technique to complement traditional mechanical machining, it still has problems such as porosity and residual stresses in components that give rise to cracking, distortion, and delamination, which are important issues to resolve in structural load-bearing applications. This research project focused on the characterization of the evolution of residual stresses in Ti-6Al-4V extra-low interstitial (ELI) additive-manufactured test samples. Four square thin-walled tubular samples were deposited on the same baseplate, using the direct energy deposition laser printing process, to different build heights. The residual stresses were analysed in the as-printed condition by the neutron diffraction technique and correlated to qualitative predictions obtained using the ANSYS software suite. Good qualitative agreement between the stress measurements and predictions were observed. Both approaches revealed the existence of large tensile stresses along the laser track direction at the sections that were built last, i.e., centre of the top layers of the samples. This in addition leads to large tensile stresses at the outer edges (corners) which would have the effect of separating the samples from the baseplate should the stresses exceed the yield strength of the material. Such extreme conditions did not occur in this study, but the stresses did lead to significant distortion of the baseplate. In general, the microstructures and spatial elemental mapping revealed a strong correlation between the macro-segregation of elemental V and the distribution of the β-phase in the printed parts.

Feb 6, 2023

By T. B. Beeton

In view of the limited reserves of good-quality coking coals in South Africa, Iscor has been involved in direct reduction since the middle sixties. Since the early seventies, its interest in direct reduction was stimulated further by a swing towards' continuous casting, which, in turn, contributed to a shortage of the scrap supply for electric-arc-furnace (EAP) steelmaking. Rock engineering The First International Conference-Rock Enginet:ring and Excavation in an Urban Environmentorganized by The Institution of Mining and Metallurgy and the Hong Kong Section of the Institution, in association with the Hong Kong Institution of Engineers, will be held in Hong Kong from 23rd to 28th February, 1986. SPOTLIGHT on Gold Fields National Engineering Awards For the Gold Fields Foundation National Engineering Awards, each university affiliated to the South African Federation of University Engineering Students (S.A.F.U.E.S.) selected a candidate who, in their opinion, presented the most outstanding design project in their final year during 1984.

Jan 1, 1985

1. Book reviews Dislocations and properties of real materials, edited by M.H. Loretto. London, The Institute of Metals, 1985. 392 pp. Reviewer: F.R.N. Nabarro Au &Ag heap and dump leaching practice, edited by J.B. Hiskey. AIME, 1984. 162 pp. $20 (member), $15 (student member), $30 (non-member) plus $3.50 for postage and handling. (Order from SME Books, Caller no. D, Littleton, CO 80127, U.S.A.). Reviewer: R.A. Snodgrass The cost and availability of Colombian coal, by Eric D. Jamieson, with the assistance of Kathleen Jamieson. London, lEA Coal Research (14/15 Lower Grosvenor Place, London SWl W OEX). £50 (in member countries), £100 (in non-member countries). Reviewer: W.C. Mather Extraction Metallurgy '85. London, The Institution of Mining and Metallurgy, 1985. £42. Reviewer: R.A. Snodgrass 2. Recent publications Mining annual review 1985. London, Mining Journal, Jun. 1985. 600 pp. £26.50 (surface), £39.50 (air). High heat production (HHP) granites, hydrothermal circulation and ore genesis. London, The Institution of Mining and Metallurgy, 1985. 593 pp. £27 (members), £30 (non-members). Potential mineral resources of Egypt. 144 pp. US$10. Available from Bendix Field Engineering Corporation-MPGAP, Box 1237, Grand Junction, CO 81502, U.S.A. 3. Mintek reports Report M212 South African costs of equipment for the metallurgical industry (1984). Report M213 The response of as-rolled 3CR12 steel to heat treatment. Report M214 A computer programme for use in the development of multi-element X-ray-fluorescence methods of analysis. Report M221 Commodity profiles for selected metals. Report MIO7D Upgrading of alaskite rock to feldspathic sand. (First issued Jun. 1983; reissued Nov. 1985). IMM awards Given below are details of the trust funds to which applications are invited for grants, etc., payable in 1986. Application forms, which must be returned to the Secretary before 17th March, 1986, are available on request. Applicants should note that, in general, preference will be given to members of the Institution.

Jan 1, 1986

By G. Akdogan, C. Bergmann, C. J. Coetzee, Q. G. Reynolds, S. J. Baumgartner

Submerged arc furnaces (SAF) are used extensively in the production of ferrochrome, where charge material – consisting of mixtures of carbonaceous reductants, fluxes such as silica, and ore in the form of pellets – is fed through chutes into the vessel. The feed typically forms a thick bed or ‘burden’ of solid particulates above a bath of molten material below. This burden layer surrounds three electrodes, which are typically arranged in a triangular configuration in circular SAFs. A major challenge in the industry is the availability of sought-after reductants, volatile market conditions, and increasing electricity tariffs in South Africa. A good understanding of the physical properties of the raw materials in the charge is therefore of great value in order to best deal with the reductants available at any given time, and thereby maximising furnace throughput. This paper presents a study of the effects of different particle properties on particle flow behaviour relevant to SAF operations. Discrete element model (DEM) simulations were used to estimate the sensitivity of the particulate flow of beds of charge material to properties such as the coefficients of friction, particle shape and size, and others. The present study lays the groundwork for the development of full DEM models of the SAF that will greatly improve understanding of the flow of complex mixtures of solid particles in the submerged arc furnace, and how the relative physical properties of each component in the charge can influence electrical behaviour of the burden.

Sep 1, 2021

By T. C. Maswanganyi, G. L. Smith, R. C. A. Minnitt

This paper identifies the strategic gaps and opportunities for the South African mining industry’s contribution towards advancing sustainable development. Mineral resources companies are confronted by a range of complex social performance challenges, which largely manifest in sporadic community and labour unrest, undermining the sustainability and profitability of these companies. Integrating supply chain management, strategic long-term planning and sustainability planning is identified as a strategic gap that can contribute towards the sustainability of mining companies, if effectively implemented. Contributing towards sustainable development by the South African mining industry is not merely a voluntary requirement on the industry but a legal requirement in terms of the Minerals and Petroleum Resources Development Act No. 28 of 2002. This Act is legislation aimed at advancing socioeconomic development in communities that host mining operations and in areas that provide labour to the South African mining industry. In contributing towards the advancement of sustainable development in mining host communities, not only will mining companies fulfil a legal requirement in terms of the Minerals and Petroleum Resources Development Act, but they will also prevent negative social and economic impacts in those communities. This paper identifies innovative and cost-effective ways of advancing sustainable development by integrating strategic supply chain management, strategic long-term planning, and sustainability planning.

Dec 15, 2025

By H. E. James

Much has been said and written about the need to reduce South Africa's dependence on gold. To compensate for the decline in the country's foreign-exchange earnings resulting from the phasing out of gold, which must inevitably occur at some future date, a far higher priority will have to be placed on the mining, beneficiation, and export of the 59 other mineral commodities produced in South Africa. The basic strategy of the mining and metallurgical industries should be to move from the traditional approach of establishing a resource base to the establishment of a market base; to turn from production orientation to market orientation; and to rely less on exploration and economies of scale and more on process innovation and product development. The enthusiasm, entrepreneurial spirit, and commitment of the leaders in the mining and metallurgical industry will clearly be of decisive importance in the establishment of new industries for the beneficiation and export of added-value mineral-based products. The State can make a significant contribution by the provision of a welldeveloped and efficient infrastructure, including rail and harbour facilities, communications and health services, roads, and of electricity and water supplies. In our search for a new development strategy for the beneficiation and export of South Africa's minerals, we need to recognize that no one nation has all the mineralresources that it needs. Commercial and strategic manipulation of mineral supplies should no longer be tolerated. The future of the human species lies in international cooperation and in a greater understanding of the limitations of the world we live in.

Jan 1, 1985

By S. M. Bradshaw

The principles of microwave heating are discussed with reference to dielectric properties, heating phenomena and microwave equipment. Microwave regeneration of granular activated carbon for the carbon-in-pulp process is examined on a laboratory scale, with special attention being given to highlight the problem areas and specific considerations related to microwave heating. Results indicate that microwave regeneration of carbon with 40% moisture on a wet basis by heating to 650°C with steam addition regenerates the carbon to virgin carbon activity levels but with a higher abrasion resistance. A preliminary economic assessment showed that the capital cost for 120 kg/h microwave unit would be R540 000 with an annual operating cost of R 320/t carbon. These figures yield a return on investment of 12%. The aim of this paper is to provide an introduction to microwave heating and to illustrate its application to the microwave regeneration of granular activated carbon for the carbon-in-pulp (CIP) process.

Jan 1, 1998

By B. Emwanu, R. A. Raju

The implementation of new technology in mining can be likened to a paradoxical situation or dilemma, where, on one hand, major mining projects are not able to solicit investor funding unless it is proven that the business cases were developed using tried and tested mining methods. On the other hand, new and innovative mining technology and mining methods need first to demonstrate and prove themselves under real production conditions over a reasonable period before they can be considered bankable feasibility studies in the mining industry. This dilemma locks new mining technology investments in a continuous cycle of underinvestment. Technological innovations are particularly relevant to the mining industry, which deals with the challenges of depleting access to resources, requiring new solutions to remain sustainable and competitive. In the last decade, the mining industry has come to realise that technological innovations can directly contribute to its sustained competitive advantage (Sanchez, Hartlieb, 2020), helping to reduce costs, lessen environmental impact, increase production, and improve mineral recovery. While understanding barriers and drivers for technology adoption is important for the success of technology implementation efforts and the sustainability of the mining sector (Muduli et al., 2013), this paper suggests strategies to exit the dilemma, proposing a preliminary framework.

Oct 24, 2025

By D. M. C. Valbom

The introduction of new diamond sorting technologies as well as additional manufacturers I vendors, has increased the equipment selection and combinations available for recovery flowsheet design. This paper describes the methodology used and the benefits realized in the design of recovery plants by ensuring a fundamental understanding of the advantages and limitations of the technology embodied in the equipment, a comprehensive knowledge of the ore body characteristics, and the effective matching of this information in combination with operational commercial requirements.

Jan 1, 2010

By D. van Rensburg

Jointed rock slopes are generally stable, as there is no freedom of movement for blocks of rock. In an open- pit mining environment, blasting opens up space into which blocks of rock can fail, resulting in the common occurrence of slope failure. Prior to the blasting of a trim pattern, the immediate highwall is scaled, where loose rock material is removed by means of a mechanical scaler. As mining of the pit progresses, the height of the scaled highwall from the pit floor progressively increases. These highwalls are never scaled again for the remainder of the pit life, and time-dependant deterioration contributes to these highwalls becoming subject to rockfall and, sometimes, slope failure. This paper documents the development of a South African innovation, a remote-controlled mechanical highwall scaler, a world first for the mining industry. The scaler will enable open-pit highwalls to be scaled from crest to toe whenever the need arises. It will reduce the risk associated with highwalls and deliver on the Anglo American promise of producing safe, profitable platinum.

Jan 1, 2012

By J A. H Campbell

AK6 is a Cretaceous aged kimberlite located in the north-east of Botswana, close to Debswana's Drapa and Letlhakane Mines. It was discovered by Debswana in 1969, but was considered unattractive from an economic perspective. In 2003, Debot Prospecting Pty Ltd ('Debot') re-assessed the area and with the advent of new prospecting technology, particularly large diameter drilling ('LDD') and more detailed ground geophysical surveys found AK6 to be of interest. In 2005, the Boteti joint venture was formed between Debot and African Diamonds plc ('AFD'), which covered a number of Prospecting Licenses, including that which contained AK6.

Jan 1, 2010

By S. Swanepoel, A. V. Cherkaev, Q. G. Reynolds, M. Erwee

Ferrochrome (FeCr) is a vital ingredient in stainless steel production and is commonly produced by smelting chromite ores in submerged arc furnaces. Silicon (Si) is a componrnt of the FeCr alloy from the smelting process. Being both a contaminant and an indicator of the state of the process, its content needs to be kept within a narrow range. The complex chemistry of the smelting process and interactions between various factors make Si prediction by fundamental models infeasible. A data-driven approach offers an alternative by formulating the model based on historical data. This paper presents a systematic development of a data-driven model for predicting Si content. The model includes dimensionality reduction, regularized linear regression, and a boosting method to reduce the variability of the linear model residuals. It shows a good performance on testing data (R2 = 0.63). The most significant predictors, as determined by linear model analysis and permutation testing, are previous Si content, carbon and titanium in the alloy, calcium oxide in the slag, resistance between electrodes, and electrode slips. Further analysis using thermodynamic data and models, links these predictors to electrode control and slag chemistry. This analysis lays the foundation for implementing Si content control on a ferrochrome smelter.

Mar 14, 2024

By K. Wu, X. Yuan, R. Du, C. Chao

"Lump coals are currently employed to replace part of coke in the COREX melter-gasifier for ironmaking. In order to optimize the process, the pyrolysis kinetics of Datong coal used in the COREX process was studied. A sectioning method is proposed to overcome certain shortcomings of traditional methods for studying the pyrolysis of coal. Based on the sectioning method and the characteristics of the coal pyrolysis process, the temperature range was divided into three intervals. In the first, the adsorbed gas and water of crystallization were removed; in the second, the coal was transformed into semi-coke; and finally, the semi-coke was further coked. Three models of reaction were then established to study the different stages of the pyrolysis process: an interfacial chemical reaction model, a random pore model, and internal diffusion with shrinking volume. The results showed that the experimental data fitted the models well, with all correlation coefficients (r2) exceeding 0.97. Finally, the mechanisms of reaction and kinetic parameters for each temperature range were derived, which laid a necessary foundation for optimizing the usage of non-coking coal in the COREX process. IntroductionIn view of environmental concerns and the shortage of good-quality coking coal, the COREX process was designed as a new ironmaking technology, attracting wide attention (Fang et al., 2005). In this process, lump coal and a small quantity of coke are directly charged into the melter-gasifier, where a high-quality reducing gas is generated for the reduction of the iron ore (Kumar et al., 2009). In contrast to the conventional blast furnace (BF) process, non-coking lump coal is used as the reducing agent and as the energy source, and the iron charge consists of lump ore and/or pellets, which results in the elimination of the coke oven and sintering plant as well as a decrease in investment (Kumar et al., 2009; Liu et al., 2012).Although the COREX process has made great progress, in current production practice the energy consumption greatly exceeds that of the BF, and it requires a certain amount of coke to maintain permeability of the semi-coke bed (Wang et al., 2008). In addition, the process consumes a lot of good-quality lump ore and lump coal. The pyrolysis of coal is the first step in most coal conversion processes, such as carbonization, gasification, and combustion (Aboyade et al., 2013). The reaction behaviour of lump coals in the COREX melter-gasifier is crucial, as it determines energy utilization and gas composition, as well as the metallurgical properties and particle size of the semi-coke produced (Prachethan et al., 2011; Zhang et al., 2014). In order to optimize the process and improve its competitiveness, the pyrolysis kinetics of Datong coal used in Baosteel’s COREX C-3000 facility was studied."

Jan 1, 2016

To the trustees of The SAIMM Scholarship Fund We have audited the annual financial statements of The SAIMM Scholarship Fund set out on pages 587 to 592 for the year ended 30 June 2005. These financial statements are the responsibility of the trustees. Our responsibility is to express an opinion on these financial statements based on our audit. Scope We have conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes: examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Audit opinion In our opinion, the financial statements fairly present, in all material respects, the financial position of the trust at 30 June 2005 and the results of its operations and cash flows for the year then ended in accordance with South African Statements of Generally Accepted Accounting Practice.

Jan 1, 2005