Mr Mohau Mphomela - CHAIRMAN OF THE BOARD, MINTEk. Mintek Board Members 2011/12 From left: Ms Salminah Maja - DEPUTY CHAIRPERSON OF THE BOARD, Director/Partner: Jacques Van Der Merwe Maja Inc.; Ms Matshediso Ndlovu - Sales Manager: NPC Cimpor (Pty) Ltd.; Ms Simangele Sekgobela - Head: Department of Agriculture & Rural Development, Gauteng; Adv Derick Block - Independent Management Consultant.

Chairman's Overview

Last year this time, we stated that Mintek seems to have weathered the storm in terms of its finances and that the worst was over. Our assertion has been vindicated as Mintek has made a remarkable turnaround and achieved impressive financial results this year. This was in spite of the operational challenges that the company was faced with during the year. These results illustrate that the strategic review process, which continued to be implemented during the year, is bearing fruit, and so is the management's decision to focus on marketing the organisation and its innovations, products, services and technologies. The achievement of these results contributes to building the organisation's credibility and reputation. One of Mintek-developed technologies, the ConRoast smelting technology, which is being implemented in the eastern limb of the Bushveld Complex in Mpumalanga, has contributed significantly to Mintek's finances this year through royalties paid by Jubilee Platinum, the licensee of the product until 2020. Government's intention to develop the transport infrastructure to further support mining operations around the eastern limb of the Bushveld Complex will provide additional opportunities for this technology thereby solidifying Mintek's credibility as a world-class developer of mineral processing technology. During the year, Government also adopted its beneficiation strategy (a core Mintek competency in the mining value chain) which seeks to tackle unemployment, poverty and inequality while providing valueaddition to South Africa's mineral resources. We are convinced that Mintek is well placed now to take advantage of and to be able to implement the government's beneficiation strategy to deliver on its mandate. We continue to be Government's partner of choice in the rehabilitation of derelict and ownerless mines and that has enabled Mintek to contribute to the creation of jobs in the far flung areas of South Africa. More jobs are expected to be created in the final year of the three-year contract with the Department of Mineral Resources (DMR). Mintek's diamond provenance laboratory, which is aimed at developing a method for determining the geological source of rough alluvial diamonds, continues to make progress to find ways to distinguish the diamonds. In this regard, Mintek participated in the Kimberley Process Intersessional Meeting in Kinshasa, Democratic Republic of Congo. The fact that South Africa has been elected deputy chairperson of the process during the year 2012 - and that we are expected to assume the chair in 2013 - will hopefully boost Mintek's work on diamond fingerprinting. Mintek continues to maintain a significant global footprint, with innovations, products, services and technologies being showcased in operations in various countries including Canada, Kazakhstan, Democratic Republic of Congo, Tanzania, Malawi, India and Brazil. In Kazakhstan, the second largest producer of ferrochrome alloys after South Africa, Mintek has been able to install a fourth Minstral instrument, our world-renowned resistance-based controller for submerged-arc ferroalloy furnaces, on the largest of the furnaces at Kazchrome's Aksu plant. This plant is one of the largest and most exclusive ferroalloy plants in the world. In addition, research and development initiatives are being undertaken in collaboration with international institutions such as the Kutchatov Institute in Russia, Buffalo University in the United States and K.S. 4 chairman's overview mintek annual report 2012

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