De Beers Operations and Exploration Overview

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1 De Beers Operations and Exploration Overview GA Beevers Director Operations 5 November 2003

2 DTC SALES INTERIM RESULTS 3,000 US $ Millions 2,500 2,000 1,500 1,000 2,842 2,422 2, June Actual 2003 June Budget 2003 June Actual

3 OPERATING CASHFLOW INTERIM RESULTS 1,200 1,000 US $ Millions ,144 1, June Actual 2003 June Actual

4 NET GEARING INTERIM RESULTS 60% 50% 40% 30% 20% 10% 0% 53.7% 2002 June Actual 20.3% 2003 June Actual

5 DEBT MANAGEMENT 2001: Leveraged Buyout Delisting/Private Company US$ 3.55 billion principal debt US$ 1 billion revolving credit facility Fixed interest arrangements i.e. 50 % hedged which as things turned out was expensive 2002: Principal debt: US$ 2.6 billion / Revolving credit untouched US$ 710 million ahead of repayment schedule Cashflow: US$ 1.6 billion

6 DEBT MANAGEMENT 2003: Strong cashflow generated June: US$ million Defying gravity... Debt Refinancing US$ 2.5 Billion Revolving Credit loan 5 year / Standard commercial terms

7 De Beers Exploration Strategy Exploration vision Finding De Beers Future Exploration mission Securing economic diamond resources through discovery, partnership and acquisition Future Strategic Alignment Secure new high margin mines Extend geographic diversity of De Beers operations Focus mainly on kimberlite discovery Drive early stage projects aggressively towards resource delivery Increase partnerships and alliances Align with corporate strategy

8 World Diamond Production to 2002 US$ Billion RSA Other Namibia DRC/Zaire Angola Russia Botswana Australia Canada 9 8 South Africa Africa Alluvials Big Pipes

9 How do we explore? Identify most prospective areas Early into new areas with maximum holdings Identify, assess, action potential quality JVs or acquisition opportunities Top-class support Labs, MRM, financial, legal, HR, corporate, Different strategies for different environments Mix of traditional and new technologies, applications, concepts Flexible outlook on priorities

10 Airborne discovery technologies

11 Current Areas of Activity CANADA Toronto Sudbury Grande Prairie INDIA Bangalore SOUTH AMERICA Brasilia AFRICA Lobatse Bulawayo Kimberley Johannesburg AUSTRALIA Melbourne Perth

12 Laboratory support services Mineralogical Laboratories Toronto / Brasilia / Lobatse / Bulawayo / Kimberley / Centurion / Melbourne / Bangalore Support to global exploration activities Examination of sample concentrates for the recovery of kimberlitic indicator minerals Microdiamond Laboratory Kimberley Support to global exploration activities and to on-mine evaluation programmes Recovery and sorting of microdiamonds Evaluation Services Department Kimberley Support, co-ordination and execution of evaluation projects worldwide Macrodiamond Laboratory Johannesburg Support to global exploration activities and to on-mine evaluation programmes Final recovery and sorting of macrodiamonds GeoScience Centre - Johannesburg Specialist services to support global exploration, e.g. geochemistry, geochronology, petrology, GIS, remote sensing Research and innovation

13 Laboratory Focus Areas Dedicated facilities for high priority areas Increase laboratory capacity More efficient sample turnaround New technologies introduced Providing full, reliable and timely results to our partners

14 De Beers Exploration Expenditure 2002 Exploration Spend South America (8%) RSA Support & Services Services (20%) North America & Europe (39%) Africa (22%) Advanced Exploration (18%) Early stage Exploration (62%) Australia & Asia (20%) (11%) In 2002 De Beers Exploration discovered 63 new kimberlites in 7 countries

15 De Beers Exploration Expenditure 2003 Forecast Exploration Spend RSA Support & Services 21% By region Africa 18% By Stage Services 19% outh America 8% North America & Europe 32% Australia & Asia 13% Advanced 9% Early stage 72%

16 Country Risk After WMRC Country League Table, January 2003

17 OPERATIONS

18 GROWTH Tons - Million PRODUCTION PERFORMANCE Carats - Million F 2004 B 30 Tons treated Tons mined Carats recovered

19 GROWTH 12.2 EFFICIENCY IMPROVEMENT De Beers Group US$ per Ton Treated US$ Forecast 2004 Provincial Budget

20 GROWTH RECENTLY COMPLETED PROJECTS Kimberley Combined Treatment Plant Treatment of underground production material and old dump material Extension of operations at Kimberley to 2020 Production ramp-up challenges/problems Equipment failure Lack of redundancy Ore mix De Beers Marine mv Ya Toivo Gariep conversion

21 GROWTH EXPANSION PROJECTS Finsch Block 4 Introduction of Block Cave mining New mining level 63 Level Project Implementation Premier C Cut Extension of life of mine Evaluation for board submission in 2004

22 GROWTH Namdeb Elizabeth Bay EXPANSION PROJECTS Wet primary crushing circuit Wet and cemented ore Extension of life from 2004 to 2013 Venetia Quick Wins Process plant de-bottlenecking Maximize tonnage treated Throughput increase: 1.3 million tons / 1.6 million carats per year

23 GROWTH NEW MINES Canadian Operations Development of operations in Canada Snap Lake Trial Mining in 2004 Victor Feasibility study & permitting Gahcho Kué Pre-feasibility study Capital Investment of around US$ 1.5 billion

24 GROWTH South Africa Voorspoed Discovered in 1906 Mined for 5.5 years by Voorspoed Diamond mining company Bought by DBCM in 1912 NEW MINES Sampled in 1965/67, 1979/80, 1997 and 1998 Feasibility study to re-open Geotechnical & Ore dressing activities

25 GROWTH RESOURCES EXTENSION Enhanced resources information Short-term forecasting Supplier of Choice / ITO LOM extension for brownfield ore bodies Programme cost: > R500 million Focused MRM team

26 CURRENT CHALLENGES Exchange rate 2003 Budget at rate higher than R7-00 Financial pressure Marginal/small mines more pressured! Voluntary Separation Avoid forced retrenchments Survival Incentive Fair and transparent process

27 CURRENT CHALLENGES SA Royalty/Money bill 8 % ad valorem royalty on diamonds Diamonds attract highest royalty Other major commodities: Gold 3 % royalty Platinum 4 % royalty De Beers position: Bill is discriminatory & punitive against diamond industry

28 CURRENT CHALLENGES Minerals and Petroleum Resources Development Act/Charter/Scorecard Element Internal Rating HR Development Employment Equity Procurement Housing & Nutrition Mine Community Development

29 CURRENT CHALLENGES Minerals and Petroleum Resources Development Act/Charter/Scorecard Element Internal Rating Beneficiation Migrant Labour Ownership & Joint Venture Reporting

30 EMPOWERMENT Exploration: Ndowana JV Mvelaphanda & De Beers Preparation for BEE partner Partner of choice Selection process in progress More than 30 interested parties Stand-alone asset / De Beers Group of Companies Broad-based socio-economic empowewrment Proudly South African

31 EMPOWERMENT 70% EMPLOYMENT EQUITY % 50% % 30% 20% 24.7% 27.3% 30.7% 34.2% # of Employees % 50 0% st Half Designated % Designated

32 THANK YOU

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