Annual Report 2002

Report of the Independent Auditors to the Members

We have audited the consolidated financial statements of Zimbabwe Platinum Mines Limited for the year ended 30 June 2002, set out on pages 2 to 28.

Respective responsibilities of directors and auditors

These financial statements are the responsibility of the company’s directors. Our responsibility is to express an opinion on them based on our audit.

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing which require that we plan and perform the audit to obtain reasonable assurance as to 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. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

Opinion

In our opinion, the financial statements are properly drawn up in accordance with the provisions of The Companies (Guernsey) Law 1994, in conformity with International Accounting Standards, and in compliance with the reporting requirements of the Australian Stock Exchange, so as to give a true and fair view of the financial position as at 30 June 2002 and the results of the operations and its cash flows for the year then ended.

St Peter Port and Harare

October 3, 2001