Who we are

Financial reports

Statement of Responsibility by the Board of Directors

The company is committed to the principles of openness, integrity and accountability. The directors are
committed to conduct the business of the enterprise with integrity and in accordance with generally accepted
corporate governance practices.
Board of Directors

The Board meets four times a year, retains full and effective control over the company and monitors executive
management. The Board of Directors comprises twelve non-executive directors and five executive directors.
All directors have access to the advice and services of the company secretary, who is responsible to the Board
for ensuring that Board procedures are followed. In addition, all directors are entitled to seek independent
advice about the affairs of the company at the company's expense.

Board Audit Committee

The Board-appointed Audit Committee was established in 1995 and is an important element of the Board's
system of monitoring and control. The audit committee comprises three non-executive directors and two
independent members. Both the external and internal auditors have free access to this committee. Meetings
are held four times a year and are attended by the company's internal and external auditors and senior
management, including the Chief Financial Officer, to review the financial statements and accounting policies,
the effectiveness of management information and other systems of internal control, the effectiveness of the
internal audit function and the internal and external auditors' findings.

Internal control

The company maintains systems of internal control over financial reporting and over safeguarding of assets
against unauthorised acquisition, use or disposition, which are designed to provide reasonable assurance
to the Board of Directors regarding the preparation of reliable published financial statements and the
safeguarding of the company's assets. The systems include a documented organisational structure and division
of responsibility, established policies and procedures, and the careful selection, training and development
of staff. Internal auditors monitor the operation of the internal control system and report findings and
recommendations to management and the Board of Directors. Corrective actions are taken to address control
deficiencies and other opportunities for improving the system as they are identified. The Board, operating
through its Audit Committee, provides oversight of the financial reporting process.

There are inherent limitations in the effectiveness of any system of internal control, including the possibility
of human error and the circumvention or overriding of controls. Accordingly, even an effective internal
control system can provide only reasonable assurance with respect to financial statement preparation and
the safeguarding of assets. Furthermore, the effectiveness of an internal control system can change with
circumstances.

The company assessed the effectiveness of its internal control system for the year ended 31 December 2010 in
relation to the criteria for effective internal control over financial reporting as set out in the ultimate holding
company's Group Internal Financial Control Questionnaire. Based on its assessment, the company believes
that for the year ended 31 December 2010, its system of internal control over financial reporting and over
safeguarding of assets against unauthorised acquisitions, use or disposition, met those criteria.

Worker participation and Affirmative Action

The company employs a variety of participative structures on issues which affect employees directly and is
committed to complying with the Affirmative Action (Employment) Act.

Code of good conduct

The company has developed and promulgated a formal written code of good conduct. We are committed to
the highest standards of integrity, behaviour and ethics in dealing with all our stakeholders, including our
shareholders, directors, managers, employees, customers, suppliers and society at large.

The directors are responsible for the preparation, integrity and fair presentation of the abridged financial
statements of Rössing Uranium Limited. The abridged financial statements have been prepared in accordance
with International Financial Reporting Standards, and include amounts based on judgements and estimates
made by management.

The directors are responsible for the company's system of internal control. These are designed to provide
reasonable, but not absolute assurance as to the reliability of the abridged financial statements and to
adequately safeguard, verify and maintain accountability of assets, and to prevent and detect misstatement
and loss. Nothing has come to the attention of the directors to indicate that any material break down in the
functioning of these controls, procedures and systems has occurred during the year under review.

The going concern basis has been adopted in preparing the abridged financial statements. The directors
have no reason to believe that the company will not be a going concern in the foreseeable future based on
forecasts and available cash resources. The viability of the company is supported by the abridged financial
statements.

Directors' Report

Activities

The company operates a uranium mine and processing plant at Rössing in Namibia.

Operations

Production of uranium oxide for the year was 3,628 metric tonnes compared to 4,147 metric tonnes in 2009.
A total of 51,538,700 metric tonnes (2009: 54,477,650 metric tonnes) were mined from the open pit and
11,598,068 metric tonnes (2009: 12 443 299 metric tonnes) of ore were milled.

The mine is currently operating on an approved Life of Mine Plan to 2023. There are current drilling initiatives
to expand mining beyond this period into the next decade.

Directorate and secretary

The names of the directors and of the secretary who held office during the year ended 31 December 2010, as
well as the business and postal address of the latter, were as follows:

Directors	Alternate Directors
R R Hoveka (Chairman)
M D Leech (Managing Director) *
P D Carlson *
E A Genis *
Z K Kasete *
W van Rooyen *
A Lilende
E H T Angula
S N Ashrafizadeh
B H Beath
F Fredericks
A V Kalantari Hemmatabadi
M M Kapia
J S Louw	H P Louw
V B Moll
D C W Ritchie	A M Lloyd
S C Wensley (appointed 17 November 2010)
E J Dorward-King (resigned 17 November 2010)

* denotes executive directors

Secretary
GD Labuschagne

Business address
360 Sam Nujoma Drive
Klein Windhoek
Windhoek, Namibia

Postal address
P O Box 22391
Windhoek, Namibia

Auditors

PricewaterhouseCoopers will continue in office in accordance with Section 270 (2) of the Namibian Companies Act.

Holding company and ultimate holding company

The company's immediate holding company is Skeleton Coast Diamonds Limited, a company registered in
Namibia. Rio Tinto plc, registered in England and Wales, is the company's ultimate holding company.