IMP
IMPO
IMP - Implats - Consolidated interim results for the six months ended 31
December 2007
Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
Registration No. 1957/001979/06
ISIN: ZAE000083648
Issuer Code: IMPO
JSE Share Code: IMP
LSE Share Code: IPLA
ADR Code: IMPUY
("Implats" or "the company")
Consolidated Interim Results for the six months ended 31 December 2007
Key features
Group safety performance still unsatisfactory
Record refined platinum production of 1.03 million ounces
Costs well contained in current operating environment
Gross margin at 46.7%
Record half year earnings of R4.66 billion
Interim dividend of R3.00 per share
Income statement
Six Six Year to
months to months to
(all amounts in 31 December 31 December 30 June
Rand million 2007 2006 % 2007
unless otherwise stated) (Unaudited) (Unaudited) change (Audited)
Sales 16,323 14,860 10 31,481
On-mine operations (3,395) (2,807) (21) (5,901)
Concentrating and smelting (722) (635) (14) (1,316)
operations
Refining operations (315) (308) (2) (594)
Amortisation of operating (451) (383) (18) (865)
assets
Metals purchased (4,458) (4,866) 8 (9,369)
Increase in metal 644 1,138 (43) 1,035
inventories
Cost of sales (8,697) (7,861) (11) (17,010)
Gross profit 7,626 6,999 9 14,471
Net foreign exchange (220) 17 - (16)
transaction (losses)/gains
Other operating expenses (207) (219) 5 (476)
Other expenses (34) (42) 19 (214)
Share of profit of 281 132 113 388
associates
Royalty expense (314) (826) 62 (1,703)
BEE compensation charge - - - (1,790)
Net income before interest 7,132 6,061 18 10,660
and tax
Interest and other income 286 256 12 642
Finance costs (82) (50) (64) (82)
Profit before tax 7,336 6,267 17 11,220
Income tax expense (2,646) (1,877) (41) (3,895)
Profit for the period 4,690 4,390 7 7,325
Profit attributable to:
Equity holders of the 4,660 4,344 7 7,232
company
Minority interest 30 46 (35) 93
4,690 4,390 7 7,325
Earnings per share
(expressed in cents per
share)
- basic 771 823 (6) 1,312
- diluted 770 820 (6) 1,272
Balance sheet
As at As at As at
31 December 31 December 30 June
(all amounts in Rand million 2007 2006 2007
unless otherwise stated) (Unaudited) (Unaudited)1 (Audited)
ASSETS
Property, plant, equipment, 22,212 13,378 20,347
exploration and evaluation
assets
Intangible assets 1,018 - 1,020
Investments 3,327 2,517 3,096
Other non-current assets 12,587 636 12,739
Current assets 12,467 12,766 12,758
Total assets 51,611 29,297 49,960
EQUITY AND LIABILITIES
Capital and reserves 33,479 17,114 32,968
attributable to the equity
holders of the company
Minority interest 1,748 255 1,730
Total equity 35,227 17,369 34,698
Provision for long-term 1,011 532 889
responsibilities
Borrowings 857 621 685
Deferred income taxation 5,512 3,140 5,048
Current liabilities 9,004 7,635 8,640
Total liabilities 16,384 11,928 15,262
Total equity and liabilities 51,611 29,297 49,960
Cash flow statement
Six months to Six months to Year to
31 December 31 December 30 June
(all amounts in Rand 2007 2006 2007
million
unless otherwise stated) (Unaudited) (Unaudited)1 (Audited)
Net cash from operating 3,494 4,422 9,973
activities
Net cash used in investing (1,906) (1,122) (18,428)
activities
Net cash (used in)/from (2,511) (1,007) 9,824
financing activities
Net (decrease)/increase in (923) 2,293 1,369
cash and cash equivalents
Cash and cash equivalents 3,218 1,864 1,864
at beginning of the period
Effects of exchange rate (32) (15) (15)
changes on monetary assets
Cash and cash equivalents 2,263 4,142 3,218
at end of period
Statement of changes in shareholders` equity
(all amounts in Rand million unless otherwise stated)
Attributable to equity
holders of the company
Share Other Retained Minority Total
capital reserves earnings Total interest equity
Balance at 476 383 16,255 17,114 255 17,369
31 December
2006
Fair value
gains, net
of tax:
- Available- 282 282 282
for-sale
financial
investments
Currency 11 11 11
translation
differences,
net of tax
Net income 293 293 293
recognised
directly in
equity
Profit for 2,888 2,888 48 2,936
the half
year1
Total 293 2,888 3,181 48 3,229
recognised
income for
the half
year
Employee
share option
scheme:
- Proceeds 62 62 62
from shares
issued
- Fair value 16 16 16
of employee
service
Issue of 12,465 12,465 12,465
shares to
the Royal
Bafokeng
Nation (net
of cost)
Interim (1,660) (1,660) (1,660)
dividend
relating to
2007
BEE
compensation
charge from
shares
issued to
the Royal
Bafokeng
Nation 1,790 1,790 1,790
Acquisition 1,427 1,427
of a
subsidiary
14,333 (1,660) 12,673 1,427 14,100
Balance at 14,809 676 17,483 32,968 1,730 34,698
30 June 2007
Fair value
gains, net
of tax:
- Available- 103 103 103
for-sale
financial
investments
Currency (50) (50) (12) (62)
translation
differences,
net of tax
Net income 53 53 (12) 41
recognised
directly in
equity
Profit for 4,660 4,660 30 4,690
the half
year
Total 53 4,660 4,713 18 4,731
recognised
income for
the half
year
Employee
share option
scheme:
- Proceeds 25 25 25
from shares
issued
- Fair value 3 3 3
of employee
service
Final (4,230) (4,230) (4,230)
dividend
relating to
2007
28 (4,230) (4,202) (4,202)
Balance at 14,837 729 17,913 33,479 1,748 35,227
31 December
2007
Segment information
Summary of business segments:
(all amounts in Rand million unless otherwise stated)
Six months to Six months to Year to
31 December 2007 31 December 30 June 2007
20061
Sales Profit Sales Profit Sales Profit
Mining segment
Impala 15,735 3,435 14,115 3,113 29,814 4,194
Marula 720 125 583 85 1,213 310
Afplats (20) (9)
Zimplats 688 218 765 298 1,697 560
Mimosa 387 175 404 267 843 523
Total mining 17,530 3,933 15,867 3,763 33,567 5,578
segment
Refining 6,740 427 5,791 485 13,649 1,313
services
segment
Investment and 300 96 341
other segment
Inter segment (7,947) - (6,798) - (15,735) -
adjustment
Total 16,323 4,660 14,860 4,344 31,481 7,232
1. Restated for IFRIC 4
Notes
The interim financial statements have been prepared using accounting
policies consistent with those as described in the annual financial
statements for the year ended 30 June 2007 with the exception of those
listed below and have been prepared in accordance with IAS 34 Interim
Financial Reporting. This interim financial report should be read in
conjunction with the annual financial statements for the year ended 30 June
2007.
CHANGES IN ACCOUNTING POLICIES
The following standards, amendments to standards and interpretations were
adopted as from 1 July 2007:
IFRS 7: Financial Instruments: Disclosures and the Amendment to IAS 1
Presentation of Financial Statements: Capital Disclosures (effective 1
January 2007) require extensive disclosures about the significance of
financial instruments for an entity`s financial position and performance,
and qualitative and quantitative disclosures on the nature and extent of
risks. The adoption of this accounting statement had no material impact on
the results of the group or disclosure in this interim report.
Six months to Six months to Year to
31 December 31 December 30 June
2007 2006 2007
(Unaudited) (Unaudited)1 (Audited)
HEADLINE EARNINGS PER
SHARE
- basic (expressed in 771 823 1,312
cents per share)
- diluted (expressed in 770 820 1,272
cents per share)
Headline earnings per
share is calculated on
profit attributable to
equity holders of the
company without
adjustments (2006: no
adjustments).
NORMALISED HEADLINE 711 823 1,636
EARNINGS PER SHARE
Six months to Six months to Year to
(All amounts in Rand 31 December 31 December 30 June
millions unless 2007 2006 2007
otherwise stated) (Unaudited) (Unaudited)1 (Audited)
PROPERTY, PLANT,
EQUIPMENT, EXPLORATION AND
EVALUATION ASSETS
Opening net book amount 20,347 12,434 12,435
Additions 2,403 1,356 2,887
Disposals (8) (11) (4)
Acquisition of a - - 5,919
subsidiary
Exchange adjustment on (87) (35) (23)
translation of foreign
subsidiaries and joint
venture
Depreciation, (443) (366) (867)
amortisation and other
movements
Closing net book amount 22,212 13,378 20,347
Capital expenditure
approved at 31 December
2007 amounted to R14.2
billion (2006: R11.5
billion), of which R4.1
billion (2006: R2.2
billion) is already
committed. This
expenditure will be funded
internally and if
necessary, from
borrowings.
AFPLATS
The purchase price
allocation will be
finalised in this
financial year, subject to
an independent review of
resources, following this
acquisition in the 2007
financial year.
CONTINGENT LIABILITIES AND
GUARANTEES
Most significant
guarantees
Related party:
Two Rivers Platinum 301 331 293
(Proprietary) Limited
Department of Minerals and 332 297 325
Energy (DME)
Housing project 47 - -
Contingencies
BTX Mining, a contract
miner for Barplats
Limited, has lodged a
claim for an amount of
R49.0 million against
Impala Platinum Limited
following the closure of
the Barplats Mine. The
company maintains its
position that the claim
lacks merit and therefore
no amount is due to BTX
Mining.
Zimbabwe Platinum Mines
(Private) Limited is
disputing the Zimbabwe
Revenue Authority`s
(ZIMRA) contention that an
amendment to the Value
Added Tax Act effective
from 1 January 2006 gives
it the authority to
collect value added tax
charged on foreign
contractors` service fees
in foreign currency and to
refund such value added
tax in Zimbabwe dollars.
The amount demanded by
ZIMRA for the period
January 2006 to October
2007 totals US$12.9
million of which the
equivalent of only
US$13,000 would be
refunded in Zimbabwe
dollars due to exchange
rate distortions currently
prevailing in the Zimbabwe
economy.
RELATED PARTY TRANSACTIONS
The following transactions
were carried out with
related parties:
Sales of goods and 5 14 5
services to associates
Purchases of goods and 3,110 3,166 5,193
services from associates
Payables arising from 1,539 1,837 1,513
sales/purchases of
goods/services
Loans to related parties 935 549 177
Key management 41 39 111
compensation
BORROWINGS
Borrowings consist of a term loan from Standard Bank Limited amounting to
R420 million (2006: R401 million), which carries interest at the
Johannesburg Interbank Acceptance Rate (JIBAR) plus 90 basis points and a
revolving credit facility amounting to R73 million (2006: R56 million),
which carries interest at JIBAR plus 100 basis points. The loans are
repayable over 7.5 years.
A Standard Bank Limited debt facility of $80 million has been obtained to
partly finance the Ngezi Phase 2 Project. Each drawdown is repayable in
twelve quarterly instalments commencing 24 months after drawdown. The loan
interest is LIBOR plus 700 basis points. A political risk and commercial
guarantee in favour of the bank for the facility made available to Zimbabwe
Platinum Mines (Private) Limited was provided by Impala Platinum Holdings
Limited. At 31 December 2007 the drawdown amounted to $20 million.
Current liabilities include various short term bank borrowings amounting to
R1.61 billion (2006: nil). These borrowing facilities carry interest at 12%
per annum.
ROYALTIES
The royalty expense in the income statement includes an amount of R181
million (2006: R5 million) which relates to the amortisation of the royalty
prepayment resulting from the Royal Bafokeng Nation (RBN) transaction. The
royalty is amortised using the units of production method. The balance of
R11.9 billion (2006: R54 million) is carried on the balance sheet under
other non-current assets.
DIVIDEND
Interim dividend no 80 of 300 cents per share, amounting to R1.8 billion,
was approved by the board of directors on 14 February 2008; Secondary Tax on
Companies on this dividend will amount to R181 million.
1. Restated for IFRIC 4
Operating Statistics
Six Six Year to
months to months to
31 December 31 December % 30 June
2007 2006 change 2007
Gross
refined
production
Platinum (000oz) 1,031 1,018 1 2,026
Palladium (000oz) 573 554 3 1,114
Rhodium (000oz) 133 118 13 247
Nickel (000t) 8 8 - 16
IRS metal
returned
(toll
refined)
Platinum (000oz) 112 93 20 262
Palladium (000oz) 103 81 27 191
Rhodium (000oz) 23 18 28 47
Nickel (000t) 1 1 - 1
Sales
volumes
Platinum (000oz) 896 909 (1) 1,827
Palladium (000oz) 466 422 10 870
Rhodium (000oz) 106 108 (2) 206
Nickel (000t) 6 8 (25) 16
Prices
achieved
Platinum ($/oz) 1,352 1,164 16 1,185
Palladium ($/oz) 355 320 11 334
Rhodium ($/oz) 6,063 4,664 30 5,152
Nickel ($/t) 32,228 28,526 13 34,486
Consolidated
statistics
Average rate (R/$) 6.91 7.25 (5) 7.20
achieved
Closing rate (R/$) 6.79 7.04 (4) 7.06
for the
period
Revenue per ($/oz) 2,622 2,234 17 2,369
platinum
ounce sold
(R/oz) 18,118 16,197 12 17,057
Tonnes (000t) 10,855 10,714 1 20,732
milled ex-
mine
PGM refined (000oz) 1,979 1,915 3 3,858
production
Capital (Rm) 2,403 1,356 77 2,887
expenditure
Group unit
cost per
platinum
ounce
Excluding ($/oz) 914 777 (18) 822
share based
cost
(R/oz) 6,340 5,627 (13) 5,921
Including ($/oz) 970 819 (18) 886
share based
cost
(R/oz) 6,722 5,933 (13) 6,370
Dividend
(relating to
reporting
period
earnings)
Ordinary (cps) 300 275 9 975
Weighted (millions) 604.2 527.9 14 551.4
average
number of
shares in
issue
Number of (millions) 604.5 538.2 12 604.1
shares in
issue
outside the
group
Net asset (cps) 5,539 3,242 71 5,519
value per
share
Additional statistical information is available on the company`s internet
website.
Market review
The platinum market registered a considerable deficit during 2007 due to a
combination of falling SA supply and strong demand underpinned by another
increase in diesel vehicle penetration within the automotive industry. While
jewellery demand declined, it proved remarkably resilient particularly in
the light of the higher prices, with Chinese consumption at similar levels
to the previous year. The price moved up by 35% during the course of 2007 as
a result of the tight market conditions and aided by the positive sentiment
towards commodities in general, and a weaker US Dollar. Exchange Traded
Funds have become a contributor to this already tight market.
The palladium market was characterised once again by a significant surplus
due to Russian destocking. The automotive sector continues to be the main
driver for demand due to growth in non-Western regions. Jewellery demand
declined once again as a result of falling consumption in China where the
white metal appears to have lost some of its allure. Despite large above
ground stocks the price improved on the back of sentiment enjoyed by other
commodities, and averaged some 10% higher than the prior year.
The rhodium market registered a second year of deficit in 2007 as continued
strong demand from the automotive industry, supported by ongoing growth from
the glass industry outpaced supply as was the case with platinum. The impact
of this on a thin market was a surge in the price, approaching $7,000 in the
last quarter.
Review of operations
Safety is still of paramount importance to the group. Despite the lost time
injury frequency rate (LTIFR) having improved by 13% compared to the
financial year ended 30 June 2007, there were regrettably eight fatal
incidents throughout the group. The Implats Board and management extend
their condolences to the families and friends of the deceased and reaffirm
its commitment to eliminating injuries at work. There is a need to drive
continuous improvement in this area and we welcome the initiatives by
government to ensure safer work environments.
Production by the group was up 1.4% period on period for the six months
ended December 2007 to a record of 1.03 million ounces of platinum due to a
combination of improved production at Impala Rustenburg and the ongoing ramp-
ups at our other operations. The deduction in ounces received from third
parties serves to highlight the excellent production performance of the
group`s operations.
Group unit costs per platinum ounce were contained to an increase of 12.7%
(excluding share based payments) on the back of volume growth off-set by the
reduction in ounces from Zimplats due to a metal lock-up during the smelter
rebuild and non-repeat of Lonmin ounces.
Impala Platinum Limited (Impala Platinum) - 100%
Despite a 13% improvement on FY07 in the LTIFR to 3.63 per million man
hours, safety performance was unsatisfactory during the period with four
fatalities. The fall of ground safety intervention initiative is a key
aspect of our safety programme, as well as visible felt leadership in the
workplace.
Platinum production was up 5.6% to 575,700 ounces on the back of improved
grade and the replacement of opencast tonnes with underground UG2 in the mix
as the interventions continue to bear fruit. Tonnes milled at 8,542 million
were virtually the same as in the comparable financial period.
The action plan communicated to the market to address the issue of the
decline in headgrade focused on people and a back-to-basics mining plan to
reduce mining dilution parameters. Overall grade for the period of 3.90 g/t
was 2.1% up on the six months ended 31 December 2006 when a figure of 3.82
g/t was achieved.
The unit cost per platinum ounce was 10.7% higher at R5,919 (exclusive of
share-based payments). Costs were contained as a result of higher platinum
production off-set by costs associated with the retention of skills and
revised incentive schemes.
The refining operation continued to excel with gross refined PGM production
up by 3.4% to 1.98 million ounces.
Development at 16 and 20 shafts is progressing well. Shaft sinking at 16
shaft is ongoing and station development is underway. At 20 shaft, where
sinking is completed, shaft equipping and level development has commenced.
The expansion of processing capacity has been completed, while the upgrades
of the smelter, BMR and PMR are on schedule. The board approved the
development of 17 shaft.
Marula Platinum (Proprietary) Limited (Marula) - 77.5%
Safety performance was poor with three fatalities occurring during the
period. The LTIFR improved to 1.52 during the first six months from 1.63 per
million man hours in FY07.
Tonnes milled improved by 3.0% to 761,000, with platinum in concentrate
production up 7.5% to 35,700 ounces. Despite this improvement performance is
below expectation mainly due to labour related issues. Unit costs excluding
share based payments increased by 9.4% to R9,008 per platinum ounce, period
on period.
The implementation of the new mining plan is behind schedule but the decline
has been completed and the development of infrastructure is underway. Full
production of 136,000 ounces of platinum in concentrate per annum is now
scheduled for the 2010 financial year. The feasibility study of the Merensky
project is nearing completion.
Zimbabwe Platinum Mines Limited (Zimplats) - 86.9%
The safety performance was disappointing with one fatality during December.
The LTIFR deteriorated to 1.24 from 0.28 per million man hours in FY07.
Tonnes milled were up 7.1% to 1,105,000. However, production of platinum in
matte was down 11.5% to 40,800 ounces due to the planned maintenance of the
furnace. The subsequent build-up in matte will be delivered in the third
quarter of the financial year. Unit costs per platinum ounce in matte
increased by 28.7% in rand terms (34.3% in US$ terms) mainly due to the
decreased production during the period.
The expansion project is well underway and remains on track to increase
production to 160,000 ounces of platinum per annum by 2010. Work on the two
new underground mines, Portals 1 and 4, is progressing satisfactorily with
Portal 1 already in production and in ramp up phase.
The Zimbabwean parliament passed that country`s local ownership bill during
late September. The bill, seeking 51% indigenous ownership of foreign-owned
firms, has not yet been signed into law. Both Implats and Zimplats support
the concept of indigenisation and have planned for this eventuality with
agreements in place ensuring indigenisation credits of around 29.25%.
Further credits should be obtained through infrastructure and social
spending.
Mimosa Platinum (Private) Limited (Mimosa) - 50%
Safety improved at Mimosa with the LTIFR at 0.56 per million man hours
compared to 1.74 in FY07.
Tonnes milled were up 7.4% to 895,000 tonnes, resulting in an increase of
3.1% in platinum production to 39,600 ounces of platinum in concentrate.
Unit costs per platinum ounce in concentrate increased by 13.9% in rand
terms (19.0% in US$ terms).
The concentrator capacity expansion project is currently being commissioned
and will result in a production increase to 100,000 ounces of platinum in
concentrate per annum by early FY09.
Impala Refining Services Limited (IRS) - 100%
Production at IRS declined by 3.5% to 455,800 ounces of platinum. Growth in
deliveries from Implats` operations was off-set by the lack in the current
six months of the once-off Lonmin ounces treated in the previous comparable
period.
Two Rivers Platinum (Proprietary) Limited (Two Rivers) - 45%
The joint venture between Implats and African Rainbow Minerals Limited is
currently in ramp up phase and contributed R116 million to group profits.
Full production of 120,000 ounces of platinum in concentrate has been
delayed due to labour issues and localised geological conditions and is only
expected to be reached by FY2009. Development of the North decline that
replaces the proposed opencast is ahead of schedule.
Aquarius Platinum (South Africa) (Proprietary) Limited (AQPSA) - 20%
AQPSA contributed R167 million to earnings for the period under review
compared to R132 million for the comparable period. Their operations
performed adequately in a difficult operating environment.
Afplats (Leeuwkop) - 74%
The commencement of development on the Leeuwkop project is still awaiting
approval of the mining permit from the DME. The final feasibility study will
be completed during the course of this year. Early indications are that the
orebody is more suited to a conventional rather than a mechanised mining
method. Securing electric power for production remains outstanding.
Exploration
Exploration activities continue in Canada, Botswana, Mozambique, Madagascar
and Greenland.
Financial review
The interim period of the 2008 financial year was characterised by continued
growth in headline earnings, principally as a result of higher US dollar
metal prices, partially offset by a stronger rand. Margins were maintained
across the group with the gross margin at 46.7%. An increase of 7.3% for
headline earnings resulted in record six month earnings of R4.66 billion.
Headline and basic earnings per share decreased by 6.3% to 771 cents as a
result of the additional shares issued to the RBN for the royalty to equity
conversion in 2007.
Sales for the period ending December 2007 increased by 9.8% to R16.32
billion (US$2.36 billion) from R14.86 billion (US$2.05 billion) for the six-
month period ending December 2006. The variance analysis of the sales
increase was as follows:
- metal prices of platinum, palladium, rhodium and nickel strengthened in
both rand and dollar terms, exceeding expectations; with PGM prices and
especially that of platinum reaching record levels, overall dollar prices
improved by 17.4% contributing to a positive sales variance of R2.87
billion;
- rand dollar exchange rate strengthened during the period; the average
exchange rate was R6.91/$ versus R7.25/$ for the comparable period a year
ago; this contributed 5.2% to decreased sales value, equivalent to R0.8
billion.
- volumes down by 4.2%, resulting in a negative sales variance of R627
million;
Cost of sales was up by 10.6% to R8.69 billion largely as a result of a rise
in operating costs. The group unit cost per platinum ounce produced was
12.7% higher at R6,340 per platinum ounce (excluding share-based payments).
Operating margins (%)
Entity Six months to Six months to
31 December 31 December
2007 2006
Impala 61.8 63.2
Marula 46.5 47.0
Zimplats 47.5 53.2
Mimosa 65.7 73.2
IRS 12.6 10.8
Implats group 46.7 47.1
Mine-to-market operations: Net profit at Impala Platinum rose 10.3% to R3.44
billion. Marula reported a contribution of R125 million which was a
substantial improvement on the previously reported profit of R85 million.
The Zimbabwe operations reported lower margins due to a combination of lower
volumes at Zimplats (smelter maintenance) and operating cost increases at
Mimosa.
IRS, Implats` third-party refining entity, contributed R427 million to group
net profit, a decrease of 12.0%. Given the lower risks and capital
requirements of IRS, margins at this entity are appropriately lower than at
other operations within the group. Margins for the 2008 interim period were
12.6% compared to the 10.8% of the previous period mainly due to the
purchase of material previously toll refined for the six months to December
2006. Sales for the period rose by 16.4% to R6.74 billion despite a 3.5%
decrease in platinum production through IRS to 455,800 ounces.
Equity income from investments came from Implats` holding in Aquarius
Platinum and Two Rivers. This increased to R281 million largely due to the
ramp-up of production at Two Rivers.
Net profit attributable to the equity holders of the company rose by 7.3% to
R4.66 billion mainly as a result of higher rand metal prices.
Balance sheet structure and cash flow
The emphasis on maintaining a strong balance sheet continues so as to ensure
that there is sufficient funding for the group`s planned future capital
expenditure over the next five years. Cash from operating activities during
the interim period totaled R3.49 billion. After funding the capital
expenditure programmes, dividends and investments to 31 December 2007, the
closing cash position was R2.26 billion. Net debt amounted to R207 million
at half year end.
Capital expenditure
Group capital expenditure for the 2008 interim period totaled R2.40 billion
compared to R1.36 billion in the previous interim period. The bulk of this
capital expenditure, R1.53 billion, was spent at Impala Platinum on the
development of 16 and 20 shafts. The Zimbabwean operations accounted for
capital expenditure of R671 million, and Marula, R180 million.
Prospects
The Marula conversion was executed in January 2008 and the section 11
transfer required to complete the transfer of mining rights is expected to
be granted by the end of March 2008. Impala Platinum Limited (Rustenburg)
conversion and Afplats (Leeuwkop) mining rights applications are currently
awaiting approval from the DME.
South African supply constraints due to electric power and people issues
coupled with stable to firm automotive demand will result in very tight
market conditions in 2008 for both platinum and rhodium. While the outlook
for palladium continues to improve, significant above ground stock sales
have the potential to be price disruptive.
Fred Roux David Brown Johannesburg
Chairman Chief Executive Officer 14 February 2008
Declaration of interim cash dividend
An interim cash dividend of 300 cents per share has been declared in respect
of the half-year ended 31 December 2007. The last day to trade ("cum" the
dividend) in order to participate in the dividend will be Friday, 7 March
2008. The share will commence trading "ex" the dividend from the
commencement of business on Monday, 10 March 2008 and the record date will
be Friday, 14 March 2008.
The dividend is declared in the currency of the Republic of South Africa.
Payments from the London transfer office will be made in United Kingdom
currency at the rate of exchange ruling on Thursday, 13 March 2008, or on
the first day thereafter on which a rate of exchange is available.
The dividend will be paid on Monday, 17 March 2008. Share certificates may
not be dematerialised/rematerialised during the period Monday, 10 March 2008
to Friday, 14 March 2008, both dates inclusive.
By order of the Board
A Parboosing Johannesburg
Company Secretary 14 February 2008
Corporate Information
Registered Office
2 Fricker Road, Illovo 2196
(Private Bag X18, Northlands 2116)
Transfer Secretaries
South Africa: Computershare Investor Services 2004 (Pty) Limited 70 Marshall
Street, Johannesburg, 2001, (P.O. Box 61051, Marshalltown, 2107)
United Kingdom: Computershare Investor Services PLC
The Pavilons, Bridgewater Road, Bristol, BS13 8AE
Directors
FJP Roux (Chairman), DH Brown (Chief Executive Officer), S Bessit, D Earp, F
Jakoet,JM McMahon*, MV Mennell, TV Mokgatlha, K Mokhele, NDB Orleyn, LJ
Paton, DS Phiri, LC van Vught *British
??A copy of the annual report is available on the company`s website:
http://www.implats.co.za
Alternatively please contact the Company Secretary, via e-mail at
avanthi.parboosing@implats.co.za or by post at Private Bag X18, Northlands
2116, South Africa. Telephone: (011) 731 9000
Johannesburg
14 February 2008
Sponsor to Implats:
Deutsche Securities (SA)(Proprietary) Limited
Date: 14/02/2008 08:00:07 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS. |