IMP
IMPO
IMP/IMPO - Impala Platinum Holdings Limited - Condensed consolidated annual
results for the year ended 30 June 2008 (audited)
IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration No. 1957/001979/06
Share code: IMP/IMPO
ISIN: ZAE000083648
LSE: IPLA
ADR`s: IMPUY
("Implats" or "the company")
CONDENSED CONSOLIDATED ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2008 (AUDITED)
KEY FEATURES
Safety - while the group`s LTIFR and FIFR improved, regrettably 12 employees
lost their lives
Significant mining rights obtained
Platinum production, excluding Lonmin material treated, increased by 2% while
gross production decreased by 6% to 1.91Moz
Revenue increased 19% to R37.6 billion
Cost per platinum ounce* produced up by 17% to R6 930
Gross margin improved to 47%
Headline earnings 57% higher at R20.65 per share
Capital expenditure increased 86% to R5.4 billion
Dividend cover for the year reduced to 1.4
Total dividend per share of R14.75 (final of R11.75 per share)
INCOME STATEMENT (AUDITED)
(Amounts stated in rand millions) 2008 2007
Revenue 37 619 31 482
Cost of sales (19 888) (17 010)
Gross profit 17 731 14 472
Other operating expenses (533) (478)
Royalty expense (648) (1 703)
Profit from operations 16 550 12 291
Finance income 534 560
Net foreign exchange transaction 439 (15)
gains/(losses)
BEE compensation charge - (1 790)
Other (expense)/income (215) (214)
Profit on sale of financial assets 4 831 -
Share of profit of associates 678 388
Profit before tax 22 817 11 220
Income tax expense (5 112) (3 895)
Profit for the year from continuing 17 705 7 325
operations
Profit attributable to:
Owners of the parent 17 596 7 232
Non-controlling interest 109 93
Earnings per share (expressed in cents per
share - cps)
Basic 2 910 1 312
Diluted 2 907 1 309
Dividends to group shareholders (cps)
Interim dividend - paid 300 275
Final dividend - declared 1 175 700
Dividends per share 1 475 975
HEADLINE EARNINGS PER SHARE (AUDITED)
(Amounts stated in rand millions) 2008 2007
Profit attributable to owners of the parent 17 596 7 232
Adjustments net of tax:
Profit on disposal of property, plant and (4) -
equipment
Impairment of Zimplats BMR 74 -
Profit on sale of investment (5 181) -
Headline earnings 12 485 7 232
Headline earnings per share (cents) 2 065 1 312
Weighted average number of ordinary shares in 604.70 551.40
issue (millions)
SEGMENTAL ANALYSIS (AUDITED)
2008 2007
(Amounts stated in rand Sales Profit Sales Profit
millions)
Mining segment
Impala 20 889 8 522 17 401 4 194
Marula 1 827 755 1 213 398
Zimplats 2 132 819 1 697 716
Mimosa 958 517 843 519
Total mining segment 25 806 10 613 21 154 5 827
Refining services segment 15 704 1 700 13 649 1 313
Other - 5 854 331
Inter segment adjustment (3 891) (462) (3 321) (146)
37 619 17 705 31 482 7 325
STATEMENT OF FINANCIAL POSITION (AUDITED)
(Amounts stated in rand millions) 2008 2007
ASSETS
Property, plant and equipment, exploration 24 895 20 347
and evaluation assets
Intangible assets 1 018 1 020
Investments 13 692 15 835
Current assets 22 504 12 758
Total assets 62 109 49 960
EQUITY AND LIABILITIES
Capital and reserves attributable to owners 43 418 32 968
of the parent
Non-controlling interest 1 885 1 730
Total equity 45 303 34 698
Provision for long-term responsibilities 1 548 1 001
Borrowings 1 464 685
Deferred tax liability 5 247 5 048
Current liabilities 8 547 8 528
Total liabilities 16 806 15 262
Total equity and liabilities 62 109 49 960
CASH FLOW STATEMENT (AUDITED)
(Amounts stated in rand millions) 2008 2007
Cash flow from operating activities 11 241 9 973
Cash flow from investing activities 1 279 (18 428)
Cash flow from financing activities (5 455) 9 823
Net increase in cash and cash equivalents 7 065 1 369
Cash and cash equivalents at the beginning 3 218 1 864
of the year
Effects of exchange rate changes on 110 (15)
monetary assets
Cash and cash equivalents at the end of the 10 393 3 218
year
STATEMENT OF CHANGES IN EQUITY (AUDITED)
Other
compo-
(Amounts stated Share Retained nents
in rand millions) capital earnings of equity
Balance at 30 June 2006 458 13 363 18
Change in share capital 14 351
Acquisition of a subsidiary
Total comprehensive income
for the year 7 232 658
Dividends (3 112)
Balance at 30 June 2007 14 809 17 483 676
Change in share capital (59)
Total comprehensive income
for the year 17 596 (1 032)
Dividends (6 055)
Balance as at 30 June 2008 14 750 29 024 (356)
Attribu-
table to
owners Non
(Amounts stated of the controlling Total
in rand millions) parent interest equity
Balance at 30 June 2006 13 839 215 14 054
Change in share capital 14 351 14 351
Acquisition of a subsidiary 1 427 1 427
Total comprehensive income
for the year 7 890 88 7 978
Dividends (3 112) (3 112)
Balance at 30 June 2007 32 968 1 730 34 698
Change in share capital (59) (59)
Total comprehensive income
for the year 16 564 155 16 719
Dividends (6 055) (6 055)
Balance as at 30 June 2008 43 418 1 885 45 303
Notes (audited)
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS), Interpretations of those
standards (as adopted by the International Accounting Standards Board) and
applicable legislation (requirements of the South African Companies Act and the
regulations of the JSE Limited.) These condensed consolidated financial
statements should be read in conjunction with the audited annual financial
statements obtainable on the website.
The consolidated financial statements have been prepared under the historical
cost convention except for the following:
Revaluation of available-for-sale financial investments at fair value, certain
financial assets and financial liabilities are at fair value, derivative
financial instruments are measured at fair value and liabilities for cash-
settled share-based payment arrangements are based on fair value.
The principal accounting policies used by the group are consistent with those of
the previous year, except for the adoption of:
- IFRS 7 Financial Instruments: Disclosures (effective 1 January 2007).
- IFRS 8 Operating Segments (effective 1 January 2009).
- IAS 1 Presentation of Financial Statements (effective 1 January 2009).
The adoption of these standards merely had a disclosure impact with no material
impact on the results of the group.
The financial statements have been audited by PricewaterhouseCoopers Inc whose
unqualified opinion is available for inspection at the registered office of
Implats.
(Amounts stated in rand millions) 2008 2007
Property plant and equipment, exploration and
evaluation assets
Opening net book amount 20 347 12 432
Additions 5 368 2 888
Disposals (43) (4)
Acquisition of a subsidiary - 5 918
Exchange adjustment 344 (22)
Depreciation, amortisation and other movements (1 121) (865)
Closing net book amount 24 895 20 347
Contingent liabilities and guarantees
Guarantees
At year end the group had contingent liabilities in respect of bank and other
guarantees and other matters arising in the ordinary course of business from
which it is anticipated that no material liabilities will arise.
(Amounts stated in rand millions) 2008 2007
Two Rivers Platinum (Proprietary) Limited 57 325
(related party)
Department of Mineral and Energy Affairs 391 293
Eskom 34 31
Contingencies
BTX Mining, a contract miner for Barplats Mines Limited, has lodged a claim for
an amount of R49 million against Impala Platinum Limited following the closure
of the Barplats mine. A preliminary finding pertaining to the merit of the claim
is currently on appeal and Impala maintains its position that the claim lacks
merit and therefore no amount is due to BTX Mining.
The City of Johannesburg Metropolitan Council has proceeded with legal action
against Impala Platinum Holdings Limited in respect of Regional Services Council
Levies claiming an amount of R50 million. The company is of the opinion that
this amount is not due and will defend the legal action.
Borrowings
Borrowings from Standard Bank Limited consist of:
loans obtained by BEE partners for purchasing a 27% (2007: 22.5%) share in
Marula Platinum (Proprietary) Limited amounting to R755 million (2007: R395
million). The BEE partnership in Marula is consolidated as the loans are
guaranteed by Implats. The loan carries interest at the Johannesburg Interbank
Acceptance Rate (JIBAR) plus 90 basis points and a revolving credit facility
amounting to R57 million (2007: R73 million), which carries interest at JIBAR
plus 100 basis points. The loans are repayable over 7.5 (2007: 8.5) years.
a loan facility of R635 million (US$80 million) was obtained during the year to
partially finance the Ngezi Phase One expansion at Zimplats. An amount of R404
million (US$51 million) of this facility was drawn at year end. The loan carries
interest at London Interbank Offer Rate (LIBOR) plus 700 basis points. It is
repayable in 12 equal quarterly instalments starting December 2009 and will be
repaid by December 2012. The loan is secured by sessions overs cash, debtors and
revenues of Zimplats Mines (Pty) Limited.
Royalties
Royalties amounted to R648 million and consist of R319 million for royalty
holders (2007: R1 698 million) and amortisation of the royalty prepayment of
R329 million (2007: R5 million).
Capital expenditure
Capital expenditure approved at 30 June 2008 amounted to R20 billion (2007: R14
billion) of which R4 billion (2007: R3 billion) is already committed. This
expenditure will be funded internally and from borrowings where necessary.
Dividends
At the board meeting on 28 August 2008, a final dividend in respect of 2008 of 1
175 cents per share amounting to R7 109 million was approved. Secondary Tax on
Companies (STC) on the dividend will amount to R711 million.
These financial statements do not reflect this dividend and related STC payable.
The dividend will be accounted for in shareholders` equity as an appropriation
of retained earnings in the year ending 30 June 2009.
operating statistics
(Amounts stated in millions) 2008 2007
Gross refined production
Platinum (000oz) 1 907 2 026
Palladium (000oz) 1 044 1 114
Rhodium (000oz) 261 247
Nickel (000t) 14.8 16.2
IRS returned metal
Platinum (000oz) 208 262
Palladium (000oz) 199 191
Rhodium (000oz) 42 47
Nickel (000t) 2.1 0.9
Group consolidated statistics
Exchange rate: (R/$)
Closing rate on 30 June 7.93 7.06
Average spot rate 7.26 7.19
Average rate achieved 7.32 7.26
Revenue per platinum ounce sold ($/oz) 2 941 2 369
(R/oz) 21 528 17 057
Prices achieved
Platinum ($/oz) 1 598 1 185
Palladium ($/oz) 390 334
Rhodium ($/oz) 6 963 5 152
Nickel ($/t) 30 253 34 486
Sales volumes
Platinum (000oz) 1 739 1 827
Palladium (000oz) 885 870
Rhodium (000oz) 197 206
Nickel (000t) 12.5 16.3
Financial ratios
Gross margin achieved (%) 47 46
Return on equity* (%) 38 52
Return on assets* (%) 32 19
Debt to equity (%) 3 2
Operating indicators
Tonnes milled ex-mine (000t) 20 380 20 732
PGM refined production (000oz) 3 644 3 858
Capital expenditure (Rm) 5 368 2 888
Cost per platinum ounce** (R/oz) 7 750 6 370
($/oz) 1 067 886
Cost per platinum ounce*** (R/oz) 6 930 5 921
($/oz) 954 823
* Based on headline earnings
** Including share based payments
*** Excluding share based payments
EXTRACT FROM ANNUAL REPORT
SAFETY
Although safety performance at Impala Platinum Holdings Limited (Implats)
improved in FY2008, regrettably there were 12 fatalities during the year
compared to 13 in the previous reporting period - five at Impala Rustenburg,
three at Marula, three at Zimplats and one at Mimosa. The board and all members
of our team extend their sincere condolences to the families and friends of
those employees.
The fatality rate improved by 19% whilst the lost-time injury frequency rate
dropped to below three injuries per million man hours for the first time ever.
Notwithstanding these achievements safety remains a priority for Implats and
much remains to be done to achieve our goal of "zero harm". Key to success is
the embedding of a culture of safety awareness at all levels of the organisation
and sustained vigilance in the workplace. We welcome the Presidential Safety
Audits and indeed any other initiatives which may serve to improve our safety
performance and that of the mining industry.
The primary causes of incidents remain falls of ground (50%), folllowed by
incidents related to explosives (26%). Specific action plans were compiled and
implemented that include adherence to the highest working area safety standards
and the identification of high-risk fall-of-ground conditions and sub-standard
barring practices. A high turnover of supervisory level staff, and the
subsequent employment of less experienced members had a deleterious effect on
efforts to maintain safety further. As a consequence greater emphasis was placed
on the frequency and intensity of training sessions.
MARKET
During CY2007 the platinum market remained in a supply deficit due to a
combination of strong growth in demand coupled with a decline in supply,
primarily from South Africa. The automotive sector remained the backbone of the
industry with growth continuing to be driven by increasing light-duty vehicle
sales in Europe and the tightening of legislation for heavy-duty diesel vehicles
worldwide. Demand was also boosted by further growth from industrial
applications and by investment demand which benefited from the introduction of
the new exchange trade funds (ETFs). Prices soared in late January - fuelled by
the Eskom power crisis - and reached a record level of $2 276/oz in early March.
The euphoria associated with high platinum prices must however be tempered by
the very real possibility that thrifting and substitution of platinum in
autocatalysts must be at the forefront of research programmes globally. Whilst
the fundamentals for the palladium market continued to improve another
significant surplus was recorded and, coupled with above ground stocks, prices
remained relatively benign. The rhodium market remained in deficit for a second
successive year and this, in a thinly traded market, translated into further
price appreciation.
The dramatic slowdown in world economies will see vehicle sales numbers being
impacted, together with a shift to smaller more economical vehicles, and this
will impact on total PGM demand in the coming year.
FINANCIAL RESULTS
Higher dollar metal prices, together with generally favourable exchange rates
have materially benefited the group. Dollar revenues per platinum ounce sold
rose by 24%, while rand revenues were 26% higher compared to the previous
financial year.
Key financial indicators pertaining to the business for the period under review
include:
Sales revenue was up 19% on FY2007, reaching a record R37.6 billion ($5.1
billion).
The average rand:dollar exchange rate achieved was R7.32/$ for the year, with
the closing rand:dollar exchange rate at R7.93/$.
Cost of sales rose by 17% to R19.9 billion as a result of the significant
increase in the cost of metals purchased due to higher metal prices, inflation
and an increase in share based payment costs up in line with the share price at
year end.
Group unit cost per platinum ounce produced was up 17% (excluding share based
payments) to R6 930/oz. Costs were adversely affected by a sharp rise in input
costs associated with the retention of skills and slightly lower production.
Gross margins for the Group improved to 47% from 46% in the previous year,
while Impala improved to 65% from 62% in FY2007.
Gross profit increased to R17.7 billion ($2.4 billion) from the previous year.
Headline earnings per share improved by 57% to 2 065 cents per share (278 US
cents per share).
OPERATIONS
Implats grappled with an extremely difficult operating environment dominated by
safety issues, the power crisis and a sharply decreased availability of skills.
Gross platinum production, excluding Lonmin ounces treated during FY2007, was
higher by 2% to 1.9 million ounces during the past year. This represents a good
performance in extremely trying circumstances.
Impala Platinum
Operationally it was another difficult year for our Rustenburg operations where
the grade remained a challenge. The operation reported production of 1.044
million platinum ounces, a decrease of 1% on the previous year. Tonnes mined
declined largely due to the reduction in the volume of Merensky ore mined. This
was a function of underperformance at mainly 12 and 14 shafts, where very
difficult geological conditions were encountered.
Changes in the ore mix together with the deterioration in dilution, especially
of the UG2 ore mined, and the increase in development tonnes resulted in the
average grade mined declining to 4.64g/t from 4.71g/t (5PGE+Au).
Various initiatives have been implemented to address and rectify the problems.
Tonnes milled declined marginally to 15.9Mt on the back of lower Merensky
volumes mined whilst recovery rates decreased to 82.9% largely as a function of
the unfavourable ore mix supplied.
The reduction in ounces due to the grade issue was exacerbated by the power
crisis, additional public holidays, safety interruptions and the shortage of
skills.
Costs were adversely affected by the sharp increases in input costs and cost per
platinum ounce rose by 17% to R6 546/oz (excluding share based payments).
Operational efficiency and cost management remain priorities going forward.
In terms of capital projects the 16 shaft project remains on schedule. In March
2008, the 17 shaft project was approved by the board and shaft sinking has
begun. The 20 shaft project is currently around four months behind schedule
largely due to poor contractor performance in turn impacted by the skills
shortage. Expenditure on these shafts has been affected by the increased price
of consumables. The smelter expansion which will, taken together with Zimplats`
capacity, increase the group`s smelting capacity to 2.8Moz of platinum is
proceeding on schedule for completion by December 2008.
The refineries continued to deliver an excellent performance, not only for
Impala, but also for Impala Refining Services (IRS), which markets under
utilised capacity from Impala. Expansion to increase capacity at the refineries
to 2.8Moz by 2011 is on track.
Marula
Production of platinum-in-concentrate at 70 400 ounces was behind schedule.
Labour disputes and shaft closures following the fatal incidents negatively
affected expected output. This was exacerbated by the problem of skills
retention. Tonnes milled increased fractionally and the average head grade for
the year was 4.44g/t largely owing to the higher grade ore mined at the Driekop
shaft and the start of conventional production from the footwall project at
Clapham.
The Merensky project feasibility study has been completed and will be presented
to the board in November. Its approval will be subject to a guaranteed supply of
power sufficient to operate both the existing mine and the planned Merensky
project, and the resolution of outstanding community issues. Should this project
be approved, development will begin in FY2009 and will take total annual
production at Marula to 245 000 oz of platinum by FY2016.
Zimplats
Despite the problematic operating environment, Zimplats produced 94 300oz of
platinum-in-matte, a 2.3% decline from the previous year. Open-cast and
underground production both increased marginally. However, the grade fell to
3.53g/t due to lower grade opencast tonnes. The start of production from portal
1 (part of the phase 1 expansion project) helped to offset the reduced output
from portal 2, the original underground trial mine, which experienced problems
with equipment availability and power outages.
The phase 1 expansion project continued during the year. The smelter was
successfully refurbished and will operate at full capacity of 180 000oz of
platinum annually on completion of the project in FY2011. Plant capacity is
increased by 500 000 t per annum following modifications already undertaken. The
opencast operation has been extended to November 2008 to accommodate the
additional capacity. Further extension of the opencast is under review. The
extra tonnes will be stockpiled to supply the concentrator enabling it to run at
full capacity of 2Mt annually from May 2009, when production from portal 4 is to
begin ramping up.
Mimosa
Mimosa produced 76 600oz of platinum-in-concentrate for FY2008. Tonnes mined
increased marginally due to increased mechanisation. Tonnes milled were affected
by power outages in the second half of the year, the delay in the start up of
the Wedza Phase V and mechanical problems related to the Wedza Phase IV mills. A
marginal decline in head grade was recorded (3.57g/t) as a slightly lower grade
zone was mined. This impacted metallurgical recoveries which fell to 75.8%.
Planned modifications to the plant were delayed due to contractor and supply
problems. Commissioning had begun by year end and the design throughput, grind
requirements and recoveries are achievable.
Two Rivers
The mine produced 98 600 oz of platinum-in-concentrate while tonnes milled rose
16%. Full production was not achieved as originally scheduled due to industrial
action towards the end of the previous year, and geological and geotechnical
constraints. The split reef resulted in increased dilution and contributed to a
decline in head grade to 3.99g/t. Steady state production of 130 000 oz of
platinum-in-concentrate will be reached during the course of FY2010. Development
of the north decline progressed well and by year-end monthly underground
production from both declines exceeded plant capacity. Metallurgical recoveries
declined to 74.2% largely owing to the reduced head grade. A review of the plant
has highlighted potential improvements and these will be implemented. A
stockpile of one month`s mill throughput is currently on hand.
Impala Refining Services
Total refined platinum production through IRS declined by 11.1% to 862 700oz in
FY2008. However, this followed a surge in the volumes refined in FY2007 when
concentrate refined on behalf of Lonmin made a significant contribution. Growth
in output from Two Rivers and an increased supply of autocatalysts for recycling
were insufficient to compensate for reduced volumes from other sources due to
the expiry of the offtake agreement with Aquarius Platinum South Africa`s
Kroondal mine in FY2008 and the absence of the Lonmin concentrate for
processing.
Volumes of concentrate through IRS are expected to increase, particularly from
the ramp ups at Zimplats, Marula, Eastern Platinum`s Crocodile River and
Aquarius Platinum`s Everest mine, from contracts signed during FY2008 at Blue
Ridge and Smokey Hills which are scheduled to begin production in FY2009, as
well as from growth in autocatalyst recycling.
Afplats
The mining right for the Leeuwkop project was finally granted in April 2008.
Much of the past year was spent completing preparatory work for shaft sinking
and finalising a detailed mine design which is being revised. Indications are
that mechanised footwall development with conventional stoping would be more
suitable for the orebody than the mechanised bord and pillar method originally
proposed. A detailed project proposal will be presented to the board later in
the year. The revision of the mining plan together with the delay in the
granting of the mining right has pushed the project`s timeline out by at least
two years.
Leeuwkop`s current power allocation from Eskom is sufficient for shaft sinking
and planned development including the underground infrastructure. Negotiations
are under way to secure the additional power required to operate the underground
mine and the surface refrigeration and concentrator plants.
As a consequence of the longer lead time and the higher costs associated with
the development of a conventional stoping operation coupled with the rapid
escalation in project input costs, capital expenditure for the revised project
is currently estimated at R6 billion (in real terms).
Corporate activity
Shareholders will be well rewarded this financial year with some R8.9 billion
($1.2 billion) to be returned by way of dividends. The dividend cover for the
group has been adjusted to 1.4 times (previously 1.7 times) earnings.
During the year, the group disposed of its holdings in both Aquarius Platinum
Limited and Aquarius Platinum (South Africa) (Proprietary) Limited for an amount
of R5 692 million, in a restructuring exercise that was predicated upon on
assessment of the outlook for that company. These proceeds will be applied
towards our ambitious growth objectives.
We successfully secured our mining rights conversions for Impala and Marula, and
obtained our mining rights for the Leeuwkop project. In addition, Marula
enhanced its black economic empowerment credentials by concluding agreements
with its three partners which saw them increasing their stakes in the company to
9% each, resulting in a composite BEE holding of 27%.
STRATEGIC ISSUES
Implats will remain a primary platinum producing company. Growth is integral to
the group strategic direction, not only in terms of ounces, but also in the
realisation of value. There are essentially four avenues of growth:
Organic growth from current assets - much of this growth is expected from
Marula, Two Rivers, Afplats, Mimosa and Zimplats
Acquisitions - Implats will continue to seek future sources of production that
will increase its resource base and increase the organic growth pipeline.
Recycling - the group will continue to be a relevant player in the recycling
sector. In addition, third party treatment opportunities, through Impala
Refining Services, remain a positive avenue for growth.
Exploration - a key aspect of future growth.
PROSPECTS
The focus in the year ahead will be on safety, the retention of skills and
increasing production. We anticipate platinum production increasing in FY2009 as
our ramp-up projects continue to grow. Cost pressures will continue and cost
increases are likely to be higher than in FY2008. Capital expenditure is
expected to rise to R8 billion in the year ahead.
We anticipate the market to move closer to balance in the short-term. While
global jewellery demand - for both platinum and palladium - has fallen in
response to higher price levels, and the fuel price is steering the choice of
vehicles towards smaller cars in the United States and Europe, car sales in
China, India and elsewhere in Asia remain strong. Despite the current economic
slowdown, demand fundamentals remain sound in the medium to long-term.
Fred Roux David Brown
Chairman Chief Executive Officer
Johannesburg 28 August 2008
Declaration of Final cash Dividend
A final cash dividend of 1 175 cents per share has been declared in respect of
the year ended 30 June 2008. The last day to trade ("cum" the dividend) in order
to participate in the dividend will be Friday, 12 September 2008. The share will
commence trading "ex" the dividend from the commencement of business on Monday,
15 September 2008 and the record date will be Friday, 19 September 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, 18 September 2008 or on the first
day thereafter on which a rate of exchange is available.
The dividend will be paid on Monday, 22 September 2008. Share certificates may
not be for dematerialised/rematerialised during the period Monday, 15 September
2008 to Friday, 19 September 2008, both dates inclusive.
By order of the board
A Parboosing
Company Secretary
Johannesburg
28 August 2008
CORPORATE INFORMATION
Registered Office
2 Fricker Road, Illovo 2196
(Private Bag X18, Northlands 2116)
Sponsor
Deutsche Securities (SA) (Pty) Limited
Transfer Secretaries
South Africa:
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
United Kingdom:
Computershare Investor Services PLC
The Pavilons, Bridgwater 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
Empowering our people, growing our production
Sponsor to Implats
Deutsche Securities (SA) (Proprietary) Limited
Date: 28/08/2008 08:00:02 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. |