IMPALA PLATINUM HOLDINGS LIMITED - First Quarter P16 Nov 2012
IMP 201211160055A
First Quarter Production Report for the period 01 July to 30 September 2012

IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE code: IMP
LSE code: IPLA
ADR code: IMPUY
ISIN: ZAE 000083648
("Implats" or the “Company”)

                                         FIRST QUARTER
                                       PRODUCTION REPORT

                         FOR THE PERIOD 01 JULY TO 30 SEPTEMBER 2012

                                                           Unaudited           Unaudited
             Operational information                     Quarter ended       Quarter ended
                                                        30 September 12     30 September 11
    Implats Gross Refined Production
    Platinum                                   000oz                 454                 388
    Palladium                                  000oz                 287                 251
    Rhodium                                    000oz                  56                  53
    Nickel                                   000tonne                3.80                3.84


    Impala
    Tonnes Milled*                               000                3 223               3 759
    Grade (6E)*                                   g/t                4.24                4.53
    Merensky Milled*                               %                  43                  45
    Refined Platinum Production                000oz                 193                 249


    Marula
    Tonnes Milled                                000                 409                 395
    Grade (6E)                                    g/t                4.22                4.30
    Platinum in Concentrate                    000oz                  18                  18


    Zimplats
    Tonnes Milled                                000                1 056               1 060
    Grade (6E)                                    g/t                3.54                3.57
    Platinum in Matte                          000oz                  40                  45


    Mimosa
    Tonnes Milled                                000                 616                 592
    Grade (6E)                                    g/t                3.96                3.91
    Platinum in Concentrate                    000oz                  28                  27
     IRS
     Refined Platinum Production                          000oz                      261                      139


     Group Unit Costs (excluding SBP)                      R/oz                   15 326                   11 348


     Prices Achieved
     Platinum                                              $/oz                    1 444                    1 774
     Palladium                                             $/oz                      598                      773
     Rhodium                                               $/oz                    1 171                    1 801
     Nickel                                             $/tonne                   15 785                   22 062
     Average exchange rate                                  R/$                     8.25                     7.01

*The ex-mine tonnage, grade and % Merensky statistics tabulated above excludes low grade material from surface sources.

SAFETY
There was one fatal accident during the first quarter of FY2013. Joseph Matatiele, a contractor
with Triple M Mining, lost his life in a scraper winch related incident at 9 Shaft at Impala
Rustenburg. The Board and management team extend their sincere sympathies to the family,
friends and colleagues of Joseph.

The fatality injury frequency rate improved from 0.087 to 0.027 per million man hours worked.
The Lost Time Injury Frequency rate improved to 4.72 per million man hours worked from 4.96
for FY2012. The number of self-imposed work stoppages has increased in the drive to improve
safety performance. The number of Section 54 notices issues during the quarter declined to 10
compared to 24 in the corresponding period a year ago. A new health and safety policy was
adopted by the Implats board in August 2012 and a new business plan has been developed to
address safety issues and improve performance.

PRODUCTION
Gross platinum production increased by 17% to 454 000 ounces for the quarter compared with
the corresponding period a year ago. Lower production at Rustenburg due to the prolonged
ramp-up was more than offset by once-off processing of toll material and an inventory release
following the build-up in the latter part of the previous financial year.

Impala
Mill throughput and grade declined by 14% and 6% to 3.2 million tonnes and 4.24 g/t
respectively. This coupled with a 12 000 ounce smelter build-up resulted in refined platinum
production falling by 22% to 193 000 ounces.

Operational performance continues to be impacted by the uncertain labour climate and as a
result still remains well below planned levels.                     The ramp-up to full production which was
anticipated to be completed by the end of the first quarter has not been achieved. Currently the
mine is operating at between 80 to 85% of FY2011 production levels. A number of key initiatives
have been launched to improve mining quality factors and lower than planned development
rates.

Marula
Tonnes milled at Marula rose by 4% to 409 000. However, a 2% decline in head grade to 4.22
g/t due to lower production from the relatively higher-grade Clapham conventional section due to
conveyor belt disruptions resulted in platinum production in concentrate remaining unchanged at
18 000 ounces.

Zimplats
The planned shutdown of the smelter during August and September for routine maintenance
resulted in platinum production in matte falling by 11% to 40 000 ounces.         The Phase 2
expansion to 270 000 ounces of platinum has been slowed as a result of the recently
implemented capital preservation measures and will now be completed in 2015.

Management remains in negotiation with the Government of Zimbabwe on the finalisation of the
agreed indigenisation plan. As previously announced the company received a revised Income
Tax assessment for the period 2007 to 2012. This assessment disallowed the claiming of capital
expenditure in full in the year incurred as set out in the Special Mining Lease on the basis that
the legislation to give legal effect to this matter had not been promulgated.     An amount of
US$33.2 million will be paid over the twelve month period commencing October 2012. The
company has lodged an objection to the additional payment of penalties and interest.

Mimosa
An increase in both tonnes milled and grade resulted in a corresponding improvement in
platinum production in concentrate to 28 000 ounces. This remains in line with steady-state
refined production of 100 000 ounces of platinum. Discussions are ongoing regarding Mimosa’s
proposed indigenisation plan.

IRS
Throughput at IRS increased by 88% to 261 000 ounces of platinum despite a further decrease
in non-managed purchased production. This was due to the treatment of a significant amount of
once-off toll material compared to none in the corresponding period a year ago.

Group Unit Costs
The unit cost per platinum ounce continued to be adversely effected by inflation and lower
volumes, and rose by approximately 35% to R15 326. The combination of wage pressures in
South Africa and a weaker Rand in Zimbabwe accounted for the bulk of the 15% increase in
cash costs, while the balance was primarily due to lower volumes, as a result of the protracted
ramp-up in production and poor mining quality at Impala Rustenburg.

16 November 2012

Enquiries should be directed to:
Bob Gilmour - Group Executive: Corporate Relations
+27 11 731 9013/43
+27 82 453 7100
Bob.Gilmour@implats.co.za


Sponsor
Deutsche Securities (SA) Proprietary Limited

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