IMP 201509030003A
Summarised consolidated annual results for the year ended 30 June 2015
Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
Registration No. 1957/001979/06
JSE share code: IMP
ISIN: ZAE000083648
ADRs: IMPUY
(“Implats” or “the Company” or “the Group”)
Summarised consolidated annual results for the year ended 30 June 2015
Safety
- Since the 2010 financial year FIFR improved from 0.122 to 0.058 per million man-hours worked
- 6.9 million fatal-free shifts in the 2015 financial year at Implats Rustenburg.
Market
- Strong market fundamentals persist with near term PGM price pressure.
Operational
- Key operational metrics at Impala Rustenburg showing improvement
- Gross refined platinum 8.3% higher at 1.28 million ounces
- Impala achieved target of 575 000 ounces
- Zimplats achieved targeted production despite impact of Bimha closure.
Earnings
- Headline earnings per share decreased by 58% to 36 cents.
Dividend
- No dividend declared for the year.
Response plan
- Implats takes decisive action to mitigate lower-for-longer PGM prices.
Equity raising
- Group proposed equity raise of R4 billion to sustain capital commitments and long-term value creation.
Our vision
Our vision is to be the world’s best platinum-producing company, delivering superior returns to stakeholders relative
to our peers.
Our mission
To safely mine, process, refine, recycle and market our products at the best possible cost ensuring sustainable value
creation for all our stakeholders.
Our values
We respect
- All our stakeholders, including:
- Shareholders
- Employees and their representative bodies
- Communities within which we operate
- Regulatory bodies
- Suppliers and customers
- Directors and management
- All other interested and affected parties
- The principles of the UN Global Compact
- The laws of the countries within which we operate
- Company policies and procedures
- Our place and way of work
- Open and honest communication
- Diversity of all our stakeholders
- Risk management and continuous improvement philosophies.
We care
- For the health and safety of all our stakeholders
- For the preservation of natural resources
- For the environment in which we operate
- For the socio-economic well-being of the communities within which we operate.
We strive to deliver
- Positive returns to our stakeholders through an operational excellence model
- A safe, productive and conducive working environment
- On our capital projects
- A fair working environment through equitable and competitive human capital practices
- On the development of our employees
- On our commitments to all stakeholders
- Quality products that meet or exceed our customers’ expectations.
Operating statistics
Implats refined
1 276 000oz
Group refined platinum production
Mine-to-market operations Impala Refining Services (IRS)
Impala - 575 200oz Third-party concentrate purchase contracts,
Zimplats - 215 600oz* recycling and toll treatment - 133 300oz
Marula - 70 500oz*
Mimosa - 113 200oz*
Two Rivers - 168 200oz*
Refined platinum ounces indicated above have been
rounded for illustrative purposes.
*Ex-IRS
30 June 2015 30 June 2014
Gross refined production
Platinum (’000oz) 1 276 1 178
Palladium (’000oz) 792 710
Rhodium (’000oz) 172 157
Nickel (t) 15 918 13 915
IRS metal returned (toll refined)
Platinum (’000oz) - 94
Palladium (’000oz) 1 28
Rhodium (’000oz) - 9
Nickel (t) 3 344 3 186
Sales volumes
Platinum (’000oz) 1 273 1 197
Palladium (’000oz) 789 767
Rhodium (’000oz) 165 147
Nickel (t) 11 634 10 736
Prices achieved
Platinum (US$/oz) 1 241 1 423
Palladium (US$/oz) 804 737
Rhodium (US$/oz) 1 187 1 000
Nickel (US$/t) 15 458 14 644
Consolidated statistics
Average exchange rate achieved (R/US$) 11.41 10.36
Closing exchange rate for the period (R/US$) 12.17 10.64
Revenue per platinum ounce sold (US$/oz) 2 199 2 299
(R/oz) 25 091 23 818
Tonnes milled ex-mine (’000t) 16 024 13 916
Total development (Impala) (Metres) 88 000 61 337
Gross PGM refined production (’000oz) 2 618 2 370
Capital expenditure (Rm) 4 287 4 345
Group unit cost per platinum ounce (US$/oz) 1 947 1 874
(R/oz) 22 222 19 430
Commentary
Introduction
The Group’s performance for the 2015 financial year was severely impacted by the ramp-up of the Rustenburg operations
following prolonged industrial action across the platinum industry in early calendar year 2014, together with the
precautionary closure of the Bimha Mine at Zimplats, constrained power supply in South Africa, Implats’ internal safety
stoppages, ‘Section 54’ safety stoppages by the Department of Mineral Resources (DMR), as well as depressed platinum group
metal (PGM) prices.
While the underlying medium to long-term demand drivers for PGMs remain robust, available PGM inventories, negative
price recovery sentiment and weaker Chinese economic growth continue to constrain US$ metal prices in the near term. This
has been reflected in the 15% decline in the PGM price basket over the last six months. In response to the Group’s view
that metal prices are likely to remain lower for longer, a detailed strategic review was conducted and communicated to
the market in February 2015, with the aim of positioning the Group strategically to conserve cash in the near term, while
at the same time restoring operational performance and profitability.
Following on from the strategic review, a response plan premised on the lower-for-longer metal price has been
developed. Key strategic objectives remain:
- Maintaining prudent investment through the cycle
- Maintaining strategic optionality and positioning the Group for the future
- Improving efficiencies/profitability through operational excellence and safe production
- Conserving cash, especially while metal prices remain depressed
- Maintaining Implats’ social licence to operate.
Safety review
The Group’s safety strategy is premised on achieving zero harm and specifically demands safe behaviour, an inherently
safe work environment and leading safety practices. Since the 2010 financial year our fatal injury frequency rate has
improved from 0.122 to 0.058 per million man-hours worked. Over the same period we have significantly reduced total
accidents and ended the period with the total injury frequency rate of 9.78 per million man-hours worked having reduced from a
rate of 15.21 in the 2010 financial year.
During the year our teams recorded some remarkable safety achievements at individual operations: Impala Services and
Springs Refineries achieved 10 million fatality-free shifts, 7A and 12 shafts at Impala and Mimosa achieved 5 million
fatality-free shifts, Zimplats achieved 3 million fatality-free shifts. Impala’s 9 Shaft, 14 Shaft and 20 Shaft all
achieved 1 million fatality-free shifts. Implats also worked for more than six months without a fatal accident, which
is an all-time record for the Group, and equates to 6.9 million fatality-free shifts.
Despite these improvements, management and the Implats board deeply regret to report that four of our employees at Impala
Rustenburg and two contractors, as well as an employee at Marula, suffered fatal injuries during the year. The board and the
management team have extended their sincere condolences to the families and friends of these colleagues and remain
committed to achieving zero harm across all operations.
A continuing challenge for management has been the number of ‘Section 54’ safety stoppage instructions issued by the
DMR. For the period under review, Impala recorded 55 stoppages (strike affected 2014: 40), which led to an opportunity
loss of 51 900 4E ounces or approximately R720 million in lost revenue. During the Section 54 stoppages the mine also
incurred R600 million in standing costs, mainly wage-related. Marula recorded 17 incidents (2014: 13), which led to an
opportunity loss of 10 200 4E ounces and revenue of R110 million. During the stoppages Marula Mine also incurred almost
R100 million in standing costs. Implats supports all work stoppages where there is a direct danger to the safety or health
of our employees, but extending these stoppages beyond the scope of the risk is problematic. Management continues to actively
engage the DMR to highlight the impact of these stoppages on both safety and productivity/profitability, especially in an
environment where we remain totally committed to zero harm and the need to preserve jobs in this current cyclical
downturn.
The Group has continued to mitigate safety and health risks through the implementation of an internal work stoppage
programme. This proactive programme requires working teams to stop and fix hazards or sub-standards identified by line
management and service departments. A total of 4 016 such stoppages occurred during the year.
Operational review
Mine-to-market output at 1 142 700 ounces of platinum was 15.9% higher than in the previous year, largely as a result
of the platinum industry strike. Third-party production decreased by 30.7% to 133 300 ounces as once-off Northam
material was treated in the previous year. Gross refined platinum production increased by 8.3% to 1 276 000 ounces. Group unit
costs increased by 14.4% to R22 222 per platinum ounce.
Managed operations
IMPALA PLATINUM
Impala achieved its stated production target for the 2015 financial year despite interruptions to the ramp-up of the
operation caused by safety stoppages and constrained power availability. The ramp-up at Impala Rustenburg following the
five-month Association of Mineworkers and Construction Union wage strike in the second half of the 2014 financial year
progressed well, but was interrupted by four separate fatal accidents and associated safety stoppages. All affected shafts and
production units were stopped in September 2014 for an extended period while all mining operations were suspended for a period of
four days to actively consult all key stakeholders and secure a renewed compact to work safely. Full production rates were achieved
from November 2014.
Immediately available mineable face for conventional mining crews, which provides the best measure for ore reserve
flexibility, improved over the year from 20.5 kilometres in June 2014 to 22.4 kilometres in June 2015. This has been a key
focus area at the operation over a number of years, improving from 17.8 kilometres in 2012 effectively achieving 1.5 stoping panels
per mining team at the end of the reporting period. Since 2012 Impala has increased its mineable ore reserves from 24 to 33 months.
The impact of constrained power supply was mitigated to some extent through effective real-time monitoring, targeted
power curtailment and power shifting to off-peak periods at the smelting facility.
Mill throughput improved by 48.8% from the previous comparable period to 9.20 million tonnes, and refined platinum
production increased by 40.0% to 575 200 ounces, largely as a result of strike activity in the previous period. Unit costs
were severely impacted by the ramp-up (at full cost) and increased by 8.4% to R23 884 per platinum ounce refined (2014:
R22 036).
ZIMPLATS
Production during the year was materially impacted by the precautionary closure of Bimha Mine (Portal 4) following an
underground collapse of previously mined-out areas in August 2014. Six of the eight affected production fleets at Bimha
Mine were successfully redeployed during the year to offset production losses at the mine, with the remaining two mining
fleets allocated to the redevelopment of the mine towards the end of the year, following detailed technical risk assessment
studies. The production impact of closing the Bimha Mine was further mitigated through open-pit mining from April 2015
and the continued ramp-up of the newly developed Mupfuti Mine (Portal 3). Consequently, tonnes milled only decreased by
13.1% from the previous year to 5.16 million (2014: 5.94 million). Platinum in matte production was, however, further
affected by a lock-up of around 27 000 ounces in concentrate at year end, after a furnace outage following a shell
break-out incident in May 2015. This resulted in platinum in matte production declining by 20.7% to 190 000 ounces
(2014: 239 700 ounces). The furnace was repaired and restarted on 2 June 2015 and matte tapping recommenced on 9 June 2015.
Detailed independent geotechnical assessments to fully understand the nature and extent of the ground collapse and
geological settings around Bimha Mine were advanced during the year, allowing the redevelopment of the mine to commence
from December 2014. Good progress has been made on the re-establishment of Bimha through developing ore access haulages to
both the north and south of the existing portal, leaving a protective barrier pillar around the collapsed workings.
Ground conditions have stabilised in the area where the collapse occurred and the mine is producing in excess of 360 000 ore
tonnes per annum from the access haulage development activities. The re-establishment cost has been reduced to US$92
million from the US$142 million estimated in December 2014. Improvements to the mining design and mining practices across
all Zimplats’ operations have been made to mitigate the risks presented by shear structures such as that experienced at
Bimha.
The company commenced the first stage refurbishment of the existing Selous Base Metals Refinery (BMR) to treat
Zimplats’ smelter material during the year. In addition, a new smelter study commenced in conjunction with other platinum
producers in Zimbabwe, the purpose of which is to advance local beneficiation strategies capable of treating all platinum
concentrates currently produced in country.
MARULA
Implats’ lower-for-longer metal price risk mitigation strategy announced in February 2015 outlined an option to seek
value through a possible disposal of Marula. Following a thorough assessment, it was resolved that enhanced shareholder
returns would best be obtained through strategic interventions that would optimise performance and profitability,
including a reduction in operating costs. Consequently, the formal disposal process was terminated.
Tonnes milled during the year decreased by 7.4% from the previous year to 1.66 million (2014: 1.79 million) impacted
by safety and labour stoppages experienced in the first half of the year. Pleasingly, operational performance has
improved in the last quarter of the financial year and has exceeded planned targets on a number of parameters during this
period. Head grade remained flat at 4.19g/t compared to the previous year’s while concentrator recoveries improved from 85.4%
to 86.4%. Platinum in concentrate production of 73 600 ounces was 6.2% lower in line with the lower milled tonnage.
Capital expenditure decreased by 9.9% due to cash preservation and amounted to R145 million (2014: R161 million).
IMPALA REFINING SERVICES (IRS)
Platinum production from mine-to-market operations decreased by 1.2% from the previous year to 567 500 ounces (2014:
574 600 ounces), mainly as a result of the lower volumes from Zimplats following the temporary closure of the Bimha Mine,
as well as the industrial action and safety stoppages experienced at Marula. This was offset to some extent by
increased production from Mimosa.
Refined platinum production from third-party purchases and toll volumes decreased from 192 400 to 133 300 ounces,
largely due to once-off treatment of Northam concentrate in the previous comparable period.
Non-managed operations
MIMOSA
Operations at Mimosa remained efficient with steady-state throughput and production exceeding the previous year.
Tonnes milled improved by 5.4% to 2.59 million. Head grade was steady at 3.93g/t while concentrator recoveries improved to
78%. The increased throughput together with improved recoveries increased platinum in concentrate production to 117 400 ounces,
6.5% more than the previous year (2014: 110 200 ounces).
Unit costs benefited from the higher volumes as well as a cost rationalisation programme and decreased by 11.0% from
US$1 713 per platinum ounce in concentrate to US$1 525. Capital expenditure of US$30 million was spent mainly on
underground equipment, conveyor belt extensions and development towards the Mtshingwe block.
The imposition of a 15% export levy on unbeneficiated platinum concentrates in Zimbabwe, which became effective from 1 January 2015,
would have had a material impact on the profitability and sustainability of this operation and active engagement with the government
of Zimbabwe was initiated to highlight this risk. It has been announced that the levy has been suspended for two years to allow mining
companies to meet beneficiation requirements in the country. Mimosa is in discussions with other producers with regard to co-funding
a smelter in the near term.
TWO RIVERS
Tonnes milled increased by 2.5% from the previous year to 3.36 million in 2015 at a head grade of 3.98g/t, while
concentrator recoveries improved from 85.7% to 86.5%. Consequently, platinum in concentrate production was maintained at
similar levels to the previous year at 173 500 ounces.
Unit costs were well contained and increased by only 4.5% to R11 948. Capital expenditure, which amounted to R275 million,
compared to R319 million in the previous year, was mainly spent on fleet replacement, completion of the fine chrome
recovery plant and employee housing. The current project focus is on accessing the newly acquired Kalkfontein property
via the central and north declines.
Mineral resources and mineral reserves
Implats’ total attributable mineral resource of 196 million platinum ounces at 30 June 2015 is 8% lower than the 212 million
platinum ounces reported previously. This can mainly be attributed to the Tamboti mineral right transaction with
Two Rivers, in which mineral resources were exchanged for equity resulting in Implats’ shareholding in Two Rivers increasing
from 45% to 49%. The grouping of the platinum ounces by operation shows that Zimplats’ mineral resources make up 48% of the
total Implats inventory.
Total attributable mineral reserves decreased by 7% to 26 million platinum ounces as at 30 June 2015 compared to 28 million
platinum ounces in the previous financial year. The main contributor to the decrease in mineral reserves is Zimplats, due to
the exclusion of Portal 5 and the impact of revised pillar designs. There are gains in mineral reserves at Two Rivers through
increased ownership, Mimosa and Marula due to the inclusion of additional areas. Some 73% of the total attributable mineral
reserves are located at Impala.
Financial performance
Revenue, at R32.48 billion, was R3.45 billion or 11.9% higher than the previous financial year, as a result of:
- An increase in sales volumes of platinum, palladium, rhodium and nickel due to the higher production volumes at
Impala, accounting for the positive volume variance of R2.0 billion
- The average dollar revenue per platinum ounce sold of US$2 199, was US$100 or 4.3% lower than the previous year and
gave rise to a negative variance of R1.56 billion. This was mainly due to the 13% drop in the platinum price partially
offset by the higher palladium, rhodium and nickel prices
- The average R/US$ exchange rate of 11.44 was 10.4% weaker than the 10.36 achieved during the prior financial year
leading to a positive variance of R3.01 billion.
Cost of sales rose by 19.6%, or R5.06 billion to R30.85 billion compared to the prior financial year as a result of:
- Direct operating costs increased by R5.72 billion, but the comparable period in the 2014 financial year included
strike-related savings of R3.8 billion. After adjusting for strike-related costs of R808 million (2014: R1 255 million),
which was not taken into account as cost of sales for valuing stock but expensed immediately, costs increased by some 8.7%
in line with mining inflation
- Depreciation increased by R252 million, mainly due to a higher asset base to amortise, increased units of production
at Impala and the effect of the weaker exchange rate on the Zimplats amortisation
- Metals purchased by IRS increased by R1.47 billion due to higher volumes and rand metal prices.
The above increases were partially offset by:
- Share-based payment compensation decreased by R421 million due to the drop in the share price from R107 to R54 per share
- A change in metal inventories of R1.95 billion principally included a write-on of stocks of R325 million (compared
to a write-off of R806 million in the prior financial year) due to engineering estimates of stock in the pipeline.
As a result of the above, gross profit declined by 50% to R1.63 billion.
Basic earnings were impacted by impairments of 17 Shaft (development asset) and Afplats and Imbasa/Inkosi (exploration
and evaluation assets) in the net amount of R3.745 billion as set out below:
Rm
17 Shaft 2 872
Afplats 1 780
Imbasa/Inkosi 1 195
5 847
Non-controlling shareholders’ interest (746)
Deferred tax (1 356)
Net impact on earnings 3 745
Net impact on earnings (cps) 617
Apart from the impairments noted above, headline earnings decreased by 58% or R302 million to R221 million and were
affected by the following material movements:
- Cost of R808 million (2014: R1 255 million) incurred during the 2015 build up and the 2014 strike was not taken into account
as cost of sales in valuing stock, but expensed immediately
- Royalties were impacted by the Zimplats court case which resulted in a credit of R1.2 billion in the 2015 financial year
- IRS commodity price adjustments amounting to a cost of R246 million in the prior period compared to a credit of R741 million
for the current financial year
- Taxation was impacted by additional profits tax (APT) at Zimplats of R913 million due to the outcome of two court
cases, one being a prior year adjustment for the deductibility of assessed losses in the calculation of APT (R300 million)
and secondly the current year impact of the reduced royalty rates of R613 million. Royalties and tax offset
arrangements have been agreed with the revenue authorities in Zimbabwe.
The net results of Implats' operating, investing and financing activities, combined with the opening cash and debt
positions, was to end the year with cash of R2.6 billion and net debt (excluding finance leases) of R4.1 billion. In
addition to the cash on hand, the Group had undrawn committed facilities of R3.0 billion at year end.
Given the significantly low rand metal prices, the board has resolved not to declare a final dividend for the year to
30 June 2015.
Market review
Market fundamentals remain sound and both the platinum and palladium markets remained in deficit in the 2014 calendar
year due to strong demand and reduced primary supply as a result of prolonged strike action at South African producers.
Despite this, market sentiment and available metal inventories continued to constrain metal prices through the year and
into the first half of the 2015 calendar year.
Market anticipation of a rise in US interest rates contributed to a strengthening US dollar. The resulting 14%
depreciation of the rand/dollar exchange rate offered some support to the rand PGM basket during the 2015 financial year.
Platinum prices declined throughout the financial year from US$1 493 per ounce in July 2014 to US$1 089 per ounce in June 2015,
with an average price for the 2015 financial year at US$1 246 (2014: US$1 431) some 13% lower than the previous
financial year. Palladium prices peaked at US$911 in September 2014, the highest level achieved in 13 years, but have
subsequently steadily declined with the average price of US$799 for the year only 6% higher than in the previous period (2014:
US$752). Rhodium prices were supported in the first half of the financial year by the strike action and healthy Asian
demand, but fell in the second half to average 15% higher on the previous period at US$1 169 per ounce (2014: US$1 014).
Vehicle sales were higher with the global automotive industry achieving 3% growth in the light-duty sector in the 2014
calendar year, exceeding 86 million units, principally driven by growth in North America, Western Europe, China and
Japan. For the first six months of the 2015 calendar year, Europe achieved 8% growth, the US 4.4% and China 4.7%. However,
the 7.1%, 2.3% and 0.4% declines in Chinese sales during July, April and May 2015 respectively, have highlighted the
downward pressure on the market as the economy slows. The China Association of Automobile Manufacturers has lowered its
2015 growth forecast for auto sales to 3% from 7% at the beginning of the year. In the meantime, Japanese sales declined by
10% during the first six months of the 2015 calendar year mainly driven by increased domestic sales tax. Nonetheless,
the continuing growth in the US and in Europe should be positive for PGM demand during the 2015 calendar year.
Slowing Chinese GDP growth and economic uncertainty in the 2014 calendar year impacted platinum jewellery sales in
this important market segment. However, positive growth in India, Japan and the US more than offset this weakness.
Reductions in the use of platinum in glass and hard disk drives over the last number of years continued during 2014 and
negatively impacted demand for industrial use.
Both platinum and palladium exchange traded funds (ETFs) grew by 155 000 and 940 000 ounces respectively in 2014 calendar year,
mainly supported by the South African funds. In the first six months of the 2015 calendar year, however, enthusiasm has been
muted with platinum growing by only 50 000 ounces and palladium ending the period 86 000 ounces lower. Notwithstanding
strong physical investment demand, gross long positions for platinum on New York Mercantile Exchange (NYMEX) have fallen from
their peak in November 2014 followed by palladium, with corresponding growth in short positions for both metals ending the
period at record levels.
Customer requirements were met, often exceeding contractual volumes for all PGMs in the 2015 financial year. The
challenges confronting South African PGM miners are significant and in our view will constrain supply in the future. Together
with increasing global demand for these metals, we forecast fundamental deficits in PGMs over the medium to long term.
Despite this view, near-term metal prices remain vulnerable to perceptions around non-visible metal inventories and an
uncertain global economic outlook.
Response plan to low PGM prices
The recent sharp decline in PGM prices has compounded the impact of the prolonged strike in 2014, which had a material
negative effect on the Group’s overall financial position. Implats is therefore taking decisive action.
The Group is planning to reduce the 2016 financial year operating cost budget by R1.57 billion from a normalised
base (adjusted for the ramp-up and inflation) and the capital expenditure budget to R4.2 billion. Planned expenditure on
employee housing and social and labour plan commitments has not been reduced.
Reducing operating costs
As part of our strategic review process in December last year a bottom-up assessment of all operations was conducted that resulted
in interventions at each operation, with specifically targeted measures to improve mining efficiencies and reduce operating costs
resulting in a saving of R930 million. In light of the current metal price environment, a number of further initiatives
are being implemented to reduce operating costs across the group, including a reduction of head office costs;
rescheduling development expenditure; reassessment and rescheduling of major contracts; revised support strategies; reduction of
remuneration expenditure and revised management of ammonium sulphate stocks. The 2016 financial year budgeted operating
costs will consequently be further reduced by approximately R640 million, including R400 million at Impala, R20 million
at Marula and R220 million at Zimplats, yielding a combined planned reduction of some R1.57 billion for the year.
Reprioritising and rescheduling capital expenditure
The balance of short and long-term demands have been reassessed with the principal focus on cash preservation and
profitability in a lower price environment. Consequently, the 2016 financial year capital budget has been rescheduled to
R4.2 billion.
The Group will continue to prioritise key capital projects that are value enhancing in the current price environment
and are also important to long-term value creation. The priority is to complete the development of 16 and 20 shafts in
line with the strategy for the Impala Lease Area. To date approximately R13 billion has been invested into these projects.
A further R3.9 billion in capital and off-reef capitalisation is required to complete these shaft complexes over the
next three years.
Development at 17 Shaft will be further curtailed and the Group plans to spend R520 million over the next two years on
this project. This represents an 18-month delay from the plan announced in February 2015. Outside of these main
projects, capital expenditure at Impala Lease Area will be reduced by approximately R175 million, and by approximately
R45 million at Marula and R640 million at Zimplats. Priority projects at Zimplats have been rescheduled in line with
affordability.
Implementing the Impala Lease Area strategy
Consistent with the outcome of the strategic review announced earlier in 2015 it is critical that the Impala Lease
Area be transformed. The intention is to create a more concentrated mining operation with access to new, modern shaft
complexes making better use of the invested fixed cost base, with higher mining efficiencies and lower unit costs. Over the
next five years it is planned to change the proportion of Merensky to UG2 to 50%.
The old shafts (E/F, 4, 6, 7, 7A, 8 and 9) have been consolidated to optimise costs and realise synergies. These
shafts are among the lowest-cost operations at the Impala Lease Area due to their relatively shallow mining depth and low
capital requirements and will be depleted as quickly as possible. The mid-life shafts (1, 10, 11, 12 and 14) would have
provided a significant base load to sustain production for the foreseeable future, but given their size and complexity,
have all been adversely impacted by the challenging operating environment and low metal prices. In the current low price
environment both 8 Shaft and the 12 Shaft mechanised sections are most at risk and will need to be closed by December 2015.
The exact impact on jobs is still being assessed and will be mitigated through redeploying employees to the replacement
shafts. Implats supports the mining industry commitment to save jobs and ameliorate the impact of job losses
"leaders declaration" that was signed on 31 August 2015.
Given the revised capital schedule and envisaged closures, expected production from the Impala Lease Area will be
reduced by approximately 180 000 platinum ounces over the next five years. On this basis production is now expected to be
between 815 000 to 830 000 platinum ounces by 2020, down from previously stated 850 000 oz in 2019.
Debt facilities
At year end the Group had R2.6 billion (H1 2014: R2.7 billion) in cash and unused debt facilities of R3.0 billion. In
response to the lower prices, advanced agreement has been secured to extend the term of a portion of the revolving debt
facilities to two and half years from one year previously. The quantum has been increased to R3.5 billion.
Proposed Equity raising
In the current price environment, the Group’s priorities have been materially rebalanced to focus on profitability and
cash preservation. It is nevertheless critical to safeguard the completion of key capital projects to secure the
long-term value of the Group. Central to this is the completion of 16 and 20 shafts at the Impala Lease Area, which
collectively require R3.9 billion investment over the next three years.
Following the operating and capital cost cutting response, the Group is expected to be EBITDA positive in the current
PGM price environment and free cash flow positive across the Impala Lease Area and IRS, before replacement and
development expenditure.
The Group has today proposed an equity raising of up to R4.0 billion. Subject to shareholder approval, this equity
raising will take place via an accelerated book-building process to qualifying institutions. Written support to vote in favour
of all the relevant resolutions has been received from 49% of Implats’ shareholders. The equity raising has, subject
to customary conditions, been fully underwritten by UBS and will allow Implats to implement the response plan and so enhance its
ability to operate effectively and profitably.
Implats remains committed to returning excess cash flow to shareholders going forward.
3 September 2015
Approval of the financial statements
The directors of the Company are responsible for the maintenance of adequate accounting records and the preparation of
the financial statements and related information in a manner that fairly presents the state of the affairs of the
Company. These financial statements are prepared in accordance with International Financial Reporting Standards and
incorporate full and responsible disclosure in line with the accounting policies of the Group which are supported by prudent
judgements and estimates.
The financial statements have been prepared under the supervision of the chief financial officer Ms B Berlin, CA(SA).
The directors are also responsible for the maintenance of effective systems of internal control which are based on
established organisational structure and procedures. These systems are designed to provide reasonable assurance as to the
reliability of the financial statements, and to prevent and detect material misstatement and loss.
The financial statements have been prepared on a going-concern basis as the directors believe that the Company and the
Group will continue to be in operation in the foreseeable future.
The financial statements have been approved by the board of directors and are signed on their behalf by:
KDK Mokhele TP Goodlace
Chairman Chief executive officer
Johannesburg
3 September 2015
Consolidated statement of financial position
as at 30 June 2015
2015 2014
Notes Rm Rm
Assets
Non-current assets
Property, plant and equipment 6 47 248 46 916
Exploration and evaluation assets 7 385 3 360
Investment in equity accounted entities 8 3 172 2 959
Deferred tax - 238
Other financial assets 146 222
Derivative financial instruments 630 332
Prepayments 10 378 10 665
61 959 64 692
Current assets
Inventories 9 8 125 7 212
Trade and other receivables 3 751 3 078
Other financial assets 35 12
Prepayments 748 568
Cash and cash equivalents 2 597 4 305
15 256 15 175
Total assets 77 215 79 867
Equity and liabilities
Equity
Share capital 15 733 15 624
Retained earnings 31 271 34 936
Other components of equity 3 100 1 807
Equity attributable to owners of the Company 50 104 52 367
Non-controlling interest 2 258 2 550
Total equity 52 362 54 917
Liabilities
Non-current liabilities
Deferred tax 8 695 10 179
Borrowings 10 7 366 7 169
Other financial liabilities 57 84
Sundry liabilities 377 610
Provisions 848 676
17 343 18 718
Current liabilities
Trade and other payables 6 057 4 713
Current tax payable 636 562
Borrowings 10 710 618
Other financial liabilities 17 18
Sundry liabilities 90 321
7 510 6 232
Total liabilities 24 853 24 950
Total equity and liabilities 77 215 79 867
The notes are an integral part of these summarised financial statements.
Consolidated statement of comprehensive income
for the year ended 30 June 2015
2015 2014
Notes Rm Rm
Revenue 32 477 29 028
Cost of sales 11 (30 849) (25 786)
Gross profit 1 628 3 242
Other operating income 12 953 239
Other operating expenses 13 (1 338) (1 809)
Impairment 14 (5 847) (1 000)
Royalty income/(expense) 575 (693)
Profit/(loss) from operations (4 029) (21)
Finance income 135 318
Finance cost (419) (496)
Net foreign exchange transaction gains/(losses) (287) (101)
Other income 266 203
Other expenses (399) (253)
Share of profit of equity accounted entities 8 377 365
Profit before tax (4 356) 15
Income tax expense 217 (144)
Profit/(loss) for the year (4 139) (129)
Other comprehensive income/(loss), comprising items that
may subsequently be reclassified to profit or loss:
Available-for-sale financial assets (27) (56)
Deferred tax thereon (2) -
Share of other comprehensive income of
equity accounted entities 239 120
Deferred tax thereon (23) (12)
Exchange differences on translating foreign operations 1 495 711
Deferred tax thereon (195) (93)
Other comprehensive income/(loss), comprising items that
will not be subsequently reclassified to profit or loss:
Actuarial loss on post-employment medical benefit (2) (1)
Deferred tax thereon - -
Total comprehensive income/(loss) (2 654) 540
Profit/(loss) attributable to:
Owners of the Company (3 663) 8
Non-controlling interest (476) (137)
(4 139) (129)
Total comprehensive income/(loss) attributable to:
Owners of the Company (2 372) 569
Non-controlling interest (282) (29)
(2 654) 540
Earnings per share (cents per share):
Basic (603) 1
Diluted (603) 1
The notes are an integral part of these summarised financial statements.
Consolidated statement of equity
for the year ended 30 June 2015
Share- Attributable to:
based Total Total other Owners Non-
Ordinary Share payment share Retained components of the controlling Total
shares premium reserve capital earnings of equity Company interest equity
Rm Rm Rm Rm Rm Rm Rm Rm Rm
Balance at 30 June 2014 16 13 371 2 237 15 624 34 936 1 807 52 367 2 550 54 917
Shares issued
- Implats Share Incentive Scheme - 1 - 1 - - 1 - 1
Shares purchased
- Long-term Incentive Plan - (3) - (3) (3) (3)
Share-based compensation expense
- Long-term Incentive Plan - - 111 111 - - 111 - 111
Total comprehensive income/(loss) - - - - (3 665) 1 293 (2 372) (282) (2 654)
- Profit/(loss) for the year - - - - (3 663) - (3 663) (476) (4 139)
- Other comprehensive income/(loss) - - - - (2) 1 293 1 291 194 1 485
Dividends (note 16) - - - - - - - (10) (10)
Balance at 30 June 2015 16 13 369 2 348 15 733 31 271 3 100 50 104 2 258 52 362
Balance at 30 June 2013 16 13 363 2 114 15 493 35 300 1 244 52 037 2 579 54 616
Shares issued
- Implats Share Incentive Scheme - 8 - 8 - - 8 - 8
Share-based compensation expense
- Long-term Incentive Plan - - 123 123 - - 123 - 123
Total comprehensive income/(loss) - - - - 7 563 570 (29) 541
- Profit/(loss) for the year - - - - 8 - 8 (137) (129)
- Other comprehensive income/(loss) - - - - (1) 563 562 108 670
Dividends (note 16) - - - - (371) - (371) - (371)
Balance at 30 June 2014 16 13 371 2 237 15 624 34 936 1 807 52 367 2 550 54 917
* The table above excludes the treasury shares, Morokotso Trust (ESOP) and the Implats Share Incentive Scheme as these special structured entities
are consolidated.
The notes are an integral part of these summarised financial statements.
Consolidated statement of cash flows
for the year ended 30 June 2015
2015 2014
Rm Rm
Cash flows from operating activities
Cash generated from operations 3 100 5 234
Exploration costs (33) (20)
Finance cost (338) (404)
Income tax paid (401) (714)
Net cash from operating activities 2 328 4 096
Cash flows from investing activities
Purchase of property, plant and equipment (4 508) (4 500)
Proceeds from sale of property, plant and equipment 42 64
Proceeds from insurance claim - 112
Loans granted (61) (10)
Loan repayments received 19 11
Finance income 141 319
Dividends received 522 467
Net cash used in investing activities (3 845) (3 537)
Cash flows from financing activities
Issue of ordinary shares 1 8
Shares purchased - Long-term Incentive Plan (3) -
Repayments of borrowings (344) (16)
Proceeds from borrowings 80 -
Dividends paid to non-controlling interest/Company’s shareholders (10) (371)
Net cash used in financing activities (276) (379)
Net increase in cash and cash equivalents (1 793) 180
Cash and cash equivalents at beginning of year 4 305 4 113
Effect of exchange rate changes on cash and cash equivalents held in foreign currencies 85 12
Cash and cash equivalents at end of year 2 597 4 305
The notes are an integral part of these summarised financial statements.
Notes to the financial information
for the year ended 30 June 2015
1. General information
Impala Platinum Holdings Limited (Implats, Group or Company) is a primary producer of platinum and associated
platinum group metals (PGMs). The Group has operations on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe,
the two most significant PGM-bearing ore bodies globally.
The Company has its listing on the Johannesburg Stock Exchange.
The summarised consolidated financial information was approved for issue on 3 September 2015 by the board of
directors.
2. Audit opinion
This summarised report is extracted from audited information, but is not itself audited. The annual financial
statements were audited by PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The audited annual
financial statements and the auditor’s report thereon are available for inspection at the Company’s registered office.
The directors take full responsibility for the preparation of the summarised consolidated financial statements and that the
financial information has been correctly extracted from the underlying annual financial statements.
3. Basis of preparation
The summarised consolidated financial statements for the year ended 30 June 2015 have been prepared in accordance
with the JSE Limited Listings Requirements (Listings Requirements) and the requirements of the Companies Act, Act 71 of
2008 applicable to summarised financial statements. The Listings Requirements require financial statements to be prepared
in accordance with the framework concepts and the measurement and recognition requirements of International Financial
Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and
Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, and contain the information
required by IAS 34 Interim Financial Reporting.
The summarised consolidated financial information should be read in conjunction with the consolidated financial
statements for the year ended 30 June 2015, which have been prepared in accordance with IFRS.
The summarised consolidated financial information has been prepared under the historical cost convention except for
certain financial assets, financial liabilities and derivative financial instruments which are measured at fair value
and liabilities for cash-settled share-based payment arrangements which are measured using a binomial option model.
The summarised consolidated financial information is presented in South African rand, which is the Company’s
functional currency.
4. Accounting policies
The principal accounting policies applied in the preparation of the consolidated financial statements, from which
the summarised consolidated financial statements were derived, are in terms of IFRS. The following new standards and
amendments to standards have become effective or have been early adopted by the Group as from 1 July 2014 without any
significant impact:
- Amendments to IAS 1 - Presentation of Financial Statements
- Amendments to IAS 16 - Property, Plant and Equipment and IAS 38 Intangible Assets
- Amendments to IAS 10 and IAS 28
- Amendments to IAS 27 - Separate Financial Statements
- Amendment to IFRS 10 - Consolidated Financial Statements, IFRS 12 - Disclosure of Interests in Other Entities and
IAS 28 - Investments in Associates and Joint Ventures
- Amendment to IFRS 11 - Joint Arrangements
- Improvements to IFRSs 2010 - 2012 Cycle
- Improvements to IFRSs 2011 - 2013 Cycle
- Improvements to IFRSs 2012 - 2014 Cycle
5. Segment information
The Group distinguishes its segments between mining operations, refining services (which include metals purchased
and toll refined), chrome processing and other.
Management has determined the operating segments based on the business activities and management structure within
the Group.
Capital expenditure comprises additions to property, plant and equipment (note 6), including additions resulting
from acquisitions through business combinations.
Impala mining segment’s two largest sales customers amounted to 13% and 10% of total sales (June 2014: 12% and 11%).
The statement of comprehensive income shows the movement from gross profit to total profit before income tax.
30 June 2015 30 June 2014
Revenue Gross profit Revenue Gross profit
Rm Rm Rm Rm
Mining
- Impala 31 777 (1 337) 28 308 (1 773)
Mining 13 369 (1 455) 10 327 (1 902)
Metals purchased 18 408 118 17 981 129
- Zimplats 4 661 480 5 973 2 039
- Marula 1 636 (220) 1 791 (12)
- Afplats - - - (5)
Chrome processing 225 92 179 41
Inter-segment adjustment (6 315) 1 324 (7 778) 1 144
External parties 31 984 339 28 473 1 434
Refining services 18 824 1 293 18 495 1 813
Inter-segment adjustment (18 331) (4) (17 940) (5)
External parties 493 1 289 555 1 808
Total external parties 32 477 1 628 29 028 3 242
Capital Total Capital Total
expenditure assets expenditure assets
Rm Rm Rm Rm
Mining
- Impala 3 047 46 828 2 848 49 946
- Zimplats 968 15 548 1 166 12 856
- Marula 145 2 993 161 3 048
- Afplats 127 3 061 168 5 912
Total mining 4 287 68 430 4 343 71 762
Refining services - 4 708 - 4 580
Chrome processing - 180 2 120
Other - 3 897 - 3 405
Total 4 287 77 215 4 345 79 867
6. Property, plant and equipment
30 June 2015 30 June 2014
Rm Rm
Opening net book amount 46 916 44 410
Additions 4 287 4 345
Interest capitalised 260 155
Disposals (13) (17)
Depreciation (note 11) (2 593) (2 341)
Impairment (2 872) (65)
Scrapping (437) (223)
Rehabilitation adjustment 110 (115)
Exchange adjustment on translation 1 590 767
Closing net book amount 47 248 46 916
Impairment
On a value-in-use basis, the recoverable amount of the impaired asset is R1 783 million, resulting in an impairment
of R2 872 million.
Capital commitment
Capital expenditure approved at 30 June 2015 amounted to R15.5 billion (June 2014: R15.6 billion), of which R2.1 billion
(June 2014: R1.9 billion) is already committed. This expenditure will be funded internally and, if necessary, from borrowings.
7. Exploration and evaluation assets
30 June 2015 30 June 2014
Rm Rm
Cost 4 318 4 318
Accumulated impairment (3 933) (958)
Carrying amount 385 3 360
Impairment
On a fair value less cost to sell basis, the recoverable amount is R2 685 million, resulting in an impairment of
R2 975 million (2014: R934 million) of exploration and evaluation assets.
8. Investment in equity accounted entities
30 June 2015 30 June 2014
Rm Rm
Joint venture
Mimosa 1 772 1 756
Associates
Two Rivers 1 293 1 134
Individually immaterial associates 107 69
Total investment in equity accounted entities 3 172 2 959
Movement:
Beginning of the year 2 959 2 922
Investment acquired 157 -
Share of profit 339 383
Share of other comprehensive income 239 120
Dividends received (522) (466)
End of the year 3 172 2 959
Share of profit of equity accounted entities is made up as follow:
Share of profit 339 383
Unrealised profit in stock 38 (18)
Total share of profit of equity accounted entities 377 365
9. Inventories
30 June 2015 30 June 2014
Rm Rm
Mining metal
Refined metal 1 233 1 300
Main products - at cost 696 941
Main products - at net realisable value 487 286
By-products - at net realisable value 50 73
In-process metal 2 423 1 728
At cost 1 614 1 270
At net realisable value 809 458
Non-mining metal
Refined metal 1 282 1 160
At cost 1 201 1 134
At net realisable value 81 26
In-process metal 2 436 2 291
At cost 2 149 2 291
At net realisable value 287 -
Metal inventories 7 374 6 479
Stores and materials inventories 751 733
8 125 7 212
The write-down to net realisable value comprises R154 million (2014: R49 million) for refined mining metal and
R364 million (2014: R86 million) for in-process mining metal.
Included in refined metal is metal on lease to third parties of 36 000 ounces (2014: 36 000 ounces) ruthenium.
Non-production costs relating to the strike and the subsequent ramp-up of R808 million (2014: R1 255 million)
was expensed immediately and did not form part of the calculation of cost of production of main products for the
stock valuation. Furthermore cost of production for the stock valuation was calculated based on normal production,
to ensure a reasonable stock valuation. Management assumed the last five months’ cost of production being normal
for the period.
Quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metal actually
recovered (metallurgical balancing). The nature of this process inherently limits the ability to precisely monitor
recoverability levels. As a result, the metallurgical balancing process is constantly monitored and the engineering
estimates are refined based on actual results over time. Changes in engineering estimates of metal contained in-process
resulted in an increase of in-process metal of R325 million (2014: reduction of R806 million).
Non-mining metal consists mainly of IRS inventory. No inventories are encumbered.
10. Borrowings
30 June 2015 30 June 2014
Rm Rm
Standard Bank Limited - BEE partners Marula 881 878
Standard Bank Limited - Zimplats 913 1 117
Standard Bank Limited - Revolving credit facility 85 -
Convertible bonds - ZAR 2 499 2 429
Convertible bonds - US$ 2 313 1 981
Finance leases 1 385 1 382
8 076 7 787
Current (710) (618)
Non-current 7 366 7 169
Beginning of the year 7 787 7 479
Proceeds 80 -
Leases capitalised 5 -
Interest accrued 577 549
Repayments (805) (462)
Exchange adjustment 432 221
End of the year 8 076 7 787
11. Cost of sales
30 June 2015 30 June 2014
Rm Rm
On-mine operations 13 656 9 090
Wages and salaries 8 826 6 085
Materials and consumables 4 620 3 323
Utilities 965 819
Minus: Post-strike ramp-up cost/strike-related cost (755) (1 137)
Processing operations 3 517 2 733
Wages and salaries 714 562
Materials and consumables 1 752 1 333
Utilities 1 104 956
Minus: Post-strike ramp-up cost/strike-related cost (53) (118)
Refining operations 1 032 880
Wages and salaries 448 406
Materials and consumables 455 354
Utilities 129 120
Other costs 869 655
Corporate costs, salaries and wages 674 483
Selling and promotional expenses 195 172
Share-based compensation (190) 231
Chrome operation - cost of sales 113 117
Depreciation of operating assets 2 593 2 341
Metals purchased 10 068 8 601
Change in metal inventories (809) 1 138
30 849 25 786
The following disclosure items are included in
cost of sales:
Repairs and maintenance expenditure on property,
plant and equipment 1 686 1 259
Operating lease rentals 25 23
Employment benefit expense comprises:
Wages and salaries 9 538 6 739
Post-employment medical benefits - 3
Pension costs defined contribution plans 876 608
Share-based compensation (190) 231
- Cash settled (301) 109
- Equity settled 111 122
10 224 7 581
Key management compensation is disclosed in note 18.
12. Other operating income
30 June 2015 30 June 2014
Rm Rm
Other operating income comprise the following principal
categories:
Profit on disposal of property, plant and equipment 186 46
Profit on sale and leaseback of houses 30 30
Rehabilitation provision - change in estimate 20 44
Insurance claim - 112
Trade payables - commodity price adjustment 707 -
Other 10 7
953 239
13. Other operating expense
Other operating expenses comprise the following
principal categories:
Post-strike ramp-up cost/strike-related cost 808 1 255
Impairment - Financial assets 81 71
Scrapping of assets 437 223
Trade payables - Commodity price adjustment - 246
Audit remuneration 12 14
1 338 1 809
Production ceased at Impala Rustenburg’s operation during
the five-month industrial action in the prior period.
Cost incurred during the strike period as well as ramp-up
cost subsequent to the strike was reallocated from
cost of sales to other operating expenses.
The following disclosure items are included in other
operating expenses:
Audit remuneration 12 14
Other services 1 -
Audit services including interim review 11 14
14. Impairment
30 June 2015 30 June 2014
Rm Rm
Impairment of non-financial assets was made up of the
following:
Property, plant and equipment (note 6) 2 872 65
Exploration and evaluation assets (note 7) 2 975 935
(Refer commentary) 5 847 1 000
15. Headline earnings
Headline earnings attributable to equity holders of
the Company arise from operations as follows:
Profit/(loss) attributable to owners of the Company (3 663) 8
Adjustments:
Profit on disposal of property, plant and equipment (note 24) (186) (47)
Impairment after non-controlling interest 5 101 630
Scrapping of property, plant and equipment 380 223
Insurance compensation relating to scrapping of property,
plant and equipment - (112)
Total tax effects of adjustments (1 411) (179)
Headline earnings 221 523
Weighted average number of ordinary shares in issue for
basic earnings per share 607.07 606.94
Weighted average number of ordinary shares for diluted
earnings per share 608.53 607.85
Headline earnings per share (cents)
Basic 36 86
Diluted 36 86
16. Dividends
No dividends were declared in respect of the 2015 financial year.
Dividends paid
No final dividend for 2014 (2013: 60) cents per share - 371
No interim dividend for 2015 or 2014 - -
- 371
17. Contingent liabilities and guarantees
As at the end of June 2015 the Group had bank and other guarantees of R1 217 million (June 2014: R1 218 million)
from which it is anticipated that no material liabilities will arise.
18. Related party transactions
- The Group entered into PGM purchase transactions of R3 299 million (June 2014: R3 409 million) with Two Rivers
Platinum, an associate company, resulting in an amount payable of R876 million (June 2014: R936 million) at year end. It also
received refining fees to the value of R24 million (June 2014: R21 million).
- The Group previously entered into sale and leaseback transactions with Friedshelf, an associate company. At the end
of the period, an amount of R1 231 million (June 2014: R1 221 million) was outstanding in terms of the lease liability.
During the period, interest of R126 million (June 2014: R111 million) was charged and a R116 million (June 2014: R114 million)
repayment was made. The finance leases have an effective interest rate of 10.2%.
- The Group entered into PGM purchase transactions of R2 862 million (June 2014: R2 646 million) with Mimosa
Investments, a joint venture, resulting in an amount payable of R690 million (June 2014: R778 million) at year end. It also
received refining fees and interest to the value of R245 million (June 2014: R223 million).
These transactions are entered into on an arm’s-length basis at prevailing market rates.
30 June 2015 30 June 2014
Key management compensation (fixed and variable): R000 R000
Non-executive directors’ remuneration 7 962# 7 976
Executive directors’ remuneration 16 077 13 533
Prescribed officers 31 682 27 573
Company secretary 1 912 2 029
Total 57 633 51 111
# Includes three additional directors compared to prior year.
19. Financial instruments
Financial assets - carrying amount
Loans and receivables 4 898 6 372
Financial instruments at fair value through profit and loss 630# 332#
Held-to-maturity financial assets 38 35
Available-for-sale financial assets 27* 54*
5 593 6 793
Financial liabilities - carrying amount
Financial liabilities at amortised cost 12 905 11 626
Borrowings 8 076 7 787
Commitments 74 84
Trade payables 4 751 3 733
Other payables 4 22
Financial instruments at fair value through profit and loss - 182
12 905 11 644
The carrying amount of financial assets and liabilities approximate their fair values.
* Level 1 of the fair value hierarchy - Quoted prices in active markets for the same instrument.
# Level 2 of the fair value hierarchy - Significant inputs are based on observable market data.
Corporate information
Registered office
2 Fricker Road, Illovo, 2196
(Private Bag X18, Northlands, 2116)
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 Pavilions, Bridgwater Road, Bristol, BS13 8AE
Sponsor
Deutsche Securities (SA) Proprietary Limited
Directors
KDK Mokhele (chairman), TP Goodlace (chief executive officer), B Berlin (chief financial officer),
HC Cameron, PW Davey*, MSV Gantsho, A Kekana, AS Macfarlane*, AA Maule, ND Moyo^,
FS Mufamadi, BT Nagle, B Ngonyama, MEK Nkeli, ZB Swanepoel
*British
^ Zimbabwean
Detail of the annual general meeting
Shareholders are requested to note that the annual general meeting of the Company will be held on 21 October 2015 at
the Company’s head office in the boardroom, 2nd Floor, 2 Fricker Road, Illovo, Johannesburg. The record date for
participation in the meeting will be 16 September 2015.
www.implats.co.za
Date: 03/09/2015 07:06:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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