IMP 201609010003A
Summarised consolidated annual results for the period ended 30 June 2016

Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
Registration No. 1957/001979/06
JSE share code: IMP 
ISIN: ZAE000083648 
(“Implats” or “the Company” or “the Group”)

Summarised consolidated annual results for the period ended 30 June 2016

“The quality and diversity of the Group’s assets and people are becoming a clear value differentiator with strong
operational execution across the Group. Zimplats, Marula Two Rivers and Mimosa delivered remarkable operational 
performances in an extremely challenging operating environment, all setting new production records. Impala Rustenburg 
restored operational performance in the first half of the year in line with our strategy to reposition the Lease Area, 
but regrettably two major safety incidents in the second half of the financial year impaired its overall result.” 

- Record 8.0 million fatality-free shifts at South African operations
- Safety incidents at Mimosa and Impala’s 14 and 1 Shafts impact safe production aspirations

- Platinum and palladium markets will remain in fundamental deficit during 2016
- Demand growth combined with faltering supply will drive higher PGM basket prices in the medium term

- Gross refined platinum 13% higher at 1.44 million ounces
- Safety incidents and related stoppages impact performance at Impala

- Headline earnings per share decreased by 67% to 12 cents

- No dividend declared for the year

Response plan
- The Group continues to prioritise shorter-term cash preservation and profitability enhancement measures to mitigate
  lower-for-longer PGM prices

Balance sheet
- Group equity raise of R4 billion successfully executed in October 2015 to sustain capital commitments and long-term
  value creation
- Quantum and tenure of debt facilities extended to further strengthen balance sheet

Operating statistics
                            Implats refined
                             1 438 300 oz
                    Group refined platinum production
  Mine-to-market operations                   impala refining services (IRS)
     Impala - 626 900 oz                    Third-party concentrate purchase 
                                         contracts and toll treatment - 182 900 oz
     Zimplats - 251 000 oz*
     Marula - 77 100 oz*
     Mimosa - 117 000 oz*
     Two Rivers - 183 400 oz*
          Refined platinum ounces have been rounded for illustrative purposes. 
          *Ex-Impala Refining Services (IRS)

                                                           30 June 2016      30 June 2015    
   Gross refined production                                                                  
   Platinum                                   (’000oz)            1 438             1 276    
   Palladium                                  (’000oz)              885               792    
   Rhodium                                    (’000oz)              185               172    
   Nickel                                          (t)           17 001            15 918    
   IRS metal returned (toll refined)                                                         
   Platinum                                   (’000oz)                -                 -    
   Palladium                                  (’000oz)                2                 1    
   Rhodium                                    (’000oz)                -                 -    
   Nickel                                          (t)            3 508             3 344    
   Sales volumes                                                                             
   Platinum                                   (’000oz)            1 512             1 273    
   Palladium                                  (’000oz)              906               789    
   Rhodium                                    (’000oz)              197               165    
   Nickel                                          (t)           14 184            11 634    
   Prices achieved                                                                           
   Platinum                                   (US$/oz)              961             1 241    
   Palladium                                  (US$/oz)              586               804    
   Rhodium                                    (US$/oz)              735             1 187    
   Nickel                                      (US$/t)            9 483            15 458    
   Consolidated statistics                                                                   
   Average exchange rate achieved              (R/US$)            14.39             11.41    
   Closing exchange rate for the period        (R/US$)            14.69             12.17    
   Revenue per platinum ounce sold            (US$/oz)            1 627             2 199    
                                                (R/oz)           23 413            25 091    
   Tonnes milled ex-mine                       (’000t)           18 413            16 024    
   Total development (Impala)                 (Metres)           84 704            88 000    
   Gross PGM refined production               (’000oz)            2 908             2 618    
   Capital expenditure                            (Rm)            3 560             4 287    
   Group unit cost per platinum ounce         (US$/oz)            1 507             1 947    
                                                (R/oz)           21 731            22 222    

The platinum sector continues to be challenged by low US dollar metal prices. Implats’ strategic response to the
lower-for-longer PGM price environment, introduced in February 2015, has shown positive results during the year with 
specific focus on measures which enhance profitability and short-term cash preservation. In addition, the Group 
successfully executed a R4.0 billion equity placement in October 2015 through an accelerated book build process to 
secure the required capital for two advanced and strategic shaft replacement projects (16 and 20 Shaft) at the Impala 
Lease Area.

With the exception of Impala Rustenburg, all other operations delivered remarkable performance in an extremely
challenging operating environment, with many setting new safety and production records. At Impala Rustenburg full year
performance was impaired by two major safety incidents in the second half of the financial year. A conveyor belt fire at 
the 14 Shaft complex caused extensive damage to the bottom decline section infrastructure, with resultant loss of productive
capacity from the shaft complex, while a fall-of-ground incident at 1 Shaft and subsequent search and rescue operation for
two missing employees resulted in extended safety interruptions at the mine.

Implats remains cash generative, ending the period under review with R6.8 billion in cash despite persistently low US
dollar metal prices and extensive safety interruptions at the Lease Area. This performance was materially assisted by
significant financial contributions from Impala Refining Services (IRS).

Response plan update
The response plan was first communicated in February 2015 and targeted savings of R930 million in the 2016 financial
year. Key strategic objectives included cost optimisation, reprioritising and rescheduling capital expenditure,
implementing the Impala Lease Area strategy and strengthening the Group balance sheet.

Various initiatives to improve mining efficiencies and reduce operating costs (cost optimisation) realised a saving of
approximately R1.4 billion for the year, of which R930 million was realised at Impala. Key components included: 
R286 million from reduced staffing; R306 million from contract renegotiations and improved consumption; R97 million from
reduced overtime; and R241 million from higher efficiencies, deferred development and renewals.

The capital budget was reduced by R1.3 billion to R4.2 billion for 2016, following further curtailments at 17 Shaft
and targeted reductions at Impala Rustenburg, Marula and Zimplats. During the year, R1.3 billion was spent on 16 and 20
Shafts and R981 million at Zimplats. In total, R3.56 billion in capital was invested across the Group, resulting in a 
R1.9 billion deferment of capital expenditure.

The Impala Lease Area strategy aims to transform the operation into 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. Aligned to this strategy, both 8 Shaft and the 12 Shaft mechanised section were closed as planned in
December 2015. Consequently, the overall labour complement at Impala Rustenburg was reduced by approximately 3 360 people
through the planned closures of these operations, and further initiatives targeting contractor efficiencies and labour
optimisation through natural attrition. Contractor employment reduced from 11 302 in the prior year to 9 531 at year-end
and own employees from 43 838 to 40 477. Further job losses were mitigated through transfers to 16 and 20 Shafts which are
in build-up and the reclassification of some employees to other occupations.

Implats continued to prioritise strategic capital investment through the cycle while maintaining balance sheet
strength and flexibility as far as possible. To this end, the Group successfully executed a R4.0 billion equity placement 
in October 2015 through an accelerated book build process, the proceeds of which are being used to complete Impala
Rustenburg’s 16 and 20 Shafts. Subsequent to year-end, the quantum and tenure of existing debt facilities from strategic
relationship banking institutions were also extended. Implats amended R3.25 billion of existing debt facilities, which were
previously available until December 2017, to a revised R4.0 billion available until 2021. The enhanced liquidity provides
security and flexibility to address upcoming debt maturities as well as to service the ongoing needs of the business.

Safety review
During the first half of the financial year, the Group achieved its lowest ever 12-month moving average fatal-injury
frequency rate of 0.024 per million man-hours worked. Between 13 April 2015 and 24 November 2015, the South African
operations reported zero fatal incidents resulting in 210 fatality-free calendar days, which equates to over eight 
million fatality-free shifts - a remarkable performance.

Other noteworthy achievements during the year include Springs Refinery which has worked more than 19 years (10.5
million shifts) without a fatal accident; 7a Shaft achieved 16 years (5.3 million shifts); Rustenburg Services achieved 
15 years (11.1 million shifts); Two Rivers, 7 Shaft and 4 Shaft all achieved four years; 6 Shaft, 9 Shaft and 20 Shaft
achieved more than three years; while Zimplats and Mineral Processes both worked more than two years without a fatal 
accident. Other safety millionaires and/or operations who have worked for more than a year without a fatal accident 
include the Marula Operation and Impala Rustenburg’s E&F, 10, 11, 12, and 16 shaft complexes.

Despite the remarkable safety achievements and sustained investment in safe production initiatives, our journey to
zero harm was tragically overshadowed by the loss of 11 lives during the year - two at Mimosa, three at 1 Shaft and 
six at 14 Shaft. The loss of life was a devastating blow that reverberated across the Group and touched everyone profoundly -
the board of directors has extended their sincere condolences to the family, friends and colleagues of our departed

The fatal incidents at Mimosa and Impala Rustenburg this year were unprecedented and unusual - and has brought into
stark focus the risk around critical safe behaviours - and the need to inculcate an independent safety culture at every
level in the organisation. Expert third-party analysis consistently find human failure to be the most significant factor
in our safety related incidents. The Group is therefore enhancing its safety programmes to boost safe production
compliance in a dependent safety culture, but also driving change to an interdependent culture where every employee looks 
after their own safe behaviour and the safety of others. Implats remains resolute in our pursuit to achieve zero harm across
all our operations and will continue to work closely with all stakeholders including our own employees, organised labour
and the DMR.

Operational review
Mine-to-market output was 9.8% higher at 1.26 million platinum ounces following strong operational performance from
Zimplats and operational recovery at Impala Rustenburg post the strike impacted start-up in the prior year. Third-party
platinum production increased by 37% to 182 900 ounces as a result of improved deliveries from third-party customers.
Consequently, gross refined platinum production increased by 12.7% to 1.44 million ounces. Improved production volumes
coupled with stringent cost control benefited Group unit costs, which improved by 2.2% to R21 731 per platinum ounce 
(R22 222 - FY2015).

Production during the period under review was materially affected by unprecedented safety events, specifically the
underground fire at 14 Shaft and fall-of-ground incident at 1 Shaft. The fire at 14 Shaft caused extensive damage to
conveyor infrastructure in the decline shaft system. While stoping and development activities could resume in the upper
sections from February 2016, the lower mechanised and conventional mining sections remain closed. Mining activity from the
decline section is planned to recommence from November 2016 when the first conveyor segment and some associated ancillary
services will be restored. Full mining capacity in the decline section should be restored from March 2017 when all
rehabilitation activities are expected to be completed. Platinum production from 14 Shaft was impacted by approximately 
39 000 ounces during the financial year, with a further impact of approximately 45 000 platinum ounces expected in the 2017
financial year. To date, a total of R415 million has been received from our insurance providers, of which R120 million was
for property damage and the balance (R295 million) for business interruption.

At 1 Shaft, two employees were initially reported missing after a fall-of-ground incident. Tragically they were later
found fatally injured after a two day and two week respectively search and rescue operation. All mining activities at
the shaft were suspended during the search and rescue operation - and subsequently remained suspended for a further
prolonged period to re-establish and secure all related safety protocols.

Both 8 Shaft and the 12 Shaft mechanised section, which were identified as loss-making in the low metal price environment, 
were closed as planned at the end of December 2015 - collectively these areas contributed 22 600 platinum ounces in the 
first half of the financial year.

Despite these production impacts, good progress was made during the year with the commissioning and ramp-up of two
large new underground mining operations (16 Shaft and 20 Shaft). Together, these new shafts produced 82 900 platinum ounces
in 2016, with planned output of 310 000 platinum ounces per annum from 2020. Productivity improvements continue to
receive focus, specifically reducing under-performing mining teams and increasing available mining face length and
flexibility through ore reserve development and construction. Mineable face length for conventional mining crews has been a 
key focus over a number of years and has been maintained at 22km, despite the closure of 8 Shaft in December 2015 and further
depletion at the old shafts which will all be closed in the next few years.

Milled throughput improved by 12.1% to 10.32 million tonnes (9.21 million tonnes) and refined platinum production
increased by 9.0% to 626 900 ounces (575 200 ounces).

Measures to contain the operating cost base at Impala Rustenburg realised a combined saving of approximately R930 million in 
2016, principally through procurement and other cost saving initiatives. Despite this good performance, unit costs were severely 
impacted by the lower production volumes in the second half and improved by only 7.3% or R22 139 per platinum ounce refined 
(2015: R23 884).

Value-enhancing capital investment to sustain longer-term value creation continue to be prioritised despite the
current price environments. The principal focus in this regard remains the completion of 16 and 20 Shafts in line with our
strategy to transform the Impala Lease Area. In 2016, R1.3 billion was invested into these two projects, with a further
R2.6 billion to be invested over the next three years to complete both shaft complexes. The ramp-up of production at 16
Shaft is ahead of plan. Corrective action at 20 Shaft to address less than planned stoping targets has shown positive

Project development work at 17 Shaft was stopped in February 2016 and placed on low cost care and maintenance, given
persistently low PGM metal prices. To maintain the profile of the Lease once 16 and 20 Shafts are at steady state 
(830 000 platinum ounces per annum), dewatering of 17 Shaft needs to commence in 2020.

The key focus at Impala Rustenburg is to meet its build-up target on stoping teams and deliver the planned team
efficiencies. Critical in all of this will be full delivery of our safe production strategy, ensuring that the exceptional
safety performance and zero harm standards already embedded at many of our operations, is replicated across all operations
to minimise avoidable work stoppages. Ongoing cost saving measures are being targeted though various identified
projects, such as procurement initiatives. An optimisation project has been initiated with external support to specifically
interrogate the mining cycle at Impala Rustenburg, with the goal of securing and/or enhancing production from the shafts.

During the year under review, IRS, which uses Impala’s excess processing and refining capacity to smelt and refine the
concentrate and matte produced by the Group’s other mine-to-market operations and third parties, generated R1.35 billion 
post tax, which is a significant contribution to the Group. This world-class refining business remains a strategic
competitive advantage for Implats.

Platinum production from mine-to-market operations increased by 10.7% from the previous year to 628 600 ounces 
(567 500 ounces) as all operations delivered higher volumes to IRS. Refined platinum production from third-party 
purchases and toll volumes increased from 133 200 ounces to 182 900 ounces, largely due to improved deliveries from 
third-party customers.

Zimplats achieved five million fatality-free shifts in the year under review and the operation recorded only eight
(2015: 13) lost-time injuries in the year.

Measures to recover production losses as a result of the temporary safety closure of the Bimha Mine in August 2014,
including further open-pit mining and the redeployment of mining teams, together with increasing output from the new
Mupfuti Mine as it ramped-up production, fully compensated for lost tonnage at Bimha Mine in 2016.

Tonnes milled increased by 24.1% to 6.41 million (5.16 million). The remaining stockpiled material - 21 000 platinum
ounces - which resulted from the outage of Zimplats’ smelter in May 2015, was sold as concentrate during the 2016
financial year. Platinum in matte production increased by 52.5% from the previous year to 290 400 ounces (190 000 ounces) 
- a record level of production.

A new pillar layout introduced at the Mupfuti Mine following the ground collapse at Bimha is nearing completion. The
redevelopment of Bimha Mine remains on schedule to reach full production in April 2018. To ensure that the Phase 2
production levels are sustained beyond 2021, a bankable feasibility study on Portal 6 is near completion and this project 
will be considered by the board in November 2016. It is expected that US$148 million will be spent over the next five years
on this project.

Due to cash constraints, the refurbishment of the Selous-based base metal refinery has been put on hold. Studies into
various smelter options to mitigate the operational risk of a single furnace operation and to potentially treat other
concentrates in the country continue.

Platinum unit costs benefited significantly from increased production volumes as well as stringent cost containment
initiatives and declined by 32.9% to US$1 130 (2015: US$1 683) per platinum ounce in matte. In rand terms, unit costs only
improved by 15.2% to R16 291 (2015: R19 211) per platinum ounce in matte as the exchange rate weakened further.

Capital expenditure reduced to US$68 million (2015: US$85 million) due to the cash preservation initiative in response
to low metal prices.

Capital expenditure over the next few years will remain constrained by the low dollar price environment and is
prioritised for projects critical to sustaining production levels, improving safety and maintaining Zimplats’ licence 
to operate.

Marula’s lost-time injury frequency rate improved from 18.20 to 9.56 per million man-hours worked. The mine had no
fatalities during the year and has currently reached the exemplary milestone of two million fatality-free shifts.

Marula has focused on improving operational performance and profitability and, during the first half of the year, the
operational performance improved by 13%. Production during the second half was disrupted by sporadic community unrest,
which had a direct negative impact of 55 500 tonnes or some 2 500 ounces. The last two months of the financial year were
uninterrupted and Marula achieved efficiencies that, on an annualised basis, would result in over 90 000 ounces of

Overall, milled tonnage increased by 2.5% to 1.70 million tonnes (2015: 1.66 million tonnes) and platinum in
concentrate production rose by 5.6% to 77 700 ounces (2015: 73 600 ounces).

Unit costs per platinum ounce in concentrate increased by 6.9% to R24 149 (2015: R22 582) in line with mining
inflation. Costs were well controlled and on budget, but the unit cost was negatively affected by the loss of 
production due to community unrest.

Capital expenditure was contained to R89 million (2015: R145 million) due to cash preservation initiatives.

The optimisation programme focusing on Marula’s existing infrastructure over the past few years will provide the
necessary foundation for the mine to reach its targeted output of 90 000 ounces of platinum in 2017. It has adequate mineable
face length having doubled from 1.5km in 2013 to 3.2km currently. Moreover, the successful completion of the raisebore
ventilation hole at Clapham will enable increased development to further enhance mining flexibility. The Driekop
chairlift installation is progressing and is scheduled to be completed by December 2016. This will assist in generating
increased available face time and improved team productivity.

Two separate fatalities occurred at the Mimosa operations during the period under review and were a devastating blow
to an excellent safety record. These unprecedented incidents followed the operation’s achievement of five million
fatality-free shifts and a fatal injury frequency rate of 0.13 per million man-hours worked.

Operationally, Mimosa achieved record production. Tonnes milled increased marginally to 2.64 million (2015: 2.59 million) 
and platinum in concentrate production to 119 700 ounces (2015: 117 400 ounces). Unit costs per platinum ounce in
concentrate decreased by 4.1% to US$1 463 (2015: US$1 525) driven largely by cost saving initiatives. Capital expenditure
of US$32 million was mainly spent on maintenance capital.

Mimosa plans to stringently manage costs in order to mitigate ongoing inflationary pressures. Steady-state platinum in
concentrate production will be maintained at 115 000 ounces per annum. A feasibility study on a possible 30% expansion
of production has been completed subject to improved metal prices and the availability of capital. The government of
Zimbabwe deferred until 1 January 2017 the imposition of a 15% export levy on unbeneficiated platinum concentrates. Mimosa
continues to consult with the government on the export levy and has recently completed a bankable feasibility study for
the construction of a smelter at the operation.

Two Rivers achieved three million fatality-free shifts during the year under review and has now operated for 53 months
without a fatality.

Tonnes milled increased from 3.36 million to 3.51 million due to additional toll milling through another facility.
Consequently, platinum in concentrate production increased by 7.1% to 185 900 ounces (2015: 173 500 ounces).

Unit costs per platinum ounce in concentrate were well contained and decreased by 1.4% to R11 775 (2015: R11 948) as a
result of the increased production volumes. Despite the low metal price environment experienced during the year, Two
Rivers generated R946 million in cash after tax. Capital expenditure at R282 million was at similar levels to the previous

Two Rivers is expected to sustain the production at more than 150 000 platinum ounces per annum for at least 10 years. This 
will entail the exploitation of the remaining extension and portions 4, 5 and 6 of Kalkfontein. Capital to extend the
infrastructure into the adjacent Kalkfontein areas has been budgeted for. Two Rivers is investigating various strategic
alternatives to increase output beyond 2018.

Mineral Resources and Mineral Reserves
Implats’ total attributable Mineral Resources of 194 million platinum ounces at 30 June 2016 is 1% lower than the 
196 million platinum ounces reported previously in June 2015. This can mainly be ascribed to mining depletion. The grouping
of platinum ounces per reef shows that some 50% of the attributable Mineral Resource is hosted by the Great Dyke and the
Zimplats Mineral Resource makes up 49% of the total Implats inventory.

Total attributable Mineral Reserves decreased by 18% to 21.6 million platinum ounces as at 30 June 2016 compared to
26.4 million platinum ounces in the previous financial year. The main contributor to the decrease in Mineral Reserves is
the exclusion of the 17 Shaft Mineral Reserves at Impala. Some 62% of the total attributable Mineral Reserves are located
at Impala.

Financial performance
Revenue for the year increased by R3.5 billion rand from the previous year to R35.9 billion as a result of an increase
in sales volumes (R5.7 billion) and a positive exchange rate variance (R7.2 billion) but offset by lower dollar metal
prices (R9.4 billion).

Cash costs comprising on-mine, processing, refining and selling and administration benefited from stringent cost
control measures and increased by only 6.1% compared to a normalised 2015 cost after adjusting for once off ramp-up 
costs and savings after the strike in the 2014 financial year.

Production was negatively affected during the second half by the fire at 14 Shaft and the fall of ground at 1 Shaft.
Notwithstanding this, gross group platinum production increased by 12.7% to 1 438.3 million ounces.

Other once-off items include an impairment/scrapping charge of R413 million - mainly due to the impairment of the 12
Shaft mechanised section, which was closed in December 2015 and the scrapping of the 14 Shaft conveyor belt after the
fire. Insurance proceeds of R474 million is included in other operating income, which related mainly to the business
interruption and asset insurance on 14 Shaft.

Overall, headline earnings per share decreased from 36 cents per share to 12 cents per share mainly due to the lower
rand metal prices, which were offset to some extent by increased volumes and stringent cost control.

The Group’s cash position at end of the financial year improved from R2.6 billion to R6.8 billion mainly as a result
of the equity raise during the financial year of R3.9 billion (net of expenses) and net cash generated, after funding all
capital expenditure, of R291 million. At year-end, the Group had committed facilities of R4 billion until 2017.
Subsequent to year-end, R3.25 billion of these committed facilities were extended to 2021 and an additional R0.75 billion
facility was obtained also expiring in 2021 bringing the total committed facilities to R4.75 billion.

Capital expenditure for the year amounted to R3.6 (2015: R4.3) billion.

Capital expenditure of approximately R4.4 billion is planned for the 2017 financial year, of which R1.2 billion
relates to 20 and 16 Shafts at Impala. 17 Shaft has been placed on low-cost maintenance at some R6 million per annum. Of the
capital expenditure of R4.4 billion, R2.4 billion is planned at Impala and US$122 million is planned at Zimplats. Capital
expenditure will principally be funded from the opening cash balance, operating cash flows and borrowings if necessary.

Market review
Despite global macroeconomic uncertainty, overall demand for PGMs from major sectors remained healthy during 2015 and
continued to hold its ground during the first half of 2016. Secondary PGM supply was affected by the low PGM and steel
price environment, which led to some hoarding by collectors. Primary PGM supply continues to be at risk due to the
continued lack of capital investment and the challenging mining environment in southern Africa. The platinum and palladium
markets remained in a fundamental deficit during 2015, while the rhodium market showed a small surplus.

At the start of the financial year, the platinum price was US$1 085 per ounce, but declined to a low of US$814 per
ounce in January 2016 driven by pervasive negative sentiment towards industrial metals, rather than their fundamentals.
Prices bounced back after January 2016 to reach US$1 084 per ounce during May 2016 on the back of positive investor
sentiment, healthy demand and tight supply conditions from South Africa during the first quarter of calendar year 2016.
Palladium prices started the financial year at US$687 per ounce reaching a high of US$723 per ounce in September 2015 - a 
level not reached again during the period under review. Palladium closed the financial year at US$589 after reaching a low 
of US$465 per ounce in January 2016 and largely tracked macroeconomic factors throughout the year.

The 23% depreciation of the rand dollar exchange rate over the financial year and some restricted appreciation of
prices post January 2016 did support rand prices for PGMs, giving partial relief to cash-constrained South African platinum

Overall, 2015 was a relatively positive year for the global automotive industry, which achieved 1.8% growth for
light-duty vehicle sales, reaching 90 million units. While this was the slowest growth rate since 2009 - due to declines in
units sold in Japan, South America and Russia - these were offset by record sales in North America, Western Europe and
China. Concerns over the sustainability of diesel demand in Western Europe have proven to be largely unfounded and sales
remain robust. Despite the ongoing substitution of platinum with palladium in gasoline and some diesel autocatalysts,
platinum demand continued to benefit from growing use in light- and heavy-duty diesel vehicles, which exceeded 3.2 million
ounces in 2015. The growth in vehicle sales and the substitution of platinum by palladium resulted in palladium demand
from the automotive sector reaching 7.7 million ounces in 2015.

The 2015 PGI retail barometer showed the economic slow-down in China affecting the jewellery industry, resulting in
Chinese platinum jewellery demand declining by 4% during 2015. This was partially offset by growth regions, such as India,
which benefited from a promotional programme and better market penetration. The 10% growth in the US was largely driven
by low platinum prices.

Industrial demand remained healthy in 2015 and into the first half of 2016, driven largely by chemical, electrical and
fuel cell applications. The selloff of platinum and palladium ETFs in the second half of 2015 continued during the
first half of 2016. Net liquidations of platinum amounted to 40 000 ounces as South African funds liquidating 160 000 ounces
during the first half of 2016 on the back of rand weakness, which prompted profit-taking. Net palladium ETF
liquidations of 130 000 ounces during the first half of 2016 were more pronounced than platinum due to concerns about the Chinese
economy and its effect on palladium demand. Changes in NYMEX/TOCOM positioning were divergent during the first half of
the year.

Growing demand for platinum and palladium from the automotive and industrial sectors is unlikely to be met by primary
and secondary supply. In the low price environment, recycling should remain sluggish. Primary South African producers
now have less flexibility to supplement supplies with metal from stocks as these have been depleted to supplement cash
flows. Diminishing above-ground stocks are expected to continue to satisfy fundamental deficits during 2016.

Implats remains resolute in achieving zero harm goals to ensure the safety and well[###]being of every employee and will
continue to work closely with all stakeholders including employees, organised labour and the Department of Mineral
Resources (DMR) in pursuit of achieving safe production across all operations.

In the short term, PGM prices are expected to remain subdued. Implats will continue its cash preservation initiatives
as well as the drive to enhance productivity and profitability. The Group continues to invest in its operations and will
mechanise and optimise through the downturn to ensure it is well positioned for the future. All operations are
performing extremely well and efforts are apace to restore Impala Rustenburg to its full potential.

Given the impact of the 14 Shaft fire, the production estimate for Impala is between 700 000 and 710 000 platinum
ounces for 2017, after which the previous guidance of building up to 830 000 platinum ounces by 2020 remains. Production
guidance for the other operations remains unchanged for the coming year - Zimplats 260 000 platinum ounces in matte and
Marula, Two Rivers and Mimosa 90 000, 175 000 and 115 000 platinum ounces in concentrate, respectively.

Unit costs are expected to be approximately R21 300 per platinum ounces and capital should be contained to R4.4 billion in 

The financial information on which this prospects statement is based has not been reviewed and reported on by Implats’ external

Approval of the financial statements
This abridged report is extracted from audited information, but is not itself audited. The directors of the Company
take full responsibility for the preparation of the summary consolidated annual results for the period ended 30 June 2016
and that the financial information has been correctly extracted from the underlying annual 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:

MSV Gantsho            TP Goodlace
Chairman               Chief executive officer

1 September 2016

Consolidated statement of financial position
as at 30 June 2016
                                                                   2016        2015    
                                                      Notes          Rm          Rm     
   Non-current assets                                                                  
   Property, plant and equipment                          6      49 722      47 248    
   Exploration and evaluation assets                                385         385    
   Investment property                                              173           -    
   Investment in equity accounted entities                        3 342       3 172    
   Deferred tax                                                      37           -    
   Other financial assets                                           312         146    
   Derivative financial instruments                       7       1 137         630    
   Prepayments                                                   10 180      10 378    
                                                                 65 288      61 959    
   Current assets                                                                      
   Inventories                                            8       8 202       8 125    
   Trade and other receivables                                    3 605       3 751    
   Other financial assets                                            12          35    
   Prepayments                                                    1 121         748    
   Cash and cash equivalents                                      6 788       2 597    
                                                                 19 728      15 256    
   Total assets                                                  85 016      77 215    
   Equity and liabilities                                                              
   Share capital                                          9      19 547      15 733    
   Retained earnings                                             31 200      31 271    
   Other components of equity                                     5 161       3 100    
   Equity attributable to owners of the Company                  55 908      50 104    
   Non-controlling interest                                       2 548       2 258    
   Total equity                                                  58 456      52 362    
   Non-current liabilities                                                             
   Deferred tax                                                   8 574       8 695    
   Borrowings                                            10       8 715       7 366    
   Other financial liabilities                                        -          57    
   Sundry liabilities                                               443         377    
   Provisions                                                     1 082         848    
                                                                 18 814      17 343    
   Current liabilities                                                                 
   Trade and other payables                                       6 382       6 057    
   Current tax payable                                              645         636    
   Borrowings                                            10         564         710    
   Other financial liabilities                                       66          17    
   Sundry liabilities                                                89          90    
                                                                  7 746       7 510    
   Total liabilities                                             26 560      24 853    
   Total equity and liabilities                                  85 016      77 215                        

Consolidated statement of comprehensive income
for the period ended 30 June 2016
                                                                                        2016          2015    
                                                                         Notes            Rm            Rm    
   Revenue                                                                            35 932        32 477    
   Cost of sales                                                            11       (35 928)      (30 849)   
   Gross profit                                                                            4         1 628    
   Other operating income                                                                647           953    
   Other operating expenses                                                             (198)       (1 338)   
   Impairment                                                                           (307)       (5 847)   
   Royalty (expense)/income                                                             (516)          575    
   Loss from operations                                                                 (370)       (4 029)   
   Finance income                                                                        369           135    
   Finance cost                                                                         (705)         (419)   
   Net foreign exchange transaction losses                                              (549)         (287)   
   Other income                                                                          547           266    
   Other expenses                                                                       (154)         (399)   
   Share of profit of equity accounted entities                                          262           377    
   Loss before tax                                                                      (600)       (4 356)   
   Income tax income                                                                     557           217    
   Loss for the year                                                                     (43)       (4 139)   
   Other comprehensive income/(loss), comprising items that 
   may subsequently be reclassified to profit or loss:               
   Available-for-sale financial assets                                                    (7)          (27)   
   Deferred tax thereon                                                                    -            (2)   
   Share of other comprehensive income of equity accounted entities                      342           239    
   Deferred tax thereon                                                                  (34)          (23)   
   Exchange differences on translating foreign operations                              2 380         1 495    
   Deferred tax thereon                                                                 (311)         (195)   
   Other comprehensive income/(loss), comprising items that will 
   not be subsequently reclassified to profit or loss:               
   Actuarial loss on post-employment medical benefit                                      (1)           (2)   
   Deferred tax thereon                                                                    -             -    
   Total comprehensive income/(loss)                                                   2 326        (2 654)   
   Profit/(loss) attributable to:                                                                             
   Owners of the Company                                                                 (70)       (3 663)   
   Non-controlling interest                                                               27          (476)   
                                                                                         (43)       (4 139)   
   Total comprehensive income/(loss) attributable to:                                                         
   Owners of the Company                                                               1 990        (2 372)   
   Non-controlling interest                                                              336          (282)   
                                                                                       2 326        (2 654)   
   Earnings per share (cents per share):                                                                      
   Basic                                                                                 (10)         (603)   
   Diluted                                                                               (10)         (603)                                                   

Consolidated statement of equity
for the period ended 30 June 2016
                                                                                 based         Total          
                                                    Ordinary        Share      payment         share      Retained   
                                                      shares      premium      reserve       capital      earnings            
                                                          Rm           Rm           Rm            Rm            Rm                     
   Balance at                                             16       13 369        2 348        15 733        31 271    
   30 June 2015                                                                                                       
   Shares issued                                                                                                      
   - Ordinary share issue                                  2        3 998            -         4 000             -    
   - Implats Share Incentive Scheme                        -            2            -             2             -    
   Shares purchased - Long-term Incentive Plan             -          (17)           -           (17)            -    
   Share-based compensation expense                                                                                   
   - Long-term Incentive Plan                              -            -          (71)          (71)            -    
   Total comprehensive income/(loss)                       -            -            -             -           (71)   
   - Profit/(loss) for the year                            -            -            -             -           (70)   
   - Other comprehensive income/(loss)                     -            -            -             -            (1)   
   Dividends                                               -            -            -             -             -    
   Balance at                                             18       17 252        2 277        19 547        31 200    
   30 June 2016                                                                                                       
   Balance at                                             16       13 371        2 237        15 624        34 936    
   30 June 2014                                                                                                       
   Shares issued                                                                                                      
   - Implats Share Incentive Scheme                        -            1            -             1             -    
   Shares purchased - Long-term Incentive Plan             -           (3)           -            (3)            -    
   Share-based compensation expense                                                                                   
   - Long-term Incentive Plan                              -            -          111           111             -    
   Total comprehensive income/(loss)                       -            -            -             -        (3 665)   
   - Profit/(loss) for the year                            -            -            -             -        (3 663)   
   - Other comprehensive income/(loss)                     -            -            -             -            (2)   
   Dividends                                               -            -            -             -             -    
   Balance at 30 June 2015                                16       13 369        2 348        15 733        31 271    

                                                                                     Attributable to:  
                                                       currency        Other     Owners          Non-                 
                                                    translation   components     of the   controlling        Total 
                                                        reserve    of equity    Company      interest       equity 
                                                             Rm           Rm         Rm            Rm           Rm 
   Balance at                                             3 024           76     50 104         2 258       52 362 
   30 June 2015                                                                                                    
   Shares issued                                                                                                      
   - Ordinary share issue                                     -            -      4 000             -        4 000    
   - Implats Share Incentive Scheme                           -            -          2             -            2    
   Shares purchased - Long-term Incentive Plan                -            -        (17)            -          (17)   
   Share-based compensation expense                                                                                   
   - Long-term Incentive Plan                                              -        (71)            -          (71)   
   Total comprehensive income/(loss)                      2 068           (7)     1 990           336        2 326    
   - Profit/(loss) for the year                               -            -        (70)           27          (43)   
   - Other comprehensive income/(loss)                    2 068           (7)     2 060           309        2 369    
   Dividends                                                  -            -          -           (46)         (46)   
   Balance at                                             5 092           69     55 908         2 548       58 456    
   30 June 2016                                                                                                       
   Balance at                                             1 702          105     52 367         2 550       54 917    
   30 June 2014                                                                                                       
   Shares issued                                                                                                      
   - Implats Share Incentive Scheme                           -            -          1             -            1    
   Shares purchased - Long-term Incentive Plan                -            -         (3)            -           (3)   
   Share-based compensation expense                                                                                   
   - Long-term Incentive Plan                                 -            -        111             -          111    
   Total comprehensive income/(loss)                      1 322          (29)    (2 372)         (282)      (2 654)   
   - Profit/(loss) for the year                               -            -     (3 663)         (476)      (4 139)   
   - Other comprehensive income/(loss)                    1 322          (29)     1 291           194        1 485    
   Dividends                                                  -            -          -           (10)         (10)   
   Balance at 30 June 2015                                3 024           76     50 104         2 258       52 362    
   *The table above excludes the treasury shares, Morokotso Trust (ESOP) and the Implats Share Incentive Scheme as 
    these special structured entities are consolidated.

Consolidated statement of cash flows
for the period ended 30 June 2016
                                                                2016         2015    
                                                                  Rm           Rm    
   Cash flows from operating activities                                              
   Cash generated from operations                              4 216        3 100    
   Exploration costs                                             (13)         (33)   
   Finance cost                                                 (589)        (338)   
   Income tax paid                                              (883)        (401)   
   Net cash from operating activities                          2 731        2 328    
   Cash flows from investing activities                                              
   Purchase of property, plant and equipment                  (3 658)      (4 508)   
   Proceeds from sale of property, plant and equipment            42           42    
   Purchase of available-for-sale financial assets              (152)           -    
   Purchase of held-to-maturity financial assets                 (70)           -    
   Proceeds from available-for-sale financial assets              23            -    
   Proceeds from held-to-maturity financial assets                40            -    
   Loans granted                                                  (2)         (61)   
   Loan repayments received                                       24           19    
   Finance income                                                394          141    
   Dividends received                                            439          522    
   Net cash used in investing activities                      (2 920)      (3 845)   
   Cash flows from financing activities                                              
   Issue of ordinary shares net of transaction cost            3 902            1    
   Shares purchased - Long-term Incentive Plan                   (17)          (3)   
   Repayments of borrowings                                      (13)        (344)   
   Proceeds from borrowings                                      389           80    
   Dividends paid to non-controlling interest                    (46)         (10)   
   Net cash from/(used in) financing activities                4 215         (276)   
   Net increase/(decrease) in cash and cash equivalents        4 026       (1 793)   
   Cash and cash equivalents at beginning of year              2 597        4 305    
   Effect of exchange rate changes on cash and cash         
   equivalents held in foreign currencies                        165           85    
   Cash and cash equivalents at end of year                    6 788        2 597                                 

Notes to the financial information
for the period ended 30 June 2016

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 1 September 2016 by the board of

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 and 
   on the Company’s website.
   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 2016 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 2016, 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.
   Implats’ annual financial statements have historically been prepared based on an internal cut-off date for financial
   information on 21 June, in line with the metallurgical cut-off date each year. Implats has decided to align the internal
   cut-off and the date of the financial statements by moving the internal month end date of 21 June to 30 June.
   The current year consolidated statement of profit and loss and other comprehensive income resultantly includes a
   period of one year and nine days. This had less than 0.1% impact on the gross margin of the Group.
   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 2015 without any
   significant impact:
   - Amendments to IAS 7 - Statement of Cash Flows
   - Amendments to IAS 12 - Income Taxes 

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
   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 10% each of total sales (June 2015: 13% and 10%).
   The statement of comprehensive income shows the movement from gross profit to total profit before income tax.

                                30 June 2016                       30 June 2015                      
                                     Revenue      Gross profit          Revenue      Gross profit    
                                          Rm                Rm               Rm                Rm    
   - Impala                           35 051            (1 694)          31 777            (1 337)   
   Mining                             14 556            (1 950)          13 369            (1 455)   
   Metals purchased                   20 495               256           18 408               118    
   - Zimplats                          6 753               555            4 661               480    
   - Marula                            1 678              (398)           1 636              (220)   
   - Afplats                               -                 -                -                 -    
   Chrome processing                     314                83              225                92    
   Inter-segment adjustment           (8 456)              (44)          (6 315)            1 324    
   External parties                   35 340            (1 498)          31 984               339    
   Refining services                  20 539             1 524           18 824             1 293    
   Inter-segment adjustment          (19 947)              (22)         (18 331)               (4)   
   External parties                      592             1 502              493             1 289    
   Total external parties             35 932                 4           32 477             1 628    
                                     Capital             Total          Capital             Total    
                                 expenditure            assets      expenditure            assets    
                                          Rm                Rm               Rm                Rm    
   - Impala                            2 490            45 031            3 047            46 828    
   - Zimplats                            981            17 560              968            15 548    
   - Marula                               89             2 866              145             2 993    
   - Afplats                               -             3 059              127             3 061    
   Total mining                        3 560            68 516            4 287            68 430    
   Refining services                       -             6 648                -             4 708    
   Chrome processing                       -               182                -               180    
   Other                                   -             9 670                -             3 897    
   Total                               3 560            85 016            4 287            77 215    

6. Property, plant and equipment
                                           30 June 2016      30 June 2015    
                                                     Rm                Rm    
   Opening net book amount                       47 248            46 916    
   Capital expenditure                            3 560             4 287    
   14 Shaft re-establishment                         69                 -    
   Interest capitalised                              29               260    
   Disposals                                        (13)              (13)   
   Depreciation (note 11)                        (3 319)           (2 593)   
   Impairment                                      (257)           (2 872)   
   Scrapping                                       (106)             (437)   
   Transfer to investment property                 (223)                -    
   Rehabilitation adjustment                        143               110    
   Exchange adjustment on translation             2 591             1 590    
   Closing net book amount                       49 722            47 248    

   12 Shaft mechanised section was impaired during the year. Due to the current PGM prices, the decision was taken to
   defer mining of this section. This will be mined in future if it becomes economically feasible. The asset was impaired in
   its totality. On the higher of fair value less cost to sell or value-in-use basis (being the method used), this asset is
   deemed to have a nil value for the time being resulting in the impairment of R257 million.
   Capital commitment
   Capital expenditure approved at 30 June 2016 amounted to R7.2 billion (June 2015: R15.5 billion), of which R1.3 billion 
   (June 2015: R2.1 billion) is already committed. This expenditure will be funded internally and, if necessary, from

7. Derivative financial instrument
   Implats entered into a Cross Currency Interest Rate Swap (CCIRS) amounting to US$200 million to hedge certain aspects
   of the foreign exchange risk on the US$ convertible bonds (note 9), being: exchange rate risk on dollar interest
   payments and the risk of a future cash settlement of the bonds at a rand-dollar exchange rate weaker than R9.24/US$. 
   (US$200 million was swapped for R1 848 million on which Implats pays a fixed interest rate to Standard Bank of 5.94%. 
   Implats receives the 1% coupon on the US$200 million from Standard Bank on the same date which Implats pays bond holders. 
   In February 2018 Implats will repay the R1 848 million in return of the US$200 million.)
   The CCIRS with Standard Bank is carried at its fair value of R1 137 (June 2015: R630) million. No hedge accounting has
   been applied.

8. Inventories
                                         30 June 2016      30 June 2015    
                                                   Rm                Rm    
   Mining metal                                                            
   Refined metal                                  259             1 233    
   In-process metal                             2 523             2 423    
   Non-mining metal                             2 782             3 656    
   Refined metal                                1 267             1 282    
   In-process metal                             3 360             2 436    
                                                4 627             3 718    
   Stores and materials inventories               793               751    
   Total carrying amount                        8 202             8 125    

   The write-down to net realisable value comprises R106 million (2014: R154 million) for refined mining metal and 
   R558 million (2015: R364 million) for in-process mining metal.
   Included in refined metal is metal on lease to third parties of 36 000 ounces (2015: 36 000 ounces) ruthenium.
   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 R384 million (2015: R325 million).
   Non-mining metal consists mainly of inventory held by Impala Refining Services. No inventories are encumbered.

9. Share capital
                                                                                    30 June 2016      30 June 2015    
                                                                                              Rm                Rm    
    Ordinary shares                                                                           18                16    
    Share premium                                                                         17 252            13 369    
    Share-based payment reserve                                                            2 277             2 348    
    Total share capital                                                                   19 547            15 733    
    The authorised share capital of the holding company is R21 (June 2015: R21)     
    million consisting of 844.01 (June 2015: 844.01) million ordinary shares with   
    a par value of 2.5 cents each.                                                  
    The number of ordinary shares in issue outside the Group are net of treasury    
    shares held as follows (million):                                               
    Number of ordinary shares issued                                                      734.78            632.21    
    Treasury shares                                                                       (16.23)           (16.23)   
    Morokotso Trust                                                                        (8.87)            (8.87)   
    Share Incentive Trust                                                                      -             (0.03)   
    Number of ordinary shares issued outside the Group                                    709.68            607.08    
    The movement of ordinary shares during the year was as follows (million):                                         
    Beginning of the period                                                               607.08            607.05    
    Shares issued                                                                         102.57                 -    
    Shares issued - Implats Share Incentive scheme                                          0.03              0.03    
    Shares issued - Long-term Incentive Plan                                                0.50              0.04    
    Shares purchased - Long-term Incentive Plan                                            (0.50)            (0.04)   
    End of the year                                                                       709.68            607.08    

    At a meeting of shareholders held on 6 October 2015, shareholders gave approval for, among other things, the directors
    to allot and issue up to 171 895 144 shares. On 7 October 2015, 102 564 102 shares were issued to qualifying investors
    at R39.00 per share to raise R4.0 billion to be used to fund the completion of Impala’s 16 and 20 Shafts.
10. Borrowings
                                                           30 June 2016      30 June 2015    
                                                                     Rm                Rm    
    Standard Bank Limited - BEE partners Marula                     882               881    
    Standard Bank Limited - Zimplats                              1 248               913    
    Standard Bank Limited - Revolving credit facility               353                85    
    Convertible bonds - ZAR                                       2 575             2 499    
    Convertible bonds - US$                                       2 848             2 313    
    Finance leases                                                1 373             1 385    
                                                                  9 279             8 076    
    Current                                                         564               710    
    Non-current                                                   8 715             7 366    
    Beginning of the year                                         8 076             7 787    
    Proceeds                                                        389                80    
    Leases capitalised                                                -                 5    
    Interest accrued                                                625               577    
    Interest repayments                                            (492)             (461)   
    Capital repayments                                              (13)             (344)   
    Exchange adjustment                                             694               432    
    End of the year                                               9 279             8 076    
    Other than the Zimplats term loan facility, all other loan terms were unchanged since June 2015.
    Standard Bank Limited - Zimplats term loan
    Zimplats renegotiated the loan terms to increase the facility to US$95 million, repayable in two equal payments at 
    31 December 2017 and 31 December 2018. At the end of the period the US dollar balance amounted to US$85 (June 2015: US$75)
    million. US$25 million was classified as current at June 2015, now classified as non-current. 
    At 30 June 2016, the Group had signed committed facility agreements for a total of R4.0 (June 2015: R3.0) billion.
    Subsequent to year-end, R3.25 billion of these committed facilities were extended to 2021, and an additional R0.75 billion
    facility was obtained expiring end of 2021. This resulted in the total committed facility being R4.75 billion after
    In addition, Zimplats has a US$24 million revolving credit facility of which US$24 (June 2015: US$7) million was drawn
    at 30 June 2016.

11. Cost of sales
                                          30 June 2016      30 June 2015    
                                                    Rm                Rm    
    On-mine operations                          15 173            13 656    
    Processing operations                        4 731             3 517    
    Refining and marketing                       1 294             1 032    
    Corporate cost                                 493               869    
    Share-based compensation                        21              (190)   
    Chrome operation - cost of sales               196               113    
    Depreciation of operating assets             3 319             2 593    
    Metals purchased                            10 663            10 068    
    Change in metal inventories                     38              (809)   
                                                35 928            30 849    

12. Headline earnings

                                                                 30 June 2016      30 June 2015    
                                                                           Rm                Rm    
    Headline earnings attributable to equity holders of         
    the Company arise from operations as follows:               
    Loss attributable to owners of the Company                            (70)           (3 663)   
    Adjustments (after adjusting for non-controlling interest):                                    
    Profit on disposal of property, plant and equipment                   (29)             (186)   
    Impairment                                                            307             5 101    
    Scrapping of property, plant and equipment                            106               380    
    Insurance compensation relating to scrapping of             
    property, plant and equipment                                        (172)                -    
    Total tax effects of adjustments                                      (59)           (1 411)   
    Headline earnings                                                      83               221    
    Weighted average number of ordinary shares in issue for     
    basic earnings per share (millions)                                682.19            607.07    
    Weighted average number of ordinary shares for diluted      
    earnings per share (millions)                                      683.75            608.53    
    Headline earnings per share (cents)                                                            
    Basic                                                                  12                36    
    Diluted                                                                12                36    

13. Contingent liabilities and guarantees
    As at the end of June 2016 the Group had bank and other guarantees of R1 267 million (June 2015: R1 217 million) 
    from which it is anticipated that no material liabilities will arise.

14. Related party transactions
    - The Group entered into PGM purchase transactions of R3 693 million (June 2015: R3 299 million) with Two Rivers
      Platinum, an associate company, resulting in an amount payable of R958 million (June 2015: R876 million) at year 
      end. It also received refining fees to the value of R30 million (June 2015: R24 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 232 million (June 2015: R1 231 million) was outstanding in terms of the lease liability.
      During the period, interest of R127 million (June 2015: R126 million) was charged and a R125 million (June 2016:
      R116 million) repayment was made. The finance leases have an effective interest rate of 10.2%. 
    - The Group entered into PGM purchase transactions of R3 015 million (June 2015: R2 862 million) with Mimosa
      Investments, a joint venture, resulting in an amount payable of R800 million (June 2015: R690 million) at year end. 
      It also received refining fees and interest to the value of R291 million (June 2015: R245 million). 

    These transactions are entered into on an arm’s-length basis at prevailing market rates.

    Key management compensation (fixed and variable):      30 June 2016      30 June 2015    
                                                                   R000              R000    
    Non-executive directors’ remuneration                         8 069             7 962    
    Executive directors’ remuneration                            16 418            16 077    
    Prescribed officers                                          32 970            31 682    
    Company secretary                                             2 006             1 912    
    Total                                                        59 463            57 633    

15. Financial instruments

                                                                     30 June 2016      30 June 2015    
                                                                               Rm                Rm    
   Financial assets - carrying amount                                                                  
   Loans and receivables                                                    8 740             4 898    
   Financial instruments at fair value through profit and loss2             1 137               630    
   Held-to-maturity financial assets                                           70                38    
   Available-for-sale financial assets1                                       157                27    
                                                                           10 104             5 593    
   Financial liabilities - carrying amount                                                             
   Financial liabilities at amortised cost                                 14 113            12 905    
   Borrowings                                                               9 279             8 076    
   Commitments                                                                 66                74    
   Trade payables                                                           4 759             4 751    
   Other payables                                                               9                 4    
                                                                           14 113            12 905    
   The carrying amount of financial assets and liabilities approximate their fair values except for the US$ 
   convertible bond (carrying amount R2 848 million) that has a fair value of R2 460 million, and the ZAR
   convertible bond (carrying amount R2 575 million) that has a fair value of R2 355. These fair values are
   categorised within Level 3 of the fair value hierarchy. A discounted cash flow valuation technique was used 
   using a 12% discount rate on the US$ convertible bond and 14% discount rate on the ZAR convertible bond.
   1 Level 1 of the fair value hierarchy - Quoted prices in active markets for the same instrument. 
   2 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

Deutsche Securities (SA) Proprietary Limited

MSV Gantsho (chairman), TP Goodlace (chief executive officer), B Berlin (chief financial officer), 
HC Cameron, PW Davey*, A Kekana, AS Macfarlane*, ND Moyo^, FS Mufamadi, B Ngonyama, MEK Nkeli, ZB Swanepoel

^ Zimbabwean
Date: 01/09/2016 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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