IMPALA PLATINUM HOLDINGS LIMITED - First quarter p28 Oct 2016
IMP 201610280001A
First quarter production report for the period 1 July to 30 September 2016

IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE Share code: IMP
ADR code: IMPUY
ISIN: ZAE000083648
(˘Implats÷ or ˘the Group÷)


First quarter production report for the period 1 July to 30 September 2016

Johannesburg, 28 October 2016:

ImplatsĂ CEO, Terence Goodlace, commented, ˘Our growth momentum in platinum production,
which started last year, has continued following a 20% increase in output over the last quarter.
Impala Rustenburg was, however, affected by safety stoppages, but the production for the
upcoming December quarter is expected to normalise due to the continued high level of focus on
improving safety through key initiatives and enhanced dialogue with the DMR and AMCU, as
well as the resumption of full production at 1 Shaft. Progress on the re-establishment of safe
production at RustenburgĂs fire-affected 14 Shaft is on plan and cold commissioning of the
conveyor belt and its associated infrastructure in the upper part of the decline section has
commenced. Zimplats has continued to excel from a health, safety and production perspective
and the bankable feasibility work for the development of portal 6 has been completed. The final
Implats Board submission for this project is planned for November 2016.÷


                                                               Unaudited             Unaudited
          Operational information                            Quarter ended         Quarter ended
                                                           30 September 2016     30 September 2015

 Gross refined production:
 Platinum                                         000oz                   365                  304
 Palladium                                        000oz                   223                  191
 Rhodium                                          000oz                    44                   41
 Nickel                                             000t                  3.97                 3.97



 Managed operations:

 Impala
 Tonnes milled                                      000t                 2 433                2 989
 Grade (6E)                                          g/t                  4.17                 4.04
 Refined platinum production                      000oz                   151                  123
                                                              Unaudited             Unaudited
          Operational information                           Quarter ended         Quarter ended
                                                          30 September 2016     30 September 2015

 Zimplats
 Tonnes milled                                     000t                 1 703                1 614
 Grade (6E)                                         g/t                  3.49                 3.46
 Platinum in matte                                000oz                   68                   66

 Marula
 Tonnes milled                                     000t                  446                  440
 Grade (6E)                                         g/t                  4.41                 4.41
 Platinum in concentrate                          000oz                   21                   21



 JV operations:

 Mimosa
 Tonnes milled                                     000t                  690                  672
 Grade (6E)                                         g/t                  3.80                 3.95
 Platinum in concentrate                          000oz                   31                   31


 Two Rivers
 Tonnes milled                                     000t                  877                  822
 Grade (6E)                                         g/t                  4.12                 4.11
 Platinum in concentrate                          000oz                   49                   44



 Group and third party refined material:

 IRS
 Refined platinum production                      000oz                  215                  181




SAFETY
Implats remains committed to ensuring zero harm and the GroupĂs safety strategy is premised
on safe behaviour, an inherently safe work environment and leading safety practices. During the
quarter ended 30 September 2016 all operations and business units other than three of the
shafts at Impala Rustenburg did not have any fatal incidents.

Safe production and zero harm requires the resolve and commitment of every person in the
organisation, the leadership of our representative unions and government. Management
remains resolute in their engagements with all our stakeholders and is leading this process in
pursuit of our goal to ensure every work place is free from serious and fatal incidents.

PRODUCTION
Gross refined platinum production during the quarter increased by 20.0% to 365 200 ounces,
compared to 304 100 ounces achieved in the prior corresponding period. This was primarily due
to sustained good operational performances from Zimplats, Marula, Mimosa, Two Rivers and
Impala Refining Services (IRS), and the impact of planned furnace maintenance at the Impala
Rustenburg smelters last year.
Impala Rustenburg
A five month long comprehensive multi-stakeholder, multimedia health and safety awareness
campaign was launched throughout Impala Rustenburg in July 2016. In addition the critical safe
behaviours programme continues to gain impetus for 17 000 employees employed in five key
occupations throughout the property. It was then with deep regret that even with all of this
health and safety focus Mr Lucas Chauke was fatally injured in a fall of ground incident at Impala
12 Shaft, Mr Ernesto Uainda sustained fatal injuries in an underground locomotive tramming
incident at Impala 20 Shaft, and Mr Joseph Kekgaretswa was fatally injured while doing shaft
maintenance work at Impala 7 Shaft. The Board of directors (Šthe Board÷) of Implats and the
management team have extended their very sincere sympathies and support to the family,
friends and colleagues of our departed employees.

Tonnes milled were 18.6% lower than the previous comparable quarter at 2.43 million tonnes,
largely as a result of production lost due to Department of Mineral Resources (DMR) safety
stoppages (approximately 300 000 tonnes), delayed production build-up at Impala 1 Shaft
following a fall-of-ground safety incident in May 2016, a decision to re-size the UG2 conventional
panel widths across the operation in line with assessed ground conditions to significantly reduce
the operational risk, and production lost from the Impala 14 Shaft decline section, which remains
closed after the conveyor infrastructure was damaged in an underground conveyor fire in
January 2016.

The production impact as a result of the build-up at Impala RustenburgĂs 1 Shaft and re-sizing
the UG2 conventional panel widths is anticipated to be limited to the first quarterĂs performance
and is not expected to materially affect performance in the second quarter. Repair work at the
14 Shaft decline section is progressing according to plan with the first production section
expected to be recommissioned ahead of schedule by the end of October 2016, with full mining
capacity planned to be restored from March 2017.

Additional Merensky Reef tonnage from the recommissioned 14 Shaft decline system and
continued build-up from 16 Shaft and 20 Shaft will benefit full year planned production.

Refined platinum production at Impala Rustenburg increased by 22.0% to 150 600 ounces,
compared to 123 400 platinum ounces produced in the comparable quarter last year, which was
impacted by planned smelter maintenance.

Zimplats
Zimplats reported zero lost time injuries for the quarter and mill throughput increased by 5.5% to
1.70 million tonnes, compared to 1.61 million tonnes in the prior corresponding period, largely as
a result of increased production from the South open pit and Bimha Mine. Platinum in matte
production consequently increased by 3.6% to 68 400 ounces, compared to 66 000 ounces in
the prior corresponding period a year ago.
The bankable feasibility study for the development of a 2.2 million tonnes per annum
replacement portal system for the Rukodzi and the Ngwarati mines has been completed and this
project will be submitted to the Boards of Zimplats and Implats for their consideration in
November 2016. Once approved, the planned US$260 million project will access 4.65 million 4E
ounces of reserves through high productivity modern mechanised mining methods. Preliminary
early works related to accessing and excavating the box cut position commenced in the quarter.
Full project details will be released once the Implats Board approval processes have been
completed.

Marula
Marula reported zero fatal incidents for the quarter and tonnes milled increased by 1.4% to
446 000 tonnes, compared to 440 000 tonnes in the prior corresponding period. This increase
was achieved despite significant sporadic community protest disruptions during the quarter,
which resulted in a direct production loss of some 101 000 tonnes milled. There was a further
5 000 tonnes lost as a result of DMR safety stoppages. The management team continue to
focus on relationship-building initiatives with the local communities to arrest the community
disruptions and secure the planned build-up in production to 90 000 platinum ounces per annum.
Platinum in concentrate production was unchanged at 21 200 ounces compared to the prior
corresponding period.

Mimosa
Mimosa reported zero lost time injuries and tonnes milled during the period increased by 2.7% to
690 000 tonnes, compared to 672 000 tonnes in the previous comparable quarter. Platinum
production in concentrate of 30 500 ounces was largely unchanged from the prior comparable
period.

Two Rivers
Two Rivers reported 2 lost time injuries for the quarter and mill throughput increased by 6.7% to
877 000 tonnes, compared to 822 000 tonnes in the previous comparable quarter. Together
with higher grade and improved recoveries platinum in concentrate production increased by
11.4% to 49 300 ounces compared to 44 700 ounces in the prior comparable period.

IRS
IRS refined platinum production during the period increased by 18.7% to 214 500 ounces,
compared to 180 700 ounces in the prior quarter. This was principally as a result of higher
deliveries from third party customers during the quarter under review.



The above information has not been reviewed or reported on by the GroupĂs external auditors.
QUERIES

Johan Theron                                   Alice Lourens
Group Executive: Corporate Relations           Group Corporate Relations Manager
E-mail: Johan.Theron@implats.co.za             E-mail: Alice.Lourens@implats.co.za
Tel:    +27 11 731 9013/43                     Tel:    +27 11 731 9033/43
Cell: +27 82 809 0166                          Cell: +27 82 498 3608



Johannesburg
28 October 2016

Sponsor to Implats
Deutsche Securities (SA) Proprietary Limited

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