IMPALA PLATINUM HOLDINGS LIMITED - Consolidated in23 Feb 2017
IMP 201702230003A
Consolidated interim results (reviewed) for the six months ended 31 December 2016

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

Consolidated interim results (reviewed) for the six months ended 31 December 2016


Key features

Safety
- Regrettably four employees suffered fatal injuries at Impala Rustenburg during the period under review 
- Over the last five years, the Group has invested significantly in safety initiatives
- Implats has 13 safety "millionaire" sites, three of which have operated for over 15 years without a fatal 
  incident.

Market
- Overall demand for platinum group metals (PGMs) remained strong, while supply constraints continue 
- On a fundamental basis, the platinum market experienced a fifth consecutive deficit year.

Prices
- Platinum and palladium showed positive gains
- Rand revenue per platinum ounce rose 14.1% to R24 921.

Strategic response
- Continued focus on cash preservation and profitability in a low metal price environment
- Ongoing capital expenditure remains a focus area.

Operational performance
- Gross refined platinum production increased by 12.5% to 778 500 ounces
- Zimplats, Two Rivers, Mimosa and Impala Refining Services (IRS) deliver good operational performances
- Difficult operating environments continued to challenge the operational performance of Impala Rustenburg and Marula.

Liquidity 
- Generated R1.8 billion in cash from operations before changes in working capital
- Gross cash of R5.4 billion 
- Net debt of R1.1 billion
- R4.0 billion of unutilised facilities available until 2021.

                                Implats refined 
                                   778 500 oz
                    Group refined platinum production
Mine-to-market operations               impala refining services (IRS)
Impala - 318 700 oz                     Third-party concentrate purchase recycling 
Zimplats - 118 300 oz*                  and toll treatment - 149 000 oz
Marula - 41 200 oz*
Mimosa - 57 900 oz*
Two Rivers - 93 400 oz*

Refined platinum ounces indicated above have been rounded for illustrative purposes.
*Ex-Impala Refining Services (IRS)

Group performance

Operating statistics                                                     Six months       Six months        
                                                                              ended            ended      Year ended    
                                                                        31 December      31 December         30 June    
                                                                               2016             2015            2016
Gross refined production                                                                                                
Platinum                                                    (000oz)           778.5            692.1         1 438.3    
Palladium                                                   (000oz)           468.4            414.0           885.4    
Rhodium                                                     (000oz)            91.4             84.2           185.1    
Nickel                                                          (t)           8 283            8 475          17 001    
IRS metal returned (toll refined)                                                                                       
Platinum                                                    (000oz)               -                -             0.1    
Palladium                                                   (000oz)               -              0.9             1.5    
Rhodium                                                     (000oz)               -                -               -    
Nickel                                                          (t)           1 596            1 830           3 509    
Sales volumes                                                                                                           
Platinum                                                    (000oz)           730.7            764.9         1 511.6    
Palladium                                                   (000oz)           463.6            419.7           905.5    
Rhodium                                                     (000oz)            94.2             94.7           197.1    
Nickel                                                          (t)           7 173            6 495          14 184    
Prices achieved                                                                                                         
Platinum                                                   (US$/oz)           1 009              963             961    
Palladium                                                  (US$/oz)             674              632             586    
Rhodium                                                    (US$/oz)             672              803             735    
Nickel                                                      (US$/t)           9 924           10 598           9 483    
Consolidated statistics                                                                                                 
Revenue per platinum ounce sold                            (US$/oz)           1 775            1 624           1 627    
                                                             (R/oz)          24 921           21 843          23 413    
Average exchange rate achieved                             (1US$=R)           14.04            13.45           14.39    
Closing exchange rate for the period                       (1US$=R)           13.74            15.48           14.69    
Tonnes milled ex-mine                                        (000t)           9 262            9 898          18 426    
PGM refined production                                      (000oz)         1 553.3          1 378.3         2 907.5    
Group unit cost per platinum ounce                         (US$/oz)           1 623            1 666           1 507    
                                                             (R/oz)          22 797           22 380          21 731    
Headline earnings                                              (Rm)            (508)             347              83    
Gross profit margin                                             (%)            (1.7)            (0.2)              -    
Capital expenditure                                            (Rm)           1 592            1 892           3 560    
Cash net of debt/(debt net of cash)                            (Rm)          (1 107)            (291)             19    
Cash (utilised)/generated from/(used in) operations            (Rm)            (146)             976           2 731    


Commentary
Introduction
The first half of financial year 2017 was characterised by an ongoing focus on the GroupÆs strategic response to
succeed in the continued low price environment and challenging operating conditions. Increased production and good cost
management were a feature at most operations over the past six months, with Impala Refining Services again delivering robust
cash flows. Safety remains our first priority and given the difficult 12 months experienced by Impala Rustenburg,
significant efforts continue to transform the safety culture at this operation.

Market review (all references to years in this section refer to calendar years unless otherwise stated)
The platinum market experienced a fifth consecutive fundamental deficit in 2016. The deficit this year was an
approximate 700 000 ounces and a further deficit of around 450 000 ounces is expected in 2017 provided investment demand is
maintained. The reduced deficit expected in 2017 is largely due to a modest decrease in industrial demand and declining
platinum jewellery demand in China, moderated by primary supply constraints from South Africa. 

We estimate that by the end of 2017, supply deficits experienced since 2012 will have consumed approximately four
million ounces of platinum from above-ground stocks. Sustained demand in key market sectors, together with a more muted
supply outlook from the South African producers should support improved market fundamentals into the future.

Platinum, palladium and rhodium all showed positive gains in 2016, closing 3.3%, 23.5% and 16.6% higher at US$907,
US$676 and US$770 per ounce, respectively. This is in stark contrast to 2015, where platinum, palladium and rhodium traded
28%, 31% and 41% lower respectively. The average platinum price realised during the period under review was 7.1% higher
at US$1 015 per ounce compared to the previous comparable period, while palladium increased by 11.4% to US$680 per
ounce. Support for platinum came from a combination of rising vehicle sales in Western Europe, which grew for the third
consecutive year in 2016, investment demand in Japan and constrained PGM output from South Africa. 

Palladium performed well on the back of increasing vehicle sales in China and the US. The rhodium price traded 16.3%
lower during the period under review averaging US$672 per ounce, despite increased demand from the automotive and
chemical industries.

Calendar year 2016 was positive for the automotive industry, with global light duty vehicle sales estimated to have
reached 93 million units on the back of continued growth in the US, Western Europe and China, despite a slowdown in sales
in Japan, Eastern Europe and Latin America. US light duty vehicle sales, which were largely sustained at 17.51 million
units, continue to be driven by low gasoline prices, widespread credit availability, an increase in leasing and
employment gains. Western European light duty vehicles demand was better than expected after the Brexit vote. Sales in this
region reached 13.95 million units, a 5.8% increase from 2015. Chinese light duty vehicle sales recorded a 14.9% year-on-year
growth reaching 24.38 million units. This was stimulated, in part, by tax cuts on small-engine vehicles. The Japanese
market was the exception with a decline of 1.5% to 4.97 million units in 2016. However, there are signs that this market
may be recovering demonstrated by 7.4% and 7.6% improvements in sales during November and December 2016 respectively. 

Despite strong growth in the automotive sector and the continued adoption of stricter emission legislation globally,
the continued preference for palladium over platinum in catalyst systems remains a concern and is not sustainable in our
view. The automotive sector needs to align long-term use with the ratio in which the metals are mined to ensure
sustainable supply, which will require automakers to switch back to platinum in the near future. Current platinum/palladium
price differentials are at a six year high, providing strong financial impetus for such switching. 

The Chinese market remains the major consumer of platinum jewellery globally. Structural changes in the Chinese
economy have impacted consumer behaviour and indications are that platinum jewellery retail sales may have dropped by as 
much as 9% during 2016. However, other markets have offset some of the declines from China, particularly in India, which 
has grown by 23%. In Japan, platinum jewellery continues to recover market share from white gold and is expected to have
grown by 1% during 2016. The US market experienced strong growth, capitalising on the low platinum price, and is estimated
to have grown by approximately 6% in 2016.

We continue to support the Platinum Guild International (PGI). Its stated strategy aims to arrest the decline in Chinese 
jewellery demand by aligning its marketing efforts to the changing socio-economic landscape in China. Initiatives include
among others, targeting gem set, branded collections and higher sales volumes. 

The platinum and palladium Exchange Traded Funds (ETFs) both experienced liquidations during 2016. Palladium liquidations were 
significant at 640 000 ounces, largely due to strong market fundamentals and rising metal prices, which incentivised profit 
taking. Platinum experienced strong investment demand for small bars and coins in Japan, with accumulative investment of 
approximately 425 000 ounces during 2016, offsetting a modest 9 000 ounce ETF liquidation during the year. The World Platinum 
Investment Council (WPIC) continues to prioritise strategic partnerships and investment products that will incentivise and 
sustain future investment demand.
 
The platinum paper markets (NYMEX/TOCOM) remained relatively stable during 2016, with a modest 65 000 ounce decline.
Palladium, however, followed its strong physical supply/demand fundamentals and recorded an increase of 710 000 ounces
during the year.

The market fundamentals for platinum, palladium and rhodium remain well supported by resilient global demand and constrained 
primary supply. Near-term, growing and unsustainable deficits in palladium will further underpin this market, and also support 
platinum and rhodium as consumers seek to optimise their metal mix into the future. Fundamental deficits for both platinum and 
palladium are expected to continue for the foreseeable future. 

Safety review
The realisation of zero harm remains the GroupÆs key priority and the strategic focus is centred on a cultural transformation 
among employees, supported by effective leadership, supervision and compliance with leading safety practices to create an 
inherently safe working environment. Success demands a strong resolve from every employee and the leadership of representative 
unions and government. To this end, management continues to engage with all stakeholders and is leading the process with the 
ultimate goal of having every workplace free from serious injury and fatal incident. 

Over the past five years, the Group has invested significantly in safety initiatives, resulting in significant improvements in 
safety performance across all operational units - with many setting new safety records. Currently, Implats has 13 safety 
"millionaire" sites, 12 of which have operated for more than two years without a fatal incident, including four with over four 
years and three who have worked for over 15 years without a fatal incident.

Despite a keen focus on safe operational performance, safety remains a significant challenge for some of the Rustenburg mining 
operations. In particular, multiple fatalities at 14 Shaft and 1 Shaft during the past 12 months had a significant impact on our 
safe production efforts. While no fatal incidents were recorded across other Group operations, regrettably four employees 
suffered fatal injuries at Impala Rustenburg during the six months ended 31 December 2016 (three in the first quarter and one in 
the second). The board of directors and the management team express their sincere condolences to the friends, families and 
colleagues of the deceased.

Targeted behaviour change programmes continue to be implemented across the Rustenburg operation and training in high
risk occupations including rock drill operators (RDO), scraper winch operators, panel operators, loco operators and TMM
operators has been completed. The desired safe work behaviours are now being entrenched. In addition, a comprehensive
multi-stakeholder health and safety awareness campaign was conducted at the Rustenburg operation. Management will continue
to boost safe production compliance and drive the change from a dependent to an interdependent culture, where every
employee looks after their own safe behaviour and the safety of others. In addition, employees who have an elevated risk of
experiencing a safety incident due to ill health, emotional and financial concerns or are compromised are identified,
monitored and assisted to mitigate against further safety incidents.

Strategic response
Several initiatives were announced in February 2015 in response to persistently low US dollar metal prices. Key
strategic objectives included cost optimisation, reprioritising and rescheduling capital expenditure, implementing the Impala
lease area strategy, which aims to transform Rustenburg into a more concentrated mining operation, and strengthening the
Group balance sheet. 

The reduction in operating costs realised a saving of about R1.4 billion in 2016. Further initiatives are being
pursued to contain costs below inflation. Despite the impact on production as a result of the 14 Shaft fire and other
safety-related incidents, Group unit costs benefited from increased production volumes, as well as cost containment in response
to low dollar metal prices, increasing by only 1.9% to R22 797 per platinum ounce in the period under review from R22 380 in 
the prior comparable period.

Capital expenditure remains a focus area and the estimated spend for financial year 2017 is R4.0 billion. In the first
six months R1.6 billion was spent, a 15.9% reduction from the previous comparable period (H1 FY2016: R1.9 billion). The
majority of the capex was spent at Impala (R1.2 billion) - mainly on the completion of 16 and 20 shafts in Rustenburg -
and projects at Zimplats (R353 million). The new shafts at the Rustenburg operations still require R2.0 billion to
complete, of which some R1.2 billion is expected to be spent in the current financial year.

Operational review
Zimplats, Two Rivers, Mimosa and Impala Refining Services (IRS) all delivered good operational performances. Difficult
operating environments challenged the performance at both Impala Rustenburg and Marula. Gross refined platinum production 
during the six months to 31 December 2016 increased by 12.5% to 778 500 ounces, compared to 692 100 ounces in the previous 
comparable period. This was largely due to a lock-up of platinum to accommodate planned furnace maintenance at the
Rustenburg smelters in the previous comparable period. 

Managed operations
IMPALA PLATINUM
Mill throughput decreased by 14.4% to 5.0 million tonnes (H1 FY2016: 5.9 million). This was largely due to the temporary 
closure of the decline section at 14 Shaft to effect repairs after the January 2016 fire, a delay in operations at 1
Shaft following the fall-of-ground incident in May 2016, reduced UG2 panel lengths and ongoing regulatory safety stoppages. 
Re-establishing the decline section at 14 Shaft has progressed well and full infrastructure capacity is expected by
March 2017. The resizing of the UG2 conventional panel lengths across the operation in line with assessed ground conditions 
and to significantly reduce the operational risk, has been completed. 
 
Approximately 39 000 ounces of platinum (600 000 mined tonnes) were lost due to repair work at 14 Shaft during the six
months under review. The number of Section 54 safety stoppage instructions issued by the Department of Mineral Resources 
(DMR) posed a significant challenge for the Rustenburg team. During the period under review, Impala recorded 58 Section 
54 safety stoppages, which led to a direct loss of some 25 000 platinum ounces (400 000 mined tonnes), equating to
about R570 million in lost revenue. While Impala remains mindful of the safety issues that have affected its operations
over recent months, it continues to engage with the DMR to minimise the negative impacts of these stoppages on its safety
risk profile and operational performance. 

Mill head grade was maintained at 4.15 g/t, despite a higher percentage of UG2 material treated during the period
under review. The additional Merensky Reef tonnage from the recommissioned 14 Shaft decline section, as well as the ongoing
ramp-up of production volumes from 16 and 20 shafts, will contribute to increasing mill head grades in the near future.

Refined platinum production decreased by 2.2% to 318 700 ounces (H1 FY2016: 325 900), due to a higher build-up of
processed material in the previous comparable period. The material built up in the period under review is expected to be
released by the fourth quarter.

Cash costs were well contained increasing by only 2.1% to R7.43 billion compared to expected mining inflation of 7.2%.
Lower production volumes offset the beneficial impact of various cost saving initiatives and unit costs increased by
4.4% to R23 304 per platinum ounce refined (H1FY2016: R22 326). Capital expenditure was reduced by 19.3% to R1.20 billion
(H1 FY2016: R1.48 billion), of which R581 million was spent on 16 and 20 shafts. The overall reduction was mainly due to
the deferment of ongoing capital and 17 Shaft being on low cost care and maintenance.

16 and 20 shafts are still scheduled to deliver combined annual production of 310 000 platinum ounces.

Impala remains focused on meeting its build-up target on stoping teams and delivering planned team efficiencies, while
delivering safe production to minimise avoidable work stoppages. A mining optimisation project was initiated with
external support to interrogate the mining cycle, supervisory management skills, change management and the contractor
strategy with the goal of securing and/or enhancing production from the shafts. This work started in January 2017 and is
expected to continue for nine months.

IMPALA REFINING SERVICES (IRS)
IRS remains a strategic competitive advantage for Implats and it once again contributed significantly to the GroupÆs
bottom line, despite low PGM prices. Over the six months to 31 December 2016, production increased 25.6% to 459 800
ounces of platinum from 366 200 ounces.

Platinum production from mine-to-market operations increased by 7.4% to 310 800 ounces (H1 FY2016: 289 300), due to
higher deliveries from Zimplats and Two Rivers. Third-party purchases and toll volumes increased from 76 900 to 149 000
platinum ounces, largely as a result of a release of in-process metal, while there was also a build-up in the previous
comparable period. 

ZIMPLATS
Tonnes milled increased by 6% to 3.3 million tonnes (H1 FY2016: 3.1 million) as all mining units sustained outstanding
operational performances and benefited from increased production from the Mupfuti and Bimha mines. Platinum in matte
production (including concentrate sales to IRS) increased 5.2% to 137 100 ounces (H1 FY2016: 130 300). 

Unit costs increased 2.0% in dollar terms to US$1 233 per platinum ounce in matte (H1 FY2016: US$1 209). In rand terms
unit costs increased 6.6% to R17 316 per platinum ounce in matte (H1 FY2016: R16 247) impacted by a weaker rand over
the period. 

The redevelopment of the Bimha Mine is progressing well, with on-reef development offsetting re-establishment costs,
and full production, which will replace all current open pit operations, is expected from April 2018. The development of
the 2.2 million tonnes per annum Mupani mine was approved by the Zimplats and Implats Boards in November 2016. This
replacement portal for the Rukodzi and Ngwarati mines will access 4.65 million 4E ounces of reserves through
high-productivity, modern, mechanised mining methods at a total capital cost of US$260 million. 

Implats supports and shares ZimbabweÆs aspirations to grow and diversify its PGM industry. A bankable feasibility
study for a second furnace has been approved and construction will commence as soon as management believes the construction
can be funded from internal cashflows. 

Zimplats remains in discussions with the Government of Zimbabwe regarding its indigenisation implementation plan.
Zimplats has recently announced the implementation of an employee share ownership trust (ESOT), which now holds a 10% equity
stake in ZimplatsÆ operating subsidiary, Zimbabwe Platinum Mines (Private) Limited (Zimplats Pvt). The beneficiaries
are the permanent employees (excluding the executive directors and company secretary). The ESOT paid US$95 million for the
10% equity stake, vendor financed through an interest-bearing loan advanced by Zimplats Pvt to the ESOT. The ESOT will
repay the loan from a portion of dividends received from Zimplats Pvt.

MARULA
The operational performance at Marula was disrupted by members of the Winnaarshoek/Driekop community, who are
dissatisfied with the way in which their 50% interest in the Makgomo Chrome project is being managed by appointed/elected
community leaders. Members from the community applied to the DMR to intervene and, subsequent to the period under review, the
chrome operation has been suspended.

Despite these disruptions, which resulted in a loss of 5 600 ounces of platinum in concentrate, tonnes milled
increased 2.5% to 909 000 tonnes (H1 FY2016: 887 000). The head grade improved marginally to 4.42 g/t (H1 FY2016: 4.37 g/t)
benefiting from the optimisation initiative at Marula. Consequently, platinum in concentrate production increased 3.1% to 43
100 ounces (H1 FY2016: 41 800). 

Unit costs increased 7.3% to R24 060 per platinum ounce in concentrate (H1 FY2016: R22 416). Capital expenditure was
limited to R58 million (H1 FY2016: R42 million) in an effort to preserve cash.

The optimisation of MarulaÆs existing infrastructure enables the mine to increase its targeted output to 90 000 ounces
of platinum per annum. However, community disruptions continue to impact the successful implementation of the optimisation 
strategy. Stakeholder interventions to facilitate a resolution to the community disruptions are being prioritised by
management.

Non-managed operations
MIMOSA
Mimosa delivered another excellent operational performance. Tonnes milled improved 4.3% to 1.37 million tonnes (H1
FY2016: 1.31 million), while the head grade declined 2.4% to 3.83 g/t. This resulted in platinum in concentrate production
increasing to 60 900 ounces (H1 FY2016: 60 000). Unit costs increased 5.0% in dollar terms to US$1 539 per platinum
ounce in concentrate (H1 FY2016: US$1 466) due to higher mined tonnage that was not milled.

A further deferment of the 15% export levy on unbeneficiated platinum to 1 January 2018 has been regularised by the
Government of Zimbabwe. Mimosa continues to consult with the Government of Zimbabwe in this regard.

TWO RIVERS 
Two Rivers also had a first-rate six months. Tonnes milled increased 2.8% to 1.75 million tonnes (H1 FY2016: 1.70
million), of which 58 700 tonnes was milled by Modikwa. The head grade was marginally lower at 4.03 g/t (H1 FY2016: 4.09
g/t). Platinum in concentrate production increased by 5.3% to 96 700 ounces (H1 FY2016: 91 800). Unit costs increased 6.6%
to R12 172 per platinum ounce in concentrate (H1 FY2016: R11 416). 

Mineral Resources and Mineral Reserves
There has been no material change to the technical assumptions, assessment criteria, and information relating to the
GroupÆs Mineral Resource and Mineral Reserves, or legal title to its mining and exploration activities, as disclosed in
the integrated report for the financial year ended 30 June 2016.

Main features relating to ImplatsÆ Mineral Resources and Mineral Reserves as at 31 December 2016 relative to 30 June
2016 are:
- Estimated total attributable Mineral Resources decreased by 1% (3 Moz 4E) to 362Moz; the total attributable platinum
  ounces decreased by 1.5 Moz Pt to 193 Moz
- The attributable platinum Mineral Resources remain dominated by Zimplats and Impala; the Zimplats Mineral Resources
  make up the bulk of these (49%)
- Total attributable Mineral Reserves increased by 9% (4 Moz 4E) to 43 Moz; the attributable platinum ounces increased
  by 2 Moz to 23.6 Moz
- The main contributor to the variance in Mineral Reserves is the inclusion of Portal 6 (Mupani mine) at Zimplats.

The revised Implats Mineral Resource and Mineral Reserve statement, as at 30 June 2017, will provide the detailed
updated assessment and reporting criteria. 

After the end of the period under review, on 13 January 2017, the Government of Zimbabwe issued, through a Government
Gazette Extraordinary, a preliminary notice in terms of which the Government has given fresh notice it intends to
compulsorily acquire land measuring 27 948 hectares within ZimplatsÆ special mining lease area. The new notice has repealed
all previous notices issued by the government in respect of its proposed compulsory acquisition of this portion of the
mining lease area. Zimplats lodged an objection on 10 February 2017 and is engaging positively with the Government of
Zimbabwe in this regard.

Financial performance
Revenue at R18.2 billion was R1.4 billion or 8.3% higher than the comparative six months as a result of:
- A negative volume variance of R75 million. The negative variance is due to an inventory draw down for the six months
  to December 2015, which was not repeated in the six months under review, partially offset by higher production volumes.
- A positive dollar metal price variance of R714 million resulting from the average dollar revenue basket per platinum
  ounce sold of about US$1 775, which was about US$151 or 9.3% higher than the comparative period. The average prices
  achieved for platinum and palladium were 4.8% and 6.6% higher, while rhodium and nickel dollar prices were 16.3% and 
  6.4% lower.
- A positive R749 million exchange rate variance was the result of the average rand-dollar exchange rate of R14.04/US$
  being approximately 4.5% weaker than the R13.45/US$ achieved during the prior comparable period. 

The average 4.5% depreciation in the value of the South African rand benefited the rand revenue basket per platinum
ounce, which rose 14.1% to R24 921.

Cost of sales at R18.5 billion increased by R1.7 billion from the comparable six months. The main contributors to this
increase were:
- An increase in operating costs of R546 million or 5.0% to R11.5 billion. The increase of 5.0% was contained below the
  mining inflation of 5.8%, comprising South African operations mining inflation of 7.2% and Zimplats rand inflation 
  which was at 0.9%;
- A share-based compensation expense of R79 million compared to a credit of R138 million in the previous comparable
  period;
- An increase in the cost of metals purchased of R717 million as a result of higher volumes purchased by IRS and higher
  rand metal prices.

As a result of the above, the Group generated a gross loss for the period of R318 million (H1 FY2016: R40 million
gross loss). 

The R411 million loss before tax was an improvement from the comparable periodÆs pre-tax loss of R552 million, largely
due to an impairment charge of R257 million in the prior period. The pre-tax loss for both periods was not materially
impacted by exchange rate movements on the dollar bond due to the effectiveness of the hedge.

The major reason for the decline in headline earnings (a loss of R508 million compared to profit of R347 million for
the period to December 2015), was a tax credit in the comparable period due to a previously written-off amount owed by a
debtor. 

Cash generated from operations (before changes in working capital) improved from R1.2 billion to R1.8 billion. An
increase in inventories of R1.2 billion and trade and other receivables of R230 million were largely responsible for the
reduction in cash from operations (after changes in working capital) to R446 million (H1 FY2016: R1 454 million). The
increase in inventories on the balance sheet was affected by an increased net realisable value adjustment of some R660
million. 

Capital expenditure, amounted to R1.6 billion, of which R581 million was spent on 16 and 20 shafts.

Gross cash at the end of the period under review amounted to R5.4 billion. Debt (excluding leases and net of the cross
currency interest rate swap) amounted to R6.5 billion resulting in net debt at 31 December 2016 of R1.1 billion (June
2016: R19 million cash net of debt).

The balance sheet remains strong with unutilised facilities of R4.75 billion, R4.0 billion of which is available until
2021. This liquidity provides security and flexibility to address upcoming debt maturities as well as to service the
ongoing needs of the business.

Given the continued cash conservation strategy, the board has resolved not to declare an interim dividend for the six
months to 31 December 2016.

Prospects
Looking ahead, the challenges and uncertainties confronting the southern African PGM mining industry remain
significant and will continue to constrain primary metal supply.

Aligned with the forecasts for strong global demand for these metals - supported by growing vehicle sales, tightening
emission standards and the growing unsustainable use of palladium in automotive catalytic systems - the Group expects
fundamental market deficits to persist. This, coupled with reduced above-ground stock liquidity, bodes well for much
healthier future supply/demand fundamentals. However, near-term metal prices could remain muted given persistent global
political and economic factors impacting investor sentiment. 

Against this outlook, the board recently approved the construction of the Mupani replacement mine at Zimplats, as well
as modernisation and detailed re-scheduling studies to restart the 17 Shaft replacement project at Impala Rustenburg in
two yearsÆ time. 

Despite a more positive market outlook, the operating environment in southern Africa remains fluid and challenging,
particularly at the more labour-intensive South African mines where safety challenges and community disruptions continue
to impede optimum performance. 

Within this environment, Implats will continue to prioritise measures to achieve the GroupÆs safe production goals
(zero harm), preserve cash, enhance productivity and increase profitability. To this end, the Group will continue
implementing its strategic response plan, which has already yielded significant improvements, realised material cost 
savings and secured the GroupÆs balance sheet. Further measures to bed down improvements and strengthen our response to the
challenging operating environment have been introduced, specifically at Impala Rustenburg where external technical capacity 
has been secured to regain lost momentum after the recent safety incidents. The intervention targets safe production and
mining efficiencies to ensure the transition to a more concentrated, low-cost operation producing at least 800 000 platinum
ounces a year from 2020.

Given the severe impact of safety stoppages at Impala Rustenburg and the community disruptions at Marula in the first
half of the financial year, the full-year production estimates for these operations have been revised to 650 000 refined
platinum ounces and 80 000 platinum ounces in concentrate, respectively. The guidance for Zimplats, Two Rivers and
Mimosa remains unchanged at 260 000 ounces platinum in matte, and 175 000 and 115 000 ounces of platinum in concentrate,
respectively.

Gross refined platinum ounces for the Group is expected to reach 1.5 million ounces of platinum for the full financial
year.

Unit costs are expected to be approximately R22 200 per platinum ounce for the full financial year with Group capital
expenditure forecast at about R4 billion.

The financial information on which this outlook is based has not been reviewed and reported on by ImplatsÆ external
auditors.

Change in leadership
The board of directors has expressed its appreciation to Terence Goodlace for his significant contribution and guidance 
to the Group. Terence resigned as chief executive and executive director with effect from 1 December 2016. Nico Muller
has been appointed as chief executive and an executive director of Implats with effect from 3 April 2017.

Approval of the interim financial statements

The directors of the Company are responsible for the maintenance of adequate accounting records and the preparation of
the interim financial statements and related information in a manner that fairly presents the state of the affairs of
the Company. These interim 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 interim 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 interim 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 interim financial statements, as set out on pages 14 to 26, have been approved by the board of directors and are
signed on their behalf by:

Dr MSV Gantsho            GS Potgieter
Chairman                  Acting chief executive officer

Johannesburg
23 February 2017

Independent AuditorÆs Review Report On Interim Financial Statements

To the Shareholders of Impala Platinum Holdings Limited
We have reviewed the condensed consolidated interim financial statements of Impala Platinum Holdings Limited in the
accompanying interim report, which comprise the condensed consolidated statement of financial position as at 31 December
2016 and the related condensed consolidated statements of comprehensive income, changes in equity and cash flows for the
six months then ended, and selected explanatory notes.

DirectorsÆ Responsibility for the Interim Financial Statements
The directors are responsible for the preparation and presentation of these interim financial statements in accordance
with the International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council and the requirements of the Companies Act of South Africa, and for such internal control as the
directors determine is necessary to enable the preparation of interim financial statements that are free from material
misstatement, whether due to fraud or error.

AuditorÆs Responsibility
Our responsibility is to express a conclusion on these interim financial statements. We conducted our review in
accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the
Independent Auditor of the Entity. ISRE 2410 requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements are not prepared in all material respects in accordance with the
applicable financial reporting framework. This standard also requires us to comply with relevant ethical requirements.

A review of interim financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, and
applying analytical procedures, and evaluate the evidence obtained.

The procedures in a review are substantially less than and differ in nature from those performed in an audit conducted
in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these
interim financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed
consolidated interim financial statements of Impala Platinum Holdings Limited for the six months ended 31 December 2016 
are not prepared, in all material respects, in accordance with the International Financial Reporting Standard, (IAS) 34
Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and
Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies 
Act of South Africa.

PricewaterhouseCoopers Inc.
Director: AJ Rossouw
Registered Auditor

23 February 2017


Consolidated statement of financial position

                                                                   As at            As at          As at    
                                                             31 December      31 December        30 June    
                                                                    2016             2015           2016    
(Rm)                                              Notes        (Reviewed)       (Reviewed)      (Audited)   
Assets                                                                                                      
Non-current assets                                                                                          
Property, plant and equipment                         5           48 386           50 539         49 667    
Exploration and evaluation assets                                    385              385            385    
Investment property                                                  173                -            173    
Investment in equity-accounted entities                            3 343            3 635          3 342    
Deferred tax                                                           -               80             37    
Other financial assets                                               321              147            312    
Derivative financial instruments                      6              907            1 311          1 137    
Prepayments                                                       10 073           10 246         10 180    
                                                                  63 588           66 343         65 233    
Current assets                                                                                              
Inventories                                           7            8 759            8 941          8 201    
Trade and other receivables                                        4 192            3 482          3 504    
Other financial assets                                                 2               55             12    
Prepayments                                                          814              650          1 121    
Cash and cash equivalents                                          5 346            6 288          6 762    
Assets classified as held for sale                    8              288              203            183    
                                                                  19 401           19 619         19 783    
Total assets                                                      82 989           85 962         85 016    
Equity and liabilities                                                                                      
Equity                                                                                                      
Share capital                                                     20 044           19 504         19 547    
Retained earnings                                                 30 829           31 475         31 200    
Other components of equity                                         4 392            5 809          5 161    
Equity attributable to owners of the Company                      55 265           56 788         55 908    
Non-controlling interest                                           2 478            2 644          2 548    
Total equity                                                      57 743           59 432         58 456    
Liabilities                                                                                                 
Non-current liabilities                                                                                     
Deferred tax                                                       7 745            9 232          8 553    
Borrowings                                            9            7 987            8 879          8 715    
Other financial liabilities                                            -               28              -    
Sundry liabilities                                                   402              371            443    
Provisions                                                         1 062              950          1 082    
                                                                  17 196           19 460         18 793    
Current liabilities                                                                                         
Trade and other payables                                           6 374            5 749          6 355    
Current tax payable                                                  774              713            645    
Borrowings                                            9              735              458            564    
Other financial liabilities                                           70               39             66    
Sundry liabilities                                                    32               57             89    
Liabilities classified as held for sale               8               65               54             48    
                                                                   8 050            7 070          7 767    
Total liabilities                                                 25 246           26 530         26 560    
Total equity and liabilities                                      82 989           85 962         85 016    
The notes on pages 19 to 26 are an integral part of these condensed interim financial statements.


Consolidated statement of profit or loss and other comprehensive income

                                                                             Six months     Six months      
                                                                                  ended          ended    Period ended    
                                                                            31 December    31 December         30 June    
                                                                                   2016           2015            2016    
(Rm)                                                              Notes       (Reviewed)     (Reviewed)       (Audited)                 
Revenue                                                                          18 195         16 807          35 618    
Cost of sales                                                        10         (18 513)       (16 847)        (35 722)   
Gross loss                                                                         (318)           (40)           (104)   
Other operating income                                                              445            425             647    
Other operating expenses                                                            (54)           (44)           (198)   
Impairment                                                                            -           (257)           (307)   
Royalty expense                                                                    (259)          (268)           (514)   
Loss from operations                                                               (186)          (184)           (476)   
Finance income                                                                      196            169             368    
Finance cost                                                                       (385)          (342)           (705)   
Net foreign exchange transaction gains/(losses)                                     138           (932)           (559)   
Other income                                                                        120            681             547    
Other expenses                                                                     (529)          (102)           (154)   
Share of profit of equity-accounted entities                                        235            158             262    
Loss before tax                                                                    (411)          (552)           (717)   
Income tax (expense)/income                                                         (47)           715             583    
Profit/(loss) for the period from continuing operations                            (458)           163            (134)   
Profit from discontinued operations                                   8             130             55              91    
Profit/(loss) for the period                                                       (328)           218             (43)   
Other comprehensive income/(loss), comprising items that          
may subsequently be reclassified to profit or loss:                      
Available-for-sale financial assets                                                  13             (5)             (7)   
- Deferred tax thereon                                                               (3)             1               -    
Share of other comprehensive income of equity-accounted entities                   (125)           451             342    
- Deferred tax thereon                                                               12            (45)            (34)   
Exchange differences on translating foreign operations                             (900)         3 119           2 380    
- Deferred tax thereon                                                              117           (407)           (311)   
Other comprehensive income/(loss), comprising items that will     
not be subsequently reclassified to profit or loss:                 
Actuarial loss on post-employment medical benefit                                     -              -              (1)   
- Deferred tax thereon                                                                -              -               -    
Total comprehensive income/(loss)                                                (1 214)         3 332           2 326    
Profit/(loss) attributable to:                                                                                            
Owners of the Company                                                              (371)           204             (70)   
Non-controlling interest                                                             43             14              27    
                                                                                   (328)           218             (43)   
Total comprehensive income/(loss) attributable to:                                                                        
Owners of the Company                                                            (1 140)         2 913           1 990    
Non-controlling interest                                                            (74)           419             336    
                                                                                 (1 214)         3 332           2 326    
Earnings per share (cents per share):                                                                                     
From continued and discontinued operations                                                                                
- Basic                                                                             (52)            31             (10)   
- Diluted                                                                           (51)            31             (10)   
From continued operations                                                                                                 
- Basic                                                                             (65)            25             (21)   
- Diluted                                                                           (65)            25             (21)   
For headline earnings per share refer note 11.                                                                            
The notes on pages 19 to 26 are an integral part of these condensed interim financial statements.                                                                                 


Consolidated statement of changes in equity

                                                                              Share-
                                                 Ordinary        Share         based     Total share
(Rm)                                               shares      premium      payments         capital
Balance at 30 June 2016                                18       17 252         2 277          19 547    
Shares issued                                                                                           
- Employee Share Ownership Programme                    -          479             -             479    
Shares purchased - Long-term Incentive Plan             -          (35)            -             (35)   
Share-based compensation expense                                                                        
- Long-term Incentive Plan                              -            -            53              53    
Total comprehensive income/(loss)                       -            -             -               -    
Profit/(loss) for the year                              -            -             -               -    
Other comprehensive income/(loss)                       -            -             -               -    
Transactions with non-controlling interest              -            -             -               -    
Dividends                                               -            -             -               -    
Balance at 31 December 2016 (Reviewed)                 18       17 696         2 330          20 044    
Balance at 30 June 2015                                16       13 369         2 348          15 733    
Shares issued                                                                                           
- Ordinary share issue                                  2        3 998             -           4 000    
- Ordinary share issue transaction cost                 -         (100)            -            (100)   
- Implats Share Incentive Scheme                        -          (16)            -             (16)   
Share-based compensation expense                                                                        
- Long-term Incentive Plan                              -            -          (113)           (113)   
Total comprehensive income/(loss)                       -            -             -               -    
Profit/(loss) for the year                              -            -             -               -    
Other comprehensive income/(loss)                       -            -             -               -    
Dividends                                               -            -             -               -    
Balance at 31 December 2015 (Reviewed)                 18       17 251         2 235          19 504    
Balance at 30 June 2015                                16       13 369         2 348          15 733    
Shares issued                                                                                           
- Ordinary share issue                                  2        3 998             -           4 000    
- Ordinary share issue transaction cost                 -         (100)            -            (100)   
- 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)                       -            -             -               -    
Profit/(loss) for the year                              -            -             -               -    
Other comprehensive income/(loss)                       -            -             -               -    
Dividends                                               -            -             -               -    
Balance at 30 June 2016 (Audited)                      18       17 252         2 277          19 547    
 
Consolidated statement of changes in equity (continued)  

                                                                    Foreign                           Attributable to:
                                                                   currency           Other       Owners             Non-                 
                                                 Retained       translation      components       of the      controlling        Total           
(Rm)                                             earnings           reserve       of equity      Company         interest       equity           
Balance at 30 June 2016                            31 200             5 092              69       55 908            2 548       58 456    
Shares issued                                                                                                                             
- Employee Share Ownership Programme                    -                 -               -          479                -          479    
Shares purchased - Long-term Incentive Plan             -                 -               -          (35)               -          (35)   
Share-based compensation expense                                                                                                          
- Long-term Incentive Plan                              -                 -               -           53                -           53    
Total comprehensive income/(loss)                    (371)             (779)             10       (1 140)             (74)      (1 214)   
Profit/(loss) for the year                           (371)                -               -         (371)              43         (328)   
Other comprehensive income/(loss)                       -              (779)             10         (769)            (117)        (886)   
Transactions with non-controlling interest              -                 -               -            -               11           11    
Dividends                                               -                 -               -            -               (7)          (7)   
Balance at 31 December 2016 (Reviewed)             30 829             4 313              79       55 265            2 478       57 743    
Balance at 30 June 2015                            31 271             3 024              76       50 104            2 258       52 362    
Shares issued                                                                                                                             
- Ordinary share issue                                  -                 -               -        4 000                -        4 000    
- Ordinary share issue transaction cost                 -                 -               -         (100)               -         (100)   
- Implats Share Incentive Scheme                        -                 -               -          (16)               -          (16)   
Share-based compensation expense                                                                                                          
- Long-term Incentive Plan                              -                 -               -         (113)               -         (113)   
Total comprehensive income/(loss)                     204             2 713              (4)       2 913              419        3 332    
Profit/(loss) for the year                            204                 -               -          204               14          218    
Other comprehensive income/(loss)                       -             2 713              (4)       2 709              405        3 114    
Dividends                                               -                 -               -            -              (33)         (33)   
Balance at 31 December 2015 (Reviewed)             31 475             5 737              72       56 788            2 644       59 432    
Balance at 30 June 2015                            31 271             3 024              76       50 104            2 258       52 362    
Shares issued                                                                                                                             
- Ordinary share issue                                  -                 -               -        4 000                -        4 000    
- Ordinary share issue transaction cost                 -                 -               -         (100)               -         (100)   
- 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)            2 068              (7)       1 990              336        2 326    
Profit/(loss) for the year                            (70)                -               -          (70)              27          (43)   
Other comprehensive income/(loss)                      (1)            2 068              (7)       2 060              309        2 369    
Dividends                                               -                                 -            -              (46)         (46)   
Balance at 30 June 2016 (Audited)                  31 200             5 092              69       55 908            2 548       58 456    
 * The table above excludes the treasury shares. During the year, 8.87 million of these shares were 
  released by the Morokotso Trust (ESOP) after vesting, at an average price of R54. 
  
The notes below are an integral part of these condensed interim financial statements.


Consolidated statement of cash flows

                                                                Six months       Six months       
                                                                     ended            ended      Period ended    
                                                               31 December      31 December           30 June    
                                                                      2016             2015              2016    
(Rm)                                                             (Reviewed)       (Reviewed)         (Audited)                  
Cash flows from operating activities                                                                             
Cash generated from operations                                         446            1 454             4 140    
Exploration cost                                                        (5)              (8)              (13)   
Finance cost                                                          (313)            (288)             (589)   
Income tax paid                                                       (342)            (235)             (859)   
Net cash flow attributable to discontinued operation                    68               53                52    
Net cash from/(used in) operating activities                          (146)             976             2 731    
Cash flows from investing activities                                                                             
Purchase of property, plant and equipment                           (1 595)          (1 902)           (3 658)   
Proceeds from sale of property, plant and equipment                     27               13                42    
Purchase of available-for-sale financial assets                         (3)               -              (152)   
Purchase of held-to-maturity financial assets                            -                -               (70)   
Proceeds from available-for-sale financial assets                        -                -                23    
Proceeds from held-to-maturity financial assets                          4                -                40    
Loans granted                                                           (1)             (14)               (2)   
Loan repayments received                                                15               21                24    
Finance income                                                         204              181               393    
Dividends received                                                      89              167               439    
Net cash flow attributable to discontinued operation                     -                1                 1    
Net cash used in investing activities                               (1 260)          (1 533)           (2 920)   
Cash flows from financing activities                                                                             
Issue of ordinary shares                                               479            3 900             3 902    
Shares purchased - Long-term Incentive Plan                            (35)             (16)              (17)   
Repayments of borrowings                                              (348)              (5)              (13)   
Proceeds from borrowings                                                 -              255               389    
Net cash flow attributable to discontinued operation                    (7)             (33)              (46)   
Net cash from financing activities                                      89            4 101             4 215    
Net increase/(decrease) in cash and cash equivalents                (1 317)           3 544             4 026    
Cash and cash equivalents at beginning of period                     6 788            2 597             2 597    
Effect of exchange rate changes on cash and cash equivalents  
held in foreign currencies                                             (52)             214               165    
Cash and cash equivalents at end of period                           5 419            6 355             6 788    
(Including held for sale cash equivalents)                                                                       
Cash and cash equivalents at end of period                           5 346            6 288             6 762    
(excluding held for sale cash equivalents)                                                                       
The notes on pages 19 to 26 are an integral part of these condensed interim financial statements.                                                        


Notes to the financial information

1. General information
Impala Platinum Holdings Limited ("Implats", "the Company" or "the Group") is one of the worldÆs leading producers of
platinum and associated platinum group metals (PGMs). Implats is structured around five mining operations and a toll
refining business in Springs in the Gauteng province. The mining operations are located on the Bushveld Complex in South
Africa and the Great Dyke in Zimbabwe, the two most significant PGM-bearing ore bodies in the world.

The Company has its listing on the securities exchange operated by JSE Limited in South Africa and a level 1 American
Depositary Receipt programme in the United States of America.

The condensed consolidated interim financial information was approved for issue on 23 February 2017 by the board of
directors.

2. Basis of preparation
The condensed consolidated interim financial statements have been prepared in accordance with International Financial
Reporting Standard (IFRS), IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council,
requirements of the Companies Act, 71 of 2008, and the Listings Requirements of the JSE Limited.

The condensed consolidated interim financial statements should be read in conjunction with the annual consolidated
financial statements for the year ended 30 June 2016, which have been prepared in accordance with IFRS.

The condensed consolidated interim financial statements have 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 some equity and liabilities for share-based payment arrangements which are measured using a binomial 
option model.

The condensed consolidated interim financial information is presented in South African rand, which is the CompanyÆs
functional currency.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total
annual earnings.

3. Accounting policies
The principal accounting policies applied are in terms of IFRS and are consistent with those of the annual consolidated 
financial statements for the year ended 30 June 2016.


4. Segment information                                                                                                  
The Group distinguishes its segments between mining operations, refining services (which include metals purchased and 
toll refined), chrome processing and other.

Management has determined the operating segments based on the business activities and management structure within the Group.

Capital expenditure comprises additions to property, plant and equipment (note 5).

Impala mining segmentÆs two largest sales customers amounted to 10% and 8% of total sales (December 2015: 13% and 10%) (June 2016: 10% each).                                                                                             

The statement of comprehensive income shows the movement from gross profit to total profit before income tax.

                              Six months ended             Six months ended                 Year ended                  
                              31 December 2016             31 December 2015                30 June 2016                 
                                 (Reviewed)                    (Reviewed)                    (Audited)                  
                                            Gross                        Gross                         Gross    
(Rm)                         Revenue       profit          Revenue      profit          Revenue       profit    
Mining                                                                                                          
- Impala                      17 920       (1 298)          16 529        (508)          35 051       (1 694)   
Mining                         7 078       (1 284)           7 428        (602)          14 556       (1 950)   
Metals purchased              10 842          (14)           9 101          94           20 495          256    
- Zimplats                     3 352          463            2 746          90            6 753          555    
- Marula                         971         (173)             808        (226)           1 678         (398)   
- Afplats                          -            -                -           -                -            -    
Inter-segment adjustment      (4 346)         (70)          (3 568)        (37)          (8 456)         (69)   
External parties              17 897       (1 078)          16 515        (681)          35 026       (1 606)   
Refining services             10 916          778            9 220         643           20 539        1 524    
Inter-segment adjustment     (10 618)         (18)          (8 928)         (2)         (19 947)         (22)   
External parties                 298          760              292         641              592        1 502    
Total external parties        18 195         (318)          16 807         (40)          35 618         (104)   


                               Six months ended             Six months ended                 Year ended
                               31 December 2016             31 December 2015                30 June 2016
                                  (Reviewed)                    (Reviewed)                    (Audited)
                             Capital        Total          Capital       Total          Capital        Total    
(Rm)                     expenditure       assets      expenditure      assets      expenditure       assets    
Mining                                                                                                          
- Impala                       1 197       43 490            1 483      45 770            2 490       45 031    
- Zimplats                       353       16 356              367      18 602              981       17 560    
- Marula                          58        2 793               42       2 950               89        2 866    
- Afplats                        (16)       3 041                -       3 056                -        3 059    
Total mining                   1 592       65 680            1 892      70 378            3 560       68 516    
Refining services                  -        7 241                -       5 436                -        6 648    
Other                              -       10 030                -       9 945                -        9 669    
Total                          1 592       82 951            1 892      85 759            3 560       84 833    

5. Property, plant and equipment
                                         Six months       Six months        
                                              ended            ended        
                                        31 December      31 December        Year ended    
                                               2016             2015      30 June 2016
(Rm)                                      (Reviewed)       (Reviewed)         (Audited)
Opening net book amount                      49 667           47 186            47 186    
Additions                                     1 592            1 892             3 629    
Interest capitalised                              3               10                29    
Disposals                                       (13)              (3)              (13)   
Transfer to investment property                   -                -              (223)   
Depreciation                                 (1 863)          (1 703)           (3 312)   
Impairment                                        -             (257)             (257)   
Scrapping                                         -               (8)             (106)   
Rehabilitation adjustment                       (33)              40               143    
Exchange adjustment on translation             (967)           3 382             2 591    
Closing net book amount                      48 386           50 539            49 667    
 

Capital commitment
Capital expenditure approved at 31 December 2016 amounted to R8 434 (December 2015: R8 139) (June 2016: R7 165)
million, of which R1 969 (December 2015: R1 611) (June 2016: R1 254) million is already committed. This expenditure 
will be funded from internal cash flows and, if necessary, from borrowings. 

Impairment
Impairment in the prior year related to the closure of the Impala 12 Shaft mechanised section.

6. 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 R907 (December 2015: R1 311) (June 2016: R1 137) million. 
No hedge accounting has been applied.

7. Inventories
                                       Six months     Six months       
                                            ended          ended       
                                      31 December    31 December       Year ended    
                                             2016           2015     30 June 2016                  
(Rm)                                    (Reviewed)     (Reviewed)        (Audited)                 
Mining metal                                                                         
Refined metal                                 328            635              259    
In-process metal                            2 848          3 305            2 522    
Non-mining metal                                                                     
Refined metal                               1 520          1 321            1 267    
In-process metal                            3 233          2 721            3 360    
Total metal inventories                     7 929          7 982            7 408    
Stores and materials inventories              830            959              793    
                                            8 759          8 941            8 201    

The write-down to net realisable value comprises R159 (December 2015: R233) (June 2016: R106) million for refined
mining metal and R1 167 (December 2015: R555) (June 2016: R558) million for in-process mining metal.

Included in refined metal is metal on lease to third parties of 36 000 (December 2015: 36 000) (June 2016: 36 000)
ruthenium ounces.

Changes in engineering estimates of metal contained in-process resulted in an increase in-process metal of R356
(December 2015: R379) (June 2016: R384) million.

Non-mining metal consists mainly of IRS inventory. No inventories are encumbered.

8. Discontinued operation
The Implats board resolved to attempt to dispose of the GroupÆs 65% stake in Impala Platinum Chrome Proprietary
Limited (Impala Chrome). At the end of the reporting period, an official process to secure a buyer had commenced and
management consider it highly likely that the sale will be concluded within the next 12 months. Impala Chrome is therefore
presented as a discontinued operation.

The carrying amounts of the assets and liabilities within Impala Chrome are as follows:

                                 Six months       Six months       
                                      ended            ended       
                                31 December      31 December       Year ended    
                                       2016             2015     30 June 2016
(Rm)                              (Reviewed)       (Reviewed)        (Audited)
Assets                                                                           
Property, plant and equipment            51               58               55    
Inventories                               1                4                1    
Trade and other receivables             163               74              101    
Cash and cash equivalents                73               67               26    
                                        288              203              183    
Liabilities                                                                      
Deferred tax                             21               23               21    
Trade and other payables                 27               31               27    
Current tax payable                      17                -                -    
                                         65               54               48    
                                                                                  
Below is an analysis of the net profit from discontinued operations:

                                          Six months      Six months      
                                               ended           ended      
                                         31 December     31 December     Period ended  
                                                2016            2015     30 June 2016  
(Rm)                                       (Reviewed)      (Reviewed)        (Audited) 
Revenue                                          289             169              314    
Cost of sales                                   (110)           (108)            (206)   
Gross profit                                     179              61              108    
Royalty expense                                   (1)             (1)              (2)   
Finance income                                     -               1                1    
Net foreign exchange transaction losses           (5)             10               10    
Profit before tax                                173              71              117    
Tax expense                                      (43)            (16)             (26)   
Net profit from discontinued operations          130              55               91    

9. Borrowings
                                                  Six months       Six months        
                                                       ended            ended      Year ended     
                                                 31 December      31 December         30 June     
                                                        2016             2015            2016     
(Rm)                                               (Reviewed)       (Reviewed)       (Audited)
Standard Bank Limited - BEE partners Marula              884              885             882    
Standard Bank Limited - Zimplats facility 1            1 168            1 316           1 248    
Standard Bank Limited - Zimplats facility 2                -              248             353    
Convertible bonds - ZAR                                2 616            2 536           2 575    
Convertible bonds - US$200 million (note 6)            2 692            2 972           2 848    
Finance leases                                         1 362            1 380           1 373    
                                                       8 722            9 337           9 279    
Current                                                  735              458             564    
Non-current                                            7 987            8 879           8 715    
Beginning of the period                                9 279            8 076           8 076    
Proceeds                                                   -              255             389    
Interest accrued                                         312              309             625    
Interest repayments                                     (241)            (240)           (492)   
Capital repayments                                      (348)              (5)            (13)   
Exchange adjustment                                     (280)             942             694    
End of the period                                      8 722            9 337           9 279    

Amendments to facilities
At 31 December 2016, the Group had signed committed facility agreements for a total of R4.75 (December 2015: R4.0)
(June 2016: R4.0) billion. All of these facilities remain undrawn. R0.75 billion of these facilities expire on 
31 December 2017 and R4.0 billion expire end of 2021.

Subsequent to the half-year end, Zimplats increased its US$24 million facility (facility 2) to US$34 million.
Simultaneously, facility 1 was decreased from US$95 million to US$85 million and the terms of repayment extended 
to US$37.5 million being repayable in December 2018 and the balance in December 2019. Reserve Bank of Zimbabwe 
approval remains outstanding for the amendments to facility 1.

10. Cost of sales                                                                           
                                       Six months       Six months       
                                            ended            ended      Period ended    
                                      31 December      31 December           30 June    
                                             2016             2015              2016    
(Rm)                                    (Reviewed)       (Reviewed)         (Audited)                  
On-mine operations                          7 936            7 743            15 173    
Processing operations                       2 510            2 331             4 731    
Refining and selling                          677              675             1 294    
Other costs                                   352              180               493    
Share-based compensation                       79             (138)               21    
Depreciation of operating assets            1 863            1 703             3 312    
Metals purchased                            5 598            4 881            10 663    
Change in metal inventories                  (502)            (528)               35    
                                           18 513           16 847            35 722    

11. Headline earnings
Headline earnings attributable to equity holders of the Company arises from operations as follows:
                                                             Six months       Six months        
                                                                  ended            ended      Year ended    
                                                            31 December      31 December         30 June    
                                                                   2016             2015            2016    
(Rm)                                                          (Reviewed)       (Reviewed)       (Audited)
Profit/(loss) attributable to owners of the Company                (371)             204             (70)   
Adjustments:                                                                                                
-  Profit on disposal of property, plant and equipment              (15)             (10)            (29)   
- Impairment after non-controlling interest                           -              257             307    
- Scrapping after non-controlling interest                            -                8             106    
-  Insurance compensation after non-controlling interest           (175)             (57)           (172)   
- Total tax effects of adjustments                                   53              (55)            (59)   
Headline earnings                                                  (508)             347              83    
Weighted average number of ordinary shares in issue for 
basic earnings per share (million)                               717.54           655.02          682.19    
Weighted average number of ordinary shares for diluted 
earnings per share (million)                                     720.69           655.48          683.75    
Headline earnings per share (cents)                                                                         
From continued and discontinued operations                                                                  
- Basic                                                             (71)              53              12    
- Diluted                                                           (70)              53              12    
From continued operations                                                                                   
- Basic                                                             (84)              46               2    
- Diluted                                                           (84)              46               2    
  
12. Contingent liabilities and guarantees
As at the end of December 2016 the Group had bank and other guarantees of R1 269 (December 2015: R1 202) (June 2016:
R1 267) million from which it is anticipated that no additional liabilities, other than what has been provided for, will
arise.

13. Related party transactions
- The Group entered into PGM purchase transactions of R1 782 (December 2015: R1 687) (June 2016: R3 693) million with 
  Two Rivers, an associate company, resulting in an amount payable of R860 (December 2015: R939) (June 2016: R958) 
  million. It received refining fees to the value of R16 (December 2015: R14) (June 2016: R30) 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 230 (December 2015: R1 233) (June 2016: R1 232) million was outstanding in terms of the 
  lease liability. During the period, interest of R63 (December 2015: R63) (June 2016: R127) million was charged and a 
  R66 (December 2015: R61) (June 2016: R125) million repayment was made. The finance leases have an effective interest 
  rate of 10.2%.     
- The Group entered into PGM purchase transactions of R1 386 (December 2015: R1 583) (June 2016: R3 015) million with 
  Mimosa, a joint venture, resulting in an amount payable of R725 (December 2015: R666) (June 2016: R800) million. It 
  also received refining fees and interest to the value of R147 (December 2015: R149) (June 2016: R291) million.

These transactions are entered into on an armÆs-length basis at prevailing market rates.
- Key management compensation (fixed and variable) was R44 (December 2015: R32) (June 2016: R59) million.

14. Financial instruments
                                                                   Six months       Six months        
                                                                        ended            ended      Year ended    
                                                                  31 December      31 December         30 June    
                                                                         2016             2015            2016    
(Rm)                                                                (Reviewed)       (Reviewed)       (Audited)               
Financial assets - carrying amount                                                                                
Loans and receivables                                                   7 763            8 247           8 740    
Financial instruments at fair value through profit and loss2              907            1 342           1 137    
Held-to-maturity financial assets                                          70               39              70    
Available-for-sale financial assets1                                      174               22             157    
                                                                        8 914            9 650          10 104    
Financial liabilities - carrying amount                                                                           
Financial liabilities at amortised cost                                13 556           13 762          14 113    
Borrowings                                                              8 722            9 337           9 279    
Commitments                                                                70               67              66    
Trade payables                                                          4 753            4 350           4 759    
Other payables                                                             11                8               9    
                                                                       13 556           13 762          14 113    

The carrying amount of financial assets and liabilities approximate their fair values.
            
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 with the rand-dollar
  exchange rate of R13.74/US$ being the most significant. These instruments are valued on a discounted cash flow basis.
  
Consolidated interim results (reviewed) for the six months ended 31 December 2016
Impala Operations (ex-mine) key statistics

- for the six months ended 31 December 2016
                                                            December      December          
                                                                2016          2015        Var %             
Mining revenue                                     (Rm)        7 078         7 428          (4.7)    
Platinum                                                       4 467         4 942          (9.6)    
Palladium                                                      1 396         1 267          10.2    
Rhodium                                                          356           485         (26.6)    
Nickel                                                           219           209           4.8    
Other                                                            640           525          21.9    
Mining cost of sales                                          (8 362)       (8 030)         (4.1)    
On-mine operations                                            (5 588)       (5 600)          0.2    
Processing operations                                         (1 435)       (1 297)        (10.6)    
Refining and selling operations                                 (304)         (313)          2.9    
Corporate costs                                                 (100)          (66)        (51.5)    
Share-based payments                                             (68)          102        (166.7)    
Depreciation                                                  (1 219)       (1 053)        (15.8)    
Increase in metal inventories                                    352           197          78.7    
Mining gross loss                                             (1 284)         (602)       (113.3)    
Royalty expense                                                 (179)         (196)          8.7    
Profit from metal purchased transactions                         (14)           94        (114.9)    
Sale of metals purchased                                      10 842         9 101          19.1    
Cost of metals purchased                                     (10 859)       (9 005)        (20.6)    
Change in metal inventories                                        3            (2)        250.0    
Gross margin ex-mine                                (%)        (18.1)         (8.1)       (123.5)    
Sales volumes ex-mine                                                                               
Platinum                                       (000 oz)        318.7         382.6         (16.7)    
Palladium                                                      148.7         150.3          (1.1)    
Rhodium                                                         37.5          45.4         (17.4)    
Nickel                                         (tonnes)        1 651         1 525           8.3    
Prices achieved ex-mine                                                                             
Platinum                                       (US$/oz)        1 001           957           4.6    
Palladium                                       (US$/R)          672           626           7.3    
Rhodium                                                          677           797         (15.1)    
Nickel                                          (US$/t)        9 244         9 941          (7.0)    
Exchange rate achieved ex-mine                 (1US$=R)        14.00         13.48          3.86    
                                                                                                    
Production ex-mine                                                                                  
Tonnes milled                                   (000 t)        5 046         5 892         (14.4)    
% UG2 milled                                        (%)         60.0          54.6           9.9    
Development metres (total)                     (metres)       43 227        49 358         (12.4)    
Head grade (5PGE+Au)                              (g/t)         4.15          4.15             -    
Platinum refined                               (000 oz)        318.7         325.9          (2.2)    
Palladium refined                                              148.7         155.4          (4.3)    
Rhodium refined                                                 43.9          46.2          (5.0)    
Nickel refined                                  (000 t)        1 651         1 974         (16.4)    
PGM refined production                         (000 oz)        612.5         637.5          (3.9)    
Total cost                                         (Rm)        7 427         7 276          (2.1)    
                                                 (US$m)          529           542           2.3    
per tonne milled                                  (R/t)        1 472         1 235         (19.2)    
                                                (US$/t)          105            92         (14.0)    
per PGM ounce refined                            (R/oz)       12 126        11 413          (6.2)    
                                               (US$/oz)          863           849          (1.6)    
per platinum ounce refined                       (R/oz)       23 304        22 326          (4.4)    
                                               (US$/oz)        1 659         1 662           0.1    
net of revenue received for other metals         (R/oz)       15 111        14 698          (2.8)    
                                               (US$/oz)        1 076         1 094           1.6    
Capital expenditure                                (Rm)        1 197         1 483          19.3    
                                                 (US$m)           85           110          22.8    
Labour including capital at period end             (no)       41 383        41 921           1.3    
Own employees                                                 31 514        32 128           1.9    
Contractors                                                    9 869         9 793          (0.8)    
Centares per panel man per month               (m2/man)         20.2          24.4         (17.2)    

Marula key statistics

- for the six months ended 31 December 2016
                                                             December      December
                                                                 2016          2015         Var %        
Revenue                                             (Rm)          971           808          20.2    
Platinum                                                          488           423          15.4    
Palladium                                                         356           283          25.8    
Rhodium                                                            76            59          28.8    
Nickel                                                             14            13           7.7    
Other                                                              37            30          23.3    
Cost of sales                                                  (1 144)       (1 034)        (10.6)    
On-mine operations                                               (925)         (832)        (11.2)    
Processing operations                                            (112)         (105)         (6.7)    
Share-based payments                                               (5)            5        (200.0)    
Treatment charges                                                  (2)           (2)            -    
Depreciation                                                     (100)         (100)            -    
Gross (loss)                                                     (173)         (226)         23.5    
Royalty expense                                                   (25)          (27)          7.4    
Gross margin                                         (%)        (17.8)        (28.0)         36.4    
Sales volumes in concentrate                                                                         
Platinum                                        (000 oz)         41.6          41.7          (0.2)    
Palladium                                                        42.5          43.2          (1.6)    
Rhodium                                                           8.7           8.8          (1.1)    
Nickel                                               (t)          133           153         (13.1)    
Prices achieved in concentrate                                                                       
Platinum                                        (US$/oz)          837           745          12.3    
Palladium                                                         603           480          25.6    
Rhodium                                                           622           485          28.2    
Nickel                                           (US$/t)        7 726         6 407          20.6    
Exchange rate achieved                          (1US$=R)        13.97         13.63           2.5    
                                                                                                     
Production                                                                                           
Tonnes milled                                    (000 t)          909           887           2.5    
Head grade (5PGE+Au)                               (g/t)         4.42          4.37           1.1    
Platinum in concentrate                         (000 oz)         43.1          41.8           3.1    
Palladium in concentrate                                         44.1          43.3           1.8    
Rhodium in concentrate                                            8.9           8.8           1.1    
Nickel in concentrate                                (t)          137           153         (10.5)    
PGM in concentrate                              (000 oz)        112.7         110.3           2.2    
Total cost                                          (Rm)        1 037           937         (10.7)    
                                                  (US$m)           74            70          (5.7)    
per tonne milled                                   (R/t)        1 141         1 056          (8.0)    
                                                 (US$/t)           81            79          (2.5)    
per PGM ounce in concentrate                      (R/oz)        9 201         8 495          (8.3)    
                                                (US$/oz)          655           632          (3.6)    
per platinum ounce in concentrate                 (R/oz)       24 060        22 416          (7.3)    
                                                (US$/oz)        1 713         1 668          (2.7)    
net of revenue received for other metals          (R/oz)       12 854        13 206           2.7    
                                                (US$/oz)          915           983           6.9    
Capital expenditure                                 (Rm)           58            42          38.1    
                                                  (US$m)          4.1           3.1          32.3    
Labour including capital at period end              (no)        4 738         4 678          (1.3)    
Own employees                                                   3 626         3 529          (2.7)    
Contractors                                                     1 112         1 149           3.2    
Centares per panel man per month                (m2/man)         26.1          24.7           5.7    


Zimplats key statistics

- for the six months ended 31 December 2016
                                                             December       December
                                                                 2016           2015         Var %             
Revenue                                            (Rm)         3 352          2 746          22.1    
Platinum                                                        1 637          1 393          17.5    
Palladium                                                         994            752          32.2    
Rhodium                                                           110             85          29.4    
Nickel                                                            276            233          18.5    
Other                                                             335            283          18.4    
Cost of sales                                                  (2 889)        (2 656)         (8.8)    
On-mine operations                                             (1 423)        (1 311)         (8.5)    
Processing operations                                            (751)          (731)         (2.7)    
Corporate costs                                                  (200)           (75)       (166.7)   
Share-based payments                                               (6)            31        (119.4)   
Treatment charges                                                 (16)                                
Depreciation                                                     (544)          (550)          1.1    
Change in inventories                                              51            (20)        355.0    
Gross profit                                                      463             90         414.4    
Intercompany adjustment*                                          (65)           (25)       (160.0)    
Adjusted gross profit                                             398             65         512.3    
Royalty expense                                                   (55)           (45)        (22.2)   
Gross margin                                        (%)          13.8            3.3         318.2    
Sales volumes in matte                                                                                
Platinum                                       (000 oz)         136.2          128.4           6.1    
Palladium                                                       112.0          107.1           4.6    
Rhodium                                                          11.9           11.6           2.6    
Nickel                                              (t)         2 412          2 441          (1.2)   
Prices achieved in matte                                                                              
Platinum                                       (US$/oz)           855            807           5.9    
Palladium                                                         632            523          20.8    
Rhodium                                                           659            541          21.8    
Nickel                                          (US$/t)         8 145          7 108          14.6    
Exchange rate achieved                         (1US$=R)         14.04          13.44           4.5    
* The adjustment relates to sales by Zimplats to the Implats Group which were still in the pipeline 
  at period end.  
  
Production                                                                                            
Tonnes milled                                   (000 t)         3 306          3 119           6.0    
Head grade (5PGE+Au)                              (g/t)          3.48           3.46           0.6    
Platinum in matte                              (000 oz)         137.1          130.3           5.2    
Palladium in matte                                              112.2          106.7           5.2    
Rhodium in matte                                                 12.0           12.0           0.0    
Nickel in matte                                     (t)         2 433          2 489          (2.2)   
PGM in matte                                   (000 oz)         291.3          277.9           4.8    
Total cost                                         (Rm)         2 374          2 117         (12.1)    
                                                (US$/t)           169            158          (7.0)    
per tonne milled                                  (R/t)           718            679          (5.7)    
                                                (US$/t)            51             51             -    
per PGM ounce in matte                           (R/oz)         8 150          7 618          (7.0)    
                                               (US$/oz)           580            567          (2.3)    
per platinum ounce in matte                      (R/oz)        17 316         16 247          (6.6)    
                                               (US$/oz)         1 233          1 209          (2.0)    
net of revenue received for other metals         (R/oz)         4 807          5 863          18.0    
                                               (US$/oz)           342            436          21.6    
Capital expenditure                                (Rm)           353            367           3.8    
                                                 (US$m)          25.1           27.3           8.1    
Labour including capital at period end             (no)         5 887          5 443          (8.2)    
Own employees                                                   3 029          3 136           3.4    
Contractors                                                     2 858          2 307         (23.9)    
Tonnes milled per employee costed***           (t/man/        1 246.5        1 207.0           3.3    
                                                annum)                                                
*** Average working cost employees.                                                                   


Mimosa key statistics

- for the six months ended 31 December 2016
                                                            December      December
                                                                2016          2015         Var %
Revenue                                            (Rm)        1 788         1 509          18.5    
Platinum                                                         805           716          12.4    
Palladium                                                        436           377          15.6    
Rhodium                                                           42            36          16.7    
Nickel                                                           240           185          29.7    
Other                                                            265           195          35.9    
Cost of sales                                                 (1 777)       (1 527)        (16.4)    
On-mine operations                                              (936)         (778)        (20.3)    
Processing operations                                           (300)         (301)          0.3    
Corporate costs                                                  (80)         (103)         22.3    
Treatment charges                                               (161)         (139)        (15.8)    
Depreciation                                                    (321)         (197)        (62.9)    
Change in inventories                                             21            (9)        333.3    
Gross profit/(loss)                                               11           (18)        161.1    
Royalty expense                                                 (112)          (90)        (24.4)    
Gross margin                                        (%)          0.6          (1.2)        150.0    
Profit for the six months                          (Rm)          124            12         933.3    
50% attributable to Implats                                       62             6         933.3    
Intercompany adjustment*                                           -             1        (100.0)    
Share of profit in Implats Group                                  62             7         785.7    
Sales volumes in concentrate                                                                        
Platinum                                       (000 oz)         57.2          58.1          (1.5)    
Palladium                                                       46.1          46.9          (1.7)    
Rhodium                                                          4.6           4.6             -    
Nickel                                              (t)        1 572         1 603          (1.9)    
Prices achieved in concentrate                                                                      
Platinum                                       (US$/oz)        1 002           917           9.3    
Palladium                                                        673           598          12.5    
Rhodium                                                          647           586          10.4    
Nickel                                          (US$/t)       10 870         8 581          26.7    
Exchange rate achieved                         (1US$=R)        14.04         13.44           4.5    
* The adjustment relates to sales by Mimosa to the Implats group which were still in the pipeline 
  at period end.
Note: These results have been equity accounted.

Production                                                                                          
Tonnes milled                                   (000 t)        1 366         1 310           4.3    
Head grade (5PGE+Au)                              (g/t)         3.83          3.93          (2.4)    
Platinum in concentrate                        (000 oz)         60.9          60.0           1.5    
Palladium in concentrate                                        48.6          46.9           3.6    
Rhodium in concentrate                                           5.2           5.0           4.0    
Nickel in concentrate                               (t)        1 717         1 746          (1.7)    
PGM in concentrate                             (000 oz)        129.8         126.9           2.3    
Total cost                                         (Rm)        1 316         1 182         (11.3)    
                                                (US$/t)           94            88          (6.5)    
per tonne milled                                  (R/t)          963           902          (6.8)    
                                                (US$/t)         68.6          67.1          (2.2)    
per PGM ounce in concentrate                     (R/oz)       10 139         9 314          (8.9)    
                                               (US$/oz)          722           693          (4.2)    
per platinum ounce in concentrate                (R/oz)       21 609        19 700          (9.7)    
                                               (US$/oz)        1 539         1 466          (5.0)    
net of revenue received for other metals         (R/oz)        5 468         6 483          15.7    
                                               (US$/oz)          389           483          19.3    
Capital expenditure                                (Rm)          248           248             -    
                                                 (US$m)         17.7          18.5           4.3    
Labour including capital                           (no)        1 348         1 388           2.9    
Own employees                                                  1 347         1 382           2.5    
Contractors                                                        1             6          83.3    
Note: These results have been equity accounted.


Two Rivers key statistics

- for the six months ended 31 December 2016
                                                            December      December            
                                                                2016          2015         Var %         
Revenue                                            (Rm)        2 128         1 855          14.7    
Platinum                                                       1 089         1 034           5.3    
Palladium                                                        470           392          19.9    
Rhodium                                                          144           135           6.7    
Nickel                                                            40            35          14.3    
Other                                                            385           259          48.6    
Cost of sales                                                 (1 478)       (1 349)         (9.6)    
On-mine operations                                              (960)         (864)        (11.1)    
Processing operations                                           (217)         (184)        (17.9)    
Treatment charges                                                (16)          (15)         (6.7)    
Chrome costs                                                    (117)         (131)         10.7    
Depreciation                                                    (132)         (138)          4.3    
Change in inventory                                              (36)          (17)       (111.8)    
Gross profit                                                     650           506          28.5    
Royalty expense                                                  (80)          (87)          8.0    
Gross margin                                        (%)         30.5          27.3          11.7    
Profit for the six months                          (Rm)          402           302          33.1    
49% attributable to Implats                                      197           148          33.1    
Intercompany adjustment*                                          20          (20)         200.0    
Share of profit in Implats Group                                 217           128          69.5    
Sales volumes in concentrate                                                                        
Platinum                                       (000 oz)         94.8          91.2           4.0    
Palladium                                                       55.9          53.5           4.6    
Rhodium                                                         16.6          16.3           1.7    
Nickel                                              (t)        318.1         309.8           2.7    
Prices achieved in concentrate                                                                      
Platinum                                       (US$/oz)          822           835          (1.5)    
Palladium                                                        602           540          11.5    
Rhodium                                                          619           609           1.6    
Nickel                                          (US$/t)        9 041         8 432           7.2    
Exchange rate achieved                         (1US$=R)        13.97         13.59           2.8    
* The adjustment relates to sales from Two Rivers to the Implats Group which at yearend was still 
  in the pipeline.
Note: These results have been equity accounted.

Production                                                                                          
Tonnes milled ex-mine                           (000 t)        1 747         1 699           2.8    
Head grade (5PGE+Au)                              (g/t)         4.03          4.09          (1.4)    
Platinum in concentrate                        (000 oz)         96.7          91.8           5.3    
Palladium in concentrate                                        56.8          54.2           4.8    
Rhodium in concentrate                                          17.0          16.5           3.0    
Nickel in concentrate                               (t)          313           317          (1.3)    
PGM in concentrate                             (000 oz)        207.1         198.1           4.5    
Total cost (excluding Chrome)                      (Rm)        1 177         1 048         (12.3)    
                                                (US$/t)           84            78          (7.7)    
per tonne milled                                  (R/t)          674           617          (9.2)    
                                                (US$/t)           48            46          (4.3)    
per PGM ounce in concentrate                     (R/oz)        5 683         5 290          (7.4)    
                                               (US$/oz)          405           394          (2.8)    
per platinum ounce in concentrate                (R/oz)       12 172        11 416          (6.6)    
                                               (US$/oz)          867           850          (2.0)    
net of revenue received for other metals         (R/oz)        2 637         3 900          32.4    
                                               (US$/oz)          188           290          35.3    
Capital expenditure                                (Rm)          175           181           3.3    
                                                 (US$m)           12            13           7.7    
Labour including capital                           (No)        3 183         3 238           1.7    
Own employees                                                  2 414         2 422           0.3    
Contractors                                                      769           816           5.8    
Note: These results have been equity accounted.


IRS key statistics

- for the six months ended 31 December 2016
                                                                              December      December             
                                                                                  2016          2015         Var %         
Revenue                                                              (Rm)       10 916         9 220          18.4    
Platinum                                                                         6 069         4 915          23.5    
Palladium                                                                        2 618         2 269          15.4    
Rhodium                                                                            512           498           2.8    
Nickel                                                                             693           692           0.1    
Other                                                                            1 024           846          21.0    
Cost of sales                                                                  (10 187)       (8 648)        (17.8)    
Metals purchased                                                                (9 504)       (8 759)         (8.5)    
Processing operations                                                             (212)         (198)         (7.1)    
Refining and selling operations                                                   (373)         (362)         (3.0)    
Corporate costs                                                                   (52)          (39)         (33.3)    
Depreciation                                                                         -             -                  
Change in metal inventories                                                        (46)          710        (106.5)    
Gross profit                                                                       729           572          27.4    
Metals purchased - adjustment on metal prices and exchange                        (158)          403        (139.2)    
Inventory - adjustment on metal prices and exchange                                207          (332)        162.3    
Gross profit in Implats Group                                                      778           643          21.0    
Metals purchased - fair value adjustment on metal prices                            59           271         (78.2)    
Metals purchased - foreign exchange adjustment                                      99         (673)         114.7    
Gross margin                                                          (%)          6.7           6.2           8.1    
Revenue                                                              (Rm)       10 916         9 220          18.4    
Direct sales to customers                                                           17            17             -    
Sales to Impala                                                                 10 600         8 926          18.8    
Toll income - external                                                             281           275           2.2    
Toll income - intercompany                                                          18             2         800.0    
                                                                                                                      
Total sales volumes                                                                                                   
Platinum                                                         (000 oz)        417.0         380.1           9.7    
Palladium                                                                        284.6         269.3           5.7    
Rhodium                                                                           56.2          49.3          14.0    
Nickel                                                                (t)        4 853         4 970          (2.4)    
Prices achieved                                                                                                       
Platinum                                                         (US$/oz)        1 024           988           3.6    
Palladium                                                                          648           643           0.8    
Rhodium                                                                            639           773         (17.3)    
Nickel                                                            (US$/t)       10 084        10 653          (5.3)    
Exchange rate achieved                                           (1US$=R)        14.21         13.09           8.6    
Refined production                                                                                                    
Platinum                                                         (000 oz)        459.8         366.2          25.6    
Palladium                                                                        319.8         258.6          23.7    
Rhodium                                                                           47.5          38.0          25.0    
Nickel                                                                (t)        6 632         6 500           2.0    
PGM refined production                                           (000 oz)        940.7         740.8          27.0    
Metal returned                                                                                                        
Platinum                                                         (000 oz)            -           0.1                  
Palladium                                                                            -           0.9                  
Rhodium                                                                              -             -                  
Nickel                                                                (t)        1 596         1 830         (12.8)    


Corporate information

Registered office
2 Fricker Road, Illovo, 2196
(Private Bag X18, Northlands 2116)

Transfer secretaries
South Africa: Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Ave, Rosebank, Johannesburg, 2196
(PO Box 61051, Marshalltown, 2107)

United Kingdom: Computershare Investor Services plc
The Pavilions, Bridgwater Road, Bristol, BS13 8AE

Sponsor
Deutsche Securities (SA) Proprietary Limited

Directors
MSV Gantsho (chairman), B Berlin (chief financial officer), HC Cameron, PW Davey*, A Kekana, 
AS Macfarlane*, ND Moyo**, FS Mufamadi, B Ngonyama, MEK Nkeli, ZB Swanepoel, U Lucht*** 
*British
**Zimbabwean
***Alternate to A Kekana, appointed 28 October 2016

Group executive: corporate relations
Johan Theron
Tel: +27 (11) 731 9013
E-mail: johan.theron@implats.co.za

Group corporate relations manager
Alice Lourens
Tel: +27 (11) 731 9033
E-mail: alice.lourens@implats.co.za

For additional information on the Group, please go to
www.implats.co.za

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