IMPALA PLATINUM HOLDINGS LIMITED - SPONSORED ADR PROGRAM INITIATED              
IMPALA PLATINUM HOLDINGS LIMITED                                                
Registration No. 1957/001979/06                                                 
ISIN: ZAE 000003554                                                             
SHARE CODE: IMP                                                                 
SPONSORED ADR PROGRAM INITIATED                                                 
Impala Platinum Holdings Limited (Implats) is pleased to announce the initiation
of a sponsored Level I American Depository Receipt (ADR) programme.  Deutsche   
Bank has been appointed as the depository bank.  The new, sponsored ADRs now    
trade under the ticker symbol IMPUY, with two ADRs comprising one ordinary      
share.  The new cusip number is 452553308.                                      
Keith Rumble, Chief Executive Officer of Implats said, "Our initiation of a     
sponsored Level I ADR programme further highlights our ongoing commitment to our
growing US shareholder base.  We have responded to the requests of these        
shareholders to create a more visible profile and liquid market in the U.S. by  
taking this step.  We believe that this improvement in Implats` ADR programme   
will ultimately benefit all our shareholders globally.                          
Mr. Rumble continued, "We were very impressed with the commitment and dedication
of Deutsche Bank`s ADR group and their ability to customize a programme to fit  
an issuers` needs, while effectively servicing our shareholders."               
Implats mines, beneficiates and markets platinum group metals (PGMs) and is the 
world`s second largest platinum producer.  Based in South Africa, the Company   
has operations there and in Zimbabwe, along with exploration projects in the    
United States, Canada, Brazil and Australia.                                    
For further information please contact:                                         
In South Africa:                                                                
Cathie Markus - Impala Platinum         Charmane Russell - Russell & Assoc.     
27-11-481-3925 (o)                 27-11-880-3924 (o)                           
27-82-441-7166 (m)                 27-82-372-5816 (m)                           
In the United States:                                                           
Michelle Roth                                                                   
(732) 792-2200 (o)                                                              
Johannesburg                                                                    
7 January 2003                                                                  
Issued by:                                                                      
Sponsor:                                                                        
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 07/01/2003 08:00:00 AM Produced by the JSE SENS Department