ENDED 30 JUNE 2004 (AUDITED)                                                    
Impala Platinum Holdings Limited                                                
(Incorporated in the Republic of South Africa)                                  
Registration No. 1957/001979/06                                                 
Share code: IMP                                                                 
ISIN: ZAE 000003554                                                             
Issuer code: IMPO                                                               
LSE: IPLA                                                                       
ADR: IMPUY                                                                      
* Safety performance (LTIFR) improves by 15%                                    
* Gross platinum production up by 17% to 1.96Moz                                
* Impala Platinum production at 1.09 Moz platinum                               
* Sales revenue maintained at R11.81 billion                                    
* Gross margin of 36%                                                           
* Profit down 13% to R2.96bn, largely due to rand appreciation                  
* Unit cost per platinum ounce up by 4.1%                                       
* Final dividend of 1 600 cents declared                                        
Balance Sheet                                                                   
                                             As at      As at                   
(All amounts in Rand millions                30 June    30 June                 
unless otherwise stated)                     2004       2003                    
Non-current assets                                                              
Property, plant and equipment                9,635.6    8,808.9                 
Investments in associates                    2,304.6    2,208.9                 
Deferred income tax assets                   9.4         -                      
Available-for-sale financial investments     186.4      229.7                   
Held-to-maturity investments                 89.0       74.9                    
Other receivables                            132.7      68.8                    
                                             12,357.7   11,391.2                
Current assets                                                                  
Inventories                                  1,229.8    847.4                   
Trade and other receivables                  2,246.2    1,706.2                 
Cash and cash equivalents                    1,204.2    2,324.5                 
                                             4,680.2    4,878.1                 
Total assets                                 17,037.9   16,269.3                
Capital and reserves attributable to the                                        
equity holders of the holding company                                           
Share capital                                625.3      617.8                   
Other reserves                               (626.3)    38.8                    
Retained earnings                            10,685.8   9,220.8                 
                                             10,684.8   9,877.4                 
Minority interest                            128.1      418.9                   
Total equity                                 10,812.9   10,296.3                
Non-current liabilities                                                         
Borrowings                                    -         62.7                    
Deferred income tax liabilities              2,271.9    1,886.7                 
Retirement benefit obligations               62.3       63.5                    
Provision for future rehabilitation          207.3      200.2                   
                                             2,541.5    2,213.1                 
Current liabilities                                                             
Trade and other payables                     2,875.1    2,844.5                 
Current income tax liabilities               239.8      710.7                   
Borrowings                                   568.6      204.7                   
3,683.5    3,759.9                 
Total liabilities                            6,225.0    5,973.0                 
Total equity and liabilities                 17,037.9   16,269.3                
Income Statement                                                                
Year ended  Year ended               
(All amounts in Rand millions              30 June     30 June                  
unless otherwise stated)                   2004        2003                     
Sales                                      11,809.1    11,807.0                 
On-mine operations                         (3,667.7)   (3,251.1)                
Concentrating and smelting operations      (967.4)     (801.1)                  
Refining operations                        (477.2)     (411.5)                  
Amortisation of mining assets              (572.3)     (452.4)                  
Metals purchased                           (2,259.2)   (1,474.1)                
Increase/(decrease) in metal inventories   394.4       (133.1)                  
Cost of sales                              (7,549.4)   (6,523.3)                
Gross profit                               4,259.7     5,283.7                  
Net foreign exchange transaction losses    (216.0)     (328.8)                  
Other operating expenses                   (241.2)     (252.6)                  
Other income/(expense)                     11.4        (54.7)                   
Other gains - net                          138.6       319.1                    
Finance costs                              (67.1)      (33.3)                   
Share of profit of associates              328.4       725.0                    
Royalty expense                            (414.4)     (598.0)                  
Profit from disposal of Barplats           322.3        -                       
Investments Ltd                                                                 
Profit before tax                          4,121.7     5,060.4                  
Income tax expense                         (1,141.3)   (1,622.1)                
Profit for the year                        2,980.4     3,438.3                  
Profit attributable to:                                                         
Equity holders of the company              2,963.0     3,415.1                  
Minority interest                          17.4        23.2                     
                                           2,980.4     3,438.3                  
Earnings per share (cents per share)                                            
- basic                                    4,450       5,131                    
- diluted                                  4,442       5,119                    
Headline earnings per share (cents per                                          
- basic                                    3,966       5,140                    
- diluted                                  3,959       5,128                    
Dividends to group shareholders (cents                                          
per share)                                                                      
- final dividend June 2004/3 proposed      1,600       1,750                    
- interim dividend December 2003/2 paid    500         900                      
                                           2,100       2,650                    
Summary of business segments                                                    
(All amounts in Rand millions, unless otherwise stated)                         
           Impala                      Barplats                                 
           lease area     Marula       disposed      Zimbabwe                   
segment        segment      segment       segment                    
for the                                                                         
year ended                                                                      
30 June                                                                         
Total      11,098.7       94.4         112.9         935.9                      
Gross      3,181.6        (16.9)       (4.9)         372.2                      
for the                                                                         
year ended                                                                      
30 June                                                                         
Total      11,340.7       -            154.6         696.1                      
Gross      4,661.4        -            (35.2)        194.8                      
                           IRS          segment                                 
                           segment      adjustment    Total                     
for the year ended                                                              
30 June 2004                                                                    
Total sales                3,851.5      (4,284.3)     11,809.1                  
Gross profit               716.0        11.7          4,259.7                   
for the year ended                                                              
30 June 2003                                                                    
Total sales                2,913.8      (3,298.2)     11,807.0                  
Gross profit               500.5        (37.8)        5,283.7                   
Statement of Changes in Shareholders` Equity                                    
                         Attributable to equity                                 
                         holders of the Company                                 
(All amounts in                                                                 
Rand millions                                                                   
unless otherwise    Share    Other    Retained   Minorit  Total                 
stated)             capita   reserve  earnings   y        equity                
                    l        s                   interes                        
Balance at 30 June  602.9    545.7    8,135.4    61.6     9,345.6               
Fair value losses,                                                              
net of tax:                                                                     
  Available-for-             (192.8)                      (192.8)               
sale financial                                                                  
Currency                     (314.1)                      (314.1)               
Net expense                  (506.9)                      (506.9)               
recognised directly                                                             
in equity                                                                       
Profit for the year                   3,415.1    23.2     3,438.3               
                             (506.9)  3,415.1    23.2     2,931.4               
Employee share                                                                  
option scheme:                                                                  
  Proceeds from     14.9                                  14.9                  
shares issued                                                                   
Dividend relating                     (1,730.4)           (1,730.4)             
to 2002                                                                         
Dividend relating                     (599.3)             (599.3)               
to 2003                                                                         
Currency                                         (251.0)  (251.0)               
Acquisition of                                   775.2    775.2                 
subsidiaries -                                                                  
Zimbabwe Platinum                                                               
Mines Ltd                                                                       
Transfer from                                    (190.1)  (190.1)               
Makwiro Platinum                                                                
Mines (Private) Ltd                                                             
on consolidation of                                                             
Zimbabwe Platinum                                                               
Mines Ltd                                                                       
                    14.9              (2,329.7)  334.1    (1,980.7)             
Balance at 30 June  617.8    38.8     9,220.8    418.9    10,296.3              
Fair value losses,                                                              
net of tax:                                                                     
Available-for-             (48.6)                       (48.6)                
sale financial                                                                  
Currency                     (265.8)             (33.4)   (299.2)               
Net expense                  (314.4)             (33.4)   (347.8)               
recognised directly                                                             
in equity                                                                       
Profit for the year                   2,963.0    17.4     2,980.4               
                             (314.4)  2,963.0    (16.0)   2,632.6               
Employee share                                                                  
option scheme:                                                                  
Adjustment as a     (18.7)                                (18.7)                
result of                                                                       
consolidating share                                                             
Proceeds from       26.2                                  26.2                  
shares issued                                                                   
Zimbabwe Platinum                                17.8     17.8                  
Mines Limited                                                                   
shares issued in                                                                
terms of offer to                                                               
Dividend relating                     (1,165.4)           (1,165.4              
to 2003                                                   )                     
Dividend relating                     (332.6)             (332.6)               
to 2004                                                                         
Disposal of                                      (11.4)   (11.4)                
Investments Limited                                                             
Purchase of                  (350.7)             (281.2)  (631.9)               
additional share in                                                             
Zimbabwe Platinum                                                               
Mines Ltd                                                                       
                    7.5      (350.7)  (1,498.0)  (274.8)  (2,116.0              
Balance at 30 June  625.3    (626.3)  10,685.8   128.1    10,812.9              
Cash Flow Statement                                                             
                                           Year ended  Year ended               
(All amounts in Rand millions              30 June     30 June                  
unless otherwise stated)                   2004        2003                     
Cash flows from operating activities                                            
Cash generated from operations             3,140.1     4,335.3                  
Interest paid                              (63.0)      (20.7)                   
Income tax paid                            (1,264.5)   (1,823.5)                
Net cash from operating activities         1,812.6     2,491.1                  
Cash flows from investing activities                                            
Acquisition of interest in subsidiary and  (631.9)     (110.4)                  
joint venture, net of cash acquired                                             
Disposal of subsidiary, net of cash sold   388.6        -                       
Purchase of property, plant and equipment  (1,824.7)   (1,754.9)                
Proceeds from sale of property, plant and  7.8         43.3                     
Increase in investments in associates      (42.0)      492.8                    
Purchase of unlisted investments           (14.7)       -                       
Loan repayments received                   -           18.5                     
Payments made to environmental trust       (8.3)       (8.9)                    
Interest received                          85.7        301.4                    
Dividends received                         295.8       192.4                    
Net cash used in investing activities      (1,743.7)   (825.8)                  
Cash flows from financing activities                                            
Issue of ordinary shares                   25.2        14.9                     
Proceeds from/(repayments of) short-term   380.9       (152.7)                  
Repayments of long-term borrowings         (74.7)      (23.6)                   
Dividends paid to company`s shareholders   (1,498.0)   (2,329.7)                
Net cash used in financing activities      (1,166.6)   (2,491.1)                
Net decrease in cash and cash equivalents  (1,097.7)   (825.8)                  
Cash and cash equivalents at beginning of  2,324.5     3,150.3                  
Effects of exchange rate changes on        (39.8)       -                       
monetary assets                                                                 
Cash and cash equivalents at end of year   1,187.0     2,324.5                  
The consolidated financial statements have been prepared in accordance with     
International Financial Reporting Standards (IFRS), South African Statements of 
Generally Accepted Accounting Practice and the South African Companies Act. The 
consolidated financial statements have been prepared under the historical cost  
convention, as modified by the revaluation of available-for-sale financial      
assets, and financial assets and financial liabilities (including derivative    
instruments) at fair value through the income statement or the statement of     
changes in equity. The principal accounting policies used by the group are      
consistent with those of the previous year, except for early adoption of the    
following revised/issued standards that had a material effect on the group`s    
policies as set out below:                                                      
IAS 1 Presentation of Financial Statements. Affected the presentation of        
minority interest and other disclosures. Disclosed critical judgements and key  
assumptions. Tax of associates adjusted to be included with income from         
associates before tax.                                                          
IAS 24 Related Party Disclosures. Affected the identification of related parties
and other related-party disclosures.                                            
IAS 38 Intangible Assets. Ceased to amortise goodwill.                          
IFRS 3 Business Combinations. Accumulated amortisation as at 30 June 2003 has   
been eliminated with a corresponding decrease in the cost of goodwill. From the 
year ended 30 June 2003 onwards, goodwill, which is included in the carrying    
value of the investment in associates, is tested annually for impairment.       
Acquiree`s identifiable contingent liabilities to be recognised at fair value at
acquisition date.                                                               
The financial statements have been audited by PricewaterhouseCoopers Inc whose  
unqualified opinion is available for inspection at the registered office of     
The calculation of Headline Earnings per share is derived from profit of R2     
963,0 million (2003: R3 415,1 million) adjusted for any non-operational gains   
and losses, divided by the weighted average number of shares in issue.          
Adjustments were made for the profit on the sale of Barplats Investments Limited
R322,3 million (2003: profit on sale of investment in Brandrill Limited R0,6    
million) and the amortisation of goodwill R nil (2003: R6,8 million).           
During the year under review, the group acquired a further 32,9% (from 50,5% to 
83,4%) in Zimbabwe Platinum Mines Limited (Zimplats) for R631,9 million         
(AU$132,5 million).                                                             
At the end of May 2004 the group disposed of it`s 83,2% shareholding in Barplats
Investments Limited to the Salene Consortium for a consideration of R388,8      
Borrowings consist of:                                                          
* a loan of R500,0 million (2003: nil) from Indwa Investments Limited. The loan 
bears current interest at 8,4% per annum and is payable within one year.        
* a loan from ABSA Bank Limited of R51,4 million (2002: R181,6 million) secured 
by sales from the Ngezi/SMC project and various pledges of shares of            
subsidiaries and guarantees from Zimplats and Impala Platinum Holdings Limited  
(Implats). The loan bears interest at LIBOR plus 5% and is repayable by         
September 2004.                                                                 
Capital expenditure approved at 30 June 2004 amounted to R2 447,6 million (2003:
R2 869,0 million) of which R603,2 million (2003: R986,3 million) is already     
committed. This expenditure over 5 years will be funded internally and if       
necessary from borrowings.                                                      
Certain guarantees were in place as at 30 June 2004:                            
* The group has provided a guarantee to ABSA Bank Limited for a facility made   
available to Makwiro Platinum Mines (Private) Limited. As at 30 June 2004, the  
guarantee amounted to R51,4 million ($8,3 million) (2003: R181,6 million) ($24,1
million), the guarantee is set to expire by September 2004.                     
* Implats has provided a guarantee to Investec Bank Limited on behalf of        
Aquarius Platinum (South Africa) (Proprietary) Limited for a loan facility      
granted of R175,0 million (2003: R175,0 million), of which R175,0 million has   
been utilised at 30 June 2004 (2003: R175,0 million). This guarantee is set to  
expire upon completion of certain project completion tests, relating to the     
Marikana project. If the project completion tests are not met, then the         
guarantee will reduce proportionally in line with the loan repayments to        
Investec Bank Limited, which are expected to start by no later than the end of  
calendar year 2004.                                                             
Post-balance sheet events                                                       
The company has entered into agreements with a consortia of Historically        
Disadvantaged South Africans and Lonmin plc in terms of which the company will  
sell its 27,1% shareholding in Eastern Platinum Limited and Western Platinum    
Limited for $800 million. The transaction is still subject to concluding legally
binding agreements with all the parties, and obtaining approvals from Lonmin    
shareholders and the relevant regulatory authorities. The transaction is        
expected to be concluded in the first half of financial year 2005.              
During the year, Aquarius Platinum Limited announced a transaction to sell 29.5%
of Aquarius Platinum (South Africa) (Pty)Limited to a BEE partnership. Should   
this transaction take place Aquarius Platinum`s shareholding will decline from  
75% to 50.5%. Implats has structured a deal with Aquarius to ensure its         
shareholding remains at 20% (currently 25%).                                    
Operating statistics                                                            
for the year ended 30                 2004      2003     %                      
Gross refined production                                                        
Platinum                   (000 oz)   1,961     1,673     17.2                  
Palladium                  (000 oz)   1,046     893       17.1                  
Rhodium                    (000 oz)   251       215       16.7                  
Nickel                     (000 t)    16.4      14.7      11.6                  
Impala refined production                                                       
Platinum                   (000 oz)   1,090     1,040     4.8                   
Palladium                  (000 oz)   501       478       4.8                   
Rhodium                    (000 oz)   116       134       (13.4)                
Nickel                     (000 t)    6.9       8.0       (13.8)                
IRS refined production                                                          
Platinum                   (000 oz)   871       633       37.6                  
Palladium                  (000 oz)   545       415       31.3                  
Rhodium                    (000 oz)   135       81        66.7                  
Nickel                     (000 t)    9.5       6.7       41.8                  
IRS returned metal (Toll                                                        
Platinum                   (000 oz)   501       252       98.8                  
Palladium                  (000 oz)   314       174       80.5                  
Rhodium                    (000 oz)   97        18        438.9                 
Nickel                     (000 t)    1.5       0.9       66.7                  
Group consolidated                                                              
Exchange rate:             (R/$)                                                
Closing rate on 30 June               6.17      7.52      (18.0)                
Average rate achieved                 6.88      9.06      (24.1)                
Free market revenue per    ($/oz)     1,140     939       21.4                  
platinum ounce sold                                                             
Revenue per platinum       ($/oz)     1,116     935       19.4                  
ounce sold                                                                      
                           (R/oz)     7,678     8,471     (9.4)                 
Prices achieved                                                                 
Platinum                   ($/oz)     773       597       29.5                  
Palladium                  ($/oz)     223       264       (15.5)                
Rhodium                    ($/oz)     548       646       (15.2)                
Nickel                     ($/t)      11,843    7,664     54.5                  
Sales volumes                                                                   
Platinum                   (000 oz)   1,495     1,373     8.9                   
Palladium                  (000 oz)   733       688       6.5                   
Rhodium                    (000 oz)   179       193       (7.3)                 
Nickel                     (000 t)    15.8      13.9      13.7                  
Financial ratios                                                                
Gross margin achieved      (%)        36.1      44.8      (19.4)                
Return on equity           (%)        30.0      36.8      (18.5)                
Return on assets           (%)        24.0      30.0      (20.0)                
Debt to equity             (%)        5.3       2.7       (96.3)                
Current ratio                         1.3:1     1.3:1     -                     
Operating indicators                                                            
Tonnes milled ex mine      (000 t)    19,065    17,483    9.0                   
Pgm refined production     (000 oz)   3,725     3,162     17.8                  
Capital expenditure        (Rm)       1,822     1,787     (2.0)                 
                           ($m)       265       198       (33.8)                
Group unit cost per        (R/oz)     4,132     3,970     (4.1)                 
platinum ounce                                                                  
                           ($/oz)     602       440       (36.8)                
Impala business segment                                                         
Tonnes milled ex mine      (000 t)    15,639    15,042    4.0                   
Total cost per tonne       (R/t)      280       265       (5.7)                 
                           ($/t)      41        29        (41.4)                
Pgm refined production     (000 oz)   1,976     1,924     2.7                   
Cost per Pgm ounce         (R/oz)     2,220     2,072     (7.1)                 
                           ($/oz)     323       230       (40.4)                
Cost per platinum ounce                                                         
Total cost of operations   (R/oz)     4,023     3,832     (5.0)                 
                           ($/oz)     586       425       (37.9)                
Net of revenue received    (R/oz)      2,182     899      (142.7)               
for other metals                                                                
                           ($/oz)      318       100      (218.0)               
Capital expenditure        (Rm)       1,197     1,079     (10.9)                
($m)       174       120       (45.0)                
Total Impala labour        (000)      27.5      28.4      3.2                   
m2 per stoping employee    (m2/empl)  39.2      40.7      (3.7)                 
Platinum ounces per        (oz/empl)  40        37        8.1                   
Review for the year                                                             
A highlight of the year was the 17% increase in platinum production to a record 
level of 1.961 Moz. At the same time, dollar revenue per platinum ounce sold was
19% higher, although rand revenue per platinum ounce sold fell by 9%. The       
average exchange rate for the period was R6.88/$ (2003: R9.06/$); the closing   
exchange rate for the year was R6.17/$ (2003: R7.52/$).                         
Higher production volumes and good cost control resulted in margins of 36%.     
Profit declined by 13% to R2 963 million ($428 million), compared to the        
previous year. Excluding the profit on disposal of R322 million from the sale of
Barplats, profit decreased to R2 641 million ($382 million). Capital expenditure
increased by 2% to R1 822 million ($265 million).                               
The board has declared a total dividend payout for the year of R1 399 million   
($204 million), equivalent to R21 per share ($3.06 per share).                  
Structural changes                                                              
During the past year, two major transactions were announced: the sale of        
Implats` 27.1% holding in Western Platinum Limited and Eastern Platinum Limited 
(collectively Lonplats), and the sale of Barplats.                              
The Minister of Minerals and Energy, Ms Phumzile Mlambo-Ngcuka has indicated    
that, as presented, the Lonplats transaction is in line with the requirements of
the new mining law. Although the Department of Minerals and Energy will only    
evaluate compliance when the parties formally apply for conversion to new order 
mining rights, the Minister has acknowledged that, having facilitated this      
transaction, Implats will be allocated credits proportional to the percentages  
and ounces sold to the BEE parties. In Impala Platinum`s hands this is expected 
to equal credits of 9%.                                                         
The board is satisfied that this transaction is in the best strategic interests 
of the group and to the benefit of shareholders. In addition to the empowerment 
credits, the net proceeds of $794.5 million represents a premium of 8% on the   
market valuation of Lonplats at the time of the first announcement.             
The sale of Barplats follows decisions by the board to cease mining operations  
at the Crocodile River mine (Barplats` primary operation) when it defied all    
efforts towards profitability, and subsequently to sell Barplats for R389       
million to the Salene Platinum Consortium. The transaction was approved by the  
South African competitions authorities in June 2004 and the new owners took over
from the beginning of July. IRS has a long-term agreement in place with the     
Crocodile River mine to process any concentrate that may be produced when this  
mine resumes operation.                                                         
The market                                                                      
Several factors supported the platinum price which traded between a low of      
$655/oz and a high of $937/oz during the year. These factors included a weak    
dollar and equity markets, strong demand for commodities in general, a          
significant increase in global speculative activity and the perception that     
supply may not keep up with growing demand as a number of expansion plans were  
cut back. The average price received for platinum was $773/oz, being 30% up on  
that of the previous year.                                                      
In the palladium market, increasing supply and static demand combined with      
speculative activity resulted in prices ranging from $160/oz to $333/oz. The    
thin market for rhodium, the price of which spiked in recent months, belies the 
underlying poor fundamentals for the metal which will keep prices under         
Nickel, on the other hand, enjoyed a far healthier year with supply lagging     
demand as the metal benefited not only from a strike at a major producer, but   
also from a significant increase in demand from a burgeoning Chinese economy.   
Contribution to earnings                                                        
The simplification of the group`s structure reflected its continued strategy to 
focus on mine-to-market operations.                                             
* The group`s mining operations (Impala Platinum, Marula Platinum, Zimplats and 
Mimosa) contributed about 66% of net earnings and have a combined margin of 41%.
* Impala Refining Services (IRS), which processes third party concentrates and  
undertakes toll-refining, contributed 13% to profit. Although IRS`s margins are 
in the region of 15%, this operation is undertaken at very little risk to the   
group and uses spare processing and refining capacity, thereby reducing the unit
costs associated with the mine-to-market operations.                            
* Contributions from strategic alliances remained satisfactory at 11%. Lonplats 
was still accounted for during the year.                                        
Safety and health                                                               
Regrettably, 10 people lost their lives as a result of occupational accidents   
during the year and the board extends its condolences to the families, friends  
and communities of those who died. More positively, group lost time injury      
frequency rate (LTIFR) reached an all-time low of 4.80 per million man hours    
worked. The reportable injury frequency rate (RIFR) was 2.75 per million man    
hours worked - another record. We aim to improve all our safety statistics by   
50% year-on-year.                                                               
Operational overview                                                            
The mining operations in Rustenburg and Zimbabwe reported record performances,  
ably supported by improved metallurgical performances at the concentrators and  
refineries. IRS delivered superior results although this did include a          
significant contribution from the processing of Lonplats concentrate, which has 
now ceased.                                                                     
The operating lowlight was the slower mining ramp-up at our Marula Platinum as a
result of geological conditions and an initially inappropriate choice of mining 
method which has proved impractical.                                            
Specific operating achievements are:                                            
* Ex-mine platinum production for the Rustenburg lease area (1.09 Moz), the     
highest level in a decade, Zimplats (84 300 oz) and Mimosa (52 800 oz).         
* An improvement in metallurgical recoveries to 83.2%.                          
* A world-class performance at the Precious Metal Refinery, with no             
deterioration in cost performance, metal recoveries and pipeline inventories,   
despite operating well above nameplate capacity, and simultaneously undertaking 
a major expansion.                                                              
* Increase of only 4.1% in group costs per platinum ounce which were less than  
the inflation rate of 5.0% (South African CPIX) over the same period.           
At Marula, Mimosa and Zimplats capital expenditure amounted to R621 million with
the bulk being spent at Marula.                                                 
In Zimbabwe, we have progressed cautiously on our investments. The Mimosa mine  
successfully concluded its expansion programme this year, and additional        
expansion is being considered.                                                  
Operating in Zimbabwe can be difficult given both the socio-political dynamics  
and hyper-inflationary economic circumstances. Recent government moves to       
introduce additional indigenization quotas without due consultation are of great
concern to us. Nonetheless, both Mimosa and Zimplats continue to operate and    
grow in line with our expectations. Our relationship with the government, which 
is driven by issues of mutual concern, has been amicable. We await clarity on   
the impending changes to the mining law in that country as a prerequisite to any
further significant investment.                                                 
Currently, the plan at Zimplats is to expand in stages, gradually securing the  
benefits to be gained through our pre-eminent position on the Great Dyke.       
Minerals legislation                                                            
In South Africa, the Minerals and Petroleum Resources Development Act came into 
effect on 1 May 2004. State royalties will now be imposed from 2009 in terms of 
the Royalties Bill. Following the discussions leading to the imposition of those
royalties, it is to be hoped that eager investment will be solicited by setting 
a competitive level based on earnings.                                          
Implats` plans to meet both the letter and spirit of the draft Mining Charter   
are well underway. The ownership credits of 9% expected to flow from the        
Lonplats transaction, together with the current 1.5% holding of Royal Bafokeng  
Resources (Pty) Limited, means that only approximately 4-5% ownership needs to  
be secured at the Impala lease area level over the next five years. We believe  
that we are well placed to achieve this and also to accommodate the further 11% 
required by 2014.                                                               
We have continued to develop a comprehensive response to all facets of the new  
mining legislation and are cognisant of, and prepared for all elements of the   
Charter, such as skills development, employment equity, beneficiation and       
affirmative procurement. Implats recognizes the importance of developing a local
beneficiation industry and to this end has entered into a platinum jewellery    
beneficiation venture, Silplat, with Silmar S.p.A., a leading Italian jewellery 
manufacturer, South African jewellery producer, SA Link, specialist corporate   
finance house Micofin Corporate Services and Swedish-UK consortium, Saab- BAE   
SYSTEMS. Implats has invested $2 million directly in Silplat for a stake of     
17.5% and made available a platinum loan of up to 1 000 kg.                     
Delivery to shareholders                                                        
In the absence of any acquisition opportunities, just more than half the net    
inflow from the Lonplats transaction in 2005 (of $668 million) could be         
available for distribution to shareholders in some form after allowing for the  
capital requirements for our growth projects. We are considering a number of    
avenues including a share buy-back or a special dividend.                       
Having embarked on a sponsored level 1 ADR programme in January 2003, a further 
ADR split and a Dividend Reinvestment Plan for ADR holders was implemented in   
early 2004. We are currently considering upgrading this programme to Level 2 and
applying to list on a major US stock exchange.                                  
The market fundamentals for platinum are expected to remain sound next year.    
Automotive demand will be the key driver, alongside a recovery in jewellery     
demand. Palladium and rhodium may fall victim to growing supply and above ground
inventories while nickel should remain firm on the back of strong demand and    
very little growth in supply.                                                   
Implats` consistent growth in production is set to continue for the next four   
years potentially rising to about 2.3 Moz of platinum in 2008. Production for   
2005 will come from Implats` managed operations and through IRS, but the once-  
off windfall of platinum processed on behalf of Lonplats will not be repeated.  
Consequently, refined platinum production is expected to decline to about 1.8   
Moz in 2005. At the same time, unit cost increases are expected to be in line   
with inflation.                                                                 
Whereas profit should be significantly enhanced by the proceeds from the sale of
the Lonplats interests, headline earnings will depend to a substantial extent on
the exchange rate.                                                              
P G Joubert    K C Rumble                                                       
Chairman       Chief Executive Officer                                          
27 August 2004                                                                  
Declaration of Final Dividend                                                   
A final dividend of 1 600 cents per share has been declared in respect of the   
year ended 30 June 2004. The last day to trade `cum` the dividend (in order to  
participate in the dividend) will be Thursday, 16 September 2004. The share will
commence trading `ex` the dividend from the commencement of business on Friday, 
17 September 2004 and the record date will be Thursday, 23 September 2004.      
The dividend is declared in the currency of the Republic of South Africa.       
Payments from the London transfer office will be made in pounds sterling at the 
rate of exchange ruling on 23 September 2004 or on the first day thereafter on  
which a rate of exchange is available.                                          
The dividend will be paid on Monday, 27 September 2004. Share certificates may  
not be dematerialised/rematerialised during the period Friday, 17 September 2004
to Thursday, 23 September 2004, both dates inclusive.                           
By order of the board                                                           
R Mahadevey                                                                     
Group Secretary                                                                 
27 August 2004                                                                  
Corporate information                                                           
Registered Office                                                               
3rd Floor, Old Trafford 4, Isle of Houghton                                     
Boundary Road, Houghton 2198                                                    
(P.O. Box 61386, Marshalltown 2107)                                             
Transfer Secretaries                                                            
South Africa: Computershare Investor Services 2004 (Pty) Limited                
70 Marshall Street                                                              
Johannesburg 2001                                                               
(P.O. Box 61051, Marshalltown 2107)                                             
United Kingdom: Lloyds TSB Registrars                                           
The Causeway, Worthing                                                          
West Sussex, BN99 6DA                                                           
A copy of this Report is available on the Internet web site:                                                                   
Alternatively please contact the Company Secretary, via e-mail at       or by post at                                       
P.O. Box 61386, Marshalltown 2107, South Africa. Telephone: (011) 481 3900      
Date: 27/08/2004 08:00:40 AM                     
Produced by the JSE SENS Department