MONTHS ENDED 31 DECEMBER 2004                                                   
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                                     
(`Implats` or `the company`)                                                    
Consolidated Interim Results for the six months ended                           
31 December 2004                                                                
Key features:                                                                   
Improved safety performance                                                     
Headline production (excluding once-off Lonplats ounces) up marginally          
Impala production remains steady despite industrial action                      
Sales up 10% to R6.2 billion                                                    
Revenue per platinum ounce sold up 23% in dollars and 7% in rands               
Margins constant at 33%                                                         
Impala unit costs per platinum ounce rise by 7%                                 
Net profit of R3.0 billion inclusive of profit on Lonplats sale (R3.2 billion)  
and Marula impairment (R1.5 billion)                                            
Headline earnings maintained at R16.00 per share                                
Interim dividend unchanged at R5.00 per share                                   
Balance sheet                                                                   
                             As at        As at         As at                   
(all amounts in Rand         31 December  31 December   30 June                 
million                      2004         2003          2004                    
unless otherwise stated)     (Unaudited)  (Unaudited)   (Audited)               
Property, plant and          8 571.6      9 758.6       9 635.6                 
Investments                  1 101.9      2 473.5       2 580.0                 
Other non-current assets     629.5        63.8          132.7                   
Current assets               7 338.0      3 893.8       4 680.2                 
Total assets                 17 641.0     16 189.7      17 028.5                
Capital and reserves         12 120.6     9 680.5       10 684.8                
Minority interest            109.5        146.6         128.1                   
Provision for long-term      274.4        263.7         269.6                   
Deferred income tax          2 067.4      2 151.6       2 262.5                 
Current liabilities          3 069.1      3 947.3       3 683.5                 
Total equity and             17 641.0     16 189.7      17 028.5                
Income statement                                                                
(all amounts in  Six months to  Six months to           Year to                 
Rand million     31 December    31 December             30 June                 
unless otherwise 2004           2003           %        2004                    
stated)          (Unaudited)    (Unaudited)    change   (Audited)               
Sales            6 188.4        5 632.4        9.9      11 809.1                
On-mine          (2 024.3)      (1 692.9)      (19.6)   (3 667.7)               
and smelting                                                                    
operations       (526.3)        (490.3)        (7.3)    (967.4)                 
Refining         (247.2)        (228.3)        (8.3)    (477.2)                 
Amortisation of  (276.4)        (258.9)        (6.8)    (572.3)                 
mining assets                                                                   
Metals purchased (1 157.9)      (1 302.7)      11.1     (2 259.2)               
Increase in      65.4           229.9          (71.6)   394.4                   
Cost of sales    (4 166.7)      (3 743.2)      (11.3)   (7 549.4)               
Gross profit     2 021.7        1 889.2        7.0      4 259.7                 
Net foreign                                                                     
losses           (316.2)        (133.0)        (137.7)  (216.0)                 
Other operating  (141.9)        (166.9)        15.0     (241.2)                 
Other            73.2           (8.7)          941.4    11.4                    
Interest income  106.9          61.3           74.4     138.6                   
and other gains                                                                 
Finance costs    (37.0)         (24.1)         (53.5)   (67.1)                  
Share of profit  204.2          160.7          27.1     328.4                   
of associates                                                                   
Royalty expense  (231.2)        (157.9)        (46.4)   (414.4)                 
Profit from      3 156.2        -              -        322.3                   
sales of                                                                        
Impairment of    (1 451.3)      -              -        -                       
Profit before    3 384.6        1 620.6        108.8    4 121.7                 
Income tax       (358.4)        (557.9)        35.8     (1 141.3)               
Profit for the   3 026.2        1 062.7        184.8    2 980.4                 
attributable to:                                                                
Equity holders   3 022.2        1 060.8        184.9    2 963.0                 
of the company                                                                  
Minority         4.0            1.9            110.5    17.4                    
                 3 026.2        1 062.7        184.8    2 980.4                 
Earnings per                                                                    
(expressed in                                                                   
cents per share)                                                                
- basic          4 548          1 593          185.5    4 450                   
- diluted        4 543          1 589          185.9    4 442                   
earnings per                                                                    
(expressed in                                                                   
cents per share)                                                                
- basic          1 600          1 593          0.4      3 966                   
- diluted        1 599          1 589          0.6      3 959                   
Weighted average                                                                
number of                                                                       
shares in issue  66.5           66.6           (0.2)    66.7                    
*Comprising Western Platinum Limited and Eastern Platinum Limited (Lonplats)    
(June 2004: Sale of Barplats Investments Limited)                               
Statement of changes in shareholders` equity                                    
                     Attributable to equity holders                             
of the company                                             
(all amounts in Rand                                                            
unless otherwise     Share         Other    Retained  Minority Total            
stated)              capital       reserves earnings  interest equity           
Balance at 31        617.8         (53.5)   9 116.2   146.6    9 827.1          
December 2003                                                                   
Fair value losses,                                                              
net of tax:                                                                     
assets                             (108.5)                     (108.5)          
Currency translation                                                            
differences                        (111.6)            (16.4)   (128.0)          
Net expense                                                                     
recognised directly                                                             
in equity                          (220.1)            (16.4)   (236.5)          
Profit for the half                         1 902.2   15.5     1 917.7          
                                   (220.1)  1 902.2   (0.9)    1 681.2          
Employee share                                                                  
option scheme:                                                                  
Adjustment as a                                                                 
result of                                                                       
consolidating share  (18.7)                                    (18.7)           
Proceeds from shares 26.2                                      26.2             
Interim dividend                            (332.6)            (332.6)          
relating to 2004                                                                
Disposal of Barplats                                                            
Investments Limited                                   (11.4)   (11.4)           
Acquisition equity                 (339.5)                     (339.5)          
Purchase of                                                                     
additional share in                                                             
Zimbabwe Platinum                  (13.2)             (6.2)    (19.4)           
Mines Ltd                                                                       
7.5           (352.7)  (332.6)   (17.6)   (695.4)          
Balance at 30 June   625.3     (626.3)   10 685.8   128.1   10 812.9            
Fair value losses,                                                              
net of tax:                                                                     
assets                         (11.6)                       (11.6)              
Currency translation                                                            
differences                    (112.9)                      (112.9)             
Deferred tax                   36.8                         36.8                
Net expense                                                                     
recognised directly                                                             
in equity                      (87.7)                       (87.7)              
Profit for the half                      3 022.2    4.0     3 026.2             
(87.7)    3 022.2    4.0     2 938.5             
Employee share                                                                  
option scheme:                                                                  
Proceeds from shares 7.0                                    7.0                 
Purchase of treasury (444.7)                                (444.7)             
Final dividend                           (1 066.4)          (1 066.4)           
relating to 2004                                                                
Purchase of                                                                     
additional share in                                                             
Zimbabwe Platinum              5.4                  (22.6)  (17.2)              
Mines Ltd                                                                       
                     (437.7)   5.4       (1 066.4)  (22.6)  (1 521.3)           
Balance at 31        187.6     (708.6)   12 641.6   109.5   12 230.1            
December 2004                                                                   
Cash flow statement                                                             
(all amounts in Rand     Six months to  Six months to   Year to                 
million                  31 December    31 December     30 June                 
unless otherwise         2004           2003            2004                    
stated)                  (Unaudited)    (Unaudited)     (Audited)               
Net cash from operating  958.5          574.0           1 812.6                 
Cash from the sale of    4 919.3        -               -                       
Net cash used in other   (1 339.4)      (1 203.9)       (1 743.7)               
investing activities                                                            
Net cash used in         (2 039.4)      (971.6)         (1 166.6)               
financing activities                                                            
Increase/(decrease) in                                                          
cash and cash                                                                   
equivalents              2 499.0        (1 601.5)       (1 097.7)               
Cash and cash                                                                   
equivalents at                                                                  
of the half year         1 187.0        2 324.5         2 324.5                 
Effects of exchange                                                             
rate changes                                                                    
on monetary assets       (14.5)         (19.9)          (39.8)                  
Cash and cash                                                                   
equivalents at                                                                  
end of period            3 671.5        703.1           1 187.0                 
Segment information                                                             
Summary of business segments for the half year ended 31 December 2004:          
(all amounts in                                                                 
Rand million                              Barplats                              
unless otherwise   Impala      Marula     disposed     Zimbabwe                 
stated)            segment     segment    segment      segment                  
Sales              5 993.0     132.7                   476.1                    
Cost of sales      4 336.4     194.4                   362.2                    
Profit/(loss)      1 656.6     (61.7)                  113.9                    
Summary of                                                                      
business segments                                                               
for the half year                                                               
ended 31 December                                                               
Sales              5 300.3                109.4        414.3                    
Cost of sales      3 932.0                110.7        225.3                    
Profit/(loss)      1 368.3                (1.3)        189.0                    
                                  Refining   Inter                              
(all amounts in Rand million      services   segment                            
unless otherwise stated)          segment    adjustment  Total                  
Sales                             1 972.1    (2 385.5)   6 188.4                
Cost of sales                     1 688.8    (2 415.1)   4 166.7                
Profit/(loss)                     283.3      29.6        2 021.7                
Summary of business segments for                                                
the half year ended 31 December                                                 
Sales                             1 708.6    (1 900.2)   5 632.4                
Cost of sales                     1 330.5    (1 855.3)   3 743.2                
Profit/(loss)                     378.1      (44.9)      1 889.2                
Operating Statistics                                                            
                           Six          Six                                     
                           months       months                                  
to          to                                      
                           31           31        %        Year to              
                           December     December           30 June              
                           2004         2003      change   2004                 
Impala       (000oz)       547          546       0.2      1 090                
IRS          (000oz)       333          529       (37.1)   871                  
Total        (000oz)       880          1 075     (18.1)   1 961                
production   (000oz)       880          869       1.3      1 729                
IRS metal                                                                       
Platinum     (000oz)       101          317       (68.1)   501                  
Palladium    (000oz)       40           171       (76.6)   314                  
Rhodium      (000oz)       27           48        (43.8)   97                   
Platinum     (000oz)       803          765       5.0      1 495                
Palladium    (000oz)       394          377       4.5      733                  
Rhodium      (000oz)       91           102       (10.8)   179                  
Nickel       (000t)        7.0          7.5       (6.7)    15.8                 
Platinum     ($/oz)        829          707       17.3     773                  
Palladium    ($/oz)        221          195       13.3     223                  
Rhodium      ($/oz)        1 001        482       107.7    548                  
Nickel       ($/t)         13 945       9 600     45.3     11 843               
Average rate (R/$)         6.21         7.12      (12.8)   6.88                 
Closing rate                                                                    
the period   (R/$)         5.63         6.61      (14.8)   6.17                 
Revenue per                                                                     
ounce sold   ($/oz)        1 227        997       23.1     1 116                
             (R/oz)        7 620        7 099     7.3      7 678                
tonnes       (000t)        9 646        9 482     1.7      19 065               
Pgm refined  (000oz)       1 677        2 006     (16.4)   3 725                
Capital      (Rm)          771          876       (12.0)   1 822                
tonnes       (000t)        7 829        7 982     (1.9)    15 639               
Total costs  (R/t)         297          272       (9.2)    280                  
per ton                                                                         
             ($/t)         48           38        (26.3)   41                   
Pgm refined  (000oz)       1 003        1 005     (0.2)    1 976                
Cost per                                                                        
ounce        (R/oz)        4 251        3 980     (6.8)    4 023                
             ($/oz)        685          559       (22.5)   586                  
net of                                                                          
from other   (R/oz)        1 988        2 224     10.6     2 182                
             ($/oz)        320          312       (2.6)    318                  
Capital      (Rm)          642          541       18.7     1 197                
             ($/oz)        103          76        35.5     174                  
Total labour (000)         27.1         27.6      1.8      27.5                 
(relating to                                                                    
reporting    (cps)         500          500       -        2 100                
Additional statistical information is available on the company`s internet       
The interim financial statements have been prepared using accounting policies   
consistent with those of the annual financial statements for the year ended 30  
June 2004 and conform with International Financial Reporting Standards on       
Interim Financial Reporting.                                                    
Assets are reviewed for impairment whenever changes in circumstances indicate   
that the carrying amount may not be recoverable. In terms of the group`s        
accounting policy the recoverability of long lived assets is based on estimates 
of future discounted cash flows. These estimates are subject to risks and       
uncertainties including future metal prices and exchange rates. As a result     
during the six months under review exchange rates and finalisation of a viable  
future mining plan indicated an impact on discounted cash flows with the result 
that the carrying amount of the Marula project might not be recoverable and the 
assets are considered to be impaired, resulting in an amount of                 
R1 451 million (R1 198 million net of tax) written down as an impairment charge.
Capital expenditure approved at 31 December 2004 amounted to                    
R9 258 million (2003: R3 091 million), of which R1 507 million (2003: R913      
million) is already committed. This expenditure, over a period of 5 years, will 
be funded internally and, if necessary, from borrowings.                        
Implats` share in Lonplats was sold for an amount of R4.9 billion (US$763       
million). As an integral part of this transaction, an amount of R617.5 million  
was made available as loans to various BEE companies. These loans are repayable 
within 5 to 7 years and are structured into interest free and interest bearing  
portions. The interest bearing loans bear interest in year 3 and 4 at the       
Johannesburg Interbank Acceptance Rate (`JIBAR`) plus 1%, in year 5 at JIBAR    
plus 2% and thereafter at JIBAR plus 3%. The loans are secured by a guarantee   
from Lonplats. In terms of the group`s accounting policy these loans are being  
valued using the effective interest rate method.                                
During the period under review, the group acquired an additional shareholding in
Zimbabwe Platinum Mines Limited of approximately 1% for R17.2 million (AU$3.7   
million), taking the group`s holding to 84.5%.                                  
As a result of the recent Aquarius Platinum (South Africa) (Proprietary)        
Limited`s BEE transaction, Implats` shareholding reduced from 25% to below 20%. 
As a result the group acquired an additional stake amounting to R71.5 million.  
This transaction ensured the investment was maintained at 20% after the BEE     
The group acquired 893 022 (1.3%) of its own shares, in terms of an approved    
share buy-back scheme, through purchases on the JSE Securities Exchange South   
Africa (`JSE`) during the period under review for an amount of R444.7 million   
(2003: nil). The shares are held as `treasury shares` which reduce shareholders`
equity. The group has the right to reissue these shares subject to the JSE      
listing requirements.                                                           
The estimated effect of the early adoption of IFRS 2 (Share-based Payment) would
have reduced the half year earnings by R12.4 million. Basic and diluted earnings
per share would have decreased by 18.7 cents per share.                         
Headline earnings per share reflects an after tax adjustment for impairment of  
assets of R1 198 million (2003: nil) and profit on disposal of an associate of  
R3 156 million (2003: nil).                                                     
Interim dividend no. 74 of 500 cents per share, amounting to R329.1 million, was
approved by the board of directors on 17 February 2005; STC on this dividend    
will amount to R34.7 million.                                                   
Contingent liabilities at 31 December 2004, arising mainly from collateral      
security for employee housing, amounted to R6.7 million (2003: R7.2 million).   
Certain guarantees were in place as at 31 December 2004 from which it is        
anticipated that no material liabilities will arise:                            
*    The group has provided a guarantee for a facility, made available by ABSA  
to Makwiro Platinum Mines (Private) Limited. As at 31 December 2004, the        
guarantee amounted to R2.8 million (2003: R102.5 million) ((US$ 0.5 million)    
(2003: US$15.5 million)). The guarantee is set to expire by September 2005.     
*    A guarantee has been provided to Investec Bank Limited on behalf of        
Aquarius Platinum (South Africa) (Proprietary) Limited for R164.1 million (2003:
R175 million). This guarantee is set to expire upon finalisation of certain     
project completion tests, relating to the Marikana project, or repayment of the 
loan, whichever occurs first.                                                   
*    At the half year the group had contingent liabilities in respect of the    
Department of Minerals and Energy for R103.7 million (2003: R103.7 million).    
Additional guarantees of approximately R180 million are required by the         
Review of operations                                                            
The emphasis on safety continued across the group with further improvement in   
the rates of both lost-time injuries and fatalities, to record low levels of    
3.47 and 0.079 per million man hours. Regrettably, however, there were four     
fatalities during the period : two at Impala, one at Marula and one at Zimplats.
The Implats board and management extend their condolences to the families and   
colleagues of the deceased, and remain committed to eliminating fatalities at   
Impala Platinum Limited (Impala)                                                
Production at Impala, Implats` largest operating division, was marginally up at 
547 400 ounces of platinum as compared to the 2004 interim period, despite the  
strike in October 2004. This industrial action, which related to wage           
negotiations, resulted in 10 days of lost production. Implats is satisfied that 
the settlement level of 8%, which was in line with the industry average, was    
satisfactory and fair. Implats is also pleased that one of the key agreements   
reached in the negotiations was union co-operation on the implementation of     
drill jigs. This initiative should result in material improvements in safety and
The roll-out of the drill jigs (dynamic drilling technology) has begun and 150  
Merensky panels will be equipped during the  current financial year, doubling to
300 Merensky panels by the end of 2006.                                         
Tonnes milled declined by 1.9% to 7.8 million tonnes, with the average grade    
mined marginally down to 4.82g/tonne as a result of dilution related to         
mechanisation. However, recovery rates improved at Mineral Processes, rising to 
83.5%, from 82.9%, largely as a result of the increased contribution for the    
full six months of the tails scavenging plant.                                  
Unit costs at Impala rose by 6.6% to R4 251 per platinum ounce, despite the wage
increase of 8%. Cost per ton milled was up by 9.2% to R297, compared to an      
inflation (CPIX) rate of 4.3% for the period.                                   
Capital expenditure of R6.6 billion for 16 and 20 shafts was approved by the    
Board in September 2004. The initial work for these shafts has begun with 20    
shaft scheduled to come into production in 2009 and 16 shaft in 2012. At full   
production, these shafts will together produce 355 000 ounces of platinum       
annually, thus ensuring that production at Impala is maintained at a minimum of 
1.1 million ounces a year.                                                      
At Refineries, gross platinum production declined by 18% to 880 300 ounces and  
PGM production by 16% to 1.677 million ounces. This decline, in line with       
expectations, was largely due to the once-off processing of Lonplats material   
(totalling 206 000 ounces) in the comparable period. The lower volumes resulted 
in an increase in unit costs of 33%. However, this follows several years of     
controlled costs with Refineries establishing a reputation for being among the  
most efficient in the world.                                                    
Marula Platinum (Proprietary) Limited (Marula)                                  
For the six months to December 2004, 457 000 tonnes were milled yielding 17 300 
ounces of platinum in concentrate. Total costs amounted to R174 million with a  
unit cost of R10 104 per platinum ounce. The original plan to mine the UG2 reef 
using a mechanised bord and pillar mining method has failed to achieve the      
expected results, essentially because the reef dips steeply in the shallow area 
and undulates more than expected. A new mining method as conventionally used at 
Impala Rustenburg will be adopted for Marula and the main declines will be      
developed in the footwall (and therefore at a constant dip) which is more suited
to the geological conditions in the area. Furthermore, the mining will          
henceforth be undertaken by the owner and the contractor has already            
The financial and operating assumptions on which the previous estimates were    
based have deviated materially to the extent that an impairment charge of R1.45 
billion is necessary. Exchange rate appreciation has continued to harm the      
project economics with a negative impact of close to R1 billion when coupled to 
changes in US dollar metal prices. Higher capital requirements in order to      
support a viable mining method as well as a slower production build-up account  
for the balance of the impairment charge. Preliminary work for the development  
of the footwall infrastructure has commenced. Further development at a cost of  
approximately R830 million was approved by the board on 15 February 2005.       
Zimbabwe Platinum Mines Limited (Zimplats)                                      
Production at Zimplats remains on track. Despite a breakdown at the crusher, ore
milled was 4% higher, although ore production was below expectations. Recovery  
rates were maintained at 81.7%, and production of platinum ounces in matte rose 
2% to 42 300 ounces. The contract with the opencast operator was renewed, albeit
at an increase in contractor costs of 31%. It has thus been decided to          
substitute opencast tonnes with lower-cost underground ore, which has the added 
benefit of being of a slightly higher grade. The first phase of this plan is to 
double the tonnes mined from underground.                                       
In addition to the huge increase in contractor costs, dollar costs per platinum 
ounce are also being placed under pressure by the increased stripping ratio,    
fixed exchange rate and excessive local inflation.                              
While the board has approved the expansion to 145 000 ounces in principle, this 
will not begin until clarity has been given on various issues : security of     
tenure over claims; indigenisation; special mining licences; foreign currency   
accounts and execution of the bilateral accord between South Africa and         
Zimbabwe. Discussions on these issues with various government representatives   
and departments continue. However, the company has proceeded with certain       
infrastructural developments at a cost of US$20 million (the bulk of the money  
has been spent from internally generated funds) - in readiness for the proposed 
expansion including the provision of power, water and general infrastructure.   
The corporate tax rate in Zimbabwe has been reduced to 15% from 20%, backdated  
to January 2004.                                                                
Mimosa Platinum (Private) Limited (Mimosa)                                      
Production remains on track but Mimosa like Zimplats, is faced by similar cost  
constraints, particularly the impact of a managed exchange rate. Cash operating 
margins remain at a satisfactory 28%. The expansion to 80 000 ounces of platinum
has been delayed pending the outcome of discussions regarding the domicile of   
foreign currency accounts.                                                      
Impala Refining Services Limited (IRS)                                          
Platinum production at IRS fell by 37% to 333 000 ounces, period-on-period.     
However, if the effect of the once-off processing of 206 000 ounces from        
Lonplats in the first half of 2004 is excluded, production at IRS continued to  
grow with increasing volumes, negating to some extent the negative impact of the
strong rand. Rand strength had an adverse effect on gross profit which was 25%  
lower at R283 million. The continued strength of the rand resulted in a         
transaction loss (relating to dollar advances made to customers) of R124        
Prospects for growth remain good with at least one new major project likely to  
come on stream in the next 12 months, increased volumes from Marula Platinum and
continued growth in the recycling of autocatalysts.                             
Aquarius Platinum (South Africa) (Proprietary) Limited (AQPSA)                  
AQPSA`s (in which Implats has a 20% stake) primary operation Kroondal has       
achieved record output. Although Marikana continues to underperform which       
detracked from the financial results, increased production and recoveries were  
reported towards the end of the period. Work on the Everest project began in    
October 2004. This is being funded by the R860 million received by AQPSA from   
black economic empowerment entity, Savannah Resources, for its 29.6% stake in   
the company.                                                                    
Two Rivers Platinum (Proprietary) Limited (Two Rivers)                          
At Two Rivers, the joint venture with African Rainbow Minerals, the decision to 
proceed is imminent but is dependent on a satisfactory financing arrangement.   
Corporate matters                                                               
The sale of Implats` interest in Lonplats was completed in September 2004 and   
Implats received $763 million on the finalisation of this transaction, of which 
$95 million was made available in the form of vendor finance to various BEE     
companies and will only be fully repaid by 2011.                                
Good progress has been made on compliance with the Mining Charter and Implats   
has applied for conversion to new order mining rights for Marula Platinum and is
well placed to progress its application in respect of Impala Platinum.          
Publication of the Royalties Bill continues to be delayed with Implats having   
made both submissions to, and engaged in dialogue with, the relevant            
Changes to the board included the retirement of Mr Peter Joubert and the        
appointment in October 2004 of Dr Fred Roux as chairman in his place. In        
addition, Mr Mike Pleming also retired as a non-executive director and Mr Sifiso
Dabengwa resigned because he moved to Nigeria.                                  
Market review                                                                   
Fundamental demand for platinum remained firm in both the jewellery and         
automotive sectors in the second half of 2004, despite the platinum price       
remaining at levels well in excess of $850/ounce. The 2004 calendar year was the
sixth consecutive year of supply deficits in the platinum markets and the free  
market platinum price averaged $845/oz for the six months to December 2004      
compared to $732/oz for the comparable six months in 2003, an increase of 15%.  
However, the market is expected to move into balance from this year (with a     
surplus or deficit fluctuating around 100 000 ounces a year) for the next four  
to five years.                                                                  
The palladium market remains in surplus with the free market price averaging    
$214/oz, 9% up on the 2003 interim period. The current low levels of the        
palladium price could lead to a resurgence in the use of this metal in diesel   
catalysts. In the Chinese jewellery market, fabricators have begun the sale of  
palladium jewellery, which is both lighter and cheaper than platinum jewellery. 
This has occurred mainly outside of the major centres. The risk in the palladium
market, however, remains the stockpiles held by manufacturers, banks and        
speculators which should limit any increase in the price.                       
The Rhodium market has tightened of late due to stronger demand and reduced mine
supplies, resulting in firmer prices.                                           
Financial review                                                                
The 2005 interim results for Implats reflect a solid operating performance which
was offset by rand strength. The gross operating margin for the group was 32.7%,
slightly lower than the 33.5% for the previous half-year. Headline profit of    
R1.06 billion was on par with that of December 2003. The 185% increase in net   
profit of R3.03 billion includes the profit from the sale of the investment in  
Lonplats of R3.16 billion and the R1.45 billion for impairment less deferred tax
reversal of R253 million of the Marula assets.                                  
Results for the half-year: Sales increased by 10% in rand terms to R6.19        
billion, and in US$ terms by 26% from US$0.79 billion to US$1.00 billion. Of the
major earnings drivers, volumes and metal prices resulted in positive variances,
while the exchange rate had a significant negative variance effect on sales:    
*    Volumes: Platinum and palladium sales rose 5% for the six months to        
December 2004 while rhodium and nickel sales volumes were 11% and 7% lower      
respectively, the net result was a positive variance of R20 million.            
*    Metal prices: An increase in dollar prices of all major metals saw a 23%   
increase in the basket price (average dollar revenue per platinum ounce sold) to
$1 227 per ounce compared to $997 for the corresponding six months. This        
resulted in a positive variance of R1 434 million.                              
*    Exchange rate: The stronger rand caused a negative exchange rate variance  
of R898 million. The strength of the rand has been the single most challenging  
feature of the period. The average rate achieved during the period was R6.21/$  
compared to an average of R7.12/$ for the first half of 2004.                   
Cost of sales: Total cost of sales increased by 11.3% to R4.17 billion compared 
to R3.74 billion for the previous six months due to a 2% rise in tonnes milled, 
annual wage adjustments of 8% and higher operating costs at the Zimbabwean      
operations. The group unit cost per platinum ounce rose to R4 543, up 10% from  
the R4 132 for the 2004 financial year. The Impala unit cost per platinum ounce,
which represents the majority of the business, rose by 6,8%.                    
The exchange rate transaction loss for the period amounted to R316 million      
versus R133 million the previous six months. The applicable exchange rate for   
the translation of debtors/advances at 31 December 2004 was R5.63 per dollar    
compared to R6.17 on 30 June 2004, a strengthening of 9%. Included in the       
exchange rate transactional losses is an unrealised amount of R119 million,     
based on the remainder of the funds from the sale of Lonplats which are still to
be repatriated.                                                                 
Contributions to earnings: Implats` income is derived from three distinct       
sources - mine-to-market operations, IRS and equity income from investments.    
*    Mine-to-market operations: Revenue is generated by operations owned and    
managed by Implats, namely: Impala Platinum, Marula Platinum, Zimplats and      
Mimosa. Gross margins for the six months for the Impala segment were 40%, up    
from 38%, for 2004. The margins for both Zimbabwean operations were down as a   
result of operating cost increases. Margins at Marula, which is still in a ramp-
up phase, cannot be compared.                                                   
*    IRS: Income is generated by the processing of concentrate or matte         
purchased and toll treatment. Margins are substantially lower than in the mine- 
to-market operations reflecting the reduced risks and lower capital intensity.  
Margins recorded during the six months to December 2004 of 14% were lower than  
during the previous year due to lower toll income.                              
*    Operating margins:                                                         
                                        31 December   31 December               
Entity    Source                        2004           2003                     
Impala    Mine to market                40.0          37.9                      
Zimplats  Mine to matte                 22.3          36.3                      
Mimosa    Mine to concentrate           27.7          62.8                      
IRS       Matte/concentrate to market   14.4          22.1                      
Implats                                 32.7          33.5                      
*    Equity income: Income is generated by those companies in which Implats has,
or had equity accountable interests. This includes Lonplats, Aquarius Platinum  
and Two Rivers. For the six months to December 2004 equity accounted income     
amounted to R204 million.                                                       
Impala Platinum`s mining operations for the period under review continued to be 
the major contributor to earnings, accounting for 83% of group profit. Following
a 37% decline in platinum production through IRS for the six months as well as a
forex loss of R124 million, profit from IRS is down by 62% to R77 million. This 
represents 7% of group profit, compared to 19% last year.                       
The contribution from Zimplats/Mimosa operations increased substantially as a   
result of lower unrealised profit in group inventories.                         
Earnings from Implats` investment in Lonplats made a final contribution to group
income. Attributable income rose by 41% to R207 million and the contribution to 
group earnings increased to 20% from 14% compared to the first half of 2004.    
Dividends received from this investment for the period under review totalled R35
The contribution to the group from AQPSA for the six months to December 2004 was
a negative R3 million, compared to a positive contribution of R14 million for   
the six months to December 2003. This was a result of the operating loss        
recorded by the Marikana mine and the pooling and sharing arrangement at the    
Kroondal mine.                                                                  
Contribution to net profit from the various companies are listed below (R       
31 December  %             31 December  %                         
              2004         Contribution  2003         Contribution              
Impala        885          83.2          643          60.6                      
Impala        77           7.2           200          18.9                      
Gazelle       (171)        (16.1)        3            0.2                       
Limited -                                                                       
Gazelle       207          19.5          147          13.9                      
Limited -                                                                       
Mimosa        51           4.8           75           7.1                       
Africa )                                                                        
(Proprietary) (3)          (0.3)         14           1.3                       
Barplats      -            -             (9)          (0.8)                     
Marula        (34)         (3.2)           -          -                         
(Pty) Ltd                                                                       
Zimbabwe      52           4.9           (12)         (1.2)                     
Headline      1 064        100           1 061        100                       
Profit from   3 156                        -                                    
sale of                                                                         
Impairment of (1 198)                      -                                    
Attributable  3 022                      1 061                                  
**Including Makwiro Platinum Mines (Private) Limited                            
Earnings: Headline earnings for the six months increased slightly to 1 600 cents
per share compared to 1 593 cents in December 2003.                             
Balance sheet, structure and cash flow: A strong balance sheet has been         
maintained in order to provide funding for the bulk of the group`s future       
capital projects. The group generated cash from operating activities of R959    
million during the six months to December 2004 and net cash from investing      
activities of R3 580 million. After funding the group`s capital expenditure     
programmes, dividends and investments at the end of December 2004, the net      
closing cash position was R3.7 billion compared to R636 million at the end of   
June 2004. The group acquired 893 022 of its own shares in terms of an approved 
share buy-back scheme for an amount of R444.7 million.                          
Capital expenditure: Group capital expenditure amounted to R771 million for the 
six months to December 2004. Capital expenditure at the Impala segment was R642 
million compared to R541 million in the previous period. This was largely       
accounted for by expenditure on the decline projects. An amount of R46 million  
was spent on Marula and R83 million on Zimbabwean operations.                   
The fundamentals for platinum demand remain firm on the back of a solid and     
growing automotive sector, which is being enhanced by the growing popularity of 
diesel vehicles in Europe. Despite this, the market registered its first surplus
in 6 years due to growing supplies and a decline in the jewellery market.       
Our strategy is to maintain production from the Impala segment at 1.1 million   
platinum ounces for the next 30 years and the capital expenditure programme to  
achieve this was set in motion by the approval of number 16 and 20 shafts. The  
potential to grow production to 2.3 million platinum ounces over the next four  
years remains subject only to the Zimbabwean expansion.                         
This is a key focus of operations along with productivity and efficiency        
The recent strength of the South African Rand against the US dollar has had a   
major impact on earnings. The outlook for the group remains sound. If current   
rand exchange rates and metal prices prevail, headline earnings for the second  
half of the year are expected to be similar to the first half results.          
FJP Roux         K C Rumble                   Johannesburg                      
Chairman         Chief Executive Officer      17 February 2005                  
Declaration of Interim Dividend                                                 
An interim dividend of 500 cents per share has been declared in respect of the  
half-year ended 31 December 2004. The last day to trade (`cum` the dividend) in 
order to participate in the dividend will be Friday, 4 March 2005. The share    
will commence trading `ex` the dividend from the commencement of business on    
Monday, 7 March 2005 and the record date will be Friday, 11 March 2005.         
The dividend is declared in the currency of the Republic of South Africa.       
Payments from the London transfer office will be made in United Kingdom currency
at the rate of exchange ruling on Thursday 10 March 2005 or on the first day    
thereafter on which a rate of exchange is available.                            
The dividend will be paid on Monday, 14 March 2005. Share certificates may not  
be lodged with the transfer secretaries for dematerialisation/rematerialisation 
during the period Monday 7 March 2005 to Friday 11 March 2005, both dates       
By order of the board                                                           
R Mahadevey         Johannesburg                                                
Group Secretary     17 February 2005                                            
Issued by sponsor: Deutsche Securities (SA) (Proprietary) Limited               
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                                         
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 (Proprietary) Limited, 70    
Marshall Street, Johannesburg, 2001, (P.O. Box 61051, Marshalltown, 2107)       
Facsimile +27 11 836-0792   Telephone +27 11 370-7700                           
United Kingdom: Lloyds TSB Registrars                                           
The Causeway, Worthing, West Sussex, BN99 6DA                                   
FJP Roux (Chairman), KC Rumble (Chief Executive Officer),                       
DH Brown, CE Markus, JM McMahon*, MV Mennell, TV Mokgatlha,                     
K Mokhele, DM O`Connor, NDB Orleyn, LJ Paton, JV Roberts,                       
LC van Vught                                                                    
Date: 17/02/2005 08:00:24 AM   
Produced by the JSE SENS Department