IMP / IMPO - Implats - Third Quarter Production Re18 May 2009
IMP / IMPO - Implats - Third Quarter Production Report For The Period 1 January 
                        To 31 March 2009                                        
IMPALA PLATINUM HOLDINGS LIMITED                                                
(Incorporated in the Republic of South Africa)                                  
(Registration number 1957/001979/06)                                            
Share Code: IMP/IMPO                                                            
LSE Code: IPA                                                                   
ADR Code :IMPUY                                                                 
ISIN: ZAE000083648                                                              
Third quarter production report for the period 1 January to 31 March 2009       
Unaudited  Unaudited  Unaudited   Unaudited        
                             Quarter    Quarter    Nine months Nine             
                             ended      ended      to          months to        
Operational                   31 March   31 March   31 March    31 March        
information                   09         08         09          08              
Implats Gross                                                                   
Refined Production                                                              
Platinum            000oz     385        352        1,263       1,383           
Palladium           000oz     224        180        698         754             
Rhodium             000oz     58         56         186         189             
Nickel              000tonne  3.44       2.63       10.69       10.89           
Tonnes Milled       000       3,390      3,371      11,524      11,913          
Grade (6E)          g/t       4.63       4.63       4.57        4.73            
% Merensky                    46%        49%        46%         49%             
Refined Platinum    000oz     153        174        669         749             
Refined Platinum    000oz     213        219        729         794             
(stock adjusted)                                                                
Tonnes Milled       000       394        333        1,175       1,093           
Grade (6E)          g/t       4.30       4.45       4.25        4.43            
Platinum in         000oz     19         16         55          52              
Tonnes Milled       000       543        525        1,625       1,631           
Grade (6E)          g/t       3.57       3.48       3.49        3.54            
Platinum in Matte   000oz     25         28         72          69              
Tonnes Milled       000       548        399        1,563       1,294           
Grade (6E)          g/t       3.85       3.84       3.88        3.84            
Platinum in         000oz     24         17         68          57              
Refined Platinum    000oz     232        178        594         634             
Prices Achieved                                                                 
Platinum            $/oz      955        1,695      1,249       1,460           
Palladium           $/oz      189        420        277         373             
Rhodium             $/oz      1,117      7,091      4,517       6,385           
Nickel              $/tonne   10,432     28,485     14,778      31,345          
Average exchange    R/$       9.99       7.49       8.62        7.11            
Regrettably, two of our employees lost their lives at work during the quarter   
under review.  Both incidents occurred underground at the Impala Rustenburg     
operations. Management extends their sincere condolences to their families,     
friends and colleagues.  The common cause of these fatalities has been our      
failure as a company to ensure all our employees, including supervisors and     
managers, adhere to codes of practice and procedures.  The company has robust   
safety programmes and excellent codes of practice and procedures in place which 
will contribute to improvements in safety, but our compliance with these remains
a problem.                                                                      
Gross refined platinum production increased by 9% to 385,000 ounces compared to 
the corresponding quarter a year ago.  The 24% rise in palladium production was 
primarily due to a lock-up in the previous comparable period whilst nickel      
throughput was driven by higher customer receipts.                              
At Impala, platinum production declined by 12% to 153,000 ounces from that      
achieved in the third quarter of FY2008 due to the combination of a build-up in 
pipeline stocks and a decrease in Merensky tonnage milled.  The latter resulted 
in a higher ratio of lower-grade UG2 throughput.  The temporary lock-up which   
occurred in the smelter was caused by the commissioning of the gas cleaning     
portion of the smelter expansion and stock adjusted production fell by 3%.      
Changes to the senior management structure have now been completed.  The new    
team will concentrate on on-reef development particularly at the major Merensky 
shafts, grade control and people development in order to address the drop in    
Tonnage at Marula rose by 18% period on period in line with the ramp-up in      
production.  The deterioration in grade was a result of the scaling down of     
production at the higher grade Driekop shaft coupled with higher on-reef        
development at the Clapham conventional project.                                
Platinum in matte production at Zimplats declined by 11% to 25,000 ounces       
compared to the equivalent period a year ago.  This was due to a concentrate    
pipeline build-up which will be processed into matte in the next quarter.       
The completion of the plant de-bottlenecking at Mimosa resulted in platinum     
production in concentrate improving by 41% from the previous comparable period  
to 24,000 ounces.                                                               
Impala Refining Services` production rose by 30% to 232,000 ounces quarter on   
quarter due to increased receipts and pipeline movements.  The closure of       
Aquarius` Everest Mine will impact on the subsequent quarter`s output.          
Metal prices in the current quarter have dropped steeply from the previous      
period a year ago when they were dominated by supply concerns, driven in part by
the Eskom power crisis.  In contrast prices in this quarter were the victim of  
the severe economic downturn which translated into weaker demand.  Their        
deterioration was partly negated in rand terms by the 33% weakening in the      
rand/dollar exchange rate.                                                      
In Zimbabwe a government of national unity took office in February this year,   
but political agreement has still not been fully implemented with a number of   
senior appointments still outstanding.  The formation of a coalition government 
has brought about a sense of renewed optimism in the country.  The operations   
continue to function smoothly and the Zimplats Phase I Expansion Project is     
scheduled for completion later in the year.                                     
The discussions with Mvelaphanda Resources and Northam pertaining to the        
potential acquisition of the entire issued share capital of both aforementioned 
parties were terminated in January 2009 when agreement on an equitable          
transaction ratio could not be reached.                                         
Cash net of debt at the end of the quarter was R1.5 billion.  A major cash      
outflow during this period was R724 million for the interim dividend payment.   
Enquiries should be directed to:                                                
Bob Gilmour (Group Executive Corporate Relations)                               
+27 11 731 9013                                                                 
+27 82 453 7100                                                                                                               
David Brown (Chief Executive Officer)                                           
+27 11 731 9056                                                                 
+27 82 908 9630                                                                                                               
18 May 2009                                                                     
Sponsor to Implats:                                                             
Deutsche Securities (SA)(Proprietary) Limited                                   
Date: 18/05/2009 10:00:01 Produced by the JSE SENS Department.                  
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