IMP - Impala Platinum Holdings Limited - Implats t13 May 2011
IMP - Impala Platinum Holdings Limited - Implats third quarter production report
for period 01 January to 31 March 2011                                          
Impala Platinum Holdings Limited                                                
(Incorporated in the Republic of South Africa)                                  
(Registration number 1957/001979/06)                                            
ISIN: ZAE000083648                                                              
JSE code: IMP                                                                   
LSE code: IPLA                                                                  
ADR code: IMPUY                                                                 
01 JANUARY TO 31 MARCH 2011                                                     
                                   Unaudited      Unaudited      Unaudited      
Operational information             Quarter ended  Nine months    Nine months   
                                   31 March 11    to             to             
31 March 11    31 March 10    
Implats Gross Refined                                                           
Platinum                 000oz      425            1,377          1,263         
Palladium                000oz      280            903            864           
Rhodium                  000oz      63             192            185           
Nickel                   000tonne   3.90           12.32          10.90         
Tonnes Milled            000        2,994          10,800         10,032        
Grade (6E)               g/t        4.59           4.63           4.61          
% Merensky                          44%            42%            40%           
Refined Platinum         000oz      222            722            653           
Tonnes Milled            000        303            1,190          1,149         
Grade (6E)               g/t        4.39           4.37           4.38          
Platinum in Concentrate  000oz      14             55             52            
Tonnes Milled            000        1,007          3,085          3,021         
Grade (6E)               g/t        3.54           3.58           3.53          
Platinum in Matte        000oz      42             131            128           

Tonnes Milled            000        566            1,704          1,709         
Grade (6E)               g/t        3.91           3.89           3.86          
Platinum in Concentrate  000oz      26             77             76            
IRS *                                                                           
Refined Platinum         000oz      203            655            610           
Group Unit Costs         R/Pt oz    10,734         10,414         9,883         
(excluding SBP)                                                                 

Prices Achieved                                                                 
Platinum                 $/oz       1,779          1,656          1,365         
Palladium                $/oz       791            636            336           
Rhodium                  $/oz       2,370          2,292          1,982         
Nickel                   $/tonne    26,720         23,104         16,863        
Average exchange rate    R/$        7.02           7.11           7.63          
*Includes all material expect Impala                                            
Regrettably, one of our colleagues, Michael Molokwane, a miner, lost his life   
during the quarter under review. The incident, which was mobile trackless       
transport related, occurred at 14 Shaft at Impala Rustenburg. The Board and     
management extend their sincere condolences to the family, friends and          
colleagues of Michael.                                                          
During the first three months of this year there has been a 27% rise in South   
African mine fatalities. In response to this deteriorating trend, the Department
on Mineral Resources (DMR) has significantly increased the issuance of Section  
54 notices. Although Implats recorded a 66% improvement in fatalities for the   
same period, these stoppages have negatively impacted production at both Impala 
Rustenburg and Marula, as outlined below.                                       
Group refined platinum production rose by 9% to 1,38 million ounces for the nine
month period ending March 2011 compared to the corresponding period last year.  
This was due to a combination of increased throughput at Impala Rustenburg and  
Impala Refining Services, the latter due to higher toll treatment. Palladium and
rhodium production was only up by 4% due to pipeline releases in the prior      
period a year ago.                                                              
Tonnes milled of approximately 3 million were in part reflective of the         
traditional slow start to the quarter following the year end holidays. However, 
as mentioned earlier the safety shaft closures exacerbated the situation and    
resulted in the loss of 130 000 tonnes or approximately 8 500 ounces of         
platinum. This situation was partially redressed by the treatment of surface    
material. Production for the nine months is up 11% to 722 000 ounces with full  
year production estimated to be in the region of 940 000 ounces.                
Production at Marula was also impacted by the safety stoppages. Seven shifts    
amounting to approximately 2 000 ounces of platinum were lost in the quarter.   
The operation continues to be constrained by the lack of mining flexibility as  
reflected in yearly platinum production to date of 55 000 ounces and remains a  
focus of management attention.                                                  
With the ramp-up at Bimha mine now close to completion, Zimplats is running at  
Phase I nameplate capacity of 180 000 ounces of refined platinum. The Phase II  
expansion to 270 000 ounces of platinum remains on track. Portal 3 shotcreting  
is complete and access for mining is scheduled for the end of April.            
On 25th March 2011, the government issued amended Indigenisation and Economic   
Empowerment Regulations requiring all foreign owned companies to meet a minimum 
indigenisation quota of 51%. Companies were given 45 days (i.e. till 9 May 2011)
to submit their proposals and six months to implement following ministerial     
approval. As shareholders are aware the company has been in discussions with    
Government regarding Zimplats` Indigenisation and Economic Empowerment proposals
dating back several years. The company`s plan has always centred around the     
three pillars of equity, empowerment credits for the release of mineral rights  
and social-upliftment respectively. These remain the cornerstone of our ongoing 
Tonnes milled and platinum produced in concentrate remained unchanged at 1,7    
million and 77 000 ounces respectively, for the nine months to the end of March 
compared with the comparable period a year ago. The company remains in          
discussion with government regarding compliance with the Indigenisation and     
Economic Empowerment Regulations.                                               
Impala Refining Services (IRS)                                                  
Platinum production at IRS increased by 7% to 655 000 ounces primarily due to   
the treatment of higher volumes of toll material.                               
Group Unit Costs                                                                
Group unit cost per platinum ounce produced, excluding share base payments rose 
by 5.4% for the nine months to the end of March compared with the corresponding 
period a year ago.                                                              
13 May 2011                                                                     
Issuer by sponsor: Deutsche Securities (Proprietary) Limited                    
Enquiries should be directed to:                                                
Bob Gilmour - Group Executive: Corporate Relations                              
+27 11 731 9013/43                                                              
+27 82 453 7100                                                                                                               
Date: 13/05/2011 16:00:01 Produced by the JSE SENS Department.                  
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