Implementation of a Zimbabwean export levy on unbeneficiated PGM revenue
IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE Share code: IMP
ADR code: IMPUY
JSE Bond Code: IMPCB
(“Implats” or “the Group”)
NOTICE TO SHAREHOLDERS
IMPLEMENTATION OF A ZIMBABWEAN EXPORT LEVY ON UNBENEFICIATED PGM REVENUE
Implats wishes to inform shareholders that a 15% export levy on unbeneficiated platinum
group metal (PGM) revenue in Zimbabwe became effective from 1 January 2015, as per the
Finance Act (No. 3), 2014 (Act 11 of 2014).
As previously announced, in 2013 the Government of Zimbabwe proposed an export levy on
unbeneficiated platinum, with a view to encouraging platinum mining companies to invest in
smelting and refining capacity in Zimbabwe. This export levy was deferred to take effect
from 1 January 2015. In the 2015 National Budget statement made in December 2014, the
Minister of Finance announced that the Government had deferred the export tax on un-
beneficiated platinum until 1 January 2017. However, the recently promulgated 2015
Finance Bill does not provide for the deferral of the levy.
It is not clear whether the export levy will be formally enforced and the Group, in
consultation with the Chamber of Mines in Zimbabwe, is presently seeking clarity from the
authorities. Implats and its Zimbabwean operations remain committed to securing a
conducive regulatory and fiscal framework for the mining industry in Zimbabwe.
It should be noted that the Group’s Zimplats operation does not export unbeneficiated
platinum concentrate, and as a consequence will not be impacted by this levy.
Implats is not in a position to provide further details due to the sensitive and confidential
nature of these engagements. Further developments will be communicated in due course.
Johan Theron Alice Lourens
E-mail: email@example.com E-mail: firstname.lastname@example.org
T: +27 (0) 11 731 9013/43 T: +27 (0) 11 731 9033/43
M: +27 (0) 82 809 0166 M: +27 (0) 82 498 3608
30 January 2015
Sponsor to Implats
Deutsche Securities (SA) Proprietary Limited
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