Information announcement30 Jun 2003
Implats -                           
IMPALA PLATINUM HOLDINGS LIMITED                                                
   (Incorporated in the Republic of South Africa)                               
(Registration number: 1957/001979/06)                                        
   Share code: IMP   ISIN: ZAE000003554                                         
Information announcement                                                        
Implats firm intention to make an offer to acquire shares in Zimbabwe Platinum  
Mines Limited ("Zimplats") at A$4.08 per Zimplats share                         
1. Introduction                                                                 
   Investec Bank Limited is authorised to announce Implats" firm intention to   
make an offer to the shareholders of Zimplats, other than Impala Platinum       
Zimbabwe (Proprietary) Limited ("Impala Zimbabwe"),("the Zimplats minority      
shareholders") to acquire all of their Zimplats shares for a cash consideration 
of A$4.08 per Zimplats share ("the Zimplats minority offer").                   
2. Background information on Zimplats and rationale for the Zimplats minority   
   Zimplats, a company listed on the Australian Stock Exchange, is a platinum   
development and mining company with significant assets in Zimbabwe. Zimplats    
holds around 165 million ounces of platinum resources in the Great Dyke of      
Zimbabwe, comprising the majority of the Hartley Geological Complex.            
   Zimplats holds 70% of the Ngezi open cast mine and the Selous Metallurgical  
Complex ("SMC") on the Great Dyke in Zimbabwe, which have been combined into a  
fully operational platinum mine and metallurgical plant. During the last two    
years, Zimplats secured the financing to build and commission an access road for
the entire unexploited mineral resource in the north chamber of the Great Dyke, 
to open the Ngezi open cast mine and to partially recommission the SMC.         
At the Ngezi open cast mine and SMC, Zimplats has now shown the ability to   
meet its planned operational and economic targets and, in particular, has       
achieved the grade control targets at the Ngezi open cast mine. Furthermore     
Zimplats has been able to successfully operate within the current uncertain     
economic and political environment in Zimbabwe.                                 
   The success of its initial operations has now enabled Zimplats to advance    
plans to expand operations to exploit its 100% owned ore reserves north of the  
Ngezi open cast mine, in a series of phased expansions, utilising underground   
methods similar to those successfully used at the Mimosa mine in Zimbabwe.      
Feasibility studies currently in progress, incorporating promising results to   
date from the 200 000 ton underground trial mining project, suggest that the    
planned phased expansions are technically and economically viable.              
Implats considers that its strategic association with Zimplats is a key factor  
in the current and future success of Zimplats, as Implats has both the technical
and financial resources to assist Zimplats in exploiting the potential of its   
large platinum mineral resources on the Great Dyke region in Zimbabwe.          
However, given that Zimplats" potential is more likely to be realised over   
the longer term rather than the short term, in an uncertain socio-political     
environment, Implats believes that there are significant risks inherent in      
realising the potential of Zimplats.  The holding of a larger equity interest in
Zimplats would facilitate Implats being able to more effectively assist Zimplats
with its future expansions, particularly when longer term investment and        
financial support are required.                                                 
3. Background to the Zimplats minority offer                                    
Impala Zimbabwe currently holds 50,53% of the issued shares of Zimplats while
Impala Zimbabwe is 70,68% held by Implats. Implats therefore indirectly holds   
35,71% of the issued shares of Zimplats. After taking into account Zimplats"    
commitment to issue shares equivalent to 15% of its existing issued share       
capital to empowerment shareholders, as well as options granted by Zimplats to  
its employees and directors, Implats currently indirectly holds 30,01% of       
Zimplats" shares on a fully diluted basis.                                      
   Implats and Zimplats concluded an agreement governing the circumstances under
which Implats must make an offer to other Zimplats shareholders ("the offer     
agreement"), summarised details of which can be found on Zimplats" website at  In accordance with the offer agreement, Implats has notified 
the Zimplats Board of its intention to pursue the Zimplats minority offer.  The 
members of the Zimplats Board excluding those members representing Implats have 
resolved to recommend to the Zimplats minority shareholders to accept the       
Zimplats minority offer.                                                        
4. Terms of the Zimplats minority offer                                         
4.1 The offer consideration                                                  
       The Zimplats minority offer will be for a cash consideration of A$4.08   
per Zimplats share.                                                             
   4.2 Timing                                                                   
Details of the actual offer by Implats to the Zimplats minority          
shareholders, in accordance with the offer agreement, will be published within  
30 days.                                                                        
5. Funding for the Zimplats minority offer                                      
The maximum potential purchase consideration payable by Implats to the       
Zimplats minority shareholders is approximately R972 million, which amount is   
based on the assumptions that all the Zimplats minority shareholders accept the 
Zimplats minority offer, and an exchange rate of R5.00/A$.  The purchase        
consideration will be funded by Implats using existing cash resources.          
6. Acquisition of ABSA Bank Limited"s ("ABSA") interest in Zimplats             
   Separately from the Zimplats minority offer, Implats will acquire ABSA"s     
indirect 14,82% interest in Zimplats by acquiring ABSA"s 29,32% interest in     
Impala Zimbabwe on or about 2 July 2003 ("the ABSA acquisition") at an effective
price per Zimplats share that is not greater than the Zimplats minority offer   
price.  As a result, Implats" effective interest in the issued shares of        
Zimplats will increase to 50,53% on an undiluted basis and 42,46% on a fully    
diluted basis, prior to any Zimplats shares acquired by Implats in terms of the 
Zimplats minority offer.                                                        
7. Financial effects of the Zimplats minority offer and ABSA acquisition on     
The Zimplats minority offer and the ABSA acquisition are expected to have    
little effect on Implats" earnings and net asset value in the short term, but in
the medium to longer term will have a more meaningful positive effect.          
   30 June 2003                                                                 
   South Africa                                                                 
Investment bank and advisor in South Africa                                     
  Investec Corporate Finance                                                    
Investec Bank Limited                                                         
  (Registration number 1969/004763/06)                                          
Investment bank and advisor in Australia                                        
  Investec Wentworth                                                            
Legal advisor in South Africa                                                   
  Routledge-Modise Attorneys                                                    
  Established 1692                                                              
Legal advisor in Australia                                                      
  Blakiston & Crabb Solicitors                                                  
Date: 30/06/2003 09:00:06 AM Supplied by                     
Produced by the JSE SENS Department