Implats -Financial Update -Strike Action In Oct 0415 Nov 2004
Implats - Financial Update - Strike Action In October 2004                      
IMPALA PLATINUM HOLDINGS LIMITED                                                
(Incorporated in the Republic of South Africa)                                  
(Registration No. 1957/001979/06)                                               
ISIN: ZAE000003554                                                              
JSE SHARE CODE:     IMP                                                         
LSE SHARE CODE:     IPLA                                                        
ADR CODE:           IMPUY                                                       
FINANCIAL UPDATE - STRIKE ACTION IN OCTOBER 2004                                
Implats hereby provides a financial update on the strike action relating to the 
wage dispute at our Implats operations in Rustenburg.                           
Most category 3 to 8 employees of whom 73% are National Union of Mineworkers`   
members amounting to 17 000 employees went on strike on the evening of 30       
September 2004. This strike lasted ten production days and the workers returned 
to work on the evening of 12 October 2004.                                      
Negotiated settlement - The differential between the company`s offer of 7,5% and
the unions` demand of 8,5% was settled at 8% across the board, backdated to 1   
July 2004. As part of the settlement, the unions committed to support the       
implementation of productivity initiatives (drill jigs) at the operations.      
Impact on production and profit - Ten production days were lost (out of some 275
production days per annum), equivalent to lost platinum production of 44 300    
platinum ounces. The estimated loss in profit was R177 million, equivalent to   
R2,70 per share. The estimated financial and operating impact of this strike is 
as follows:                                                                     
Tonnes                                  (t)       632 900                       
Platinum ounces                         (oz)      44 300                        
Revenue                                 (Rm)      (344)                         
Lower operating cost                              57                            
Gross operating loss                              (287)                         
Net loss (after tax and royalties)                (177)                         
It should be noted, however, that these are preliminary estimates. Implats      
operations are considering plans to recoup lost production by end of the current
financial year. It is unlikely that we will be able to make up the lost         
production by the half year.  It should be noted that the lost production       
relates only to production from the Impala Lease Area.  Gross production for the
half year is anticipated to be at levels similar to those achieved last year.   
15 November 2004                                                                
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 15/11/2004 04:25:51 PM
Produced by the JSE SENS Department