Company Press Release26 May 2005
Impala Platinum Holdings Limited - Company Press Release                        
Impala Platinum Holdings Limited                                                
(Incorporated in the Republic of South Africa)                                  
(Registration number 1957/001979/06)                                            
Share code: IMP/IMPO                                                            
LSE: IMPLA                                                                      
ADR`s: IMPUY                                                                    
ISIN: ZAE 000003554                                                             
Dynatec Corporation                                                             
TSX: DY                                                                         
ISIN: CA267934107                                                               
Implats signs agreement with Dynatec to participate in the Ambatovy Nickel      
Project in Madagascar                                                           
Implats and Dynatec today announced that they have entered into an agreement for
the joint progression of the Ambatovy Nickel Project in Madagascar.             
A feasibility study released by Dynatec in February 2005 has indicated the      
potential for a 60,000 tonnes per annum (`tpa`) nickel and 5,600 tpa cobalt     
project.  This feasibility study will now be enhanced and modified to allow for 
the refinery portion of the Ambatovy Project to be built in Springs, South      
Africa, thereby leveraging Implats` core competencies and infrastructure.       
The February feasibility study estimated that the capital costs for the Project 
would be US$2.25 billion.  These costs will be reviewed in light of the         
advantageous location of the proposed refinery adjacent to Implats` extensive   
facilities at Springs.  Cash operating costs for the Project are expected to be 
near the bottom of the global cost curve.  Additional details on the feasibility
study, including a copy of the executive summary, can be obtained at                                                                    
(i) Salient Features:                                                           
Under the terms of the agreement:                                               
- Dynatec and Implats will initially own a 50% stake of the Project;            
- Senior project debt funding will be sought for at least 50% of the funding    
- Implats will contribute US$50 million towards Dynatec`s share of equity       
contributions, whereafter all parties will be required to contribute their      
proportionate share of equity and provide their share of any guarantees sought  
by the financiers;                                                              
- Subject to regulatory approvals Implats will provide a project completion     
cross guarantee of US$170 million for Dynatec`s portion of the financing        
guarantees; and                                                                 
- Implats will operate the refinery in Springs on behalf of the Project, and    
Dynatec will operate the mine and metallurgical facilities in Madagascar.       
(ii) Implats` and Dynatec`s initial 50% interests will be reduced to 37.5% each 
subject to the necessary regulatory approvals upon the sale of a 25% interest to
a third shareholder.  Discussions are currently advanced with prospective third 
partners.   Dynatec will receive the entire benefit of any payment or financial 
support received from the third partner, likely a nickel consumer, as           
consideration for acquiring its 25% interest.  In addition, Dynatec will also   
receive the entire benefit derived from making available to the third           
shareholder, and potentially other parties if appropriate, the right to offtake 
refined nickel at fair market value with respect to up to 75% of the production 
of the Project.                                                                 
(iii) Implats and Dynatec will jointly undertake the detailed engineering for   
the Project, including the modification of the February feasibility study to    
reflect a relocation of the refinery to Springs, the site of Implats` current   
refinery. Modifications to the feasibility study and sufficient detailed        
engineering work to form the basis of the partners` decision to proceed with the
Project are expected to be completed by the end of 2005 and to cost no more than
US$60 million.                                                                  
(iv) Implats` exposure during this phase of work will therefore be limited to   
US$60 million, being                                                            
- its initial 50% share of the detailed engineering costs (US$30m); and         
- payment of Dynatec`s share of such costs (US$30m) as part of the US$50 million
referred to in (i) above.                                                       
Bruce V. Walter, President and Chief Executive Officer of Dynatec commented:    
`We believe we have an ideal partner in Implats to move forward with the        
Ambatovy Project.  Implats brings substantial benefits to the Project in its    
financial strength, extensive refining capabilities and available infrastructure
at Springs.`                                                                    
Keith Rumble, Implats Chief Executive, said, `Implats` existing world-class     
refining infrastructure is advantageously located creating significant synergies
between the two companies.  The addition of significant volumes (some 60,000 tpa
nickel) to Implats` existing refining capacity of 20,000 tpa nickel will achieve
the economies of scale enjoyed by large-scale primary nickel producers.`        
About Implats                                                                   
Implats is the world`s second largest primary producer of platinum.  As a       
natural consequence of platinum group metal production, Implats has been        
producing nickel for more than thirty years. Exposure to a large laterite       
project will enable Implats to process and refine nickel at comparable cost to  
primary nickel producers. It therefore represents growth in one of Implats` most
important metals, and fits neatly into Implats` strategic envelope. Implats     
employs some 31,600 people across its operations and, in the 2004 financial     
year, produced approximately 1.96 million ounces of platinum (around 3.73       
million ounces of PGMs).                                                        
About Dynatec Corporation                                                       
Dynatec Corporation of Richmond Hill, Ontario, Canada, is a growing mining      
company, with interests in nickel, copper and precious metals, which possesses  
extensive expertise in mining and hydrometallurgy. Dynatec`s strategy is to     
create shareholder value by applying the expertise of its 1,300 employees to    
attractive projects as an owner/operator.                                       
Dynatec currently has three projects in its portfolio. The Ambatovy Project     
draws on the Company`s world leading hydrometallurgical processes and           
technologies.  Over the last 50 years, Dynatec`s Metallurgical Technologies     
Division has participated in the commercialization of more than 40              
hydrometallurgical plants worldwide, including more than 15 plants involved in  
the production of nickel and cobalt. Through the Sudbury Joint Venture, Dynatec 
is currently producing nickel, copper and precious metals as an owner/operator, 
and is initiating pilot production of coal-bed methane through a project in West
About Madagascar                                                                
Madagascar is the world`s fourth largest island and is located 500 kilometers   
off the east coast of southern Africa. The population of Madagascar is          
approximately 17 million.  A former French colony, the country gained its       
independence in 1960 and is now a democratic republic. The current government,  
headed by President Marc Ravalomanana, was elected in 2002.  The government has 
identified the responsible development of large-scale resource projects as an   
important element of the country`s economic development strategy.               
Forward-Looking Statements                                                      
This news release contains certain forward-looking statements.  These forward-  
looking statements are subject to a variety of risks and uncertainties beyond   
the companies` ability to control or predict which could cause actual events or 
results to differ materially from those anticipated in such forward-looking     
statements.  In this news release, forward-looking statements are made related  
to the ownership and potential development and operation of the Ambatovy Nickel 
Project.   Readers should not place undue reliance on these or other forward-   
looking statements.                                                             
Johannesburg and Toronto                                                        
May 26, 2005                                                                    
Keith Rumble                                                                    
Chief Executive                                                                 
+27 11 481 3956                                                                 
Cathie Markus                                                                   
Executive Director                                                              
+27 11 481 3925                                                                 
Issued by sponsor: Deutsche Securities (SA) Proprietary Limited                 
Date: 26/05/2005 05:02:49 PM                    
Produced by the JSE SENS Department