3rd Quarter Production Report
May 17 2010 - 9:30AM
UK Regulatory
TIDMIPLA
Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1957/001979/06)
ISIN: ZAE000083648
JSE Share Code : IMP
LSE Share Code : IPLA
ADR Code : IMPUY
("Implats" or "the company")
THIRD QUARTER PRODUCTION REPORT FOR THE PERIOD 01 JANUARY TO 31 MARCH 2010
Operational Unaudited Unaudited Unaudited Unaudited
information
Quarter Quarter ended Nine months Nine months
ended to to
31 March 09
31 March 10 31 March 10 31 March 09
Implats Gross
Refined
Production
Platinum 000oz 368 385 1,263 1,263
Palladium 000oz 283 224 864 698
Rhodium 000oz 59 58 185 186
Nickel 000tonne 3.43 3.44 10.90 10.69
Impala
Tonnes Milled 000 3,217 3,390 10,032 11,524
Grade (6E) g/t 4.67 4.63 4.61 4.57
% Merensky 40% 46% 40% 46%
Refined 000oz 220 153 653 669
Platinum
Production
Marula
Tonnes Milled 000 333 394 1,149 1,175
Grade (6E) g/t 4.35 4.30 4.38 4.25
Platinum in 000oz 14 19 52 55
Concentrate
Zimplats
Tonnes Milled 000 1,053 543 3,021 1,625
Grade (6E) g/t 3.58 3.57 3.53 3.49
Platinum in 000oz 46 25 128 72
Matte
Mimosa
Tonnes Milled 000 557 548 1,709 1,563
Grade (6E) g/t 3.87 3.85 3.86 3.88
Platinum in 000oz 25 24 76 68
Concentrate
IRS
Refined 000oz 148 232 610 594
Platinum
Production
Prices Achieved
Platinum $/oz 1,520 955 1,365 1,249
Palladium $/oz 410 189 336 277
Rhodium $/oz 2,486 1,117 1,982 4,517
Nickel $/tonne 18,541 10,432 16,863 14,778
Average R/$ 7.51 9.99 7.63 8.62
exchange rate
SAFETY
There were no fatal injuries during the quarter under review. Impala Springs
and 5 Shaft in Rustenburg both achieved twelve consecutive months without
incurring a lost time injury whilst Zimplats and Mimosa continued to deliver
remarkable performances with Lost Time Injury Frequency Rates (LTIFR) of less
than 1 per million man hours worked.
In spite of these achievements group safety performance as measured by the
LTIFR has deteriorated from that reported in August 2009. We continue to focus
on instilling a safety culture within the organisation. To this end we have
engaged the services of Du Pont in the development of a safety management and
culture programme to achieve our vision of zero harm.
PRODUCTION
Gross refined platinum production for the 9 months to the end of March 2010
remained unchanged compared to the same period a year ago despite the impact of
industrial action and the 14 Shaft incident at the beginning of the current
financial year. Quarter-on-quarter platinum production decreased by 4% to 368
000 ounces due to pipeline movements as reflected in Impala and IRS figures.
Palladium production rose 26% on the back of the ramp-up of the Phase 1
expansion at Zimplats, additional deliveries of palladium-richer autocatalysts
and the continued destocking of material from the refinery.
Impala
At Impala Rustenburg tonnes milled declined by 5% to 3.2 million due to the
change in the mechanised Merensky mining layout. Refined platinum production
rose 44% to 220 000 ounces largely as a result of a lock-up of material in the
previous comparable period caused by the commissioning of the gas cleaning
plant in the smelter. Despite the change to a more UG2 dominant ore mix, head
grade, recovery and yield have all shown improvement. The focus at the
operation remains on on-reef development at the current shafts and main
development at the project shafts. Mining flexibility will be restored by
accessing new half-levels, particularly in Merensky areas.
Marula
Tonnage at Marula fell by 15% period on period. However, platinum in
concentrate production declined by 22% to 14 000 ounces due to pipeline
movements. Constrained mining flexibility continues to hamper the ramp-up to
conventional mining.
Zimplats
Production at Zimplats increased in line with the ramp-up of the Phase 1
expansion project. Whilst mill tonnage increased by 93%, platinum in matte,
production only increased by 85% due to a combination of lower recoveries at
the new Ngezi plant, lower platinum grade and inventory movement.
Zimplats has made the decision, based on existing agreements with the
Government of Zimbabwe and despite the fact that discussions are still on-going
on certain key issues, to move ahead with the Phase 2 expansion project. The
estimated cost of this project is US$500 million and will be funded by a
combination of internally generated cash resources and a bank loan. The funding
arrangements have not yet been finalised and government project approvals are
still outstanding.
Mimosa
Mimosa has achieved steady-state capacity of 100 000 ounces of platinum in
concentrate per annum. Consequently tonnes milled rose only marginally to 557
000 whilst platinum in concentrate production increased by 6% to 25 000 ounces
period on period.
IRS
IRS' refined platinum production declined by 36% quarter-on-quarter. Deliveries
from Zimplats, Blue Ridge and Smokey Hills increased as these operations
ramp-up production.
Enquiries should be directed to:
Bob Gilmour (Group Executive Corporate Relations)
+27 11 731 9013/12
+27 82 453 7100
Bob.gilmour@implats.co.za
Johannesburg
17 May 2010
Sponsor to Implats:
Deutsche Securities (SA) (Proprietary) Limited
IR/AnnualRep2009/RMG
END
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