3rd Quarter Production Report
May 13 2011 - 10:00AM
UK Regulatory
TIDMIPLA
Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
ISIN: ZAE000083648
JSE code: IMP
LSE code: IPLA
ADR code: IMPUY
("Implats")
IMPLATS THIRD QUARTER PRODUCTION REPORT FOR PERIOD
01 JANUARY TO 31 MARCH 2011
Operational information Unaudited Unaudited Unaudited
Quarter ended Nine months to Nine months to
31 March 11 31 March 11 31 March 10
Implats Gross Refined
Production
Platinum 000oz 425 1,377 1,263
Palladium 000oz 280 903 864
Rhodium 000oz 63 192 185
Nickel 000tonne 3.90 12.32 10.90
Impala
Tonnes Milled 000 2,994 10,800 10,032
Grade (6E) g/t 4.59 4.63 4.61
% Merensky 44% 42% 40%
Refined Platinum 000oz 222 722 653
Production
Marula
Tonnes Milled 000 303 1,190 1,149
Grade (6E) g/t 4.39 4.37 4.38
Platinum in Concentrate 000oz 14 55 52
Zimplats
Tonnes Milled 000 1,007 3,085 3,021
Grade (6E) g/t 3.54 3.58 3.53
Platinum in Matte 000oz 42 131 128
Mimosa
Tonnes Milled 000 566 1,704 1,709
Grade (6E) g/t 3.91 3.89 3.86
Platinum in Concentrate 000oz 26 77 76
IRS *
Refined Platinum 000oz 203 655 610
Production
Group Unit Costs R/Pt oz 10,734 10,414 9,883
(excluding SBP)
Prices Achieved
Platinum $/oz 1,779 1,656 1,365
Palladium $/oz 791 636 336
Rhodium $/oz 2,370 2,292 1,982
Nickel $/tonne 26,720 23,104 16,863
Average exchange rate R/$ 7.02 7.11 7.63
*Includes all material expect Impala
SAFETY
Regrettably, one of our colleagues, Michael Molokwane, a miner, lost his life
during the quarter under review. The incident, which was mobile trackless
transport related, occurred at 14 Shaft at Impala Rustenburg. The Board and
management extend their sincere condolences to the family, friends and
colleagues of Michael.
During the first three months of this year there has been a 27% rise in South
African mine fatalities. In response to this deteriorating trend, the
Department on Mineral Resources (DMR) has significantly increased the issuance
of Section 54 notices. Although Implats recorded a 66% improvement in
fatalities for the same period, these stoppages have negatively impacted
production at both Impala Rustenburg and Marula, as outlined below.
PRODUCTION
Implats
Group refined platinum production rose by 9% to 1,38 million ounces for the
nine month period ending March 2011 compared to the corresponding period last
year. This was due to a combination of increased throughput at Impala
Rustenburg and Impala Refining Services, the latter due to higher toll
treatment. Palladium and rhodium production was only up by 4% due to pipeline
releases in the prior period a year ago.
Impala
Tonnes milled of approximately 3 million were in part reflective of the
traditional slow start to the quarter following the year end holidays. However,
as mentioned earlier the safety shaft closures exacerbated the situation and
resulted in the loss of 130 000 tonnes or approximately 8 500 ounces of
platinum. This situation was partially redressed by the treatment of surface
material. Production for the nine months is up 11% to 722 000 ounces with full
year production estimated to be in the region of 940 000 ounces.
Marula
Production at Marula was also impacted by the safety stoppages. Seven shifts
amounting to approximately 2 000 ounces of platinum were lost in the quarter.
The operation continues to be constrained by the lack of mining flexibility as
reflected in yearly platinum production to date of 55 000 ounces and remains a
focus of management attention.
Zimplats
With the ramp-up at Bimha mine now close to completion, Zimplats is running at
Phase I nameplate capacity of 180 000 ounces of refined platinum. The Phase II
expansion to 270 000 ounces of platinum remains on track. Portal 3 shotcreting
is complete and access for mining is scheduled for the end of April.
On 25th March 2011, the government issued amended Indigenisation and Economic
Empowerment Regulations requiring all foreign owned companies to meet a minimum
indigenisation quota of 51%. Companies were given 45 days (i.e. till 9 May
2011) to submit their proposals and six months to implement following
ministerial approval. As shareholders are aware the company has been in
discussions with Government regarding Zimplats' Indigenisation and Economic
Empowerment proposals dating back several years. The company's plan has always
centred around the three pillars of equity, empowerment credits for the release
of mineral rights and social-upliftment respectively. These remain the
cornerstone of our ongoing discussions.
Mimosa
Tonnes milled and platinum produced in concentrate remained unchanged at 1,7
million and 77 000 ounces respectively, for the nine months to the end of March
compared with the comparable period a year ago. The company remains in
discussion with government regarding compliance with the Indigenisation and
Economic Empowerment Regulations.
Impala Refining Services (IRS)
Platinum production at IRS increased by 7% to 655 000 ounces primarily due to
the treatment of higher volumes of toll material.
Group Unit Costs
Group unit cost per platinum ounce produced, excluding share base payments rose
by 5.4% for the nine months to the end of March compared with the corresponding
period a year ago.
13 May 2011
Issuer by sponsor: Deutsche Securities (Proprietary) Limited
Enquiries should be directed to:
Bob Gilmour [Group Executive: Corporate Relations]
+27 11 731 9013/43
+27 82 453 7100
Bob.gilmour@implats.co.za
4
4
IR/AnnualRep2009/RMG
END
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