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IMP - Impala Platinum Holdings Limited - First quarter production report for period 01 July to 30 September 2011 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") FIRST QUARTER PRODUCTION REPORT FOR PERIOD 01 JULY TO 30 SEPTEMBER 2011 Unaudited Unaudited
Operational Quarter ended Quarter ended information 30 September 11 30 September 10 Implats Gross Refined Production Platinum 000oz 388 441 Palladium 000oz 251 285 Rhodium 000oz 53 57 Nickel 000tonne 3.84 3.76 Impala Tonnes Milled* 000 3 759 3 979 Grade (6E)* g/t 4.53 4.66 Merensky Milled* % 45 40 Refined Platinum 000oz 249 251 Production
Marula Tonnes Milled 000 395 437 Grade (6E) g/t 4.30 4.32 Platinum in 000oz 18 20 Concentrate Zimplats Tonnes Milled 000 1 060 1 043 Grade (6E) g/t 3.57 3.56 Platinum in Matte 000oz 45 44 Mimosa Tonnes Milled 000 592 594 Grade (6E) g/t 3.91 3.91 Platinum in 000oz 27 27 Concentrate IRS Refined Platinum 000oz 139 190 Production Group Unit Costs R/oz 11 628 10 491 (excluding SBP)
Prices Achieved Platinum $/oz 1 774 1 528 Palladium $/oz 773 470 Rhodium $/oz 1 801 2 286 Nickel $/tonne 22 062 19 100 Average exchange R/$ 7.01 7.41 rate *The ex-mine tonnage, grade and % Merensky statistics tabulated above excludes the low grade material from surface sources. SAFETY Regrettably, three of our employees lost their lives at work during the first quarter of FY2012. All of these incidents occurred at Impala Rustenburg. Phakani Joseph Tshabangu and Monyamane Molotha lost their lives due to two separate falls-of-ground and Christian Sinikiwe Dweba as the result of drilling into a misfire. The Board and management team extend their sincere sympathies to the families, friends and colleagues of these employees. The Company together with the Department of Mineral Resources (DMR) remain actively committed to the elimination of fatalities and other injuries in our working environment. Production lost due to Section 54 notices in the first quarter amounted to approximately 8 000 ounces of platinum. A similar amount has already been lost in October due to the issuing of a significant number of high impact Section 54 notices. We are engaging with the DMR and the Inspectorate to gain a clearer understanding of their concerns and to formulate an appropriate way forward for both parties. In order to minimise the impact on second quarter production additional surface material from dumps, dams, sludge and slag are being treated. PRODUCTION Gross platinum production declined by 12% compared to the first quarter a year ago to 388 000 ounces. This was as a result of reduced volumes through IRS from Crocodile River due to on-going operational issues, the closure of Blue Ridge, as well as the fact that 34 000 ounces of once- off Lonmin toll material was processed in the previous comparable quarter. Palladium production decreased in line with platinum. As a result of rhodium`s longer pipeline, production of this metal only fell by 7% due to a stock build-up in the corresponding period a year ago as a result of the treatment of additional toll material. Impala At Impala Rustenburg tonnes milled were down 6% to 3.76 million largely due to the previously announced deferral of production at 20 Shaft to FY2013. Despite this platinum production remained flat at 249 000 ounces due to a combination of increased Merensky throughput in line with the operation`s stated move to a 50:50 Merensky:UG2 ore mix and the treatment of additional surface material. Marula Tonnes milled at Marula declined by 10% to 395 000 and platinum in concentrate production declined by 12% to 18 000 ounces due to the restructuring of the operation which in turn resulted in a surface stockpile build due to a temporary change to a five day milling cycle. Costs have started to reduce in line with the right-sizing of the operation. Zimplats Platinum production in matte at Zimplats was marginally up to 45 000 ounces in line with an increase in tonnes milled to 1.06 million. The Phase 2 expansion project remains on schedule to take production to 270 000 ounces of platinum by FY2014. At Portal 3 blasting and construction of tunnel arches in both North and South declines is underway and progress on the concentrator and other infrastructure is progressing well. In October Zimplats announced their intention to establish a community share ownership scheme, an integral part of the Company`s plan to meet Zimbabwe`s indigenisation requirement. Management remain in negotiations with the Government of Zimbabwe to finalise the indigenisation implementation plan which will be resubmitted in mid- November this year. Mimosa Production at Mimosa remained flat in line with steady-state production of 100 000 ounces of platinum in concentrate per annum. The Company submitted their indigenisation plan in late October and await feedback from the Government of Zimbabwe. IRS IRS` refined platinum production declined by 27% quarter on quarter as previously outlined. Group Unit Costs (excluding SBP) Group unit cost per platinum ounce produced excluding share-based payments rose by 10.8% from the previous quarter a year ago primarily due to the recent impact of the 10% wage settlement and the continuation of high electricity tariff increases. Johannesburg 17 November 2011 Sponsor Deutsche Securities (SA) (Proprietary) Limited Date: 17/11/2011 14:03:41 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
