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IMPALA PLATINUM HOLDINGS LIMITED - Consolidated interim results (reviewed) for the six months ended 31 December 2015

Release Date: 25/02/2016 07:05
Code(s): IMP     PDF:  
Wrap Text
Consolidated interim results (reviewed) for the six months ended 31 December 2015

Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
Registration No 1957/001979/06
JSE share code: IMP 
ISIN: ZAE000083648 
ADRs: IMPUY
(“Implats” or “the Company” or “the Group”)
Consolidated interim results (reviewed) for the six months ended 31 December 2015

Key features

Safety
- Achieved lowest ever 12 month rolling fatal injury rate of 0.24 per million man hours worked
- Regrettably, two fatal incidents experienced after 24 November 2015 affected the rate

Operational performance
- Gross refined platinum production increased by 9.8% to 692 100 ounces
- Group on-mine costs decreased by 15.6% from R926 to R782 per tonne milled

Prices
- Rand denominated PGM basket price was 15% lower and averaged R21 843 per platinum ounce

Liquidity
- Gross cash improved to R6.4 billion
- The Group generated R630 million free cash before replacement shaft expenditure

Response Plan
- 8 Shaft and 12 Shaft mechanised section closed at the end of December 2015
- Resultant labour reduction implemented
- Significant cost and capital savings realised

Market
- Overall demand for PGMs remained strong
- Market fundamentals remain strong due to growing global demand and constrained supply


                         Implats refined
                           692 100 oz
                 Group refined platinum production
Mine-to-market operations                  Impala Refining Services (IRS)
Impala - 325 900 oz                           
Zimplats - 100 900 oz*
Marula - 41 600 oz*                        Third-party concentrate purchase contracts,
Mimosa - 58 100 oz*                         recycling and toll treatment - 76 900 oz
Two Rivers - 88 700 oz*
Refined platinum ounces indicated above have been rounded for illustrative purposes. 
*Ex-Impala Refining Services (IRS)
   

Operating statistics 
                                                         Six months     Six months       
                                                              ended          ended   Year ended
                                                        31 December    31 December      30 June 
                                                               2015           2014         2015    
Gross refined production                                                                           
Platinum                                    (000oz)             692            631        1 276    
Palladium                                   (000oz)             414            413          792    
Rhodium                                     (000oz)              84             89          172    
Nickel                                          (t)           8 475          7 835       15 918    
IRS metal returned (toll refined)                                                                  
Platinum                                    (000oz)               -              -            -    
Palladium                                   (000oz)               1              -            1    
Rhodium                                     (000oz)               -              -            -    
Nickel                                          (t)           1 830          1 683        3 344    
Sales volumes                                                                                      
Platinum                                    (000oz)             765            611        1 273    
Palladium                                   (000oz)             420            393          789    
Rhodium                                     (000oz)              95             84          165    
Nickel                                          (t)           6 495          5 149       11 634    
Prices achieved                                                                                    
Platinum                                   (US$/oz)             963          1 320        1 241    
Palladium                                  (US$/oz)             632            823          804    
Rhodium                                    (US$/oz)             803          1 227        1 187    
Nickel                                      (US$/t)          10 598         17 314       15 458    
Consolidated statistics                                                                            
Average exchange rate achieved              (R/US$)           13.45          11.01        11.41    
Closing exchange rate for the period        (R/US$)           15.48          11.57        12.17    
Revenue per platinum ounce sold            (US$/oz)           1 624          2 333        2 199    
                                             (R/oz)          21 843         25 686       25 091    
Tonnes milled ex-mine                        (000t)           9 898          7 315       16 024    
Total development (Impala)                 (Metres)          49 358         39 145       88 000    
Gross PGM refined production                (000oz)           1 378          1 317        2 618    
Capital expenditure                            (Rm)           1 892          2 001        4 287    
Group unit cost per platinum ounce         (US$/oz)           1 666          2 097        1 947    
                                             (R/oz)          22 380*        22 952       22 222
* Stock adjusted Group unit cost per platinum ounce was R21 185 


COMMENTARY

Introduction
The Group’s operational and financial performance for the six months to 31 December 2015 reflects a steady improvement
compared to the corresponding reporting period last year, despite a challenging operating environment and the continued
impact of lower US dollar metal prices. 

The diverse geographical nature and scope of the Group’s assets are becoming ever-more advantageous to the Group’s
operating profile. The mining plan introduced at Zimplats in 2015, after ground stability challenges impacted production
from the Bimha Mine in the prior year, has largely restored platinum output to design capacity. Marula has improved its
production levels and management remains focused on the implementation of an asset optimisation strategy. Mimosa and Two
Rivers continued to exceed expectations. Impala Rustenburg restored mill throughput to pre-strike levels, but output
during the reporting period was impacted by lower than planned stoping volumes, largely as a result of Section 54 safety
stoppages and a lock-up of platinum group metals (PGMs) due to scheduled maintenance in the smelter. 
 
Implats strengthened its balance sheet through a successful R4 billion equity raising during the period under review,
the proceeds of which are earmarked for the completion of the new 16 and 20 shaft complexes at Impala Rustenburg.
Excluding the cash raised through the equity placement and R772 million project expenditure on the 16 and 20 shaft 
projects, the Group generated R630 million free cash for the six months ended 31 December 2015, despite operating 
in a period when rand metal prices were low. This was largely due to Impala Refining Services (IRS) sustaining its 
considerable financial contribution to the Group.

The Group continues to prioritise shorter-term cash preservation and profitability enhancement measures in a low metal
price environment, in line with the response plan implemented in February 2015. 

During the six months ended December 2015, the Group achieved its lowest ever 12-month moving average fatal injury
frequency rate (FIFR) of 0.024 per million man hours worked. At the South African operations the fatal incident free 
period between 13 April 2015 and 24 November 2015 resulted in 210 fatal free calendar days, equating to over eight 
million fatality free shifts during this period. Sadly and with deep regret, the Group then experienced two fatal 
incidents before the close of the reporting period.

Market review
US dollar strength and persistent negative sentiment towards commodities in general continued to impact US dollar
denominated PGM prices in 2015, mainly as a result of rising global economic uncertainty. The weakened South African 
rand, which depreciated from R12.17:US$ in June 2015 to R15.48:US$ at the end of the reporting period, provided some 
support to rand revenues during the reporting period. The rand denominated PGM basket price for the Group during the 
six months ended December 2015 averaged R21 843 per platinum ounce, some 15% lower than the comparable period in the 
prior year (H1 FY2015: R25 686 per platinum ounce). 

Overall demand for PGMs from the Group’s major customers remained strong during 2015, with sound market fundamentals
across the key PGM market segments. The possible exception to this was the Chinese platinum jewellery market which was
particularly impacted early in the year by the slowing Chinese economy and government austerity measures. However,
indications are that the fourth quarter of calendar 2015 has shown a stronger Chinese market performance than expected, 
and we await the results of the PGI retail barometer to confirm this. Strong growth in the Indian and US jewellery 
markets provided welcome support, and India is demonstrating the potential to become a major participant in the 
platinum jewellery market sector. 

Automotive PGM demand improved strongly in 2015, mainly due to continued sales growth in the US, China and Western
Europe. The US auto industry performed particularly strongly with record sales of 17.44 million units during the calendar
year - a 5.7% increase from 2014. This growth was largely supported by low oil prices which incentivised US consumers to
buy larger engine vehicles. China posted a healthy 7.3% growth in passenger vehicles sales reaching 21.15 million units
in 2015 and in Western Europe car sales rose 8.9%, reaching 13.2 million units in 2015. The Japanese market was the only
major automotive market that yielded disappointing vehicle sales in 2015, principally as a result of higher taxation
measures implemented in that country.

Despite strong growth in the automotive sector and the continued adoption of stricter emission legislation globally,
sentiment and PGM price support was particularly negatively impacted by the Volkswagen diesel scandal in 2015. Platinum
dominance in the diesel sector and the uncertainty brought about by the Volkswagen scandal was viewed by many as price
negative for future platinum demand. We remain convinced that modern Euro 6/VI compliant diesel vehicles are fundamentally
clean, environmentally friendly and absolutely essential to meet stricter global carbon dioxide emission standards.

Industrial demand for PGMs is largely influenced by global economic growth. Whilst lower PGM prices provided strong
industrial demand support towards the second half of the calendar year, slowing global growth and rising economic
uncertainty ultimately constrained demand growth and price support in 2015. Lower metal prices also impacted industrial
scrapping and PGM recycling in 2015, which is anticipated to have dropped by more than 10% from the levels achieved in 2014.

PGM investment continues to receive support from programmes initiated by the World Platinum Investment Council (WPIC).
Platinum and palladium Exchange Traded Funds (ETFs) remain the principal physical investment mechanism globally and
have experienced strong growth over recent years, principally from South African investors. These funds experienced some
selling activity in the second half of 2015, with total liquidations of 230 000 platinum ounces and 660 000 palladium
ounces respectively for the year. However, in the case of platinum, strong investment demand in Japan increased net
investment in bullion bars by more than 450 000 platinum ounces, more than offsetting the liquidation in the platinum ETFs.

Despite persistently low PGM metal prices and growing global economic uncertainty in 2015, the market fundamentals for
the Group’s metals remain sound due to growing global demand and constrained primary supply. In the Group’s assessment,
platinum will record a fundamental deficit of some 700 000 platinum ounces in calendar year 2015 and will remain in
deficit for the foreseeable future. The Group believes that liquid above ground stocks will continue to address market
fundamental deficits for the next 12 months, possibly longer. Hence the “lower-for-longer” view of prices remains unchanged
for the short term. In the medium to longer term, sustained and increasing market deficits, on the back of increasing 
demand, relatively flat primary supply and low platinum recycling growth, should support price appreciation.

Safety review
Safe production remains the Group’s key priority. Achieving zero harm demands an inherently safe work environment, the
adoption of leading safety practices and critical safe behaviour across all operations. During the six months ended
December 2015, the Group achieved its lowest ever 12 month moving average FIFR and ended the period under review with 
a six month FIFR of 0.048 per million man hours worked. In addition, some of the production teams recorded meaningful 
safety achievements at individual operations: Zimplats achieved four million fatality free shifts (taking two years and 
four months); one million fatality free shifts were achieved at Marula (11 months), Rustenburg Processing (one year 
and six months), 1 Shaft (11 months), 11 Shaft (10 months), 6 Shaft (two years and 11 months), 7 Shaft (three years 
and nine months) and 10 Shaft (one year and six months).

While over R1 billion has been spent on safety initiatives over the last three years (primarily on nets and bolts,
winch signalling devices, self-contained self-rescuers, fire retardant conveyor belts, shaft safety devices, safe blasting
systems, proximity detection systems, fire detection systems and safety training), safety remains a significant
challenge for the Group. During the first six months of the 2016 financial year, despite a 17% improvement in the FIFR, 
two employees regrettably suffered fatal injuries at Impala Rustenburg and another colleague lost his life at Mimosa.

Following the end of the reporting period, the Group has regrettably experienced three incidents, two at Impala
Rustenburg and one at Mimosa, which resulted in six fatalities. On 22 January 2016, four employees tragically lost their 
lives in an underground fire at Impala Rustenburg’s 14 Shaft. The whole of the Rustenburg operation was subsequently closed
for two days to engage employees on their safety readiness and emergency awareness, and to significantly refocus efforts
to achieving zero harm. All operations at 14 Shaft were suspended until 15 February 2016 when crews re-entered the upper
conventional section of the mine. Stoping and development activities in the upper sections commenced on 22 February
2016. The lower trackless and conventional mining sections remain closed until investigations into the cause of the
conveyor belt fire are completed and fire damage assessments, in consultation with the insurers, have been finalised. 
Instead of recruiting new teams as planned, all conventional mining crews from the lower section at 14 Shaft have been
re-deployed to other mining areas in Rustenburg.

The investigations into the cause of the fire are ongoing and the insured asset damage (estimated to be R375 million)
and business interruption should be covered by the Group’s insurance programme. Initial indications are that the repairs
to the shaft are expected to be fully completed by July 2017. Because of the extended time period required to complete
the repairs, the impact on cash flow will be minimised by regular interim claims on the insurers.

The board of directors and the management team expressed their sincere condolences to the friends, families and
colleagues of the deceased, and recommit to achieving zero harm at all Implats’ operations. 

Operational review
Gross refined platinum production during the six months to 31 December 2015 increased by 9.8% to 692 100 ounces,
compared to 630 600 ounces achieved in the previous comparable period. This was primarily due to the impact of the 
ramp-up of operations at Impala Rustenburg in the comparable prior period following the five-month wage strike and 
increased matte production from Zimplats, offset by a lock-up of 72 000 ounces of platinum due to planned furnace 
maintenance at the Rustenburg smelters.

Group unit costs, excluding Mimosa and Two Rivers, benefited from the increased production volumes, as well as cost
containment initiatives in line with Implats’ response plan to low dollar metal prices, decreasing by 2.5% from 
R22 952 in the prior comparable period to R22 380 per platinum ounce in the period under review. On-mine costs 
decreased by 15.6% from R926 to R782 per tonne milled, and capital expenditure reduced from R2.2 billion in the 
comparable period to R1.9 billion.

Response plan review
A number of initiatives were announced in February and September 2015 in response to persistently low US dollar metal
prices. 

Both 8 Shaft and the 12 Shaft mechanised sections, which were identified as loss-making in the low price environment,
were closed as planned at the end of December 2015. Together these areas contributed 22 600 platinum ounces to 
Impala Rustenburg’s production in the six-month period, impacting more than 1 700 jobs.

Labour numbers at Impala Rustenburg have been reduced by approximately 2 690 people over the seven months to end
January 2016, following the closure of 8 Shaft and the 12 Shaft mechanised sections, as well as initiatives targeting
contractor efficiencies and labour optimisation through natural attrition and separations. Over this period, contractor
employment has reduced from 11 302 to 9 586 and own employees have declined from 32 536 to 31 562. Employee job losses 
were mitigated by replacing contractors and through transfers to the new 16 and 20 shafts.

The strategic review identified various measures to improve mining efficiencies and reduce operating costs and
targeted a saving of R930 million in the 2016 financial year. Further initiatives were subsequently identified and 
the budgeted operating cost base was reduced by a further R640 million, yielding a combined planned reduction of 
approximately R1.6 billion for the 2016 financial year, of which R1.3 billion was planned at Impala. 

At the end of December 2015 a saving of approximately R570 million had been realised at Impala, while all the other
operations remain on track to meet their targets for the year. A material part of these cost-saving initiatives included 
a stringent procurement plan targeting a 4% inflationary increase for the financial year. Results achieved during the
first six months showed a procurement cost containment of 1%.

The Group continues to focus on cash preservation and profitability in a lower metal price environment. The capital
budget for the 2016 financial year was reduced by R1.3 billion to R4.2 billion following further curtailment at the 
17 Shaft project and targeted reductions at Impala Rustenburg (R590 million), Marula (R45 million) and Zimplats 
(R640 million). Project development work at 17 Shaft has now been placed on a low cost care-and-maintenance programme 
pending higher PGM metal prices. It is now expected that only R240 million capital will be spent at 17 Shaft over the 
2016 and 2017 financial years, compared to R521 million previously planned. Over the six months to 31 December 2015, 
R772 million was spent on 16 and 20 shafts and R367 million at Zimplats. In total, R1.9 billion capital has been spent 
across the Group, resulting in a R510 million saving on planned capital expenditure over this period.

Managed operations
IMPALA PLATINUM
Mill throughput increased by 47% from the previous ramp-up affected comparable period to 5.9 million 
(H1 FY2015: 4.0 million) tonnes, and refined platinum production increased by 29% to 325 900 (H1 FY2015: 252 400) ounces. 
However, production in the period under review was impacted by maintenance work undertaken at the smelter, and the 
consequent lock-up of metal, as well as safety stoppages which again had a direct impact on stoping volumes, and the 
closure processes at 8 Shaft and the 12 Shaft mechanised sections. 

Material was stock-piled ahead of the smelter due to planned maintenance performed at both the No 3 and No 5 furnaces
during the reporting period. The full refurbishment and commissioning of the No 4 furnace, which is an additional
smelting unit, commenced in July 2015 and was completed at the end of November 2015. Three furnaces are now fully 
operational and all excess material is expected to be cleared during the second half of this financial year. 

The number of Section 54 safety stoppage instructions issued by the Department of Mineral Resources (DMR) continues 
to pose a significant challenge for the Rustenburg team. For the period under review, Impala recorded 42 DMR safety
stoppages, which led to a direct loss of 26 000 platinum ounces (430 000 mined tonnes), equating to approximately 
R530 million in lost revenue. While Impala remains very mindful of the safety issues that have affected operations 
over recent months, it continues to engage with the DMR in order to minimise the negative impacts of these stoppages 
on the safety risk profile and operational performance. 

The mill head grade declined marginally from 4.25 g/t to 4.15 g/t. Measures have been adopted to improve the head
grade by addressing off-reef mining, stoping widths and sweepings, and these have all started to yield positive results. 
In addition, continuous ramp-up of production volumes from 16 and 20 shafts will also assist in increasing mill head 
grades into the future.

The increased production volumes as well as various cost saving initiatives enabled significant cost containment and
consequently a reduction in unit costs, which decreased by 15.5% from the previous ramp-up affected comparable period to
R22 326 per platinum ounce refined (H1 FY2015: R26 430). Costs per tonne milled improved from R1 665 to R1 235.

Project development work at 17 Shaft has been halted given persistently low metal prices. The ramp-up of production at
16 Shaft is ahead of plan but 20 Shaft stoping performance was less than planned for the six months. Ongoing corrective
action is progressing and showing positive results. 

ZIMPLATS
Tonnes milled increased by 26% to 3.1 million (H1 FY2015: 2.5 million) as initiatives to mitigate the impact of lower
production volumes from Bimha Mine (Portal 4), following the underground collapse in July 2014, fully compensated for
lost production from this mine. Production has been supplemented by further open-pit mining and the redeployment of 
mining teams to other mines. The redevelopment of the Bimha Mine is progressing well, with on-reef development offsetting
development costs and full production is expected from April 2018. 

There was a significant improvement in run-of-mine production, and platinum in matte production increased by 27% to
130 300 (H1 FY2015: 102 400) ounces. The remaining stock-piled material (21 000 platinum ounces), which resulted from 
the May 2015 Zimplats smelter outage, will be treated in the second half of the 2016 financial year as material is 
delivered to IRS.

Unit costs benefited from the increased volumes as well as cost containment initiatives, and declined by 19.6% in
dollar terms to US$1 209 (H1 FY2015: US$1 504) per platinum ounce in matte. On-mine costs decreased from US$62 to 
US$50 per tonne milled.

Implats continues to support Zimbabwe’s aspirations to grow and diversify the PGM industry. On this basis, Zimplats
agreed to release approximately 36% of its ground in 2006 to the Government of Zimbabwe in return for cash and
indigenisation credits. In March 2013, Zimplats received a preliminary notice of the Government of Zimbabwe’s intention 
to compulsorily acquire additional land measuring 27 948 hectares within its special mining lease area. A formal 
objection was lodged at the time, but this demand has now been reiterated by government following further communication 
at the end of December 2015. The Group is engaging positively with the Government of Zimbabwe in this regard.

Aligned to this, on 8 January 2016 the indigenisation ministry published details in terms of the frameworks, templates
and procedures for implementing Zimbabwe’s indigenisation policy, in order to provide further clarity on the law and
its implementation. The legislation itself remains unchanged and Zimplats continues to engage with the Government of 
Zimbabwe to secure an acceptable and affordable framework to achieve these objectives.

The first stage refurbishment of the existing Selous Base Metals Refinery (BMR) to treat Zimplats’ smelter material
and considerations to expand furnace capacity to increase in-country smelting continues. To this end, Implats remains
supportive of beneficiation initiatives in Zimbabwe, provided these are affordable in the prevailing economic and 
commodity environment. 

MARULA
Marula delivered an improved performance during the period under review following Implats’ decision not to dispose of
this operation. The subsequent adoption of an optimisation strategy, specifically focusing on operational performance
and profitability, has resulted in a reduction in operating costs. 

Tonnes milled and head grade benefited from increased tonnage from the higher grade footwall section during the six
months and improved by 7% to 887 000 (H1 FY2015: 829 000) tonnes and by 5.6% to 4.37 (H1 FY2015: 4.14) g/t from the
previous comparable period, which was impacted by safety and labour stoppages. Consequently, platinum in concentrate
production increased by 13.0% to 41 800 (H1 FY2015: 37 000) ounces. 

As part of the mining optimisation programme to increase production to 90 000 ounces of platinum per annum, Marula’s
employees were moved from the old hybrid section to the new footwall section at Clapham and additional contractors have
been deployed in the hybrid section to sustain output from this area. This impacted unit costs during the period under
review as the contractors will only achieve planned production from the last quarter of this financial year. As a result,
unit costs increased marginally to R22 416 (H1 FY2015: R22 000) per platinum ounce in concentrate, which is well below
inflation and will improve further once planned production is achieved from the hybrid section. Costs per tonne milled
increased from R982 to R1 056.

Local community challenges and disruptions continue to be addressed by management at Marula.

IMPALA REFINING SERVICES (IRS)
IRS maintained its significant financial contribution to the Group despite low PGM prices. Platinum production from
mine-to-market operations remained in line with that from the previous comparable period at 289 300 (H1 FY2015: 286 700)
ounces, as lower volumes from Zimplats following a smelter lock-up at this operation in the last quarter of the previous
year was offset by increased production from Marula, Two Rivers and Mimosa. 

Production from third-party purchases and toll volumes decreased from 91 500 to 76 900 platinum ounces, largely due to
a lock-up of material in the Rustenburg smelter. Deliveries from third-party customers improved by 28% from 75 500 to
96 800 platinum ounces during the period. All back log concentrates from Zimplats and third-party customers are expected
to be processed by the end of the third quarter of the current financial year.

Non-managed operations
MIMOSA
Mimosa continued to operate exceptionally well with throughput and production exceeding steady-state capacity and
output achieved in the prior comparable period. Tonnes milled improved marginally to 1.3 million, while the head grade 
was maintained at 3.93g/t. This resulted in platinum in concentrate production increasing to 60 000 (H1 FY2015: 59 100)
ounces. Unit costs declined by 6.1% in dollar terms to US$1 466 (H1 FY2015: US$1 562) per platinum ounce in concentrate.
Costs per tonne decreased from US$71 to US$67.

A deferment of the 15% export levy on un-beneficiated platinum to 1 January 2017 was regularised by the Government of
Zimbabwe on 31 December 2015. Mimosa continues to consult with the Government of Zimbabwe in this regard.

TWO RIVERS 
Two Rivers had another excellent six months. Tonnes milled increased marginally to 1.7 million from the previous
comparable period and the head grade improved by 3% to 4.09g/t (H1 FY2015: 3.97g/t). Consequently, platinum in concentrate
production increased by 5.2% to 91 800 (H1 FY2015: 87 300) ounces. Unit costs benefited from the increased production
volumes and decreased by 6.2% to R11 416 (H1 FY2015: R12 165) per platinum ounce. Costs per tonne decreased from 
R630 to R617.

Mineral Resources and Mineral Reserves
There has been no material change to the technical assumptions, assessment criteria, and information relating to the
Group’s Mineral Resource and Mineral Reserves, or legal title to its mining and exploration activities, as disclosed in
the integrated report for the financial year ended 30 June 2015. At Impala Rustenburg, 17 Shaft has been put onto a low
cost care-and-maintenance programme and this has necessitated a reduction in the Group’s Mineral Reserves. 

Main features relating to Implats’ Mineral Resources and Mineral Reserves as at 31 December 2015 relative to 
30 June 2015 are:
- Estimated total attributable Mineral Resources decreased by 1% (3 million ounces 4E) to 364 million ounces; the
  total attributable platinum ounces decreased by 2 million ounces to 194 million ounces
- Attributable Mineral Resources are dominated by Zimplats and Impala; the Zimplats Mineral Resources constitute 
  48% of total platinum resources
- Total attributable Mineral Reserves decreased by 20% (9 million ounces 4E) to 37 million ounces; the attributable
  platinum ounces decreased by 5.6 million ounces to 20.8 million ounces
- The main contributor to the decrease in Mineral Reserves is the exclusion of the 17 Shaft reserves from the Mineral
  Reserve estimate.

The revised Mineral Resource and Mineral Reserve statement as at 30 June 2016, will provide the detailed updated
assessment and reporting criteria, as well as revised life-of-mine production profiles.

Financial performance
Revenue at R16.98 billion was R1.07 billion or 6.7% higher than the previous six months, as a result of:
- An increase in sales volumes of platinum, palladium, rhodium and nickel due to the higher production volumes and 
  a draw down of refined inventories to compensate for the lock-up of material as a result of furnace maintenance. 
  This accounted for a positive volume variance of R3.11 billion
- The average dollar revenue per platinum ounce sold of US$1 624, was US$709 or 30.4% lower and gave rise to a
  negative variance of R5.05 billion. The platinum price was 27.0% lower while the prices for palladium, rhodium 
  and nickel were down 23.2%, 34.6% and 38.8% respectively
- The average R/US$ exchange rate of 13.45 was 22.2% weaker than the 11.01 achieved during the prior six months
  resulting in a positive variance of R3.02 billion.

Cost of sales increased by 17.9%, or R2.57 billion to R16.96 billion compared to the six months to December 2014 
as a result of:
- Direct operating costs increased by R2.16 billion. After normalising the comparable period costs (adjusting for 
  the post-strike build-up), increases were contained to 7.8%, well below the mining inflation of 9.2%
- Depreciation increased by R623 million, mainly due to the increased units of production at Impala, the impact 
  of the weaker exchange rate on the Zimplats amortisation and an overall higher asset base
- Metals purchased by IRS increased by only R57 million as higher volumes purchased were offset by the lower rand
  metal prices
- The increase in metal inventories of R370 million was essentially due to the higher rand value of IRS stocks at
  December 2015 compared to June 2015.

As a result of the above, gross profit declined to R21 million.

Basic earnings per share were impacted by impairments of R257 million (equivalent to 28 cents per share) as a result
of the closure of the 12 Shaft mechanised sections at Impala Rustenburg.

In addition to the changes in gross profit and impairments, as noted above, the following material movements also
affected headline earnings:

Decreases in headline earnings:
- Net foreign exchange losses of R922 million versus R219 million in the prior period impacted by the weaker closing
  exchange rate of R15.48 compared to the R12.17 at June 2015
- Finance costs were on par with the previous period, but a reduction of capitalised borrowing cost resulted in an
  increase from R174 million in the prior period to R342 million through the statement of comprehensive income. 
  The reason for the reduction in capitalised borrowing cost was the transfer of assets from ‘asset under construction’ 
  to ‘completed assets’.

Increases in headline earnings:
- Cash costs of R808 million were transferred from cost of sales for the six months to December 2014 during the
  build-up after the 2014 strike, which was not repeated this reporting period
- Tax relief relating to a previously impaired debtor.

The gross cash as at 30 June 2015 was R2.6 billion and this improved to R6.4 billion as at the end of December 2015,
mainly as a result of the R4.0 billion cash from the equity raise and ongoing cash preservation programmes. Moreover, the
Group generated R630 million in free cash excluding spend on 16 and 20 shafts, which is funded through the proceeds of
the equity raise.

Total debt (excluding leases) increased by R1.2 billion to R7.96 billion, but this was largely due to the revaluation
of the dollar denominated convertible bond. This increase was more than offset by the increase in the value of the cross
currency interest rate swap, which was taken out to hedge the bond and is now valued at R1.3 billion. 

Given the continuing low rand PGM metal prices, the board has resolved not to declare an interim dividend.

Prospects
The challenges confronting South African PGM miners are significant and will continue to constrain primary metal
supply into the future. 

Together with increasing global demand for these metals, specifically in the key automotive sector, supported by
growing sales and tightening emission standards globally and in India in particular, the Group continues to forecast
fundamental deficits in PGMs over the medium to long term. Despite this view, near-term metal prices continue to be 
impacted by an uncertain global economic outlook and negative sentiment on resources in general, and in particular 
with respect to a slowing Chinese economy.

In this environment, Implats will continue to prioritise measures to preserve cash and enhance productivity and
profitability into the future. To this end, the Group has implemented a comprehensive response plan, which has already 
yielded significant improvements and will continue to be strengthened further to manage the impacts of the 14 Shaft 
fire at Impala Rustenburg and the impact of lower dollar metal prices at the Zimbabwean operations.

The Group remains resolute in its objective of achieving zero harm goals at Implats and to ensure the safety and
well-being of every employee. Implats will endeavour to finalise the investigation on the tragic 14 Shaft fire incident 
in consultation with the DMR, organised labour and the insurance providers. The Group aims to sequentially recommission 
portions of the affected bottom section of the shaft with the shaft being fully recommissioned by July 2017. In this 
process, Implats will redeploy people across the Rustenburg operation and protect jobs as best possible.

At this stage, the Group estimates that it will lose approximately 50 000 platinum ounces in the second half of the
year due to the 14 Shaft fire. Given this and the ongoing Section 54 stoppages, production at Impala has been revised 
to between 630 000 and 650 000 ounces of platinum for FY2016. The preliminary production estimate for FY2017 is between 
700 000 and 710 000 ounces. Thereafter, the previous guidance of building up to 830 000 platinum ounces per annum by 
FY2020 remains unchanged. 

Costs remain on target, but unit costs will be affected by the lower volumes and are expected to remain at R22 000 per
platinum ounce. The impact on profit before tax will be mitigated by proceeds from business interruption insurance, as
and when received. 

Production guidance for the other operations remains unchanged: Marula - 85 000 platinum ounces in concentrate;
Zimplats - 280 000 platinum ounces in matte; Mimosa - 110 000 platinum ounces in concentrate; and Two Rivers - 
170 000 platinum ounces in concentrate.

The capital estimate for the Group is R4.1 billion, marginally lower than previous guidance of R4.2 billion and
includes development expenditure of R1.3 billion.


Approval of the interim financial statements
The directors of the Company are responsible for the maintenance of adequate accounting records and the preparation of
the interim financial statements and related information in a manner that fairly presents the state of the affairs of
the Company. These interim financial statements are prepared in accordance with International Financial Reporting
Standards and incorporate full and responsible disclosure in line with the accounting policies of the Group which are 
supported by prudent judgements and estimates.

The interim financial statements have been prepared under the supervision of the chief financial officer, 
Ms B Berlin, CA(SA).

The directors are also responsible for the maintenance of effective systems of internal control which are based on
established organisational structure and procedures. These systems are designed to provide reasonable assurance as 
to the reliability of the financial statements, and to prevent and detect material misstatement and loss.

The interim financial statements, have been prepared on a going-concern basis as the directors believe that the
Company and the Group will continue to be in operation in the foreseeable future.

The interim financial statements, as set out below, have been approved by the board of directors and are signed on 
their behalf by:

Dr MSV Gantsho            TP Goodlace
Chairman                  Chief executive officer

Johannesburg
25 February 2016


Independent Auditor’s Review Report On Interim Financial Statements

To the Shareholders of Impala Platinum Holdings Limited
We have reviewed the condensed consolidated interim financial statements of Impala Platinum Holdings Limited in 
the accompanying interim report, which comprise the condensed consolidated statement of financial position as at 
31 December 2015 and the related condensed consolidated statements of comprehensive income, changes in equity and 
cash flows for the six-months then ended, and selected explanatory notes.

Directors’ Responsibility for the Interim Financial Statements
The directors are responsible for the preparation and presentation of these interim financial statements in accordance
with the International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council and the requirements of the Companies Act of South Africa, and for such internal control as 
the directors determine is necessary to enable the preparation of interim financial statements that are free from material
misstatement, whether due to fraud or error.

Auditor’s Responsibility
Our responsibility is to express a conclusion on these interim financial statements. We conducted our review in
accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed 
by the Independent Auditor of the Entity. ISRE 2410 requires us to conclude whether anything has come to our attention 
that causes us to believe that the interim financial statements are not prepared in all material respects in accordance 
with the applicable financial reporting framework. This standard also requires us to comply with relevant ethical 
requirements.

A review of interim financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform
procedures, primarily consisting of making inquiries of management and others within the entity, as appropriate, and
applying analytical procedures, and evaluate the evidence obtained.

The procedures in a review are substantially less than and differ in nature from those performed in an audit conducted
in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these
interim financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed
consolidated interim financial statements of Impala Platinum Holdings Limited for the six months ended 31 December 2015 
are not prepared, in all material respects, in accordance with the International Financial Reporting Standard, (IAS) 
34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee 
and Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the 
Companies Act of South Africa.

PricewaterhouseCoopers Inc.
Director: AJ Rossouw
Registered Auditor

25 February 2016


Consolidated statement of financial position
                                                                   As at          As at        As at    
                                                             31 December    31 December      30 June    
                                                                    2015           2014         2015    
(Rm)                                              Notes        (Reviewed)     (Reviewed)    (Audited)   
Assets                                                                                                  
Non-current assets                                                                                      
Property, plant and equipment                         5           50 597         48 790       47 248    
Exploration and evaluation assets                                    385          3 360          385    
Investment in equity-accounted entities                            3 635          3 068        3 172    
Deferred tax                                                          80            115            -    
Other financial assets                                               147            195          146    
Derivative financial instruments                      6            1 311            497          630    
Prepayments                                                       10 246         10 601       10 378    
                                                                  66 401         66 626       61 959    
Current assets                                                                                          
Inventories                                           7            8 945          7 449        8 125    
Trade and other receivables                                        3 556          4 600        3 751    
Other financial assets                                                55             44           35    
Prepayments                                                          650            472          748    
Cash and cash equivalents                                          6 355          2 714        2 597    
                                                                  19 561         15 279       15 256    
Total assets                                                      85 962         81 905       77 215    
Equity and liabilities                                                                                  
Equity                                                                                                  
Share capital                                         8           19 504         15 648       15 733    
Retained earnings                                                 31 475         35 185       31 271    
Other components of equity                                         5 809          2 623        3 100    
Equity attributable to owners of the Company                      56 788         53 456       50 104    
Non-controlling interest                                           2 644          2 698        2 258    
Total equity                                                      59 432         56 154       52 362    
Liabilities                                                                                             
Non-current liabilities                                                                                 
Deferred tax                                                       9 255         10 227        8 695    
Borrowings                                            9            8 879          7 164        7 366    
Other financial liabilities                                           28             57           57    
Sundry liabilities                                                   371            414          377    
Provisions                                                           950            811          848    
                                                                  19 483         18 673       17 343    
Current liabilities                                                                                     
Trade and other payables                                           5 780          5 311        6 057    
Current tax payable                                                  713            630          636    
Borrowings                                            9              458            954          710    
Other financial liabilities                                           39             25           17    
Sundry liabilities                                                    57            158           90    
                                                                   7 047          7 078        7 510    
Total liabilities                                                 26 530         25 751       24 853    
Total equity and liabilities                                      85 962         81 905       77 215    
The notes are an integral part of these condensed interim financial statements.                         


Consolidated statement of comprehensive income
                                                               Six months     Six months        
                                                                    ended          ended    Year ended    
                                                              31 December    31 December       30 June  
                                                                     2015           2014          2015
(Rm)                                                 Notes      (Reviewed)     (Reviewed)     (Audited)   
Revenue                                                            16 976         15 903        32 477    
Cost of sales                                           10        (16 955)       (14 384)      (30 849)   
Gross profit                                                           21          1 519         1 628    
Other operating income                                                425            375           953    
Other operating expenses                                              (44)        (1 113)       (1 338)   
Impairment                                                           (257)             -        (5 847)   
Royalty income/(expense)                                             (269)          (319)          575    
Profit/(loss) from operations                                        (124)           462        (4 029)   
Finance income                                                        170             81           135    
Finance cost                                                         (342)          (174)         (419)   
Net foreign exchange transaction losses                              (922)          (219)         (287)   
Other income                                                          681            149           266    
Other expenses                                                       (102)           (87)         (399)   
Share of profit of equity-accounted entities                          158            231           377    
Profit/(loss) before tax                                             (481)           443        (4 356)   
Income tax income/(expense)                                           699           (160)          217    
Profit/(loss) for the period                                          218            283        (4 139)   
Other comprehensive income/(loss),                   
comprising items that may subsequently be            
reclassified to profit or loss:                         
Available-for-sale financial assets                                    (5)            (9)          (27)   
Deferred tax thereon                                                    1             (2)           (2)   
Share of other comprehensive income of               
equity-accounted entities                                             451            153           239    
Deferred tax thereon                                                  (45)           (15)          (23)   
Exchange differences on translating foreign          
operations                                                          3 119            932         1 495    
Deferred tax thereon                                                 (407)          (121)         (195)   
Other comprehensive income/(loss), comprising items                        
that will not be subsequently reclassified to        
profit or loss:                                     
Actuarial loss on post-employment medical benefit                       -              -            (2)   
Deferred tax thereon                                                    -              -             -    
Total comprehensive income/(loss)                                   3 332          1 221        (2 654)   
Profit/(loss) attributable to:                                                                            
Owners of the Company                                                 204            249        (3 663)   
Non-controlling interest                                               14             34          (476)   
                                                                      218            283        (4 139)   
Total comprehensive income/(loss) attributable to:                                                        
Owners of the Company                                               2 913          1 065        (2 372)   
Non-controlling interest                                              419            156          (282)   
                                                                    3 332          1 221        (2 654)   
Earnings per share (cents per share):                                                                     
Basic                                                                  31             41          (603)   
Diluted                                                                31             41          (603)   
For headline earnings per share refer note 11.                                                                                                                               
The notes are an integral part of these condensed interim financial statements.                                                                       


Consolidated statement of changes in equity                                                                                                                      
                                              Ordinary          Share      Share-based     Total share      Retained   
(Rm)                                            shares        premium         payments         capital      earnings  
Balance at 30 June 2015                             16         13 369            2 348          15 733        31 271   
Shares issued                                                                                                          
- Ordinary share issue                               2          3 898                -           3 900             -   
Shares purchased - Long-term Incentive Plan          -            (16)               -             (16)            -   
Share-based compensation expense                                                                                       
- Long-term Incentive Plan                           -              -             (113)           (113)            -   
Total comprehensive income/(loss)                    -              -                -               -           204   
Profit/(loss) for the year                           -              -                -               -           204   
Other comprehensive income/(loss)                    -              -                -               -             -   
Dividends                                            -              -                -               -             -   
Balance at 31 December 2015 (Reviewed)              18         17 251            2 235          19 504        31 679   
Balance at 30 June 2014                             16         13 371            2 237          15 624        34 936   
Shares issued                                                                                                          
- Implats Share Incentive Scheme                     -              1                -               1             -   
Share-based compensation expense                                                                                       
- Long-term Incentive Plan                           -              -               23              23             -   
Total comprehensive income/(loss)                    -              -                -               -           249   
Profit/(loss) for the year                           -              -                -               -           249   
Other comprehensive income/(loss)                    -              -                -               -             -   
Dividends                                            -              -                -               -             -   
Balance at 31 December 2014 (Reviewed)              16         13 372            2 260          15 648        35 185   
Balance at 30 June 2014                             16         13 371            2 237          15 624        34 936   
Shares issued                                                                                                          
- Implats Share Incentive Scheme                     -              1                -               1             -   
Shares purchased                                                                                                       
- Long-term Incentive Plan                           -             (3)               -              (3)            -   
Share-based compensation expense                                                                                       
- Long-term Incentive Plan                           -              -              111             111             -   
Total comprehensive income/(loss)                    -              -                -               -        (3 665)  
Profit/(loss) for the year                           -              -                -               -        (3 663)  
Other comprehensive income/(loss)                    -              -                -               -            (2)  
Dividends                                            -              -                -                             -   
Balance at 30 June 2015 (Audited)                   16         13 369            2 348          15 733        31 271                                                             
* The table above excludes the treasury shares, Morokotso Trust (ESOP) and the Implats Share Incentive Scheme as
these structured  entities are consolidated.                                                                                                           
The notes are an integral part of these condensed interim financial statements.                                


Consolidated statement of changes in equity (continued)
                                                                     Attributable to:          
                                               Total other       Owners             Non-                 
                                                components       of the      controlling        Total    
(Rm)                                             of equity      Company         interest       equity 
Balance at 30 June 2015                              3 100       50 104            2 258       52 362    
Shares issued                                                                                            
- Ordinary share issue                                   -        3 900                -        3 900    
Shares purchased - Long-term Incentive Plan              -          (16)               -          (16)   
Share-based compensation expense                                                                         
- Long-term Incentive Plan                               -         (113)               -         (113)   
Total comprehensive income/(loss)                    2 709        2 913              419        3 332    
Profit/(loss) for the year                               -          204               14          218    
Other comprehensive income/(loss)                    2 709        2 709              405        3 114    
Dividends                                                -            -              (33)         (33)   
Balance at 31 December 2015 (Reviewed)               8 518       59 701            3 063       62 764    
Balance at 30 June 2014                              1 807       52 367            2 550       54 917    
Shares issued                                                                                            
- Implats Share Incentive Scheme                         -            1                -            1    
Share-based compensation expense                                                                         
- Long-term Incentive Plan                               -           23                -           23    
Total comprehensive income/(loss)                      816        1 065              156        1 221    
Profit/(loss) for the year                               -          249               34          283    
Other comprehensive income/(loss)                      816          816              122          938    
Dividends                                                -            -               (8)          (8)   
Balance at 31 December 2014 (Reviewed)               2 623       53 456            2 698       56 154    
Balance at 30 June 2014                              1 807       52 367            2 550       54 917    
Shares issued                                                                                            
- Implats Share Incentive Scheme                         -            1                -            1    
Shares purchased                                                                                         
- Long-term Incentive Plan                               -           (3)               -           (3)   
Share-based compensation expense                                                                         
- Long-term Incentive Plan                               -          111                -          111    
Total comprehensive income/(loss)                    1 293       (2 372)            (282)      (2 654)   
Profit/(loss) for the year                               -       (3 663)            (476)      (4 139)   
Other comprehensive income/(loss)                    1 293        1 291              194        1 485    
Dividends                                                -            -              (10)         (10)   
Balance at 30 June 2015 (Audited)                    3 100       50 104            2 258       52 362                                                  
* The table above excludes the treasury shares, Morokotso Trust (ESOP) and the Implats Share Incentive Scheme
  as these structured entities are consolidated.                                                                                    
  The notes are an integral part of these condensed interim financial statements.

  
Consolidated statement of cash flows
                                                         Six months      Six months          
                                                              ended           ended      Year ended
                                                        31 December     31 December         30 June 
                                                               2015            2014            2015
(Rm)                                                      (Reviewed)      (Reviewed)       (Audited)   
Cash flows from operating activities                                                                   
Cash generated from operations                                1 520             264           3 100    
Exploration cost                                                 (8)            (29)            (33)   
Finance cost                                                   (288)            (80)           (338)   
Income tax refunded/(paid)                                     (248)              5            (401)   
Net cash from operating activities                              976             160           2 328    
Cash flows from investing activities                                                                   
Purchase of property, plant and equipment                    (1 902)         (2 113)         (4 508)   
Proceeds from sale of property, plant and equipment              13              13              42    
Loans granted                                                   (14)            (53)            (61)   
Loan repayments received                                         21               8              19    
Finance income                                                  182              73             141    
Dividends received                                              167             256             522    
Net cash used in investing activities                        (1 533)         (1 816)         (3 845)   
Cash flows from financing activities                                                                   
Issue of ordinary shares                                      3 900               -               1    
Shares purchased - Long-term Incentive Plan                     (16)              -              (3)   
Repayments of borrowings                                         (5)              -            (344)   
Proceeds from borrowings                                        255               -              80    
Dividends paid to non-controlling interest                      (33)             (8)            (10)   
Net cash from/(used in) financing activities                  4 101              (8)           (276)   
Net increase/(decrease) in cash and cash equivalents          3 544          (1 664)         (1 793)   
Cash and cash equivalents at beginning of period              2 597           4 305           4 305    
Effect of exchange rate changes on cash and cash 
equivalents held in foreign currencies                          214              73              85    
Cash and cash equivalents at end of period                    6 355           2 714           2 597    
The notes are an integral part of these condensed interim financial statements.                   


Notes to the financial information
1.  General information
    Impala Platinum Holdings Limited (“Implats”, “the Company” or “the Group”) is a primary producer of platinum and
    associated platinum group metals (PGMs). The Group has operations on the Bushveld Complex in South Africa and the 
    Great Dyke in Zimbabwe, the two most significant PGM-bearing ore bodies globally.

    The Company has its listing on the JSE Limited.

    The condensed consolidated interim financial information was approved for issue on 25 February 2016 by the board 
    of directors.

2.  Basis of preparation
    The condensed consolidated interim financial statements have been prepared in accordance with International 
    Financial Reporting Standard (IFRS), IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as 
    issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting 
    Standards Council, requirements of the Companies Act, Act 71 of 2008, and the Listings Requirements of the JSE Limited.

    The condensed consolidated interim financial statements should be read in conjunction with the annual consolidated
    financial statements for the year ended 30 June 2015, which have been prepared in accordance with IFRS.

    The condensed consolidated interim financial statements have been prepared under the historical cost convention
    except for certain financial assets, financial liabilities and derivative financial instruments which are measured at 
    fair value and some equity and liabilities for share-based payment arrangements which are measured using a binomial 
    option model.

    The condensed consolidated interim financial information is presented in South African rand, which is the Company’s
    functional currency.

    Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total
    annual earnings.

3.  Accounting policies
    The principal accounting policies applied are in terms of IFRS and are consistent with those of the annual
    consolidated financial statements for the year ended 30 June 2015.

4.  Segment information                                                                                                       
    The Group distinguishes its segments between mining operations, refining services (which include metals purchased and 
    toll refined), chrome processing and other.                                                                                                  
                                                                                                                              
    Management has determined the operating segments based on the business activities and management structure within 
    the Group.                                                                                                   
                                                                                                                              
    Capital expenditure comprises additions to property, plant and equipment (note 5).                                                                                                  
                                                                                                                              
    Impala mining segment’s two largest sales customers amounted to 13% and 10% of total sales (December 2014: 12% and 11%) 
    (June 2015: 13% and 10%).                                                                                                  
                                                                                                                              
    The statement of comprehensive income shows the movement from gross profit to total profit before income tax.                                                                                                  
                                                                                                                              
                                      Six months ended            Six months ended               Year ended                  
                                      31 December 2015            31 December 2014              30 June 2015                 
                                         (Reviewed)                  (Reviewed)                   (Audited)                  
                                                  Gross                      Gross                         Gross    
    (Rm)                            Revenue      profit        Revenue      profit          Revenue       profit    
    Mining                                                                                                          
    - Impala                         16 529        (508)        15 580        (749)          31 777       (1 337)   
    Mining                            7 428        (602)         6 315        (778)          13 369       (1 455)   
    Metals purchased                  9 101          94          9 265          29           18 408          118    
    - Zimplats                        2 746          90          2 556         537            4 661          480    
    - Marula                            808        (226)           839         (62)           1 636         (220)   
    - Afplats                             -           -              -           -                -            -    
    Chrome processing                   169          47            101          37              225           92    
    Inter-segment adjustment         (3 568)        (23)        (3 403)      1 126           (6 315)       1 324    
    External parties                 16 684        (620)        15 673         889           31 984          339    
    Refining services                 9 220         643          9 509         632           18 824        1 293    
    Inter-segment adjustment         (8 928)         (2)        (9 279)         (2)         (18 331)          (4)   
    External parties                    292         641            230         630              493        1 289    
    Total external parties           16 976          21         15 903       1 519           32 477        1 628    
                                                                                                                                                                                                                                
                                        Six months ended            Six months ended              Year ended                  
                                        31 December 2015            31 December 2014             30 June 2015                 
                                           (Reviewed)                  (Reviewed)                  (Audited)                  
                                      Capital       Total         Capital       Total        Capital        Total    
    (Rm)                          expenditure      assets     expenditure      assets    expenditure       assets    
    Mining                                                                                                           
    - Impala                            1 483      45 770           1 315      49 764          3 047       46 828    
    - Zimplats                            367      18 602             542      14 663            968       15 548    
    - Marula                               42       2 950              41       3 000            145        2 993    
    - Afplats                               -       3 056             103       6 016            127        3 061    
    Total mining                        1 892      70 378           2 001      73 443          4 287       68 430    
    Refining services                       -       5 436               -       4 655              -        4 708    
    Chrome processing                       -         203               -         154              -          180    
    Other                                   -       9 945*              -       3 653              -        3 897    
    Total                               1 892      85 962           2 001      81 905          4 287       77 215    
    *Includes cash raised from the issue of shares by the holding company, refer note 8

5.  Property, plant and equipment                                                               
                                             Six months       Six months             
                                                  ended            ended           
                                            31 December      31 December         Year ended  
                                                   2015             2014       30 June 2015   
    (Rm)                                      (Reviewed)       (Reviewed)          (Audited)    
    Opening net book amount                      47 248           46 916             46 916    
    Additions                                     1 892            2 001              4 287    
    Interest capitalised                             10              147                260    
    Disposals                                        (3)              (3)               (13)   
    Depreciation                                 (1 707)          (1 084)            (2 593)   
    Impairment                                     (257)               -             (2 872)   
    Scrapping                                        (8)            (251)              (437)   
    Rehabilitation adjustment                        40               90                110    
    Exchange adjustment on translation            3 382              974              1 590    
    Closing net book amount                      50 597           48 790             47 248    
    
    Capital commitment
    Capital expenditure approved at 31 December 2015 amounted to R8 139 (December 2014: R16 112) (June 2015: R15 537)
    million, of which R1 611 (December 2014: R2 248) (June 2015: R2 144) million is already committed. This expenditure 
    will be funded internally and, if necessary, from borrowings. 

    Impairment
    Impairment relates to the closure of the Impala 12 Shaft mechanised section.

6.  Derivative financial instrument 
    Implats entered into a Cross Currency Interest Rate Swap (CCIRS) amounting to US$200 million to hedge certain 
    aspects of the foreign exchange risk on the US$ convertible bonds (note 9), being: exchange rate risk on dollar 
    interest payments and the risk of a future cash settlement of the bonds at a rand-dollar exchange rate weaker 
    than R9.24/US$. (US$200 million was swapped for R1 848 million on which Implats pays a fixed interest rate to 
    Standard Bank of 5.94%. Implats receives the 1% coupon on the US$200 million from Standard Bank on the 
    same date which Implats pays bond holders. In February 2018 Implats will repay the R1 848 million in return of 
    the US$200 million.)

    The CCIRS with Standard Bank is carried at its fair value of R1 311 (December 2014: R497) (June 2015: R630) million.
    No hedge accounting has been applied.

7.  Inventories                                                                                   
                                             Six months           Six months               
                                                  ended                ended             
                                            31 December          31 December           Year ended  
                                                   2015                 2014         30 June 2015   
    (Rm)                                      (Reviewed)           (Reviewed)            (Audited)   
    Mining metal                                                                                  
    Refined metal                                   635                  976                1 233    
    In-process metal                              3 309                2 112                2 423    
    Non-mining metal                                                                                 
    Refined metal                                 1 321                1 169                1 282    
    In-process metal                              2 721                2 414                2 436    
                                                                                                     
    Total metal inventories                       7 986                6 671                7 374    
    Stores and materials inventories                959                  778                  751    
                                                  8 945                7 449                8 125    

    The write-down to net realisable value comprises R233 (December 2014: R36) (June 2015: R154) million for 
    refined mining metal and R555 (December 2014: R159) (June 2015: R364) million for in-process mining metal.

    Included in refined metal is metal on lease to third parties of 36 000 (December 2014: 36 000) 
    (June 2015: 36 000)ounces ruthenium.

    Non-mining metal consists mainly of IRS inventory. No inventories are encumbered.

8.  Share capital                                                             
                                                                  Six months    Six months        
                                                                       ended         ended    Year ended    
                                                                 31 December   31 December       30 June      
                                                                        2015          2014          2015
    (Rm)                                                           (Reviewed)    (Reviewed)     (Audited)
    Ordinary shares                                                       18            16            16    
    Share premium                                                     17 251        13 372        13 369    
    Share-based payment reserve                                        2 235         2 260         2 348    
    Total share capital                                               19 504        15 648        15 733    
    The authorised share capital of the holding company is                    
    R21 (December 2014: R21) (June 2015: R21) million                         
    consisting of 844.01 (December 2014: 844.01)                              
    (June 2015: 844.01) million ordinary shares with a                        
    par value of 2.5 cents each.                                              
    The number of ordinary shares in issue outside the Group                  
    are net of treasury shares held as follows (million):                     
    Number of ordinary shares issued                                  734.78        632.21        632.21    
    Treasury shares                                                   (16.23)       (16.23)       (16.23)   
    Morokotso Trust                                                    (8.87)        (8.87)        (8.87)   
    Share Incentive Trust                                              (0.03)        (0.03)        (0.03)   
    Number of ordinary shares issued outside the Group                709.65        607.08        607.08    
    The movement of ordinary shares during the year                           
    was as follows (million):                                                 
    Beginning of the period                                           607.08        607.05        607.05    
    Shares issued                                                     102.57             -             -    
    Shares issued - Implats Share Incentive scheme                         -          0.03          0.03    
    Shares issued - Long-term Incentive Plan                            0.47             -          0.04    
    Shares purchased - Long-term Incentive Plan                        (0.47)            -         (0.04)   
    End of the period                                                 709.65        607.08        607.08    
   
    At a meeting of shareholders held on 6 October 2015, shareholders gave approval for, among other things, the 
    directors to allot and issue up to 171 895 144 shares. On 7 October 2015, 102 564 102 shares were issued to 
    qualifying investors at R39.00 per share to raise R4.0 billion to be used to fund the completion of Impala’s 
    16 and 20 Shafts.            

9.  Borrowings                                                                                                            
                                                          Six months    Six months        
                                                               ended         ended    Year ended      
                                                         31 December   31 December       30 June       
                                                                2015          2014          2015 
                                                           (Reviewed)    (Reviewed)     (Audited)   
    Standard Bank Limited - BEE partners Marula                  885           881           881    
    Standard Bank Limited - Zimplats term loan                 1 316         1 215           913    
    Standard Bank Limited - Zimplats revolving 
    credit facility                                              248             -            85    
    Convertible bonds - ZAR                                    2 536         2 463         2 499    
    Convertible bonds - US$200 million (note 6)                2 972         2 176         2 313    
    Finance leases                                             1 380         1 383         1 385    
                                                               9 337         8 118         8 076    
    Current                                                     (458)         (954)         (710)   
    Non-current                                                8 879         7 164         7 366    
    Beginning of the period                                    8 076         7 787         7 787    
    Proceeds                                                     255             -            80    
    Leases capitalised                                             -             -             5    
    Interest accrued                                             309           284           577    
    Repayments                                                  (245)         (226)         (805)   
    Exchange adjustment                                          942           273           432    
    End of the period                                          9 337         8 118         8 076    
    Other than the Zimplats term loan facility, all other loan terms were unchanged since June 2015.
     
    Standard Bank Limited - Zimplats term loan
    Zimplats renegotiated the loan terms to increase the facility to US$95 million, repayable in two equal payments 
    at 31 December 2017 and 31 December 2018. At the end of the period the US dollar balance amounted to US$85 
    (December 2014: US$105) (June 2015: US$75) million. US$25 million was classified as current at June 2015, now 
    classified as non-current. 
    
    Facilities
    At 31 December 2015, the Group had signed committed facility agreements for a total of R4.0 (December 2014: R3.0)
    (June 2015: R3.0) billion. All these agreements have become unconditional in accordance with their terms subsequent 
    to the half-year end and remain undrawn. These facilities expire on 31 December 2017.

    In addition, Zimplats has a US$24 million revolving credit facility of which US$16 (December 2014: Nil) 
    (June 2015: US$7) million was drawn at 31 December 2015.

10. Cost of sales                                                                               
                                           Six months       Six months          
                                                ended            ended      Year ended      
                                          31 December      31 December         30 June       
                                                 2015             2014            2015 
    (R)                                     (Reviewed)       (Reviewed)       (Audited)
    On-mine operations                          7 743            6 017          13 139    
    Processing operations                       2 331            1 890           4 034    
    Refining and selling                          675              605           1 265    
    Other costs                                   180              255             636    
    Share-based compensation                     (138)            (190)           (190)   
    Chrome operation - cost of sales              103               56             113    
    Depreciation of operating assets            1 707            1 084           2 593    
    Metals purchased                            4 881            4 824          10 068    
    Change in metal inventories                  (527)            (157)           (809)   
                                               16 955           14 384          30 849    

11. Headline earnings                                                                                                                           
    Headline earnings attributable to equity holders of the Company arises from operations as follows:                                                            
                                                             Six months       Six months          
                                                                  ended            ended      Year ended     
                                                            31 December      31 December         30 June     
                                                                   2015             2014            2014
    (Rm)                                                      (Reviewed)       (Reviewed)       (Audited)    
    Profit/(loss) attributable to owners of the Company             204              249          (3 663)   
    Adjustments:                                                                                            
    - Profit on disposal of property, plant and equipment           (10)             (10)           (186)   
    - Impairment after non-controlling interest                     257                -           5 101    
    - Scrapping after non-controlling interest                        8              218             380    
    - Bimha insurance compensation after 
      non-controlling interest                                      (57)               -               -    
    - Total tax effects of adjustments                              (55)             (57)         (1 411)   
    Headline earnings                                               347              400             221    
    Weighted average number of ordinary shares in issue 
    for basic earnings per share (million)                       655.02           607.06          607.07    
    Weighted average number of ordinary shares for 
    diluted earnings per share (million)                         655.48           607.93          608.53    
    Headline earnings per share (cents)                                                                     
    Basic                                                            53               66              36    
    Diluted                                                          53               66              36    

12. Contingent liabilities and guarantees
    As at the end of December 2015 the Group had bank and other guarantees of R1 202 (December 2014: R1 417)
    (June 2015: R1 217) million from which it is anticipated that no material liabilities will arise.

13. Related party transactions                            
    - The Group entered into PGM purchase transactions of R1 687 (December 2014: R1 791) (June 2015: R3 299) 
      million with Two Rivers, an associate company, resulting in an amount payable of R939 (December 2014: R903) 
      (June 2015: R876) million. It also received refining fees to the value of R14 (December 2014: R12) 
      (June 2015: R24) million.                             
    - The Group previously entered into sale and leaseback transactions with Friedshelf, an associate company. 
      At the end of the period, an amount of R1 233 (December 2014: R1 227) (June 2015: R1 231) million was 
      outstanding in terms of the lease liability. During the period, interest of R63 (December 2014: R63)
      (June 2015: R126) million was charged and a R61 (December 2014: R57) (June 2015: R116) million repayment 
      was made. The finance leases have an effective interest rate of 10.2%.                             
    - The Group entered into PGM purchase transactions of R1 583 (December 2014: R1 530) (June 2015: R2 862) 
      million with Mimosa, a joint venture, resulting in an amount payable of R666 (December 2014: R740) 
      (June 2015: R690) million. It also received refining fees and interest to the value of R149 
      (December 2014: R119) (June 2015: R245) million.                             
                                        
    These transactions are entered into on an arm’s-length basis at prevailing market rates.                            
    - Key management compensation (fixed and variable) was R32 (December 2014: R31) (June 2015: R58) million.                            
                                        
14. Financial instruments                                                                                                   
                                                      Six months       Six months          
                                                           ended            ended      Year ended     
                                                     31 December      31 December         30 June     
                                                            2015             2014            2014
    (Rm)                                               (Reviewed)       (Reviewed)       (Audited)  
    Financial assets - carrying amount                                                                     
    Loans and receivables                                  8 247            6 183           4 898    
    Financial instruments at fair value through 
    profit and loss2                                       1 342              497             630    
    Held-to-maturity financial assets                         39               36              38    
    Available-for-sale financial assets1                      22               45              27    
                                                           9 650            6 761           5 593    
    Financial liabilities - carrying amount                                                          
    Financial liabilities at amortised cost               13 762           12 398          12 905    
    Borrowings                                             9 337            8 118           8 076    
    Commitments                                               67               81              74    
    Trade payables                                         4 350            4 199           4 751    
    Other payables                                             8                -               4    
    Financial instruments at fair value through 
    profit and loss2                                           -                1               -    
                                                          13 762           12 399          12 905    

    The carrying amount of financial assets and liabilities approximate their fair values.
    
    1 Level 1 of the fair value hierarchy - Quoted prices in active markets for the same instrument
    2 Level 2 of the fair value hierarchy - Significant inputs are based on observable market data with the 
      R/US$ exchange rate of 15.48 being the most significant. These instruments are valued on a discounted 
      cash flow basis.

15. Subsequent event
    During January an underground fire at Impala Platinum’s 14 Shaft caused asset damage resulting in the 
    temporary closure of the shaft. Refer to the Safety review under Commentary.


Segmental analysis - for the six months ended 31 December 2015

Impala Operations (ex-mine) key statistics                                                                 
                                                             December       December            
                                                                 2015           2014        Var %    
Mining revenue                                      (Rm)        7 428          6 315         17.6    
Platinum                                                        4 942          3 797         30.2    
Palladium                                                       1 267          1 278         (0.9)    
Rhodium                                                           485            531         (8.7)    
Nickel                                                            209            247        (15.4)    
Other                                                             525            462         13.6    
Mining cost of sales                                           (8 030)        (7 093)       (13.2)    
On-mine operations                                             (5 600)        (5 085)       (10.1)    
Processing operations                                          (1 297)        (1 095)       (18.4)    
Refining and selling operations                                  (313)          (372)        15.9    
Corporate costs                                                   (66)          (119)        44.5    
Share-based payments                                              102            178        (42.7)    
Depreciation                                                   (1 053)          (628)       (67.7)    
Increase in metal inventories                                     197             28        603.6    
Mining gross profit                                              (602)          (778)        22.6    
Royalty expense                                                  (196)          (115)       (70.4)    
Profit from metal purchased transactions                           94             29        224.1    
Sale of metals purchased                                        9 101          9 265         (1.8)    
Cost of metals purchased                                       (9 005)        (9 213)         2.3    
Change in metal inventories                                        (2)           (23)        91.3    
Gross margin ex-mine                                 (%)         (8.1)         (12.3)        34.1    
Sales volumes ex-mine                                                                                
Platinum                                        (000 oz)        382.6          268.5         42.5    
Palladium                                                       150.3          142.8          5.3    
Rhodium                                                          45.4           39.3         15.5    
Nickel                                          (tonnes)        1 525          1 246         22.4    
Sales volumes metals purchased - IRS                                                                 
Platinum                                        (000 oz)        380.1          342.8         10.9    
Palladium                                                       269.3          249.7          7.8    
Rhodium                                                          49.3           44.3         11.3    
Nickel                                          (tonnes)        4 850          4 307         12.6    
Prices achieved ex-mine                                                                              
Platinum                                        (US$/oz)          957          1 268        (24.5)    
Palladium                                       (US$/oz)          626            804        (22.1)    
Rhodium                                                           797          1 231        (35.3)    
Nickel                                           (US$/t)        9 941         18 092        (45.1)    
Exchange rate achieved ex-mine                   (R/US$)        13.48          11.12         21.2                                                                                                       
Production ex-mine                                                                                   
Tonnes milled                                    (000 t)        5 892          4 007         47.0    
% UG2 milled                                         (%)         54.6           51.6          5.8    
Development metres (total)                      (metres)       49 358         39 145         26.1    
Headgrade (5PGE+Au)                                (g/t)         4.15           4.25         (2.4)    
Platinum refined                                (000 oz)        325.9          252.4         29.1    
Palladium refined                                               155.4          124.7         24.6    
Rhodium refined                                                  46.2           31.4         47.1    
Nickel refined                                   (000 t)        1 974          1 535         28.6    
PGM refined production                          (000 oz)        637.5          487.6         30.7    
Total cost                                          (Rm)        7 276          6 671         (9.1)    
                                                  (US$m)          542            610         11.2    
per tonne milled*                                  (R/t)        1 235          1 665         25.8    
                                                 (US$/t)           92            152         39.6    
per PGM ounce refined*                            (R/oz)       11 413         13 681         16.6    
                                                (US$/oz)          849          1 250         32.1    
per platinum ounce refined*                       (R/oz)       22 326         26 430         15.5    
                                                (US$/oz)        1 662          2 415         31.2    
net of revenue received for other metals*         (R/oz)       14 698         16 454         10.7    
                                                (US$/oz)        1 094          1 504         27.2    
Capital expenditure                                 (Rm)        1 483          1 503          1.3    
                                                  (US$m)          110            137         19.6    
Labour including capital at period end              (no)       41 921         43 140          2.8    
Own employees                                                  32 128         32 521          1.2    
Contractors                                                     9 793         10 619          7.8    
Centares per panel man per month                (m2/man)         24.4           16.1         51.6    
* Excluding share-based compensation.                                                                


Marula key statistics                                                                                      
                                                             December       December            
                                                                 2015           2014        Var %    
Revenue                                             (Rm)          808            839         (3.7)    
Platinum                                                          423            425         (0.5)    
Palladium                                                         283            285         (0.7)    
Rhodium                                                            59             90        (34.4)    
Nickel                                                             13             16        (18.8)    
Other                                                              30             23         30.4    
Cost of sales                                                  (1 034)          (901)       (14.8)    
On-mine operations                                               (832)          (717)       (16.0)    
Processing operations                                            (105)           (97)        (8.2)    
Share-based payments                                                5              9        (44.4)    
Treatment charges                                                  (2)            (2)           -    
Depreciation                                                     (100)           (94)        (6.4)    
Gross (loss)                                                     (226)           (62)      (264.5)    
Intercompany adjustment*                                            -              -            -    
Adjusted gross loss                                              (226)           (62)      (264.5)    
Royalty expense                                                   (27)           (30)        10.0    
Gross margin                                         (%)        (28.0)          (7.4)      (278.4)    
Sales volumes in concentrate                                                                          
Platinum                                        (000 oz)         41.7           36.9         13.0    
Palladium                                                        43.2           37.8         14.3    
Rhodium                                                           8.8            7.8         12.8    
Nickel                                               (t)          153            128         19.5    
Prices achieved in concentrate                                                                        
Platinum                                        (US$/oz)          745          1 053        (29.2)    
Palladium                                                         480            689        (30.3)    
Rhodium                                                           485          1 057        (54.1)    
Nickel                                           (US$/t)        6 407         11 351        (43.6)    
Exchange rate achieved                           (R/US$)        13.63          10.93         24.7    
Production                                                                                                  
Tonnes milled                                    (000 t)          887            829          7.0    
Headgrade (5PGE+Au)                                (g/t)         4.37           4.14          5.6    
Platinum in concentrate                         (000 oz)         41.8           37.0         13.0    
Palladium in concentrate                                         43.3           38.0         13.9    
Rhodium in concentrate                                            8.8            7.8         12.8    
Nickel in concentrate                                (t)          153            128         19.5    
PGM in concentrate                              (000 oz)        110.3           97.3         13.4    
Total cost                                          (Rm)          937            814        (15.1)    
                                                  (US$m)           70             74          5.4    
per tonne milled**                                 (R/t)        1 056            982         (7.5)    
                                                 (US$/t)           79             90         12.2    
per PGM ounce in concentrate**                    (R/oz)        8 495          8 366         (1.5)    
                                                (US$/oz)          632            765         17.4    
per platinum ounce in concentrate**               (R/oz)       22 416         22 000         (1.9)    
                                                (US$/oz)        1 668          2 010         17.0    
net of revenue received for other metals**        (R/oz)       13 206         10 811        (22.2)    
                                                (US$/oz)          983            988          0.5    
Capital expenditure                                 (Rm)           42             47         10.6    
                                                  (US$m)          3.1            4.3         27.9    
Labour including capital at period end              (no)        4 678          4 074        (14.8)    
Own employees                                                   3 529          3 340         (5.7)    
Contractors                                                     1 149            734        (56.5)    
Centares per panel man per month                (m2/man)         24.7           20.7         19.3    
* The adjustment relates to sales by Marula to the Implats Group which were still in the 
  pipeline at period end.                                                                                                                                                                                   
** Excluding share-based compensation.                                                                    
  
  
Zimplats key statistics                                                                                     
                                                             December       December            
                                                                 2015           2014        Var %    
Revenue                                            (Rm)         2 746          2 556          7.4    
Platinum                                                        1 393          1 260         10.6    
Palladium                                                         752            682         10.3    
Rhodium                                                            85            115        (26.1)    
Nickel                                                            233            272        (14.3)    
Other                                                             283            227         24.7    
Cost of sales                                                  (2 656)        (2 019)       (31.6)    
On-mine operations                                             (1 311)          (970)       (35.2)    
Processing operations                                            (731)          (590)       (23.9)    
Corporate costs                                                   (75)          (125)        40.0    
Share-based payments                                               31              3        933.3    
Depreciation                                                     (550)          (359)       (53.2)    
Change in inventories                                             (20)            22       (190.9)    
Gross profit/(loss)                                                90            537        (83.2)    
Intercompany adjustment*                                          (25)           316       (107.9)    
Adjusted gross profit                                              65            853        (92.4)    
Royalty expense                                                   (45)          (173)        74.0    
Gross margin                                        (%)           3.3           21.0        (84.3)    
Adjusted gross margin*                                            2.4           29.7        (91.9)    
Sales volumes in matte                                                                               
Platinum                                       (000 oz)         128.4          103.0         24.7    
Palladium                                                       107.1           85.1         25.9    
Rhodium                                                          11.6            9.5         22.1    
Nickel                                              (t)         2 441          2 056         18.7    
Prices achieved in matte                                                                             
Platinum                                       (US$/oz)           807          1 118        (27.8)   
Palladium                                                         523            732        (28.6)   
Rhodium                                                           541          1 106        (51.1)   
Nickel                                          (US$/t)         7 108         12 076        (41.1)   
Exchange rate achieved                          (R/US$)         13.44          10.94         22.9                                                                                                    
Production                                                                                                   
Tonnes milled                                   (000 t)         3 119          2 478         25.9    
Headgrade (5PGE+Au)                               (g/t)          3.46           3.47         (0.3)   
Platinum in matte                              (000 oz)         130.3          102.4         27.2    
Palladium in matte                                              106.7           84.6         26.1    
Rhodium in matte                                                 12.0            9.5         26.3    
Nickel in matte                                     (t)         2 489          2 038         22.1    
PGM in matte                                   (000 oz)         277.9          220.3         26.1    
Total cost                                         (Rm)         2 117          1 685        (25.6)    
                                                (US$/t)           158            154         (2.6)    
per tonne milled**                                (R/t)           679            680          0.1    
                                                (US$/t)            51             62         17.7    
per PGM ounce in matte**                         (R/oz)         7 618          7 649          0.4    
                                               (US$/oz)           567            699         18.9    
per platinum ounce in matte**                    (R/oz)        16 247         16 455          1.3    
                                               (US$/oz)         1 209          1 504         19.6    
net of revenue received for other metals**       (R/oz)         5 863          3 799        (54.3)   
                                               (US$/oz)           436            347        (25.7)   
Capital expenditure                                (Rm)           367            584         37.2    
                                                 (US$m)          27.3           53.4         48.9    
Labour including capital at period end             (no)         5 443          5 115         (6.4)    
Own employees                                                   3 136          3 322          5.6    
Contractors                                                     2 307          1 793        (28.7)    
* The adjustment relates to sales by Zimplats to the Implats Group which were still in the pipeline 
  at period end.                                                                  
** Excluding share-based compensation.                                                                      
 
 
Mimosa key statistics                                                                                     
                                                             December       December             
                                                                 2015           2014        Var %    
Revenue                                            (Rm)         1 509          1 754        (14.0)    
Platinum                                                          716            813        (11.9)    
Palladium                                                         377            384         (1.8)    
Rhodium                                                            36             53        (32.1)    
Nickel                                                            185            307        (39.7)    
Other                                                             195            197         (1.0)    
Cost of sales                                                  (1 527)        (1 293)       (18.1)    
On-mine operations                                               (778)          (660)       (17.9)    
Processing operations                                            (301)          (257)       (17.1)    
Corporate costs                                                  (103)           (93)       (10.8)    
Treatment charges                                                (139)          (116)       (19.8)    
Depreciation                                                     (197)          (197)           -    
Change in inventories                                              (9)            30       (130.0)    
Gross profit                                                      (18)           461       (103.9)    
Royalty expense                                                   (90)          (110)        18.2    
Gross margin                                        (%)          (1.2)          26.3       (104.6)    
Profit for the six months                          (Rm)            12            102        (88.2)   
50% attributable to Implats                                         6             51        (88.2)   
Intercompany adjustment*                                            1             19        (94.7)    
Share of profit in Implats Group                                    7             70        (90.0)   
Sales volumes in concentrate                                                                          
Platinum                                       (000 oz)          58.1           56.8          2.3    
Palladium                                                        46.9           44.4          5.6    
Rhodium                                                           4.6            5.1         (9.8)    
Nickel                                              (t)         1 603          1 615         (0.7)    
Prices achieved in concentrate                                                                        
Platinum                                       (US$/oz)           917          1 309        (29.9)    
Palladium                                                         598            790        (24.3)    
Rhodium                                                           586            951        (38.4)    
Nickel                                          (US$/t)         8 581         17 361        (50.6)    
Exchange rate achieved                          (R/US$)         13.44          10.94          22.9                                                      
Production                                                                                                
Tonnes milled                                   (000 t)         1 310          1 302           0.7    
Headgrade (5PGE+Au)                               (g/t)          3.93           3.92           0.3    
Platinum in concentrate                        (000 oz)          60.0           59.1           1.5    
Palladium in concentrate                                         46.9           46.3           1.3    
Rhodium in concentrate                                            5.0            5.0             -    
Nickel in concentrate                               (t)         1 746          1 727           1.1    
PGM in concentrate                             (000 oz)         126.9          125.7           1.0    
Total cost                                         (Rm)         1 182          1 010         (17.0)    
                                                (US$/t)            88             92           4.7    
per tonne milled                                  (R/t)           902            776         (16.2)    
                                                (US$/t)          67.1           70.9           5.4    
per PGM ounce in concentrate                     (R/oz)         9 314          8 035         (15.9)    
                                               (US$/oz)           693            734           5.6    
per platinum ounce in concentrate                (R/oz)        19 700         17 090         (15.3)    
                                               (US$/oz)         1 466          1 562           6.1    
net of revenue received for other metals         (R/oz)         6 483          1 168        (455.1)    
                                               (US$/oz)           483            107        (352.1)    
Capital expenditure                                (Rm)           248            195          27.2    
                                                 (US$m)          18.5           17.8           3.9    
Labour including capital                           (no)         1 388          1 426           2.7    
Own employees                                                   1 382          1 419           2.6    
Contractors                                                         6              7          14.3    
* The adjustment relates to sales by Mimosa to the Implats Group which were still in the pipeline 
  at period end.                                                                  
Note: These results have been equity accounted.                                                                  
                                          
                                                                                                          
Two Rivers key statistics                                                                                 
                                                             December       December             
                                                                 2015           2014         Var %    
Revenue                                            (Rm)         1 855          1 872          (0.9)    
Platinum                                                        1 034          1 024           1.0    
Palladium                                                         392            393          (0.3)    
Rhodium                                                           135            194         (30.4)    
Nickel                                                             35             44         (20.5)    
Other                                                             259            217          19.4    
Cost of sales                                                  (1 349)        (1 342)         (0.5)    
On-mine operations                                               (864)          (884)          2.3    
Processing operations                                            (184)          (178)         (3.4)    
Treatment charges                                                 (15)           (12)        (25.0)    
Chrome costs                                                     (131)          (109)            -    
Depreciation                                                     (138)          (213)         35.2    
Change in inventory                                               (17)            54        (131.5)    
Gross profit                                                      506            530          (4.5)    
Royalty expense                                                   (87)           (75)        (16.0)    
Gross margin                                        (%)          27.3           28.3          (3.5)    
Profit for the six months                          (Rm)           302            321          (5.9)    
49%/45% attributable to Implats                                   148            144           2.8    
Intercompany adjustment*                                         (20)              9        (334.9)    
Share of profit in Implats Group                                  128            153         (16.3)    
Sales volumes in concentrate                                                                          
Platinum                                       (000 oz)          91.2           85.7           6.3    
Palladium                                                        53.5           50.1           6.8    
Rhodium                                                          16.3           15.3           7.0    
Nickel                                              (t)         309.8          288.5           7.4    
Prices achieved in concentrate                                                                        
Platinum                                       (US$/oz)           835          1 087         (23.2)    
Palladium                                                         540            715         (24.5)    
Rhodium                                                           609          1 159         (47.4)    
Nickel                                          (US$/t)         8 432         13 966         (39.6)    
Exchange rate achieved                          (R/US$)         13.59          10.99          23.7    
Production                                                                                                
Tonnes milled ex-mine                           (000 t)         1 699          1 687           0.7    
Headgrade (5PGE+Au)                               (g/t)          4.09           3.97           3.0    
Platinum in concentrate                        (000 oz)          91.8           87.3           5.2    
Palladium in concentrate                                         54.2           51.3           5.7    
Rhodium in concentrate                                           16.5           15.5           6.5    
Nickel in concentrate                               (t)           317            290           9.3    
PGM in concentrate                             (000 oz)         198.1          187.3           5.8    
Total cost (excluding Chrome)                      (Rm)         1 048          1 062           1.3    
                                                (US$/t)            78             97          19.6    
per tonne milled                                  (R/t)           617            630           2.1    
                                                (US$/t)            46             58          20.7    
per PGM ounce in concentrate                     (R/oz)         5 290          5 670           6.7    
                                               (US$/oz)           394            518          23.9    
per platinum ounce in concentrate                (R/oz)        11 416         12 165           6.2    
                                               (US$/oz)           850          1 112          23.6    
net of revenue received for other metals         (R/oz)         3 900          3 700          (5.4)    
                                               (US$/oz)           290            338          14.2    
Capital expenditure                                (Rm)           181            156          16.0    
                                                 (US$m)            13             14           7.1    
Labour including capital                           (no)         3 238          3 205          (1.0)    
Own employees                                                   2 422          2 414          (0.3)    
Contractors                                                       816            791          (3.2)    
* The adjustment relates to sales from Two Rivers to the Implats Group which at year end was still 
  in the pipeline.                                                                  
Note: These results have been equity accounted.                                                                                                                              
                                                                                                          

IRS key statistics                                                                                                          
                                                             December       December             
                                                                 2015           2014         Var %     
Revenue                                            (Rm)         9 220          9 509          (3.0)    
Platinum                                                        4 915          5 110          (3.8)    
Palladium                                                       2 269          2 246           1.0    
Rhodium                                                           498            563         (11.5)    
Nickel                                                            692            844         (18.0)    
Other                                                             846            746          13.4    
Cost of sales                                                  (8 648)        (8 756)          1.2    
Metals purchased                                               (8 759)        (8 110)         (8.0)    
Processing operations                                            (198)          (161)        (23.0)    
Refining operations                                              (362)          (233)        (55.4)    
Selling and administration                                        (39)           (11)       (254.5)    
Change in metal inventories                                       710           (241)        394.6    
Gross profit                                                      572            753         (24.0)    
Metals purchased - adjustment on                            
metal prices and exchange                                         403           (173)        332.9    
Inventory - adjustment on metal                             
prices and exchange                                              (332)            52        (738.5)    
Gross profit in Implats Group                                     643            632           1.7    
Metals purchased - fair value                               
adjustment on metal prices                                        271            362         (25.1)    
Metals purchased - foreign                                  
exchange adjustment                                              (673)          (188)       (258.0)    
Gross margin                                        (%)           6.2            7.9         (21.5)    
Revenue                                            (Rm)         9 220          9 509          (3.0)    
Direct sales to customers                                          17             26         (34.6)    
Sales to Impala                                                 8 926          9 277          (3.8)    
Toll income - external                                            275            204          34.8    
Toll income - intercompany                                          2              2             -                                                                                                         
Total sales volumes                                                                                   
Platinum                                       (000 oz)         380.1          342.8          10.9    
Palladium                                                       269.3          249.7           7.8    
Rhodium                                                          49.3           44.3          11.3    
Nickel                                              (t)         4 970          4 427          12.3    
Prices achieved                                                                                       
Platinum                                       (US$/oz)           988          1 377         (28.2)    
Palladium                                                         643            831         (22.6)    
Rhodium                                                           773          1 171         (34.0)    
Nickel                                          (US$/t)        10 653         17 697         (39.8)    
Exchange rate achieved                          (R/US$)         13.09          10.82          21.0    
Refined production                                                                                    
Platinum                                       (000 oz)         366.2          378.2          (3.2)    
Palladium                                                       258.6          288.8         (10.5)    
Rhodium                                                          38.0           57.4         (33.8)    
Nickel                                              (t)         6 500          6 300           3.2    
PGM refined production                         (000 oz)         740.8          829.3         (10.7)    
Metal returned                                                                                        
Platinum                                       (000 oz)           0.1            0.0         100.0    
Palladium                                                         0.9            0.0         100.0    
Rhodium                                                           0.0            0.0             -    
Nickel                                              (t)         1 830          1 683           8.7    


Our vision
Our vision is to be the world’s best platinum-producing company, delivering superior returns to stakeholders 
relative to our peers.

Our mission
To safely mine, process, refine, recycle and market our products at the best possible cost, ensuring sustainable 
value creation for all our stakeholders.

Our values
We respect
- All our stakeholders, including:
  - Shareholders
  - Employees and their representative bodies
  - Communities within which we operate
  - Regulatory bodies
  - Suppliers and customers
  - Directors and management
  -  All other interested and affected parties
- The principles of the UN Global Compact
- The laws of the countries in which we operate
- Company policies and procedures
- Our place and way of work
- Open and honest communication
- Diversity of all our stakeholders
- Risk management and continuous improvement philosophies.

We care
- For the health and safety of all our stakeholders
- For the preservation of natural resources
- For the environment in which we operate
- For the socio-economic well-being of the communities in which we operate.

We strive to deliver
- Positive returns to our stakeholders through an operational excellence model
- A safe, productive and conducive working environment
- On our capital projects
- A fair working environment through equitable and competitive human capital practices
- On the development of our employees
- On our commitments to all stakeholders
- Quality products that meet or exceed our customers’ expectations.


Corporate information

Registered office
2 Fricker Road, Illovo, 2196
(Private Bag X18, Northlands 2116)

Transfer secretaries
South Africa: Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg, 2001   (PO Box 61051, Marshalltown, 2107)

United Kingdom: Computershare Investor Services plc
The Pavilions, Bridgwater Road, Bristol, BS13 8AE

Sponsor
Deutsche Securities (SA) Proprietary Limited

Directors
MSV Gantsho (chairman), TP Goodlace (chief executive officer), B Berlin (chief financial officer), 
HC Cameron, PW Davey*, A Kekana, AS Macfarlane*, AA Maule, ND Moyo**, FS Mufamadi, 
B Ngonyama, MEK Nkeli, ZB Swanepoel 
*British
**Zimbabwean

Note: NDB Orleyn resigned as a non-executive director with effect from 31 August 2015
      KDK Mokhele resigned as a non-executive director with effect from 21 October 2015
      BT Nagle resigned as a non-executive director with effect from 6 November 2015

Group executive: corporate relations
Johan Theron
Tel: +27 (11) 731 9013
E-mail: johan.theron@implats.co.za

Group corporate relations manager
Alice Lourens
Tel: +27 (11) 731 9033
E-mail: alice.lourens@implats.co.za

For additional information on the Group, please go to www.implats.co.za
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