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Impala Platinum Holdings Limited (Implats) is principally in the business of producing and supplying platinum group metals (PGMs), including platinum, palladium, rhodium, ruthenium, iridium and gold, to industrial economies. It has operations on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe. Implats' primary operation is the wholly owned Impala Platinum Limited (Impala), which is situated on the western limb of the Bushveld Complex. Also in South Africa are Marula Platinum Limited (Marula) (77.5%) and Two Rivers Platinum (Pty) Limited (Two Rivers) (45%), both of which are located on the eastern limb of the Bushveld Complex. During the fiscal year ended June 30, 2007 (fiscal 2007), the Company produced 2.026 million ounces (Moz) of platinum and 3.858Moz of platinum group metals (PGMs). On May 14, 2007, the Company acquired African Platinum Limited (Afplats), an exploration and development business focused on platinum group metals.
Implats' mining operations are located on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe. In South Africa, these are located on the western limb of the Bushveld Complex - Impala Platinum (Impala), and on the eastern limb - Marula Platinum (Marula) and Two Rivers Platinum (Two Rivers). Impala and Marula are managed by Implats, while the Two Rivers joint venture is operated by Implats' partner, African Rainbow Minerals (ARM). Impala houses the mineral processing assets, which together with its mining operation comprise Impala Rustenburg, as well as the precious and base metals refineries, which comprise Impala Springs. In Zimbabwe, Implats operates Zimplats Holdings Limited (Zimplats) and has a joint venture with Aquarius Platinum Limited (Aquarius) in Mimosa Platinum. In addition, Implats has a 74% interest in the Leeuwkop project through its stake in Afplats, which also has interests in the Imbasa-Inkosi extension project.
Implats has a number of projects in Botswana, Canada, Madagascar, Mozambique and South Africa. Some of these are in joint ventures and alliances with other companies. The Company has an 8.6% interest in Aquarius, and a 20% stake in Aquarius Platinum South Africa (AQPSA), which has operations on the western (Kroondal and Marikana) and eastern (Everest) limbs of the Bushveld Complex. Through Impala Refining Services (IRS), Implats uses Impala's excess smelting and refining capacity to process the concentrate and matte produced by its mine-to-market operations, as well as material purchased from other companies. Toll-refining is also undertaken on behalf of other companies. Through its association with A-1 Specialised Services and Supplies Inc., Implats is an autocatalyst.
Impala Platinum, Implats' primary operation, comprises mining and mineral processing operations situated on the western limb of the Bushveld Complex, north of Rustenburg in North West Province, as well as the refining operation located in Springs, east of Johannesburg, in Gauteng. Impala Platinum's mining operation includes 14 operating shafts, five of which have underground decline systems (two are nearing completion) and two shafts, which are in development. During fiscal 2007, Impala Platinum produced 1.055 Moz of platinum and 1.87Moz of PGMs.
Marula Platinum is situated on the eastern limb of the Bushveld Complex, near Burgersfort in the province of Limpopo, South Africa. The operation comprises two on-reef decline shafts, Clapham and Driekop, an off-reef conventional decline and a concentrator. Marula is 77.5% owned by Implats and 22.5% owned by BEE interests, the Marula Community Trust, Tubatse Platinum and Mmakau Mining each have a stake of 7.5%. During fiscal 2007, Marula Platinum produced 65,000 ounces of platinum-in-concentrate.
The main asset of Afplats is the Leeuwkop project, which is located near the town of Brits on the western limb of the Bushveld Complex in North West Province. The Company holds an effective 74% stake in Leeuwkop project. The project involves the development of a 1,350 meter twin-shaft system to access the orebody. The project will mine the UG2 Reef in the Leeuwkop area. Two Rivers, a joint venture between Implats (45%) and African Rainbow Minerals Limited (ARM) (55%), is located on the eastern limb of the Bushveld Complex, near Lydenburg. During fiscal 2007, 87,900 oz of platinum-in-concentrate were produced.
Zimplats, in which the Company has a holding of 86.9%, is situated on the Hartley Geological Complex, in the northern half of the Great Dyke, south-west of Harare, Zimbabwe. The operation includes an opencast and an underground mine at Ngezi and the Selous Metallurgical Complex (SMC), 77 kilometers to the north. During fiscal 2007, Zimplats' milled 2.13 metric tons, and 206,000 ounces (oz) of PGM, of which platinum accounted for 47%.
Mimosa, a 50% joint venture with Aquarius, is located on the Wedza Geological Complex, in the southern portion of the Great Dyke, east of Bulawayo, in Zimbabwe. The operation is a semi-mechanised, shallow, underground mine, operating at a depth of 204 meters and accessed by means of a decline shaft. It has a mill and concentrator on surface. Mimosa produced a total of 78,200 oz of platinum-in-concentrate in fiscal 2007.
Implats' investment in Aquarius is held at two levels, a stake in Aquarius and a stake in AQPSA, which owns and manages Aquarius' assets on the Bushveld Complex, namely Kroondal, Marikana and Everest. Kroondal and Marikana are subject to pool and share agreements (P&SA) with Anglo Platinum. Impala Refining Services Limited (IRS) has offtake agreements with Everest, Kroondal and Marikana. Production at the expanded Kroondal operation was 132,000 oz of platinum in-concentrate in fiscal 2007. Marikana produced 40,000 platinum ounces in concentrate, and Everest produced 94,000oz of platinum in-concentrate in fiscal 2007.
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