IMPALA PLATINUM HOLDINGS LTD: 1st Quarter Production Report

FIRST QUARTER                                  

                               PRODUCTION REPORT                               
                  FOR THE PERIOD 01 JULY TO 30 SEPTEMBER 2012                  

                                        Unaudited      Unaudited    
Operational information             Quarter ended  Quarter ended  

                                        30 September   30 September 
                                             12             11      

Implats Gross Refined                                               
Platinum                         000oz            454            388 
Palladium                        000oz            287            251 
Rhodium                          000oz             56             53 
Nickel                        000tonne           3.80           3.84 


Tonnes Milled*                     000          3 223          3 759 
Grade (6E)*                        g/t           4.24           4.53 
Merensky Milled*                     %             43             45 
Refined Platinum Production      000oz            193            249 


Tonnes Milled                      000            409            395 
Grade (6E)                         g/t           4.22           4.30 
Platinum in Concentrate          000oz             18             18 


Tonnes Milled                      000          1 056          1 060 
Grade (6E)                         g/t           3.54           3.57 
Platinum in Matte                000oz             40             45 


Tonnes Milled                      000            616            592 
Grade (6E)                         g/t           3.96           3.91 
Platinum in Concentrate          000oz             28             27 


Refined Platinum Production      000oz            261            139 


Group Unit Costs (excluding      R/oz          15 326         11 348


Prices Achieved                                                      
Platinum                          $/oz          1 444          1 774 
Palladium                         $/oz            598            773 
Rhodium                           $/oz          1 171          1 801 
Nickel                         $/tonne         15 785         22 062 
Average exchange rate              R/$           8.25           7.01 
*The ex-mine tonnage, grade and % Merensky statistics tabulated above excludes
low grade material from surface sources. 
There was one fatal accident during the first quarter of FY2013. Joseph
Matatiele, a contractor with Triple M Mining, lost his life in a scraper winch
related incident at 9 Shaft at Impala Rustenburg.  The Board and management
team extend their sincere sympathies to the family, friends and colleagues of
The fatality injury frequency rate improved from 0.087 to 0.027 per million man
hours worked.  The Lost Time Injury Frequency rate improved to 4.72 per million
man hours worked from 4.96 for FY2012.  The number of self-imposed work
stoppages has increased in the drive to improve safety performance.  The number
of Section 54 notices issues during the quarter declined to 10 compared to 24
in the corresponding period a year ago.  A new health and safety policy was
adopted by the Implats board in August 2012 and a new business plan has been
developed to address safety issues and improve performance. 
Gross platinum production increased by 17% to 454 000 ounces for the quarter
compared with the corresponding period a year ago.  Lower production at
Rustenburg due to the prolonged ramp-up was more than offset by once-off
processing of toll material and an inventory release following the build-up in
the latter part of the previous financial year. 
Mill throughput and grade declined by 14% and 6% to 3.2 million tonnes and 4.24
g/t respectively.  This coupled with a 12 000 ounce smelter build-up resulted
in refined platinum production falling by 22% to 193 000 ounces. 
Operational performance continues to be impacted by the uncertain labour
climate and as a result still remains well below planned levels.  The ramp-up
to full production which was anticipated to be completed by the end of the
first quarter has not been achieved.   Currently the mine is operating at
between 80 to 85% of FY2011 production levels.  A number of key initiatives
have been launched to improve mining quality factors and lower than planned
development rates. 
Tonnes milled at Marula rose by 4% to 409 000.  However, a 2% decline in head
grade to 4.22 g/t due to lower production from the relatively higher-grade
Clapham conventional section due to conveyor belt disruptions resulted in
platinum production in concentrate remaining unchanged at 18 000 ounces. 
The planned shutdown of the smelter during August and September for routine
maintenance resulted in platinum production in matte falling by 11% to 40 000
ounces.  The Phase 2 expansion to 270 000 ounces of platinum has been slowed as
a result of the recently implemented capital preservation measures and will now
be completed in 2015. 
Management remains in negotiation with the Government of Zimbabwe on the
finalisation of the agreed indigenisation plan.  As previously announced the
company received a revised Income Tax assessment for the period 2007 to 2012. 
This assessment disallowed the claiming of capital expenditure in full in the
year incurred as set out in the Special Mining Lease on the basis that the
legislation to give legal effect to this matter had not been promulgated.  An
amount of US$33.2 million will be paid over the twelve month period commencing
October 2012.  The company has lodged an objection to the additional payment of
penalties and interest. 
An increase in both tonnes milled and grade resulted in a corresponding
improvement in platinum production in concentrate to 28 000 ounces.  This
remains in line with steady-state refined production of 100 000 ounces of
platinum.  Discussions are ongoing regarding Mimosa's proposed indigenisation
Throughput at IRS increased by 88% to 261 000 ounces of platinum despite a
further decrease in non-managed purchased production.  This was due to the
treatment of a significant amount of once-off toll material compared to none in
the corresponding period a year ago. 

    Group Unit Costs

The unit cost per platinum ounce continued to be adversely effected by
inflation and lower volumes, and rose by approximately 35% to R15 326.  The
combination of wage pressures in South Africa and a weaker Rand in Zimbabwe
accounted for the bulk of the 15% increase in cash costs, while the balance was
primarily due to lower volumes, as a result of the protracted ramp-up in
production and poor mining quality at Impala Rustenburg.
    16 November 2012
    Enquiries should be directed to:

Bob Gilmour - Group Executive: Corporate Relations

+27 11 731 9013/43

+27 82 453 7100


-0- Nov/16/2012 13:00 GMT

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