[PDF] - Investor Presentation March 2007 Introducing Implats Introducing PDF Document

SLIDE 1

1 Investor Presentation

March 2007

2

Introducing Implats Introducing Implats

Implats is in the business of mining, refining and marketing platinum group metals and associated base metals

Contribution to sales revenue by metal 7% 24% 12% 6% 51%

Platinum Palladium Rhodium Nickel Other

H1 FY2007

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3

Implats … Implats …

strives to

be the best platinum producing company and deliver superior returns to its shareholders

produced 1.846 Moz of platinum

in FY2006 (equivalent to around 25% of global supplies) and 1.018 Moz in H1 FY2007

generated sales revenue
f R17.5 billion in FY2006

(equivalent to $2.7 billion) and R14.9 billion in H1 FY2007

Share Price (US$ equivalent)

5 10 15 20 25 30 35 USD

2003 2004 2005 2006

4

Key statistics Key statistics

Operations are located on two prime

PGM deposits

the Bushveld Complex in South

Africa (Impala Platinum, Marula Platinum and Two Rivers Platinum)

the Great Dyke in Zimbabwe

(Zimplats and Mimosa)

Impala Refining Services – toll-refining

and third party processing

Strategic interest in Aquarius Platinum

USA South Africa UK Luxembourg Netherlands Other 57.5% 2.7% 16.4% 14.6% Source: Thomson Financial Corporate Advisory Services 31 December 2006

Beneficial shareholders by country

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3 Operations on the world Operations on the world’s premier deposits s premier deposits …

6

Group structure Group structure

Aquarius Platinum

(8.6%) IMPLATS Investments Impala Refining Services (IRS)

(100%)

Mine-to-market

perations

Concentrate

fftake agreements

Aquarius Platinum SA (20%)

Toll Refining

51 51% 45% 50% 86.9% 77.5% 100% Impala Platinum Marula Platinum Zimplats Mimosa Two Rivers

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Platinum reserves and resources Platinum reserves and resources (attributable) (attributable)

182.9 Moz attributable reserves and resources

Impala Platinum, 41% Marula Platinum, 6% Zimplats, 49% Aquarius, 1% Two Rivers, 1% Mimosa, 2%

30 June 2006

Market review

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The platinum story The platinum story

Platinum demand

Automotive 51% Industrial 24% Jewellery 25%

FY2006 Platinum demand

Automotive 51% Industrial 24% Jewellery 25%

FY2006

Diesel autocatalyst growth continues to

drive demand

Increasing diesel share of European

light duty vehicles

Growing demand for particulate

filters

Stricter emission legislation

encompassing heavy duty vehicles

Industrial demand remains robust
Price sensitive jewellery sector declined

– but necessary to balance overall market

10

Platinum supply and demand Platinum supply and demand

(150) (100) (50) 50 100 150 200 CY03 CY04 CY05 CY06 CY07 200 400 600 800 1000 1200 (Deficit)/Surplus Pt Price 000 oz Price ($/oz) Forecast

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The palladium story The palladium story

Autocatalyst demand grew further
Tighter emission legislation in countries outside North America,

Europe and Japan

Growth in vehicle sales
Jewellery demand fell
Inventory draw-down
Increased recycling

12

Palladium supply and demand Palladium supply and demand

300 600 900 1200 1500 CY03 CY04 CY05 CY06 CY07 100 200 300 400 Surplus Pd Price

000 oz Price ($/oz)

Forecast

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The The rhodi rhodium st m story

ry
Market continued in deficit in 2006
implementation of stricter NOx standards in gasoline engines; and
growth in the glass industry

14

Rhodium supply and demand Rhodium supply and demand

(50) (20) 10 40 70 100 CY03 CY04 CY05 CY06 CY07 1000 2000 3000 4000 5000 (Deficit)/Surplus Rh Price 000 oz Price ($/oz) Forecast

SLIDE 8

8 Financial review

16

Financial highlights Financial highlights

$ million H1 2007 FY2006

Sales 2,051 2,745 Cost of sales (1,085) (1,594) Gross profit 966 1,151 Profit before tax 865 1,102 Tax (259) (410) DPS (cps) ordinary 38 63 (cps) special

108

Net profit 600 686 HEPS (cps) 114 119

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Group capital expenditure Group capital expenditure

Capex in excess of R13 billion planned over next five years

Rm 500 1,000 1,500 2,000 2,500 3,000 3,500 FY06 FY07 FY08 FY09 FY10 FY11 Maintenance Expansion

Operational review

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Safety Safety

Fatality Frequency Rate

0.139 0.104 0.063 0.069 0.000 0.050 0.100 0.150 FY03 FY04 FY05 FY06 (per million man hours)

Lost Time Injury Frequency Rate

5.65 4.80 3.57 3.41 0.00 2.00 4.00 6.00 FY03 FY04 FY05 FY06

(per million man hours)

20

Tonnes Tonnes milled illed

000 t H1 2007 FY2006

Group* 10,714 20,197 Impala 8,526 16,441 Marula 739 971 Mimosa 833 1,532 Zimplats 1,032 2,019

* Group includes 50% of Mimosa

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Refined platinum production Refined platinum production

000 oz H1 2007 FY2006

545 29 37 46 Other IRS 361 529 Group 1,018 1,846 1,125 37 66 89 Impala Marula Mimosa Zimplats

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Cost per platinum ounce Cost per platinum ounce

R/oz H1 2007 FY 2006

(Refined)

4,604 9,443 Zimplats

(In matte)

7,050 6,458 5,133 4,912

(In concentrate) (In concentrate)

Group*

(Refined)

5,647 5,369 8,235 4,919 Impala* Marula* Mimosa

* Excluding share based payments

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Operating marg Operating margins ins

% H1 2007 FY2006

63 53 73 47 IRS 11 14 Group 47 42 53 42 53 19 Impala Zimplats Mimosa Marula

South African mine-to-market operations South African mine-to-market operations

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Impala Platinum Impala Platinum (100%) - (100%) - the eng he engine

Largest single platinum producing entity in the world
Produced 1.125 Moz platinum in FY2006

(545,000 oz in H1FY2007)

28,000 employees
Life-of-mine of 30 years at 1.1 to 1.2 Moz platinum
Mining
13 shafts with 5 declines
2 new shafts under construction
Mineral Processes
Concentrating and smelting operation
Base metal and precious metal refineries

26

Maru Marula Platinu la Platinum (77.5%) (77.5%)

Produced 40,000 oz platinum in concentrate in FY2006

(33,200 oz in H1 FY2007)

Life-of-mine of 17 years on UG2
Ramp up to full production on UG2 of 130,000 ounces of platinum per

annum in concentrate scheduled for end 2010

Merensky will provide additional expansion potential
Currently converting operations to conventional stoping
22.5% BEE equity partners

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Two Rivers Platinum (45%) Two Rivers Platinum (45%)

Produced 31,000 oz platinum in

concentrate in H1 FY2007

Life-of-mine of 20 years
Plant commissioned
Ramp up to full production of

120,000 ounces of platinum per annum in concentrate scheduled for end 2007

Merensky will provide additional

expansion potential

000 oz

Production ramp up

40 80 120 160 FY07 FY08

Zimbabwe mine-to-market operations Zimbabwe mine-to-market operations

Victoria Falls

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Zimplats Zimplats (86.9%) (86.9%)

Largest known platinum resource outside of South Africa
Operating since 2001
Phase 1 expansion to 160,000 ounces of platinum with capex of

US$258 million commenced

Secured resource for long-term expansion to 1 million platinum
unces per annum for 50 years
Produced 90,300 oz platinum in matte in FY2006

(46,100 oz in H1 FY2007)

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Mimosa (50%) Mimosa (50%)

Platinum production of 72,200 ounces in concentrate in FY2006

(38,400 oz in H1 FY2007)

Expansion project to 85,000 ounces of platinum per annum complete on

time and under budget

Expansion to 100,000 ounces of platinum commenced
North Hill block to double production

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Impala Refining Impala Refining Services Services

Undertakes processing of third party material
toll-refining activities and concentrate purchases
One of the world’s largest refiners of spent autocatalysts
Headline production of 721,000 oz of platinum in FY2006

200 400 600 800 1000 FY01 FY02 FY03 FY04 FY05 FY06

Lonplats IRS

IRS plat platinum p inum product uction

000 oz

200 400 600 800 1000 FY01 FY02 FY03 FY04 FY05 FY06

Lonplats IRS

IRS plat platinum p inum product uction

000 oz

Corporate activity

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Corporate issues Corporate issues

RBN royalty transaction replaced IRS transaction
Applications for conversion of mineral rights remain work in progress
Afplats
Scheme of arrangement launched
Court meeting and EGM scheduled for 18th April 2007
Completion by end June 2007

34

Empowerment transactio Empowerment transaction

Reinforces strategic relationship with the RBN
RBN have become Implats’ major shareholder
IRS transaction has lapsed
Impala to pay all royalties due and payable to RBN from 1 July 2007
nwards) – R12.5 billion
The RBN group subscribed for 75.1 million Implats shares

NET EFFECT

Impala have discharged its obligation to pay royalties to RBN
RBN hold 13.4% of Implats

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Compliance with Compliance with Mining Charter Mining Charter

Effective holdings in Impala Platinum Implats is on target to meet other Charter requirements

RBN holding (existing) 2.1% RBN group holding (from royalty transaction) 20.0% Incwala transaction 7.1% ESOP 4.4% Total empowerment shareholding 33.6%

36

Employee Share Ownership Scheme Employee Share Ownership Scheme

Implats makes capital contribution to ESOP trust
R1.8 billion to purchase 2.05 million (3%) Implats shares
equivalent to 25% of total transaction
28,304 eligible employees (Patterson A,B and C grades) including

26,962 HDSA employees

Eligible employees benefit from capital appreciation
ver 10 years, but with full voting rights from day one
Net proceeds (after capital contribution repayment to Implats and

tax) to be paid equally to all eligible employees

SLIDE 19

19 Conclusion

38

Prospects Prospects

Robust PGM market
Increase in production to 2.3 million

platinum ounces by FY2010 on track

Smelter expansion to support 2.8 million
unces
Significant further upside potential in

Zimbabwe

Safety, volumes and grade management

remain operational priorities

Highly cash generative
Excellent dividend yield

Implats' Platinum Production

500 1000 1500 2000 2500 FY01 FY11

Impala Lease Area Zimbabwe Eastern Limb IRS Other 000 oz

FY06

Implats' Platinum Production

500 1000 1500 2000 2500 FY01 FY11

Impala Lease Area Zimbabwe Eastern Limb IRS Other 000 oz

FY06