Johannesburg, 2 March 2023 – Implats delivered sustained production momentum and benefitted from
strong demand for its primary products in the half year ended 31 December 2022, amid a robust rand
PGM pricing environment, which mitigated the financial impact of broad-based inflationary pressures.
Against this backdrop, the Group delivered headline earnings of R14.0 billion or 1 654 cents per share,
generated free cash flow of R11.0 billion after funding capital expenditure of R4.9 billion, and ended the
period debt free with net cash of R27 billion (excluding leases). The board of directors declared an
interim dividend of 420 cents per share, with 36% of free cash flow allocated to shareholder returns.
Implats CEO, Nico Muller, said: “The benefits of our geographically diverse production footprint and
maiden contributions from our suite of growth projects countered the challenging global macro-economic
and operating environment, which was typified by high inflation and intensified utility-level power
constraints in South Africa. Operating momentum was sustained during the period, and there was limited
direct impact on mined volumes from escalating load curtailment in South Africa.
“The Group’s financial performance was supported by robust rand PGM pricing and destocking refined
metal inventory to offset the impact of lower refined volumes, but was hampered by broad-based
inflationary pressures and a marked rand depreciation.
“Implats delivered significant EBITDA and free cash flow generation, maintained a strong and flexible
balance sheet and sustained its commitment to consistent shareholder returns - while simultaneously
funding increased rates of capital expenditure across a suite of mining and processing projects.
“Implats’ progress on its journey to achieve its purpose – creating a better future – gained momentum,
and the Group was delighted to again receive several accolades recognising its excellence in
environmental, social and governance (ESG) management.
“Rand PGM pricing remains robust and we are well positioned to pursue our capital investment
programme and sustain attractive shareholder returns. The operational focus for the remainder of
FY2023 is on ensuring stability at our South African mining and processing assets during an expected
period of inflationary pressure and more persistent load curtailment, and recommissioning the
refurbished Number 4 smelter at Impala Rustenburg in Q4 FY2023.
“Implats is committed to rigorous stakeholder engagement as we navigate the changeable socioeconomic environment in South Africa and Zimbabwe and pursue the successful conclusion of our
proposed acquisition of a majority stake in Royal Bafokeng Platinum.”
NEWS RELEASE
Page 2 of 7
KEY FEATURES FOR THE SIX MONTHS
Safety and sustainability
? Regrettably, two fatal injuries recorded at managed operations
? 12% improvement in TIFR to 9.16*
? R4.3bn allocated over next five years to energy security and decarbonisation
? Social performance projects benefitted 130 000 people
? In 89th sector percentile of S&P Dow Jones Sustainability Index
? ESG performance ranked ahead of sector peers by FTSE Russell
Operational
? Benefit of geographical diversification and maiden contributions from growth projects
? Challenging operating context with high inflation and power constraints
? 2% increase in managed 6E concentrate production to 1.18Moz
? JV operations maintained 6E concentrate production at 270koz
? 10% decrease in third-party 6E receipts to 169koz
? 9% decrease in refined and saleable 6E production to 1.48Moz
? 2% decrease in 6E sales volumes to 1.52Moz
? Group unit costs rose by 15% to R19 346 per 6E ounce (stock-adjusted)
? Consolidated Group capital expenditure of R4.9bn
? Maintained key FY2023 production guidance
Financial
? Gross profit of R17.2bn and EBITDA of R24.5bn
? Headline earnings of R14.0bn or 1 654c per share
? Free cash flow of R11.0bn
? R27.0bn cash net of debt (excluding leases)
? Liquidity headroom of R35.1bn
? 36% of adjusted free cash flow allocated to shareholder returns
? Interim dividend of 420c per share
Market
? Dollar revenue per 6E ounce sold down 9% to US$2 199/oz
? Rand revenue per 6E ounce sold increased by 5% to R38 117/6E oz sold
? PGM markets set to tighten on demand recovery and constrained supply in 2023
*per million man-hours worked
Page 3 of 7
RESULTS COMMENTARY
Implats delivered sustained production momentum and saw strong demand for its primary products in
the half year ended 31 December 2022 (“the period”), amid a robust rand PGM pricing environment,
mitigating the financial impact of broad-based inflationary pressures. The benefits of a geographically
diverse production footprint and initial contributions from its suite of growth projects countered the
challenging operating environment, which was typified by high inflation and intensified utility-level power
constraints in South Africa.
Safe production remains the Group’s foremost priority, with the goal of eliminating harm to the health and safety of our employees and contractors. Despite much-improved safety metrics from a focus on
visible leadership and mine-safety discipline, it is with deep regret the Group reports two employee fatalities at managed operations during the period.
During the six months to end-December 2022, the Group’s fatal injury frequency rate improved 60% to 0.032 per million man hours worked (H1 FY2022: 0.080). The total injury frequency rate improved 12% to 9.16 (H1 FY2022: 10.45) and the lost-time injury frequency rate deteriorated 4% to 4.05 per million
man hours worked (H1 FY2022: 3.88). By period end, 13 of the Group’s 17 operations had achieved millionaire or multi-millionaire status in terms of fatality free shifts.
Implats reaped the benefit of its geographically diverse production portfolio and saw maiden contributions from a suite of expansion projects in execution across the asset base during the period, despite a challenging global macro-economic and operating environment. Operating momentum was
sustained, and there was limited direct impact on mined volumes from escalating load curtailment in South Africa.
The South African processing assets were somewhat constrained by the timing of scheduled
maintenance and the increased severity and frequency of load curtailment. In total, an estimated 9 000
6E ounces of mined volumes were foregone and circa 38 000 6E ounces of refined production deferred
due to power constraints during the period.
Concentrate production at our managed operations at Impala Rustenburg, Impala Canada, Zimplats
and Marula increased by 2% to 1.18 million 6E ounces (H1 FY2022: 1.16 million ounces). 6E
concentrate production from JV operations, Two Rivers and Mimosa, was unchanged at 270 000
ounces, while third-party 6E receipts of 169 000 ounces were 10% lower than those in the prior
comparable period, with several operational challenges reported at peer group producers, including load
curtailment and severe weather events. In total, 6E in concentrate volumes produced were stable at
1.62 million ounces (H1 FY2022: 1.62 million ounces).
Group refined production of 1.48 million 6E ounces, including saleable production from Impala Canada,
declined by 9% (H1 FY2022: 1.62 million ounces). Smelting capacity was constrained by increased load
curtailment and the scheduled rebuild of the Number 4 Furnace in Rustenburg, which started in late
November 2022. Implats ended the period with circa 140 000 6E ounces of excess inventory (H1
FY2022: nil).
Notable rand depreciation resulted in additional inflationary pressures, compounding the impact of high energy and consumables pricing on the translated cost and capital expenditure at the Zimbabwean and Canadian operations. Total cash operating costs increased by 15%, while unit costs were further impacted by lower refined production and, on a stock-adjusted basis, increased by 15% to R19 346 per 6E ounce (H1 FY2022: R16 756 per 6E ounce).
Capital expenditure at managed operations rose by 39% to R4.9 billion (H1 FY2022: R3.6 billion) as expenditure on replacement and growth projects accelerated and the rand weakened against the dollar.
Stay-in-business spend of R3.2 billion, replacement capital of R1.1 billion and expansion capital of R0.7 billion increased by 15%, 88% and 191%, respectively.

see & read more on
https://www.implats-ir.co.za/results/2023/interims-results-2023/pdf/news-release.pdf