OUR
VISION

To be the worlds’ best PGM producer, sustainably delivering superior value to all our stakeholders.

OUR
VALUES

We respect, care and deliver.

OUR
MISSION

To mine, process, refine and market high-quality PGM products safely, efficiently and at the best possible cost from a competitive asset portfolio through team work and innovation.


Key features for the year

Safety

  • Significant improvement in safety performance
  • Record low FIFR for the Group
  • FIFR lowest among our peers in CY2018

Financial

  • Strong positive cash flows across the Group – net debt reduced from R3.8bn to R976m
  • Gross profit of R3.2bn from R556m
  • Headline earnings of 310cps from a loss of 21cps
  • Group liquidity headroom improves by R4.2bn to R10.4bn

Operational

  • Mine-to-market platinum in concentrate production sustained at 678koz
  • Gross refined PGM production up 11% to 1.59Moz including refined platinum production of 800koz and palladium of 464koz
  • Group cash costs adjusted for stock changes flat at R22 715/Pt oz

Market

  • The market for palladium and rhodium continues to tighten
  • The platinum market remains challenged in the near term
  • PGM dollar revenue per platinum ounce sold up 10% to US$2 124/Pt oz
  • Rand revenue per platinum ounce sold was 16% higher and averaged R30 118/Pt oz

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Commentary

Introduction

The Implats Group has delivered a strong safety and operational performance for the half-year ended 31 December 2018. Good progress was made on implementing key outcomes of the Impala Rustenburg strategic review. The performance, together with a higher PGM rand basket price, which was boosted by significant increases in palladium, rhodium and nickel, and further aided by a weaker US$ exchange rate, resulted in a significantly improved Group financial performance.

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Financials