Consolidated interim results
for the six months ended 31 December 2015


Key features


  • Achieved lowest ever 12-month rolling fatal injury rate of 0.24 per million man hours worked
  • Regrettably, two fatal incidents experienced after 24 November 2015 affected the rate.

Operational performance

  • Gross refined platinum production increased by 9.8% to 692 100 ounces
  • Group on-mine costs decreased by 15.6% from R926 to R782 per tonne milled.


  • Rand denominated PGM basket price was 15% lower and averaged R21 843 per platinum ounce.


  • Gross cash improved to R6.4 billion
  • The Group generated R630 million free cash before replacement shaft expenditure.

Response plan

  • 8 Shaft and 12 Shaft mechanised section closed at the end of December 2015
  • Resultant labour reduction implemented
  • Significant cost and capital savings realised.


  • Overall demand for PGMs remained strong
  • Market fundamentals remain strong due to growing global demand and constrained supply.

Our vision

Our vision is to be the world’s best platinum-producing company, delivering superior returns to stakeholders relative to our peers.

Our mission

To safely mine, process, refine, recycle and market our products at the best possible cost, ensuring sustainable value creation for all our stakeholders.

Our values

We respect

  • All our stakeholders, including:
    – Shareholders
    – Employees and their representative bodies
    – Communities within which we operate
    – Regulatory bodies
    – Suppliers and customers
    – Directors and management
    – All other interested and affected parties
  • The principles of the UN Global Compact
  • The laws of the countries in which we operate
  • Company policies and procedures
  • Our place and way of work
  • Open and honest communication
  • Diversity of all our stakeholders
  • Risk management and continuous improvement philosophies.

We care

  • For the health and safety of all our stakeholders
  • For the preservation of natural resources
  • For the environment in which we operate
  • For the socio-economic well-being of the communities in which we operate.

We strive to deliver

  • Positive returns to our stakeholders through an operational excellence model
  • A safe, productive and conducive working environment
  • On our capital projects
  • A fair working environment through equitable and competitive human capital practices
  • On the development of our employees
  • On our commitments to all stakeholders
  • Quality products that meet or exceed our customers’ expectations.