Wrap Text
Production Report for the Period Ended 31 March 2025
IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE Share code : IMP
ISIN : ZAE000083648
ADR code : IMPUY
("Implats" or the "Group")
PRODUCTION REPORT FOR THE PERIOD ENDED 31 MARCH 2025
Key features
• For the nine months ended 31 March 2025 (the "period"), lost-time and total-injury frequency
rates improved by 20% and 13%, respectively from the prior comparable period
• 6E Group production volumes decreased by 5% to 2.60 million ounces ? managed volumes
declined by 5% to 2.01 million ounces, JV production decreased 2% to 403 000 ounces, and
third-party receipts of 144 000 ounces retraced 3% from the prior comparable period
• Gross 6E refined and saleable production and 6E sales volumes increased by 1% to 2.50 million
ounces and 2.55 million ounces, respectively during the period.
Implats' Chief Executive Officer, Nico Muller, commented: "Our third quarter production results reflect the
impact of several challenges at our mining operations, while processing capacity was impeded by
required maintenance at our South African smelters. Given the constrained operating conditions
encountered in the quarter, I am heartened to reiterate previously provided Group volume and unit cost
guidance for FY2025.
Demand for PGMs from our customer base has remained robust, with contractual deliveries augmented
by additional spot requests, despite elevated global macroeconomic and geopolitical uncertainty.
Physical tightness and sustained pricing support for the minor PGMs was a notable feature in the quarter.
While PGM pricing appreciated from recent cyclical lows, margins remain compressed. The Group
remains focused on delivering consistent and safe production, with our production plans and associated
capital allocation aligned to our guiding principle of ensuring free cash flow generation through the cycle
supported by a defensive and competitive portfolio."
Unaudited quarter ended: Unaudited nine months ended:
Group operational performance
31-Mar-25 31-Mar-24 Var, % 31-Mar-25 31-Mar-24 Var, %
Safety
TIFR pmmhw 8.98 8.61 -4 7.72 8.91 13
LTIFR pmmhw 3.89 3.84 -1 3.51 4.38 20
Fatalities Count - 1 - 5 17 -
6E Group production 000oz 780 827 -6 2 602 2 729 -5
Managed operations 000oz 617 657 -6 2 055 2 170 -5
JV operations 000oz 121 134 -9 403 410 -2
Third-party 000oz 41 37 13 144 149 -3
Gross 6E refined and saleable 000oz 716 717 - 2 504 2 468 1
Impala 6E refined 000oz 226 262 -14 944 892 6
IRS 6E refined 000oz 361 308 17 1 107 1 081 2
Impala Bafokeng 6E saleable1 000oz 78 91 -14 295 306 -4
Impala Canada 6E saleable1 000oz 51 56 -9 158 189 -16
Platinum refined and saleable 000oz 323 333 -3 1 186 1 165 2
Palladium refined and saleable 000oz 257 251 3 844 844 -
Rhodium refined and saleable 000oz 45 41 9 147 139 6
Nickel refined and saleable t 3 524 3 828 -8 11 899 12 137 -2
6E sales volumes 000oz 775 824 -6 2 549 2 521 1
Managed operations production:
Tonnes milled 000t 5 881 6 479 -9 19 621 20 792 -6
6E grade g/t 3.74 3.64 3 3.78 3.73 2
Impala Rustenburg
Tonnes milled 000t 2 228 2 263 -2 7 632 7 655 -
6E grade g/t 4.00 3.83 4 4.08 3.95 3
6E stock adjusted2 000oz 280 268 4 966 943 2
Impala Bafokeng
Tonnes milled 000t 869 901 -4 3 009 3 153 -5
6E grade g/t 4.21 4.34 -3 4.31 4.33 -1
6E in concentrate4 000oz 92 107 -14 346 361 -4
Marula
Tonnes milled 000t 401 440 -9 1 249 1 385 -10
6E grade g/t 3.88 4.25 -9 4.03 4.28 -6
6E in concentrate4 000oz 46 53 -13 148 166 -11
Zimplats
Tonnes milled 000t 1 674 2 007 -17 5 485 5 917 -7
6E grade g/t 3.36 3.32 1 3.38 3.33 1
6E in matte3 000oz 140 166 -16 419 493 -15
Impala Canada
Tonnes milled 000t 709 868 -18 2 246 2 682 -16
6E grade g/t 3.14 2.80 12 2.93 2.94 -
6E in concentrate4 000oz 60 63 -5 175 206 -15
JV operations production:
Two Rivers
Tonnes milled 000t 821 891 -8 2 608 2 712 -4
6E grade g/t 2.87 3.07 -7 3.02 3.09 -2
6E in concentrate4 000oz 61 70 -13 214 221 -3
Mimosa
Tonnes milled 000t 695 715 -3 2 162 2 138 1
6E grade g/t 3.61 3.59 1 3.61 3.61 -
6E in concentrate4 000oz 60 63 -6 189 189 -
Impala Refining Services production:
Gross 6E receipts 000oz 321 384 -16 1 087 1 212 -10
Managed operations 000oz 174 217 -20 554 653 -15
JV operations 000oz 106 131 -19 390 410 -5
Third-party 000oz 41 37 13 144 149 -3
1. PGM production adjusted for off-take terms from third parties.
2. PGM production post the precious metals refinery, adjusted for any increase (added), or decrease (deducted) in smelting and refining lock up.
3. PGM production post the smelter ahead of the base metal refinery, unadjusted for further processing recoveries.
4. PGM production post the concentrator ahead of the smelter, unadjusted for further processing recoveries.
2
HEALTH AND SAFETY
Implats is determined to eliminate fatalities and life-changing injuries, in line with our vision of achieving
zero harm to the health and safety of our employees and contractors. As such, safe production remains
our foremost priority.
No fatal accidents occurred at managed operations in the third quarter, however the Group's lost-time
injury frequency rate (LTIFR) retraced by 1% to 3.89 per million man-hours worked from 3.84 reported in
the prior comparable period, while the total-injury frequency rate (TIFR) deteriorated by 4% to 8.98 per
million man-hours worked.
For the period, the Group's LTIFR improved by 20% to 3.51 per million-man hours worked from 4.38 in
the prior comparable period, while the TIFR improved by 13% to 7.72 per million man-hours worked.
Excluding injuries related to the 11 Shaft accident in November 2023, the LTIFR and TIFR improved by
8% and 7%, respectively.
PRODUCTION
Quarter ended 31 March 2025
Gross Group 6E production declined by 6% to 780 000 ounces.
Tonnes milled at managed operations declined by 9% to 5.88 million tonnes reflecting constrained mining
fleet availability at Zimplats and the reset operational footprint at Impala Canada. 6E milled grade of
3.74g/t benefitted from improvements at Impala Rustenburg but 6E production at managed operations
retraced by 6% to 617 000 ounces.
6E production from the joint ventures (JVs) at Mimosa and Two Rivers declined by 9% to 121 000 ounces.
At Impala Refining Services (IRS), third-party 6E receipts were 13% higher than the prior comparable
quarter at 41 000 ounces.
Refined 6E production, which includes saleable ounces from Impala Canada and Impala Bafokeng, was
stable at 716 000 ounces. The rebuild of Furnace 3, which began in December 2024, was progressed in
the period with first matte expected in early May 2025. Repairs initiated on Furnace 5 in February 2025
were completed as planned and Implats finished the period with circa 375 000 6E ounces of excess
inventory (Q3 FY2024: 410 000 ounces, H1 FY2025: 375 000 ounces).
6E sales volumes decreased by 6% to 775 000 ounces, including saleable production from Impala
Canada and Impala Bafokeng, with limited destocking of refined inventory to offset the impact of furnace
maintenance.
Nine months ended 31 March 2025
Group production reflects adjusted operating parameters at several of our operations, headwinds to
operating momentum from water and power interruptions in southern Africa and lower fleet availability at
Zimplats. Tonnes milled from managed operations decreased by 6% to 19.62 million tonnes, while the
average 6E mill grade increased by 2% to 3.78g/t.
6E production from managed operations at Impala Rustenburg, Impala Bafokeng, Zimplats, Marula and
Impala Canada decreased by 5% to 2.05 million ounces.
6E production from the JV operations decreased by 2% to 403 000 ounces, while received 6E third-party
concentrate volumes were 3% lower than the prior comparable period at 144 000 ounces. In total, the
Group's 6E production retraced by 5% to 2.60 million ounces.
Refined 6E production, which includes saleable production from Impala Bafokeng and Impala Canada,
increased by 1% to 2.50 million ounces. The commissioning and optimisation of the Zimbabwean furnace
and required maintenance at South African smelters slowed the anticipated reduction of Group excess
inventory.
6E sales volumes increased by 1% to 2.55 million ounces, benefitting from additional sales of ruthenium
in H1 FY2025.
3
Impala Rustenburg
Quarter ended 31 March 2025
Tonnes milled declined by 2% to 2.23 million tonnes, while grade and stock-adjusted 6E production
improved by 4% to 4.00g/t 6E and 280 000 ounces, respectively. Milled throughput was hampered by
maintenance at the UG2 concentrator, while heavy rainfall affected ore movement and re-mining
volumes.
Refined 6E production decreased by 14% from the prior comparable period to 226 000 ounces, in line
with constrained processing capacity due to the furnace maintenance.
Nine months ended 31 March 2025
Milled volumes were stable at 7.63 million tonnes, 6E mill grade of 4.08g/t improved by 3% and, together
with higher re-mining volumes and recoveries, resulted in a 2% increase in 6E production to 966 000
ounces. Refined 6E production increased by 6% to 944 000 ounces.
Impala Bafokeng
Quarter ended 31 March 2025
Production momentum at Impala Bafokeng was impeded by poor labour availability following the
Christmas break and safety stoppages at Styldrift. Tonnes milled declined by 4% to 869 000 tonnes, while
grade was 3% lower at 4.21g/t. Reported 6E concentrate volumes decreased 14% to 92 000 ounces due
to logistical delays in the delivery of volumes to third-party processing facilities at period-end and hence
recorded metal production.
Nine months ended 31 March 2025
Milled volumes were 5% lower at 3.01 million tonnes and milled grade retraced 1% to 4.31g/t. 6E
concentrate production volumes declined by 4% to 346 000 ounces, impacted by elevated closing
inventory at period-end, which masked the benefit of yield gains realised through processing
improvements in the period.
Marula
Quarter ended 31 March 2025
Marula's operating performance showed signs of stability as leadership and operational changes were
embedded. It's comparative performance, however, remained weak and the operation continues to
receive significant Group management oversight and support. Mined volumes were impacted by several
engineering interventions and efforts to improve mining flexibility with higher development to stoping
activities. Tonnes milled declined by 9% to 401 000 tonnes. Milled grade of 3.88g/t 6E was also 9% lower
than the prior comparable period due to the changing development to stoping ratio. As a result, 6E
concentrate production declined by 13% to 46 000 ounces.
Nine months ended 31 March 2025
Milled throughput of 1.25 million tonnes and 6E head grade of 4.03g/t, declined by 10% and 6%,
respectively, from the prior comparable period, while 6E concentrate production declined by 11% to
148 000 ounces.
4
Zimplats
Quarter ended 31 March 2025
Mined and milled volumes continued to be negatively impacted by the availability and performance of the
mechanised fleet. A mining campaign to supplement underground volumes with open-cast material was
initiated in the period and will bolster medium-term volumes as fleet performance is restored to planned
levels. Tonnes milled declined by 17% to 1.67 million tonnes, and 6E grade improved by 1% to 3.36g/t.
6E concentrate volumes were 20% lower at 135 000 ounces and were adversely impacted by final assay
adjustments from the previous quarter. Optimisation of the 38MW furnace continued during the quarter,
with significant project activity on the flash dryers and converters. Production in matte declined by 16%
to 140 000 6E ounces.
Nine months ended 31 March 2025
Milled throughput decreased 7% to 5.49 million tonnes. Improved grade and concentrator recoveries
mitigated the impact on concentrate production, which declined by 6% to 470 000 6E ounces. The build-
up of concentrate inventories ahead of furnace commissioning was compounded by the 'first fill' and
matte production declined by 15% to 419 000 6E ounces. Circa 16 000 6E ounces of inventory build-up
is expected to be released in Q4 FY025.
Impala Canada
Quarter ended 31 March 2025
Impala Canada continued to deliver in line with the mine's revised production baseline. Milled throughput
decreased by 18% to 709 000 tonnes, while milled head grade of 3.14g/t was 12% higher than the prior
comparable period, reflecting ore source and cost optimisation. 6E production in concentrate was 5%
lower at 60 000 ounces.
Nine months ended 31 March 2025
Milled throughput declined by 16% to 2.25 million tonnes. Milled head grade was stable at 2.93g/t,
mitigating the reduced production as a result of the mine's revised operating parameters. 6E concentrate
production was 15% lower at 175 000 ounces.
Two Rivers
Quarter ended 31 March 2025
Two Rivers faced significant challenges. Heavy rainfall damaged electrical substations and the access
bridge to the mine in January, while operations were further impacted by safety stoppages in February.
Low mined volumes were supplemented by milling stockpiled ore. However, grade and recoveries were
negatively impacted. Tonnes milled declined by 8% to 821 000 ounces and 6E head grade declined to
2.87g/t. The ore mix impacted yield and 6E production in concentrate decreased by 13% to 61 000
ounces.
Nine months ended 31 March 2025
A challenging third quarter weighed on reported results for the nine months. Tonnes milled declined by
4% to 2.61 million tonnes, while grade declined by 2% to 3.02g/t 6E. As a result, 6E concentrate volumes
decreased by 3% to 214 000 ounces.
5
Mimosa
Quarter ended 31 March 2025
Mimosa continued to experience sporadic regional power disruptions, which impeded operating
momentum. Milled volumes decreased by 3% to 695 000 tonnes, while milled 6E head grade improved
marginally to 3.61g/t. Plant instability due to power interruptions and a planned maintenance shutdown
negatively impacted 6E concentrate production, which declined by 6% to 60 000 ounces.
Nine months ended 31 March 2025
Mimosa delivered a commendable operating performance amid a complex operating context and
intermittent power interruptions. Milled throughput increased by 1% to 2.16 million tonnes and 6E head
grade was stable at 3.61g/t. 6E concentrate production of 189 000 was maintained from the prior
comparable period.
IRS
Quarter ended 31 March 2025
Concentrate receipts were impacted by lower deliveries from managed and JV operations, which offset
the benefit of higher receipts from third parties. Receipts from managed operations decreased by 20% to
174 000 6E ounces. JV receipts fell by 19% to 106 000 6E ounces as concentrate deliveries from Mimosa
were impacted by administrative delays. Refined 6E production from both mine-to-market operations
(Zimplats, Marula, Two Rivers, and Mimosa) and IRS third-party customers increased by 17% to 361 000
ounces as previously accumulated inventory was reduced.
Nine months ended 31 March 2025
Mine-to-market receipts decreased by 11% to 944 000 6E ounces, reflecting higher in-process inventory
at Zimplats, delayed deliveries from Mimosa and weaker volumes from Two Rivers and Marula. Third-
party receipts were 3% lower at 144 000 6E ounces and gross receipts were 10% weaker year-on-year
at 1.09 million ounces. Refined volumes were constrained by smelter maintenance but improved by 2%
to 1.11 6E million ounces.
OUTLOOK AND GUIDANCE
Despite the challenging operating environment during the period under review, Implats remains on track
to deliver within the guided Group parameters for FY2025.
The third quarter production report for the period 1 January 2025 to 31 March 2025 has not been reviewed
and reported on by Implats' external auditors.
Ends
6
Queries :
Johan Theron
E-mail : johan.theron@implats.co.za
T: +27 (0) 11 731 9013
M: +27 (0) 82 809 0166
Emma Townshend
E-mail: emma.townshend@implats.co.za
T: +27 (0) 21 794 8345
M: +27 (0) 82 415 3770
Alice Lourens
E-mail: alice.lourens@implats.co.za
T: +27 (0) 11 731 9033
M: +27 (0) 82 498 3608
25 April 2025
Johannesburg
Sponsor:
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
7
Date: 25-04-2025 08:45:00
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