1

Results for the year ended 30 June 2003

2

2

Today’s presentation

• Overview of results

• Market review

• Financial review

• Operational review

• Prospects

3

3

Key features

• Gross platinum production up by 21%

• Sales revenue down by 1%

• Gross margin healthy at 43%

• Net profit down by 25% due to rand appreciation

• Zimbabwean acquisitions extend resource base

• Return on equity of 37%

• Return on assets of 30%

4

4

Key features - continued

• Safety improved by more than 30%

• On-mine cash costs per tonne mined up by 8%

• Total cost per refined platinum ounce up 11%

• Effects of strike largely mitigated

5

5

Share price performance

60

70

80

90

100

110

120

130

Jul-02 Oct-02 Jan-03 Apr-03 Jul-03HSBC global mining index ImplatsAnglo Platinum Lonmin

Source: UBS

Indexed to 100

6

6

Headline earnings per share

SA cps

7035

3394

6 877

5 140

0

10002000

30004000

5000

60007000

8000

FY00 FY01 FY02 FY03

FY H1 H2

7

7

Dividends per share

1 760

3 800

6 800

3 700

0

1000

2000

3000

4000

5000

6000

7000

8000

FY00 FY01 FY02 FY03

SA cps

2 650

Special dividend

8

8

Implats gross refined production

202 6393 162PGM

1313.014.7Nickel (t)

21177215Rhodium

22732893Palladium

211 3871 673Platinum

Variance (%)FY02FY03000oz

9

Refined platinum production

211 3871 673Total

66152252Returned to customers

49174260Non-mine-to-market

91 0611 161Mine-to-market

Variance %FY02FY03000 oz

10

10

Impala Platinum

Marula Platinum

Barplats

100%

83%

80%*

*20% allocated to BEE partnership# Up to 12% to be allocated to BEE participants

+ Excluding 9% in Aquarius Platinum

Lonplats

Aquarius Platinum SA

Two RiversZimplats

Mimosa

27%

25%+

45%#

51%

50%

Implats100%

Impala Refining Services (IRS)

Concentrate offtakeagreements

Mining operations Strategic holdings

Corporate structure

11

11

Implats

R3 415m

Mining operationsR2 585m (76%)

IRSR151m (4%)

Strategic holdings R679m (20%)

Contribution to net profit

12

12

Market review

13

13

A year of varying fortunes

• Platinum

• Demand underpinned by strong fundamentals

• Fourth consecutive year of deficits

• Palladium

• Weaker demand counteracted to large extent by reduced Russian selling

• Rhodium

• Excess supplies depress prices

14

14

Average $-price achieved

(11)9 4898 471Revenue/Pt oz (R)

-934935Revenue/Pt oz ($)

375 5947 664Nickel ($/t)

(41)1 098646Rhodium ($/oz)

(32)389264Palladium ($/oz)

23485597Platinum ($/oz)

Variance %FY02FY03

15

15

Sales volumes up

1612.013.9Nickel (000t)

17165193Rhodium

4663688Palladium

101 2511 373Platinum

Variance %FY02FY03000oz

16

16

Platinum supply and demand

6 2506 5656 635Total supply

(180)(505)(115)Net deficit

6 4307 0706 750Total demand

1 6351 6201 620Industrial/investment

2 5902 8502 670Jewellery

2 2052 6002 460Automobile

Demand

200120022003*Calendar year (000oz)

* Estimate

17

17

Palladium supply and demand

8 1306 8156 610Total demand

8 9207 0606 670Total supply

79024560Net surplus

550620650Other

720760815Dental

1 425950805Electronics

5 4354 4854 340Automobile

Demand

200120022003*Calendar year (000oz)

* Estimate

18

18

Market outlook - platinum

• Stricter emission legislation worldwide, coupled with growth in diesel vehicle sales, to underpin demand

• Chinese jewellery demand negatively impacted by high prices

• Abolition of VAT and reduction in consumption tax should stimulate fabrication growth

• Japanese demand stabilises

• Significant advances in fuel cell applications

19

19

Market outlook - palladium

• Lower price and more stable supply will stimulate demand

• Noticeable reverse substitution in automotive sector

• Increased South African output and above-ground stocks will pressure pricing

20

20

Financial review

21

21

Financial review

(18)6 136.65 031.1Profit from operations

(18)5 764.96 775.9Total operating expenses

(1)11 901.511 807.0Sales

Variance %FY02FY03R million

(351)130.8(328.8)Net forex transaction (losses)/gains

(25)4 581.53 415.1Net profit

(20)6 733.45 374.7Profit before tax

26(804.4)(598.0)Royalty expense

(6)1 102.91 039.3Share of results of associates before tax

22

22

Sales variance analysis

11 807Year-ended June 2003

(1 302)Exchange rate

1Price

1 206 Volumes

11 902Year-ended June 2002

R million

23

23

Net profit by entity

4 582

(29)

(13)

22

717

87

416

3 382

FY2002 Variance %FY2003

(25)

214

454

(50)

(10)

(140)

(64)

(24)

3 415

33

46

11

646

(35)

151

2 563

Total Implats

Aquarius Platinum

Zimplats

Mimosa Platinum JV

Lonplats

Barplats

IRS

Impala Platinum

24

24

Exchange rate comparisons

7.68 9.0610.16

02468

1012

FY01 FY02 FY03

7.52

10.32

02468

1012

2002 2003

Average annual rate received Rate at year-end

June 02 June 03

25

25

Total operating expenses

(18)5 764.96 775.9Total operating expenses

-(136.0)133.1Decrease/(increase) in inventory

(24)203.9252.6Other costs

221 883.41 474.1Metals purchased

(82)248.8452.4Amortisation of mining assets

(16)354.7411.5Refining operations

(25)642.6801.1Concentrating and smelting

(27)2 567.53 251.1On-mine operations

Variance %FY02FY03Rm

26

26

Strong cash generation continues

• Cash-on-hand in excess of R2 billion

• Strong balance sheet for future funding requirements

• Gearing to improve through project financing

27

27

Group capex

(43)1 2501 787Total

--87Mimosa Platinum JV

--25Zimplats

266951Barplats

(217)172545Marula Platinum

(7)1 0091 079Impala lease area

Variance %20022003(Rm)

28

28

Operational review

29

29

Impala safety improves

• Significant improvements in health and safety

• World-class performance from Refineries

• FIFR at lowest level in three years and LTIFR at all time low

!

LTIFR

02468

101214

FY00 FY01 FY02 FY03

-31%

FIFR

0

0.05

0.1

0.15

0.2

FY00 FY01 FY02 FY03

-37%

30

30

Safety programmes bear fruit

• Highly successful fall-of-ground prevention campaign

0

50

100

150

200

250

Aug Sep

t Oct

June

July

Aug Sep

t Oct Nov Dec Ja

n

Mar May July

Before GCDs

After GCDs

GCD: Ground control districts

31

31

Impala safety programmesbear fruit

• Highly successful fall-of-ground prevention campaign

• Roll-out of Du Pont’s SMAT system continues

• Launch of Tsiboga

32

32

Impala – key features

• Tonnes mined up 6% to 15 029mt

• Tonnes milled rose by 1.3% to 15 042mt

• Platinum production increased by 1.5% to 1.04Moz

(11)

(25)

3 459

341

3 832

425

Per platinum ounce (R/oz)

($/oz)

(11)

(21)

239

24

265

29

Per tonne milled (R/t)

($/t)

(8)

(24)

174

17

188

21

Per tonne mined (R/t)

(on mine only) ($/t)

VarianceFY2002FY2003Costs

!

Solid operational performance

33

33

Productivity

1.850.351.2Tonnes mined/employee

2.924.525.2mPanel length

0.615.916.0m/monthFace advance

1.240.240.7m2/manCentares/panel man

Variance

%

FY02FY03

!

34

34

New technology

• Ultra-low profile machinery

• Narrow reef continuous mining machine

!

35

35

New technology

Nylon rock straps – on trial at shafts 10 and 4

36

36

Mineral Processes

• All time high Merensky recovery rate of 89%

• UG2 recovery stable at 75%, plant capacity increased by 20%

• Capital efficient project delivery:

• Sulfacid plant R65m

• No 6 Dryer R99m

• Other technical initiatives

• Tails scavenging

• Smelting capability for high chrome content improved

• Scoping of UG2 Phase II

!

37

37

Sulfacid plant commissioned

0102030405060708090

Mar

-02

Apr

-02

May

-02

Jun-

02

Jul-0

2

Aug

-02

Sep-

02

Oct

-02

Nov

-02

Dec

-02

Jan-

03

Feb-

03

Mar

-03

Apr

-03

May

-03

Jun-

03

Jul-0

3

Average daily rate of SO2 stack emissions

Tonnes

38

38

Impala Refineries

• 21% increase in metal production

• 10% real decrease in refining costs per platinum ounce

• First phase of expansion successfully concluded

• Capex of R60m

• Capacity increased to 1.65Moz Pt

• Phase 2 underway to increase capacity to 2Moz Pt

• Planned capex of R252m in FY2004

!!

39

39

Marula Platinum

• 20% BEE participation

• 10% Mmakau Mining

• 5% stake to Community Trust

• 5% to local business

• On-reef decline development slightly behind schedule

• 163 000-tonne stockpile on hand

• Concentrator commissioning planned for Feb 2004

• Production of 100 000 Pt oz pa at full production (Phase 1) in FY2005

!

40

40

Barplats/Crocodile River

• Disappointing operational results, as mining changed from opencast to underground operation

• Tonnes mined decreased by 38%

• Unit costs up 62% per tonne milled

• Concentrator recoveries above 70%

• Platinum production in concentrate decreased by 37% to 24 500oz

Disappointing performance

"

41

41

Barplats/Crocodile River

• Revised mining targets not being met

• Continues to operate at a loss, relying on funding from Implats loan

• Options investigated:

• Mining at Krokodildrift and Zandfontein not viable

• Kennedy’s Vale project not viable

• Going forward:

• Sale or partial sale of shareholding and/or asset/s

• Closure/mothballing operation

• To be concluded within two months

42

42

Zimplats

• Current holding of 68%

• Offer to minorities expires on 29 August

• Opencast produced 82 000 Pt oz in concentrate

• Significant expansion potential of mine-to-market oz

• Underground trial mine established

• Bankable feasibility study expected by Dec 2003

Provides flexibility and blue sky potential

!

43

43

Hartley Complex

161.24.122 494.1TotalMineral Resources

18.03.33343.7TotalOre Reserves

Pt oz (m)

Grade 3PGE &

Au

Tonnage (m)

44

44

Moving up the resource chain

0100200300400500600700800

Aquarius Northam Lonmin Implats Angloplat

Attributable resources

Inferred

Moz PGM

45

45

Mimosa Platinum JV

• 36 000 oz Pt in concentrate in FY2003

• Ramping up to full production of 65 000 Pt oz by Sept 2003

• FY2004 – feasibility study on further increasing production

Quality, low-cost asset

!

46

46

Good growth for IRS

• Platinum production up 75% to 633 100oz

• Nickel production increased by 27% to 6 700 tonnes

Exceptional volume growth

!

0

200400

600800

1000

12001400

1600

FY00 FY01 FY02 FY03 FY04

Pt PGMs

CAGR of 38%

000oz

47

47

• Lonplats

• Aquarius

• Two Rivers

Strategic holdings

48

48

Lonplats

• On track to increase production to 1Moz Pt by FY2008

• Net contribution of R646m

• Dividends of R176 million

• Discussions on potential BEE participation in progress

49

49

Aquarius Platinum

• Total production up to 134 000 Pt oz in FY2003

• Contribution of R33 million

• Marikana commissioning commenced

• Everest South feasibility study in progress

50

50

Two Rivers

• Feasibility study in final stages of completion

• Resource of 8Moz Pt

• Mining licence and EMPR approved during the year

• BEE provision through Tiso Capital

51

51

Strategic issues and prospects

52

Strategic issues

• Gencor unbundling

• Black Economic Empowerment

• HIV/AIDS

• Growth

0

500

1000

1500

2000

2500

FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06

Pt 000oz

Potential upside from Zimbabwe

53

53

Prospects

• Prospects remain good in short and medium term

• Platinum demand remains sound, although palladium and rhodium markets remain under pressure in the short-term

• Further strengthening of the rand not predicted

• Whilst earnings for current year are likely to be lower than results reported, Implats will continue to generate strong cash flows, substantial earnings and good dividends

54

Results for the year ended 30 June 2003