During the year, production of precious metals grew from approximately 395 000 ounces to 587 000 ounces. Of this, 267 000 ounces of precious metals was purchased from and processed on behalf of third parties and 320 000 ounces was spot refined. Production of base metals exceeded 9 500 tons.

Operating profit rose to R363 million from R142 million in the previous year.

IRS uses the Impala processing assets for which it is charged a market related fee.

Existing business grows
The life-of-mine concentrate offtake agreement continued with Kroondal Platinum Mines during the year with increasing throughput to IRS as the mine built up to steady-state production. Further growth in production is expected from Kroondal during 2001/2002 and the agreement has been extended to include the additional concentrate produced.

IRS through its association with A1 Specialised Services and Supplies Inc remains one of the world’s leading recyclers of autocatalyst materials.

The opening of the Crocodile River mine in early 2001 saw additional concentrates being delivered to IRS. Production at the Mimosa mine in Zimbabwe, with which IRS has an existing agreement and in which Implats now has a substantial shareholding, has commenced with significant expansion and will contribute to future growth.

Deliveries from Messina, a subsidiary of SouthernEra Inc, are expected to commence during late 2001.

New projects bring growth During 2002/2003, IRS will benefit from the first scheduled production ounces from the Ngezi mine (Zimplats) and the Marikana mine (Aquarius). The Winnaarshoek project will come into production by the end of 2002 with metal production during 2003 and the Two Rivers joint venture should come into production in 2004. Further out on the time horizon are Aquarius’ Everest South project and Barplats’ Kennedy’s Vale mine.