| Investment in subsidiaries and joint venture |
| | Issued | Effective | Book value in holding company |
| | share | group interest | Shares | Loans |
| | capital | 2004 | 2003 | 2004 | 2003 | 2004 | 2003 |
| | Company and description | | % | % | R Million | R Million | R Million | R Million |
| | | | | | | | |
| Impala Holdings Limited | * | 100 | 100 | | | (1 355.1) | (1 012.9) |
| Investment holding company | | | | | | | |
| | Impala Platinum Limited | * | 100 | 100 | | | | |
| | Mines, refines and markets PGMs | | | | | | | |
| | Impala Platinum Investments (Pty) Ltd | * | 100 | 100 | | | | |
| | Impala Platinum Properties | | | | | | | |
| | (Rustenburg) (Pty) Ltd | * | 100 | 100 | | | | |
| | Impala
Platinum Properties | | | | | | | |
| | (Johannesburg) (Pty) Ltd | * | 100 | 100 | | | | |
| | Own properties | | | | | | | |
| Barplats Holdings (Pty) Ltd | * | 100 | 100 | 68.0 | 68.0 | (359.6) | 29.4 |
| Investment holding company | | | | | | | |
| Gazelle Platinum Limited | * | 100 | 100 | | | 324.5 | 324.5 |
| Investment holding company | | | | | | | |
| Impala Refining Services Limited | * | 100 | 100 | | | | |
| Provides toll refining services | | | | | | | |
| Impala Platinum Japan Limited 1 | ¥ 10m | 100 | 100 | 1.5 | 1.5 | (0.2) | (0.4) |
| Marketing representative | | | | | | | |
| Impala Platinum Zimbabwe (Pty) Ltd | * | 100 | 100 | 72.8 | 72.8 | 350.7 | 349.2 |
| Investment holding company |
| | Zimbabwe Platinum Mines Limited**2 | US$ 9.3m | 83 | 51 | 631.9 | | | |
| | Owns mineral rights and mines PGMs | | | | | | | |
| | Makwiro Platinum (Pvt) Limited4 | US$30.1m | 88 | 65 | | | | |
| | Owns mineral rights and mines PGMs | | | | | | | |
| Mimosa Investments Ltd (formerly |
| ZCE Platinum
Ltd3 | US$48.0m | 50 | 50 | 376.6 | 376.6 | | |
| Investment holding company |
| | Mimosa Holdings (Pvt) Ltd (formerly | | | | | | | |
| | Zimasco Platinum Holdings (Pvt) Ltd4 ) | US$28.8m | 50 | 50 | | | | |
| | Investment holding company | | | | | | | |
| | Mimosa Platinum (Pvt) Ltd4 | US$28.8m | 50 | 50 | | | | |
| | Owns mineral rights and mines PGMs | | | | | | | |
| Marula Platinum (Pty) Ltd | * | 100 | 100 | 885.9 | 885.9 | 60.3 | 60.3 |
| Owns mineral rights and mines PGMs | | | | | | | |
| Sundry dormant companies | * | 100 | 100 | 3.7 | 0.6 | 0.0 | (0.2) |
| Total | | | | 2 040.4 | 1 405.4 | (979.4) | (250.1) |
| Total investment at cost | | | | | | 1 061.0 | 1 155.3 |
| | | | | | | | | |
| * | Share capital less than R50 000 | | | | | | | |
| ** | Listed on the Australian Stock Exchange | | | | | | | |
| 1 | Incorporated in Japan | | | | | | | |
| 2 | Incorporated in Guernsey | | | | | | | |
| 3 | Incorporated in Mauritius | | | | | | | |
| 4 | Incorporated in Zimbabwe | | | | | | | |
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