Typical IRS products include:

• flotation concentrates from Marula, Mimosa, Two Rivers, Eastern Platinum’s Crocodile River mine, and other small mining contracts;
• furnace matte from Zimplats;
• spent autocatalysts from A-1 Specialised Services and Supplies Inc. for recycling; and
• selected base metal residues and other secondary materials.

IRS enters into either metal purchase agreements or toll refining agreements, or a combination of the two.  In metal purchase agreements a percentage of the contained value (allowing for Impala’s cost and a profit margin) is paid after an agreed processing period. In toll refining agreements, IRS charges the client a smelting, refining and handling fee and returns to the client, the metal after an agreed processing period.  Impala, in turn, charges IRS a market-related fee for its expertise and the use of its processing facilities.

With the exception of mine-to-market operations, the Group has little or no control over volumes recieved from either third party or toll treatment contracts.

Growth

Future growth in platinum output at IRS in the short-term will emanate from the Phace 2 expansion project at Zimplats which will contribute on additional 90,000 ounces of platinum in matte by FY2015. Whilst growth is expected from non-managed production, the extent and timing of this growth will be dictated by market conditions and the economic circumstances of the suppliers.

IRS continues to engage in discussions relating to the exploitation of future reserves and welcomes approaches from customers needing an established processing route for their products.