Consolidated interim results
for the six months ended 31 December 2009

1.

General information

Impala Platinum Holdings Limited (Implats) is a leading producer of platinum and associated platinum group metals (PGMs). The group has operations on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe, the two most significant PGM – bearing ore bodies globally.

The company has its primary listing on the securities exchange of the JSE Limited.

This condensed consolidated interim financial information was approved for issue on 18 February 2010 by the board of directors.

These financial results have been reviewed by the group’s auditors, PricewaterhouseCoopers Inc., and their unqualified review opinion is available for inspection at the company’s registered office.

2.

Basis of preparation

The consolidated interim financial information for the six months ended 31 December 2009 has been prepared in accordance with IAS 34, ‘Interim Financial Reporting’. The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended
30 June 2009, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

The consolidated interim financial information is presented in South African rands, which is the company’s functional currency.

3.

Accounting policies

The accounting policies applied are consistent with those of the annual financial statements for the year ended 30 June 2009, as described in those annual financial statements.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

The following new standards and amendments to existing standards have been adopted by the group as from 1 July 2009:

• Annual Improvement Project: April 2009 (effective from 1 July 2009 ), IFRS 2 (amendment) Group Cash-settled Share-based Payment Transactions (effective 1 January 2010), IAS 27 (amendment) Consolidated and Separate Financial Statements (effective 1 July 2009). These amendments have no impact on the results of the group.
• IFRS 3 Business Combinations (effective 1 July 2009). This will have an impact on future acquisitions.

4.

Segment information

The group distinguishes its segments between mining operations, refining services (which include metals purchased and toll refined) and other.

Operating segments have consistently adopted the consolidated basis of accounting and there are no differences in measurement applied.

The income statement shows the movement from gross profit to profit before tax.

5.

Property, plant and equipment, exploration and evaluation, and intangible assets

Goodwill is not subject to amortisation, but is tested for impairment annually at financial year end or whenever there is any indication of impairment. There was no impairment for goodwill or non-financial assets during the period.

6.

Borrowings

Borrowings from Standard Bank Limited:

• Loans were obtained by BEE partners for purchasing a 27% share in Marula Platinum (Proprietary) Limited amounting to R742 million (June 2009: R710 million). The BEE partnership in Marula is consolidated as the loans are guaranteed by Implats. The loans carry interest at the Johannesburg Interbank Acceptance Rate (JIBAR) plus 130 (June 2009: 130) basis points and a revolving credit facility amounting to R112 million (June 2009: R107 million), which carries interest at JIBAR plus 145 (June 2009: 145) basis points. The loans expire in 2020.
• Two loan facilities from Standard Bank of South Africa Limited to finance the Ngezi Phase One expansion at Zimplats were secured.
  Loan 1 of R591 million is denominated in US$ for US$80 million and bears interest at London Interbank Offering Rate (LIBOR) plus 700 basis points. The loan is repayable in twelve quarterly instalments commencing in December 2009 and will be fully repaid by December 2012. At the end of the period the outstanding balance amounted to R513 million (US$69 million) (June 2009: R588 million (US$76 million)).
  Loan 2 of R500 million (June 2009: R300 million) is denominated in South African rand and bears interest at JIBAR plus 700 basis points. This loan is repayable in ten semi-annual instalments commencing in December 2010 and will be fully repaid by June 2015. At the end of the period the outstanding balance amounted R442 million (June 2009: R261 million). These loans are secured by sessions over cash, debtors and revenue of Zimplats Mines (Pvt) Limited.

The group has a credit limit of R5 683 million (June 2009: R5 251 million). R2 112 million (June 2009: R1 985 million) of these facilities were drawn down at the end of period.

7.

Cost of sales

8.

Headline earnings

Headline earnings attributable to equity holders of the company arises from operations as follows:

9.

Dividends per share

On 18 February 2010, a sub-committee of the board declared an interim dividend in respect of 2010 of 120 cents per share amounting to R720 million. Secondary Tax on Companies on the dividend will amount to
R72 million.

These financial statements do not reflect this dividend and related STC payable. The dividend will be accounted for in shareholders equity as an appropriation of retained earnings in the year ending 30 June 2010.

10.

Guarantees

As at December 2009 the group had contingent liabilities in respect of bank and other guarantees and other matters arising in the ordinary course of business from which it is anticipated that no material liabilities will arise.

Total guarantees increased by R67 million during the six months to an amount of R575 million (June 2009: R508 million).

11.

Commitments

Capital expenditure approved at 31 December 2009 amounted to R20.7 billion (June 2009: R22.1 billion), of which R2.8 billion (June 2009: R2.9 billion) is already committed. This expenditure will be funded internally and if necessary, from borrowings.

12.

Net asset value

Net asset value based on the number of ordinary shares issued outside the group is 6 820 cents per share (June 2009: 6 825 cents per share).