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A strategic investment in Zimbabwe

November/December 2003

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Agenda

! The plan to grow resource ounces

! Implats in Zimbabwe

! Mimosa

! Zimplats

! Exploration

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3

Now a multi-resource company

36%

5%

18%

39%

2%

Impala Marula Barplats Zimplats Mimosa

From this in 1999:

69 Moz Pt 234 Moz Pt

To this in 2003:

Resources as at 30 June

72%

28%

Barplats Impala

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Three-pronged approach

! Mine-to-market

! Impala Refining Services

! Strategic alliances and investments

Impala Marula Mimosa Zimplats

Lonplats Aquarius Two Rivers

IRS

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5

Implats in Zimbabwe

NN

200 200 0 0 100100

Kilometres Kilometres

HARARE

BULAWAYO

MusengeziComplex

Selukwe Complex

Wedza Complex

Mimosa

Hartley ComplexZimplats

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Management structure – Operations

Keith RumbleCEO, Implats

Marula Zimplats MimosaRustenburg operations

Paul VisserOperations executive –

Rustenburg

Les PatonExecutive director:

Off-lease operations

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7

History – Investment in Zimplats

R1 285 million*Grand total

2001R66 million (Delta)15%Zimplats

August 2002R205 million (Delta)21%

July 2003R142 million (Absa)15%

Sept 2003R625 million (minorities)31%

R1 038 million82%Total

2001R247 million30%Makwiro

Total resources: 161 million oz of platinum = R8/oz

* Makwiro and Zimplats

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History – Investment in Mimosa

R376 million50%Total

2001R130 million (Zimasco)15%

2001R246 million (Zimasco)35%Mimosa

Total resources: 11.8 million oz of platinum = R32/oz

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9

Working in Zimbabwe

! Working relationship with Government

! Currency

! Costs and inflation

! Able to import fuel and capital goods

! Power - paid for in dollars

! Dividend flow from Zimbabwe investments continues

! Indigenisation programme:

! Zimplats – heads of agreement signed with Needgate;funds being raised

! Mimosa – negotiations underway

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Mimosa snapshot

! 50:50 JV between Implats and Aquarius Platinum

! Ramping up to full production – 65 000oz platinum-in-concentrate (32 500 oz attributable) by January 2004

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Mimosa - South Hill Deposit MSZ Mineral Resources

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Mimosa - Ore reserves and mineral resources at 30 June 2003

0.63.798.6Total

0.53.797.5Probable

0.13.791.1ProvedMSZ

Pt oz

(million)

Grade 3 PGE & Au (g/t)

Tonnage (millions)

CategoryOrebody

9.93.88153.7Total

6.53.80101.6Inferred

2.63.9740.5Indicated

0.84.2511.6MeasuredMSZ

Pt oz

(million)

Grade 3 PGE & Au (g/t)

Tonnage (millions)

CategoryOrebody

Mineral resources

Ore reserves

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13

Mimosa - grade profilePG

M P

PM

0

1

2

3

4

5

6

315 285 255 225 195 165 135 105 75 45 15 -30 -60 -90 -120 -150 -180 -210 -240 -270 -300 -330 -360

HEIGHT From Pt Peak (cm)

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

Pt Pd Ni Cu

% B

ASE

MET

ALS

Metal Distribution across the MSZ

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Mimosa - Annual tonnages hoisted

35000

135000

235000

335000

435000

535000

635000

735000

835000

1996 1997 1998 1999 2000 2001 2002 2003*

Tonn

es

Actual Plan

* 9 months of the year

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Impala

56%

Mimosa - breakdown of costs

In comparison to Impala Platinum:

Mimosa

15%

Transport Spares Chemicals DrillingLHD Spares Explosives Labour PowerFuel Other

Power

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Cost comparison – by process

10%

6%

13%3%

69%

Mining Concentrating Smelting Other Transport

Impala Mimosa

56%27%

6%11%

Mining Concentrating Smelting Other Transport

Mining Concentrating Smelting Transport Other

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Mimosa – the way forward

! Potential for expansion

! Possible time frame:

! Pre-feasibility study underway – to be completed March 2004

! Full feasibility to begin in June 2004 - to be completed by December 2004

! Board/government approvals by early 2005

! Plant construction by July 2006

! Ramp-up to full production by July 2007

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Zimplats snapshot

! 82% held by Implats

! Current production of 82 000oz of platinum annually

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Zimplats – MSZ reserves and resources

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Zimplats – Ore reserves as at 30 June 2003

18.03.33343.7Total

15.63.35296.0Probable

2.43.2347.7ProvedMSZ

Pt oz

(million)

Grade 3 PGE & Au (g/t)

Tonnage (millions)

CategoryOrebody

Ore reserves

11

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Zimplats – Mineral resources as at 30 June 2003

161.24.122 494.1Total

98.64.111 528.2Inferred

55.74.14860.6Indicated

6.94.18105.3MeasuredMSZ

Pt oz

(million)

Grade 3 PGE & Au (g/t)

Tonnage (millions)

CategoryOrebody

Mineral resources

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56%

Impala

Zimplats – breakdown of costs

In comparison to that of Impala Platinum

Zimplats

2%

Spares Chemicals Drilling M ining /LHD's Transport Power Explosives Fuel Labour Other

Power

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59%16%

8%5%

12%

Mining Concentrating Smelting Other Transport

Cost comparison

Zimplats

10%

6%

13%3%

69%

Mining Concentrating Smelting Other Transport

Impala

Mining Concentrating Smelting Transport Other

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Zimplats – the route for the future

! Review of expansion plans by senior Implats team

! In respect of current smelter:

! Not used to capacity

! Could be upgraded

! Thus:

! Option 1: To use smelter to capacityTo extend trial mine

! Option 2: To upgrade smelter

! Option 3: New smelter

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Zimplats – Option 1

! Mining: Existing underground trial mine – 1MtExisting opencast – 2Mt

! Processing - 1.5Mt concentrator at Ngezi

! Capex of US$82m, comprising:! Mining US$20

! Concentrator and tailings dam US$42m

! Housing US$5m

! Infrastructure US$15m

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Zimplats – Option 1

This option has the advantages of:

! Increasing production flexibility

! Reducing volume of ore to be transported

! Providing option to JV with other parties (possible BEE initiatives)

! Lowering level of risk

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Zimplats – the plan going forward

82 000oz

135 000oz

225 000oz

325 000oz

Current July 2005 July 2007 July 2009onwards

Phase 1:

45,000oz

Phase 2:

90,000oz

Phase 3 onwards

100,000oz

US$82m

US$132m

US$xxxm

Possible re-opening of

BMR

Production in Pt ounces:

Additional smelting capacity

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Zimplats – Timing of expansions

Phase 1:

! Feasibility study by end December 2003

! Trial mine will continue to be operated in the interim to continue to assess ground conditions, ability to follow reef and to finalise costs, mining methods and grade

! Project to Boards in April 2004

! Construction could begin in May 2004

! Commissioning in July 2005

! Full production by December 2005

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Exploration in Zimbabwe

! Exploration geologist appointed in Zimbabwe

! Review of all geological data underway

! Analyse data

! Prioritise areas according to mechanised mining methods (widths and dips)

! Highlight areas requiring additional exploration

! Aim is to:

! Protect rights

! Assist decision-making on next phase

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Importance of Zimbabwe

Zimbabwe platinum production in ‘000 oz

201076% of total Implats production

44201210% of Impala Rustenburg production

467202122100Total

67673218Mimosa (attributable)

4001359082Zimplats

FY2014FY2006/7FY2004Current

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November/December 2003

A strategic investment in Zimbabwe