Key features for the year


  • Gross profit of R733 million, compared to a gross loss in the prior period of R139 million
  • Profit before tax of R193 million, compared to a pre-tax loss in the prior period of R238 million
  • R250 million higher “additional profits tax” provision by Zimplats contributed to the loss after tax of R164 million (December 2016: R328 million loss after tax)
  • Headline loss per share of 21 cents: an improvement of 70.4%
  • Gross cash at the end of the period amounted to R4.2 billion
  • Committed (unutilised) banking facilities of R4.0 billion available


  • Overall mining performances improved
  • Gross platinum in concentrate production increased 13.3%
  • Furnace maintenance resulted in a pipeline increase of 75 000 platinum ounces at Impala
  • Gross refined platinum production decreased 6.7%
  • Stock-adjusted Group unit cost increased by 5.5% to R24 055 per platinum ounce


  • Market fundamentals for platinum remain muted
  • Market fundamentals for palladium and rhodium remain robust
  • Rand revenue per platinum ounce sold was 4.2% higher and averaged R25 968 per ounce


  • Safe production remains a challenge at Impala and Marula
  • Six fatal incidents reported during the period

Strategic response

  • Strategic review underway at Impala to assess optimal future positioning
  • Section 189 restructuring process finalised at Impala (1 400 reduction in employees)
  • Strong turnaround effected at Marula
  • 15% interest acquired in Waterberg project with an option to increase to 50.01%

Consolidated interim results (reviewed) for the six months ended 31 December 2017

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