IMPALA PLATINUM HOLDINGS LIMITED - Third quarter production report for the period 1 January to 31 March 2020
30 April 2020 8:02
Third quarter production report for the period 1 January to 31 March 2020:
Third quarter production report for the period 1 January to 31 March 2020
IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE Share code: IMP
ISIN: ZAE000083648
JSE Convertible Bond Stock Code: IMCB22
JSE Convertible Bond ISIN: ZAE000247458
ADR code: IMPUY
(“Implats” or “the Group”)
Third quarter production report for the period 1 January to 31 March 2020
Implats’ Chief Executive Officer, Nico Muller, commented: “Implats continued to make excellent
progress in delivering a strengthened operational performance across the Group in a period
characterised by robust pricing for our primary products. The emergence of the coronavirus
pandemic has however, heralded a time of unprecedented uncertainty, which will require new
ways of thinking and innovative solutions to challenges we have not faced as a company before.
Implats is faced with nationwide lockdowns and legislated limitations on operating and
production capacity across all our operations aimed at limiting the spread of the virus. The
geographical spread of our operations has allowed mining production to continue during the
lockdown periods, albeit in varying degrees in different geographies, while the continued
production of refined metal has provided an opportunity to reduce excess in-process inventory.
The impact of the coronavirus will be a feature for some time and, in our view, operating in a
‘business as usual’ environment will not be possible until effective prevention and treatment
measures become readily available. Our internal planning to secure operational resilience
during the coronavirus pandemic has been ongoing since its emergence in early 2020. Our
primary focus remains on protecting the safety and health of our employees while sustaining
operational delivery as far as possible. The Group has taken decisive steps to secure and
sustain financial viability and continues to engage actively with the governments where we
operate, given the significant contribution we make to both local and national economies.
The Group’s focus for the remaining months of FY2020 will be multipronged and will include
securing operational stability in a period where unplanned interruptions are likely to be a regular
feature; protecting the health and wellbeing of our employees; maintaining close and
collaborative relationships with our customers; and further reducing the Group’s excess
processing stockpile to secure cashflow and protect our financial position.”
Unaudited Unaudited Unaudited Unaudited
quarter quarter nine nine
Operational information
ended ended months months
31-Mar-20 31-Mar-19 31-Mar-20 31-Mar-19
Safety
LTIFR pmmhw 4.94 5.40 4.87 5.17
FIFR pmmhw 0 0 0.037 0.013
Fatal injuries No 0 0 3 1
Gross production
Tonnes milled 000t 5 362 4 532 15 667 14 767
Grade (6E) g/t 3.64 3.81 3.75 3.84
PGE in concentrate 000oz 751 700 2 290 2 261
Mine to Market 000oz 667 618 2 015 1 994
Third-Party and toll 000oz 85 82 275 267
PGE refined 000oz 862 702 2 179 2 291
Impala PGE refined 000oz 343 307 1 104 1 050
IRS PGE refined 000oz 462 396 1 010 1 241
Impala Canada saleable PGE 000oz 57 N/A 65 N/A
Platinum refined 000oz 402 333 1 060 1 133
Palladium refined 000oz 298 219 689 683
Rhodium refined 000oz 52 50 137 156
Nickel refined 000t 3 971 4 095 12 097 12 169
Managed operations production:
Impala
Tonnes milled 000t 2 366 2 579 8 104 8 548
Grade (6E) g/t 3.94 3.95 3.92 3.97
PGE in concentrate 000oz 275 296 928 969
PGE refined 000oz 343 307 1 104 1 050
Zimplats
Tonnes milled 000t 1 701 1 604 5 076 4 916
Grade (6E) g/t 3.46 3.48 3.48 3.48
PGE in concentrate 000oz 150 141 449 434
PGE in matte (incl. concentrate sold) 000oz 152 143 419 433
Marula
Tonnes milled 000t 431 349 1 401 1 303
Grade (6E) g/t 5.03 4.29 4.73 4.35
PGE in concentrate 000oz 55 40 179 158
Impala Canada
Tonnes milled 000t 865 N/A 1 086 N/A
Grade (6E) g/t 2.49 N/A 2.48 N/A
PGE in concentrate 000oz 55 N/A 69 N/A
JV operations production:
Mimosa
Tonnes milled 000t 683 678 1 989 2 085
Grade (6E) g/t 3.85 3.83 3.85 3.83
PGE in concentrate 000oz 61 62 181 194
Two Rivers
Tonnes milled 000t 808 834 2 454 2 501
Grade (6E) g/t 3.46 3.59 3.45 3.55
PGE in concentrate 000oz 71 78 209 239
Impala Refining Services (IRS)
production
PGE receipts 000oz 421 395 1 245 1 278
Mine to Market 000oz 336 313 970 1 010
Third-Party and toll 000oz 85 82 275 268
PGE refined 000oz 462 396 1 010 1 241
HEALTH AND SAFETY
Increased leadership focus and greater collaboration with all stakeholders, to prioritise safe
production across all operations, has yielded positive results and no fatalities were reported at
managed operations during the quarter under review. Regrettably, Mimosa, a non-managed
joint venture operation, recorded a fatal injury on 24 March 2020 when the late Stephen Chizola
was fatally injured in a fall-of-ground accident. The Board of Directors and management team
have extended their sincere sympathies to the family and friends of our colleague.
The lost-time injury frequency rate (LTIFR) and all injury frequency rates were 4.87 and
11.86 per million man hours worked, respectively, an improvement of 6% on both metrics from
those reported in FY2019. Nine of the 17 Group operations were on millionaire or multi-
millionaire status in terms of fatality free shifts at the end of the reporting period.
The Group fully supports the implementation of national lockdown measures to help curb the
spread of coronavirus, recognising the significant threat it represents to employees and
communities where we operate and we are cognisant of the role Implats must play in complying
with these measures.
Implats has implemented and enforced several measures to provide further health protection to
employees, rolling out several programmes which have been in development internally since
the threat of coronavirus emerged. The lockdown period was used to significantly strengthen
these preparations. Stock levels of medical protective equipment and PPE have been
increased, regular large-scale disinfection of workplaces is being performed and screening and
testing procedures for all employees reporting to work have been implemented. A meaningful
increase in medical care preparedness was also undertaken through further increasing the
capacity of the Group’s comprehensive internal medical facilities and through the coordinated
collaboration with industry peers, public/private partnerships and both local and regional
medical institutions.
Management teams across all Group operations have introduced risk-based operating
procedures to further protect employees. These measures are specifically aimed at reducing
the risk of viral infections in high-risk work areas and to vulnerable employee categories. These
steps include modifying at-risk employee behaviour, improved hygiene practices, restrictions on
the amount of work performed, social distancing while performing work and while travelling to
and from work, the provision of additional PPE where social distancing is not possible and the
implementation of screening and testing procedures.
Employees are screened using questionnaires, thermo-scanning of skin temperature, and if
necessary, core temperature screening, before entering their work areas. Employees with risk
indicators are isolated at dedicated areas at the operations and then transported to designated
medical facilities for diagnosis and, if necessary, testing, quarantine and/or hospitalisation.
A key part of Implats’ strategy has been to identify potentially vulnerable employees and to
institute additional precautionary measures to increase protection. This includes the provision
of vitamin and dietary supplements, flu vaccinations and critical medical screening. In addition,
employees have been provided with pre-packaged supplies of chronic medication for a period
of six months to ensure high-risk employees do not need to visit hospitals or clinics during this
time. Suitable temporary company accommodation is also being availed to employees who
may not be able to self-isolate or practise recommended social distancing measures when not
at work.
IMPACT OF COVID-19 ON THE THIRD QUARTER
On 23 March 2020, the South African President Cyril Ramaphosa issued a directive for a
national lockdown to help slow the spread of COVID-19 in South Africa. Implats successfully
ramped down all South African operations and placed them on care and maintenance from
26 March 2020. The implementation of the lockdown is estimated to have resulted in a 6%
reduction in reported milled tonnage from each of Impala, Marula and Two Rivers, equivalent to
approximately 26 000 ounces of 6E mine-to-market concentrate production during the quarter.
Post the declaration of a state of emergency in Ontario, Impala Canada’s mining operations
were classified as an essential business by the Ontario government and after confirmation of
this status, operations resumed, with two days of lost production occurring in the period.
In accordance with the directive issued by the Government of Zimbabwe on 27 March 2020,
both Zimplats and Mimosa applied for, and were granted approval to continue operations during
the Zimbabwean national lockdown under agreed precautionary measures, with negligible
impact on reported production in the period under review.
IRS receipts from both third parties and mine-to-market operations were impacted by the
declaration of force majeure on concentrate and Zimplats matte deliveries from 24 March 2020
as processing facilities were prepared for care and maintenance ahead of the lockdown.
PRODUCTION
Quarter ended 31 March 2020
Group tonnes milled (excluding JV operations) improved by 18% to 5.36 million tonnes during
the quarter, compared to 4.53 million tonnes in the prior comparable period. An improved mining
performance at Marula and Zimplats compensated for lower volumes from Impala Rustenburg,
with absolute volume gains driven by the inclusion of Impala Canada and its contribution of
865 000 tonnes. Reported mill grade declined by 4% to 3.64g/t (6E), benefitting from a strong
performance at Marula but impacted by the inclusion of lower-grade volumes from Impala
Canada.
Mine-to-market 6E concentrate production was stable on a like-for-like basis with stronger
volumes from Marula and Zimplats offsetting weaker production from Impala Rustenburg and
Two Rivers. Together with production from the recently acquired Impala Canada operation,
concentrate volumes increased by 8% to 667 000 ounces from the prior comparable period.
IRS 6E in concentrate receipts from third-party and toll customers increased by 3% to 85 000
ounces. Gross concentrate production and receipts improved by 7% to 751 000 ounces.
Refined and saleable 6E production, which includes saleable ounces from Impala Canada,
increased by a more material 23% to 862 000 ounces.
9 months ended 31 March 2020
In the nine-month period ended 31 March 2020, the inclusion of Impala Canada compensated
for slightly lower year-to-date volumes from Impala Rustenburg. Tonnes milled, excluding
production from JV operations, increased by 6% to 15.67 million tonnes as the average mill
grade declined by 2% to 3.75g/t (6E).
Mine-to-market 6E concentrate production benefitted from higher volumes at Zimplats and
Marula and the initial contributions from Impala Canada, which helped offset weaker volumes
at Impala, Two Rivers and Mimosa. Gross 6E concentrate production of 2.02 million ounces is
1% higher than in the prior corresponding nine months.
In line with volume gains reported over the period, 6E third party and toll material received in
concentrate increased by 3% to 275 000 ounces.
Refined 6E production was impacted by the programme of scheduled maintenance at the
Groups’ processing facilities, including the scheduled furnace rebuild at Zimplats and acid plant
maintenance during the first half of financial year and the number 4 furnace ring repair
completed at Impala Rustenburg in 3Q 2020.
Gross refined production, including saleable ounces from Impala Canada declined by 5% to
2.18 million ounces – while saleable platinum production of 1.06 million ounces declined by 6%,
saleable palladium production of 689 000 ounces benefitted from the contribution of Impala
Canada and is 1% higher than in the prior comparable period.
The implementation of a revised stock allocation policy between IRS and Impala Rustenburg
resulted in a reallocation of refined volumes in 2Q 2020, and while Impala’s refined
6E production increased by 5% in the nine months ended 31 March 2020, IRS volumes were
19% lower.
At 31 March 2020, circa 200 000 ounces excess 6E in concentrate remained in stock, a
decrease of 150 000 ounces from the 350 000 ounces reported at 31 December 2019. These
stocks will continue to be used to bolster refined volumes and sales in the final quarter of
FY2020.
Impala Rustenburg
Quarter ended 31 March 2020
An estimated 6% of production volume, equating to 17 500 ounces of 6E, was lost due to the
implementation of care and maintenance ahead of the start of the national lockdown. Tonnes
milled during the quarter declined by 8% to 2.37 million tonnes, compared to 2.58 million tonnes
in the prior comparable period. Lower volumes were delivered as expected from 1 and 10 shafts
due to reduced operations and challenging ground conditions, offset by the ramp-up in
production from 16 shaft.
The increase in the development-to-stoping ratio and continued orepass rehabilitation at 16 and
20 shafts impacted milled grade. However, concentrate production was buffered by improved
recovery and yield from the trial tailings campaign and other surface sources, resulting in a 7%
decrease in volumes to 275 000 ounces, compared to 296 000 ounces in the prior comparable
period.
Refined 6E production of 343 000 ounces improved by 12% during the quarter from 307 000
ounces in the prior corresponding period. This was due to the implementation of a revised stock
allocation policy between Impala Rustenburg and IRS during the current financial year.
9 months ended 31 March 2020
Tonnes milled decreased 5% to 8.1 million tonnes and the milled grade of 3.92g/t (6E) was 1%
lower. Higher recoveries and contributions from the trial tailings campaign were offset by lower
production from other high-grade surface sources including smelter reverts. 6E production in
concentrate of 928 000 ounces declined by 4% from 969 000 ounces in the prior corresponding
period.
Refined 6E production increased by 5% to 1.10 million ounces from 1.05 million ounces during
the previous comparable period, benefitting from the change in stock allocation and despite
constrained smelter capacity due to ongoing maintenance.
Zimplats
Quarter ended 31 March 2020
Zimplats operations received approval to operate during the national lockdown in Zimbabwe
resulting in minimal interruptions to production. The operation delivered a strong performance
during the quarter under review. Tonnes milled increased by 6% to 1.70 million tonnes, while
the delivered mill grade was stable at 3.46g/t (6E). 6E concentrate production improved by 6%
to 150 000 ounces compared to 141 000 ounces in the prior corresponding period. Matte
production and concentrate sales were slightly higher than milled volumes in the period and
improved by 6% to 152 000 ounces.
9 months ended 31 March 2020
Mill throughput of 5.08 million tonnes was 3% higher and 6E concentrate production improved
by 3% to 449 000 ounces from the prior comparable period. Production in matte, together with
concentrates sold, were impacted by the accumulation of in-process inventory due to the
furnace rebuild in 1Q 2020 and declined by 3% to 419 000 ounces from 433 000 ounces.
Marula
Quarter ended 31 March 2020
An estimated 6% of production volume, equating to 3 500 ounces 6E was lost due to the
implementation of care and maintenance ahead of the start of the national lockdown. Despite
this headwind, Marula delivered a much-improved performance in the current quarter benefiting
from the treatment of some surface material. Milled volumes increased by 23%, milled grade
rose by 17% and 6E concentrate production was up 37% to 55 000 ounces from the previous
comparable quarter when operational continuity was hampered by community disruptions,
which resulted in a seven-day work stoppage.
9 months ended 31 March 2020
Mill throughput improved by 8% to 1.40 million tonnes from 1.30 million tonnes in the previous
corresponding period. Grade increased by 9% and concentrate production rose by 14% to
179 000 ounces from 158 000 ounces.
Impala Canada
The acquisition of Impala Canada was concluded in December 2019 and operational results
reflect a full quarter of metrics for the first time. During the period, the integration of Impala
Canada into the Group was meaningfully advanced with a focus on financial and technical
support, together with alignment on several Implats operating principles and practises including
the progression of community and stakeholder relations.
The operational performance in the period was characterised by milling constraints due to
inclement weather conditions and ongoing rehabilitation of the ore pass system at the mine. In
total, 865 000 tonnes were milled generating 6E production of 55 000 ounces and saleable
volumes of 57 000 ounces.
Mimosa
Quarter ended 31 March 2020
Mimosa received approval to operate during the national lockdown in Zimbabwe resulting in
minimal interruption to production in the quarter under review. Mining operations were placed
on care and maintenance at the end of the quarter as milling from stockpiled material continued.
Mining has since been resumed in terms of an exemption received from the government of
Zimbabwe.
Mimosa continued to recover from the first quarter when concentrate volumes were impacted
by extensive mill repairs. Milled volumes of 683 000 tonnes and delivered grade of 3.85g/t (6E)
were maintained versus the prior comparable period. Lower recoveries impacted marginally on
concentrate production, which declined by 2% to 61 000 ounces. The primary process
bottlenecks at Mimosa will be addressed through the installation of additional milling equipment
during the plant optimisation project which is currently underway at the operation.
9 months ended 31 March 2020
During the nine-month period, mill throughput declined by 5% from the prior comparable period
due to the breakdown in the primary mill in 1Q 2020, with a total of 1.99 million tonnes treated.
6E concentrate production of 181 000 ounces was 7% lower than the prior comparable period.
Two Rivers
Quarter ended 31 March 2020
An estimated 6% of production volume, equating to 4 500 ounces of 6E, was lost due to the
implementation of care and maintenance ahead of the start of the national lockdown at the end
of the quarter, with a further two days of production lost due to an Eskom transmission line fault
earlier in March 2020.
Total tonnes milled declined by 3% to 808 000 tonnes and milled grade was 4% lower at
3.46g/t (6E). Concentrator recoveries continued to be negatively impacted by lower grade and
changes in mineralogy as greater proportions of feed are sourced from split-reef and
development tonnage. Concentrate volumes of 71 000 ounces declined by 9% from the 78 000
ounces produced in the prior comparable period.
9 months ended 31 March 2020
Mill throughput decreased by 2% to 2.45 million tonnes, while mill grade decreased by 3% to
3.45g/t (6E) and metallurgical recoveries reduced by 6%. Consequently, 6E concentrate
production declined by 13% to 209 000 ounces from 239 000 ounces in the prior comparable
period. A project aimed at increasing mill capacity to compensate for the structural change in
feed-grade was approved in February 2020 with work commencing during the period.
IRS
Quarter ended 31 March 2020
Gross concentrate receipts were negatively impacted by the declaration of force majeure on
23 March 2020 to allow for an orderly shutdown of the processing facilities ahead of the start of
the national lockdown and restrictions on the transportation of non-essential goods during the
lockdown period. Refined 6E production of 462 000 ounces from both mine-to-market
operations (Zimplats, Marula, Two Rivers and Mimosa) and IRS third-party and toll customers,
was 17% higher than in the previous period (396 000 ounces).
9 months ended 31 March 2020
Gross concentrate receipts benefitted from higher deliveries from Marula and third parties which
mitigated the impact of lower production from Zimplats, Mimosa and Two Rivers. While gross
concentrate receipts were fractionally lower, refined 6E production decreased by 19% to
1.01 million ounces, due largely to the change in the stock allocation policy between IRS and
Impala Rustenburg.
UNAUDITED FINANCIAL POSITION
Net cash, excluding finance leases, amounted to R3.2 billion at 31 March 2020, an improvement
of R2.1 billion from closing levels at 30 June 2019 of R1.1 billion, after the payment of
R978 million (FY2019: nil) in dividends to Implats shareholders during March 2020. The balance
sheet remains strong with an unutilised revolving credit facility of R4.0 billion available until
7 June 2021. The Group had liquidity headroom of R12.9 billion at 31 March 2020 compared to
the R12.2 billion available at the end of June 2019.
In addition, the Group has embarked on various cash preservation measures to improve liquidity
during the next 12 to18 months. These include a material reduction of non-essential operational
and capital expenditure and the extension of the maturity of the Standard Bank term loan
associated with the Marula BEE ownership of R865 million from 30 June 2020 to
30 September 2020.
FORCE MAJEURE
The bulk of Implats metals sales are sold into annual contracts and delivered on a monthly basis
to customers around the world. Implats declared force majeure on its contractual metal
deliveries when the national lockdown in South Africa was announced on the 23 March 2020.
This allows both Implats and its customers to suspend the operation of the contract for the
duration of the force majeure event, as reviewed and updated on a regular basis. Depending
on how the situation develops, partial, and later possibly complete, upliftment of the force
majeure protection can then be considered.
Discussions for resumed customer deliveries have been ongoing on this basis as greater
clarification regarding operating conditions has been reached. The majority of Implats’
customers have elected to receive metal on a delayed delivery schedule and, where logistics
have allowed, delivery of metal to customers has occurred in April 2020.
The relief of force majeure restrictions on deliveries in terms of IRS offtake agreements with
both Group companies and third parties is, however, conditional on the Group’s ability to sell
and transport final metal to customers and the impact of further amendments to the terms of the
South African national lockdown. The Group is working towards the upliftment of the force
majeure on its IRS receipts as a near-term priority.
OUTLOOK AND GUIDANCE
The Group was well on-track to meet the guidance parameters on production, unit costs and
capex provided with the release of its half year results ended 31 December 2019. However,
Implats is now faced with a period of unprecedented uncertainty due to the COVID-19 pandemic
and the implementation of nationwide lockdowns and legislated limitations on production
capacity at the Group’s South African operations.
Operational activities during the lockdown period 26 March - 30 April 2020
While milled volumes from Zimbabwean operations were largely unaffected by the Zimbabwean
national lockdown, underground production from Impala Rustenburg, Marula and the
Two Rivers joint venture were heavily impacted during the initial period of the South African
national lockdown. Minimal underground production was secured during April 2020 as the focus
remained on the safety and health of employees and ensuring the orderly screening, testing
and training of returning employees ahead of the gradual resumption of drilling and blasting.
At Impala Canada, following a positive case of COVID-19, further employees have tested
positive and the mine was placed on care and maintenance and the workforce quarantined for
a two-week period from 13 April 2020. Regrettably, an employee with comorbidities passed
away on 23 April 2020. The Board and management team have extended their sincere
condolences to his family, friends and colleagues and wish all affected employees at the
operation a speedy recovery. Discussions for a planned resumption of operating activities are
ongoing with the relevant health authorities in Ontario.
While mining production was stopped in South Africa during April 2020, the Group took a phased
approach to processing activities, in line with regulations which recognised smelters and
refineries as ‘essential services’ during the lockdown period. This has allowed a systematic
ramp-up of operations and continued, albeit reduced, production of refined volumes during the
lockdown period. This development has allowed for a reduction of excess in-process inventory
at the Group and, as such, refined volumes are likely to exceed concentrate production in the
FY2020 period.
Implats’ revised production guidance considers the production losses suffered in March and
April 2020 and assumes average production rates of between 30% and 40% of previous plans
in May and June 2020 for South African operations. In Zimbabwe, the Group’s mines have
operated successfully to date but remain vulnerable to potential unforeseen interruptions during
the remainder of the forecast period. In Canada, the guidance assumes operations will resume
in May 2020 but at a lower production rate.
The Group is pleased that its cost performance in the nine months to March 2020 was within
guidance despite the impact of a weaker-than-expected rand on the translated cost base of both
Zimplats and Impala Canada. The operating environment is now highly uncertain and the
combination of variable production parameters, staffing levels and currency volatility creates
exceptional forecast risk at this point in time. As a result, Implats is withdrawing its unit cost
guidance for FY2020.
Capex spend has been impacted by the wider effects of the South African national lockdown,
together with rand weakness on spend in Zimbabwe and Canada. Revised capex guidance
reflects rand weakness, offset by savings and deferment where necessary.
The revised Group guidance is illustrated in the table below. Implats cautions as to the fluidity
of the current operating environment and the downside risks presented by the potential for
further lockdowns or variations in operating parameters. It is the Group’s intention to issue a
further market update ahead of the year-end on 30 June 2020.
Business area Unit Previous Guidance Actual Guidance
FY2020 FY2020 YtD FY2020
Refined production
Implats 6E oz refined 3 000-3 400 2 179 2 600- 2 900
Concentrate production
Impala 6E oz 1 210-1 310 928 975-1 050
Zimplats 6E oz 565-600 449 550-600
Two Rivers 6E oz 300-340 209 225-260
Mimosa 6E oz 230-260 181 210-260
Marula 6E oz 210-250 179 190-210
Impala Canada 6E oz 120-150 69 75-95
IRS (third party) 6E oz 330-370 275 290-330
Group unit cost R/oz 6E 12 500-13 500 13 190 n/a
Group capital expenditure Rm 4 900-5 200 3 317 3 600-4 400
The third quarter production report for the period 1 January to 31 March 2020 has not been
reviewed and reported on by the external auditors of Implats.
Queries:
Johan Theron
E-mail: johan.theron@implats.co.za
T: +27 (0) 11 731 9013/43
M: +27 (0) 82 809 0166
Emma Townshend
E-mail : emma.townshend@implats.co.za
T : +27 (0) 21 794 8345
M : +27 (0) 82 415 3770
Alice Lourens
E-mail: alice.lourens@implats.co.za
T: +27 (0) 11 731 9033/43
M: +27 (0) 82 498 3608
30 April 2020
Johannesburg
Sponsor to Implats
Nedbank Corporate and Investment Banking
Date: 30-04-2020 08:00:00
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