IRS benefited by higher deliveries from third parties

Quarter ended 31 March 2022, Impala Refining Services’ concentrate receipts were positively impacted by higher deliveries from third parties, which offset delays in dispatches from both Mimosa and Zimplats. Mine-to-market receipts of 328 000 6E ounces were largely unchanged, while third-party and toll receipts increased by 12% to 89 000 6E ounces as certain new contracts delivered increased volumes in the period. Refined 6E production of 467 000 ounces from both mine-to-market operations (Zimplats, Marula, Two Rivers, and Mimosa) and IRS third-party and toll customers was 5% higher than the prior comparable period.

Nine months ended 31 March 2022

Concentrate receipts in the prior comparable period benefitted from the deferred delivery of previously accumulated receipts as a result of the IRS force majeure declared due to Covid-19 lockdown restrictions in FY2020. In the current period, mine-to-market receipts of 1.05 million 6E ounces decreased by 3%, while third-party and toll receipts of 277 000 6E ounces were slightly higher.

Refined volumes benefitted from a strong smelting and refining performance in H1 FY2022, when all previously identified excess inventory was processed, offsetting the impact on IRS of the rebuild on Number 3 furnace at Impala Rustenburg in Q3 FY2022.

OUTLOOK AND GUIDANCE

In the revisions to annual guidance provided with the release of Implats’ half year results ended 31

December 2021, the Group considered and factored in the impact of an increasingly complex operating environment due to global geopolitical events, persistent supply chain constraints and rising inflation. As such, Implats remains on track to meet the parameters provided for production, unit costs and capital expenditure metrics. 

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