RBH holds an aggregate stake of 13.4% (83.11m shares) in Implats, made up as follows:
| RBH holding in Implats | 13.4% |
| Date of acquisition | 1.3% in 1999; 12.1% on 7 March 2007. |
| Nature of business | World’s second largest platinum producer |
| Listings | JSE (IMP), LSE and NYSE |
| Issued shares | 631.6 million |
| Market cap at 30 December 2007 | R150 billion (USD22 billion) |
| Relationship | Long-standing; Implats’ anchor empowerment partner |
| Significant comment | Single largest shareholder in Implats and RBH’s single largest investment |
Implats is the second largest platinum producer in the world with total production reaching a record level of 2.03 million ounces of platinum in the 12 months to end June 2007. The company declared a total dividend of 9.75 a share in the 2007 financial year (2006: R4.00) – after the 8:1 share split and ignoring a special dividend of R6.00 in fiscal 2006.
Implats, whose primary business is the mining, processing and refining of PGM metals, has operations in South Africa, on the world-renowned Bushveld Complex, and in Zimbabwe on the Great Dyke. The RBH’s holding in Implats thus gives it exposure to more than just the local operation (Impala) but also to Implats’ other interests in South Africa (Marula Platinum and Two Rivers) as well as to its interests on the Great Dyke in Zimbabwe (Zimplats and Mimosa).
As at 30 June 2007, Implats had total attributable reserves of 187 million platinum ounces.
| FY2007 | FY2006 | ||
|---|---|---|---|
| Refined platinum production | (000 oz) | 2,026 | 1,846 |
| Refined PGM production | (000 oz) | 3,858 | 3,490 |
| Sales | (Rm) | 31,482 | 17,500 |
| Gross profit | (Rm) | 14,472 | 7,330 |
| Profit | (Rm) | 3,325 | 4,382 |
| Headline earnings per share | (cps) | 1,312 | 750 |
| Dividends per share | (cps) | 975 | 400 |
| Cash net of debt | (Rm) | 2,504 | 1,663 |
| Revenue per platinum ounce sold | (R/oz) | 17,057 | 10,963 |
RBH has two representatives on the Implats board, Thabo Mokgatlha and Steve Phiri.
Furthermore the stake of 13.2% in the holding company, Implats, gives RBH an effective interest of 21.8% at an operational level in Impala Platinum Limited and, in terms of the agreements signed, RBH is thus entitled to management participation in that company. It is entitled to nominate three out of ten Impala Platinum board members, at least one of whom will be a woman and one of whom will be the deputy chairman. These board members are in the process of being appointed.
