Integrated Annual Report 2015

Chairman’s report

The year in a nutshell

The continued combination of tough market, operating, economic and social conditions has rightly spurred Implats towards a fundamental review of aspects of our business model and in the nature of our relationships. Implats has adopted a “lower for longer” view to navigate the difficult period where PGM prices remain low in the near term. This resulted in a detailed strategic review which was conducted and communicated to the market in February 2015, with the aim of positioning the Group strategically to conserve cash in the near term, while at the same time restoring operational performance and profitability.

“We remain totally committed to zero harm and the need to preserve jobs in this current cyclical downturn.

Implats’ Performance 

Connectivity matrix

Connectivity matrix defined
Implats’ performance is measured by first identifying who our stakeholders are, what our stakeholders’ legitimate requirements are and what needs be done to fulfil these needs.


Our investment case

  1. Investment through the cycle
  2. Improve efficiencies through operational excellence and safe production
  3. Cash conservation
  4. Maintain our social licence to operate
  5. Optionality and future positioning

Chief executive officer’s review

The Group’s priorities have been materially rebalanced to focus on shorter-term cash preservation and profitability in a low price environment while we continue our investment in key capital projects.



Business Model 
Our capitals - inputs




Operational Review 
Summarised operational review