Introduction
Implats’ mineral resource and mineral reserve key features

2015 strategic review

During the past year Implats undertook a strategic review. We continue to be prudent in our strategic assumptions and believe that metal prices could remain lower for longer, but that we should retain flexibility to be in a position to take advantage of any sustainable improvement in demand and PGM prices in the longer term. Within this context, the Group is positioning itself strategically to conserve cash, while at the same time restoring and optimising operational performances and profitability. The Group has implemented stringent capital allocation and cash preservation measures based on a lower-for-longer metal price risk mitigation strategy. In doing so, management has endeavoured to maintain strategic optionality to safeguard the long-term value potential of its assets in an environment where metal prices are expected to recover.