Scope of this report
This report, compiled for Impala Platinum Holdings Limited (Implats) and its subsidiaries, covers the financial year 1 July 2010 to 30 June 2011.
It is our aim, with this our second integrated report, to present the risks and opportunities that the Company faces, together with disclosure on our environmental, social and governance issues. This style of reporting allows us to emphasise the fundamental link between our financial and non-financial performance and how they influence our business strategy.
The JSE Limited (JSE) requires companies listed on the Exchange to produce integrated reports, in line with the recommendations of the South African Code of Corporate Practice and Conduct set out in the third King Report on Corporate Governance (King III). What constitutes integrated reporting remains the subject of international debate. We have been guided by what has typically constituted annual reporting best practice and the assistance provided by the Global Reporting Initiative’s (GRI) G3 Reporting Guidelines. As a signatory to the principles of the United Nations Global Compact our reporting is in line with our commitment to this Compact.
This year, in line with King III recommendations, we have decided to produce a separate Sustainable Development Report that, together with our Integrated Annual Report, will provide our stakeholders with a comprehensive view of our financial and non-financial performance during the year under review.
This integrated report has focused on the most material sustainability issues that drive business strategy. The issues identified are as a result of an analysis of stakeholder concerns, business risk analysis and global trends and how they impact the long-term business sustainability.
Our annual financial statements were prepared according to international financial reporting standards (IFRS), the requirements of the South African Companies Act, the regulations of the JSE and recommendations of King III.
Our reporting on our Mineral Resources and Reserves estimates conforms to the South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC) and the Australasian Code for the Reporting of Mineral Resources and Ore Reserves (JORC), and has been signed off by the competent persons, as defined by these codes.
In this report our production is reported in terms of platinum and platinum group metals (PGMs), which include platinum, palladium, rhodium, ruthenium and iridium as well as gold, which is also referred to as 6E. Both historical and forward-looking data is provided.
Unless otherwise stated, information in this report is primarily for FY2011, except for that relating to physical metals markets, which is provided by calendar year.
There has been no significant change to our organisational structure, nor were there any significant restatements of data during the year, and any data restatement has been indicated.
Certain statistical information is provided for comparative purposes for up to 10 years (financial years 2002 to 2011). Information in the report covers all our subsidiary, joint venture and investment companies. For sustainability elements, information relating to managed operations is disclosed, while that for joint ventures and associates is excluded. Where information is attributable to Implats it is highlighted. In all cases, $ or Dollar refers to the US Dollar.