We are more than just amining company at Implats –we are an integral part of ourcommunity.As the unionrepresentative on themanagement/union HIV/AIDSforum,Abram Zulu plays apivotal role in ensuring thatthe company assists the localcommunity in developing AIDSawareness on the one hand,and in providing care andsupport for those in need onthe other. Increasingly we areextending our support to thecommunities from which ouremployees are drawn.

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Implats supports and applies the Code ofCorporate Practices and Conduct asadvocated in the King Report 2002 (King II).Following the release of this report in March2002, a full audit of the group’s corporategovernance procedures was conducted atmanagement’s request and areas of possibleconcern were identified and are beingaddressed. Developments and enhance-ments to achieve best practice for thebenefit of all stakeholders are ongoing.

A focus on sustainable value for share-holders will benefit all the group’s otherstakeholders.

Board of directorsThe board is based on a unitary structure andretains full and effective control over thegroup. An approval framework defines theauthority of management and mattersreserved for board approval. The boardmeets regularly, six times a year, to reviewthe operational performance of the group,strategic issues, the business plan, acquisi-tions, disposals and other major contractsand commitments, group policies andstakeholder reporting. In addition to the sixscheduled board meetings, the board alsomeets on an ad hoc basis to consider specificissues, as the need arises. During the yearunder review, two such meetings were held.

The board has adopted a formal board charterregulating the role of the board and outliningmatters reserved for board approval. Theboard charter is available on the company’swebsite www.implats.co.za. All committeesof the board operate within agreed terms ofreference approved by the board.These wererevised in May 2003 to ensure compliancewith King II. The terms of reference areconsidered as dynamic documents which arereviewed regularly.The committees comprisemainly independent directors.

There are 11 independent and four executivedirectors on the board. Mr TV Mokgatlha, anon-executive director, is not considered tobe independent given his relationship withthe Royal Bafokeng Nation, with whom thecompany has a significant contractualarrangement.

The positions of Chairman and ChiefExecutive Officer are separate, and theChairman is an independent director.

Five new independent appointments weremade to the board during the course of theyear to ensure that successors exist for keyboard positions and to increase the range ofskills and experience at the board’s disposal.It is necessary to propose these appoint-ments for election at the forthcomingannual general meeting (AGM).

The board now comprises 38% HistoricallyDisadvantaged South Africans (includingwomen), and 19% women.

Board members are elected for three-yearterms. Re-election of board members is ona staggered basis to ensure board continuity.Executive directors retire at the AGMfollowing their 63rd birthday, and non-executive directors following their 67thbirthday, provided that, in the case of non-executive directors, their terms of officecontinue on an annual basis, if a majority oftheir co-directors so request.

Mr PG Joubert,having reached the age of 71,has indicated his intention of resigning atthe end of the next AGM. Mr MF Pleming,having reached the age of 68, has beenrequested by his co-directors and has agreedto continue in office until the end of thecalendar year, to ensure a smooth transitionof the Health, Safety and Environmental(HSE) Audit Committee.

The curriculum vitae of all directors tobe elected or re-elected at the AGM are setout below:

To be electedMr RSN Dabengwa (46)BSc (Elect Eng.) MBA, EDP(Independent director)Managing director of MTN(SA). Previously amember of ESKOM’s management boardresponsible for the implementation of thenational electrification programme.

ACCOUNTABILITY

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IMPLATS ANNUAL REPORT 2004

Corporate governanceImplats supports andapplies the practices

and conduct advocatedin King II

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Dr K Mokhele (48)BSc, MSc (Food Science); PhD (Micro-biology)(Independent director)President and chief executive officer of theNational Research Foundation; Director,Iscor Limited.

Ms NDB Orleyn (48)B Juris, B Proc; LLB(Independent director)Director and senior attorney at the law firmRoutledge-Modise where she practices asattorney, facilitator, mediator and trainer.Previously CEO at the Council for Concilia-tion, Mediation and Arbitration and atIMMS, a South African non-governmentalorganization which provides mediationfacilitation, arbitration and training servicesto employers.

Dr FJP Roux (56)BSc, MSc, PhD, MBA.(Independent director)Non-executive director of Xstrata plc.Previously Chairman of Alusaf and an

executive director of Gencor Limited.Prior tothat a director of Rustenburg Platinum Minesand senior general manager in JCI’s PlatinumDivision responsible for worldwide marketingand strategic planning.

LC van Vught (61)BSc (Hons) (Chemistry); B Comm.(Independent director)Non-executive director of AECI Limited andTiger Brands Limited.Previously CEO of AECILimited and Chairman of Chemical ServicesLimited.

To be re-electedJV Roberts (62) FCIS,ACMA, MBA (Henley)(Independent director)Has held numerous positions at board levelas executive, non-executive and represen-tative of holding company both in SouthAfrica and foreign countries. Managingdirector of Meta Solutions and director ofSenwes. Joined the board in 1998 as a non-executive director.

26

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CORPORATE GOVERNANCE

Board of Audit Remuneration HSE Audit NominationsDirectors Committee Committee Committee Committee

PG Joubert √ √ √ √ √ √ √ √ 8 8 i i i i 4 4 √ √ √ √ 4 4 √ √ √ √ 4 4 √ √ √ 3 3KC Rumble √ √ √ √ √ √ √ √ 8 8 i i i i 4 4 i i i i 4 4 i i i i 4 4 i i i 3 3DH Brown √ √ √ √ √ √ √ √ 8 8 i i i i 4 4RSN Dabengwa √ √ a a 4 2CE Markus √ √ √ √ √ √ √ √ 8 8 i 1 1JM McMahon √ √ √ √ √ √ √ √ 8 8 √ √ √ √ 4 4 √ √ √ √ 4 4MV Mennell √ √ √ √ √ √ √ √ 8 8 √ √ √ √ 4 4 √ √ √ 3 3TV Mokgatlha √ √ √ √ √ √ √ √ 8 8 i 1 1K Mokhele a 1 0DM O'Connor √ √ √ √ √ √ √ √ 8 8 √ √ √ √ 4 4NDB Orleyn √ √ √ 3 3LJ Paton √ √ √ √ √ √ 6 6MF Pleming √ √ a √ √ √ √ √ 8 7 √ √ √ √ 4 4 √ √ √ 3 3JV Roberts √ √ √ √ √ √ √ √ 8 8 a √ √ √ 4 3 √ √ √ √ 4 4FJP Roux √ √ 2 2LC van Vught √ √ √ a 4 3

Key* = special board meetings i = invitation√ = attended = not applicablea = apology

29/0

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During the year directors attended board and committee meetings as follows:

CE Markus (47) BA; LLB(Executive director )Graduated from the University of Witwaters-rand in 1981.Admitted Attorney, Notary andConveyancer. Articled clerk and professionalassistant for Bell Dewar and Hall attorneys.Legal advisor and company secretary forDorbyl Limited. Non-executive director ofIscor Limited. Joined Implats in 1991 as LegalAdvisor and appointed to the board in 1998.

JM McMahon (57)Pr.Eng; BSc (Mech Eng)(Independent director) Graduated from Glasgow University,Scotland as an Engineer in 1968. Heldnumerous engineering positions on variousmining operations and projects. Managingdirector and executive chairman of Implatsfrom 1990 to 1998. Executive chairmanof Gencor Limited and Non-executiveChairman of Implats from 1998 to 2002.Non-executive director since 2002.

Remuneration CommitteeMembersJohn Roberts – ChairmanPeter JoubertMichael McMahonThandi Orleyn

The Remuneration Committee comprisesfour independent directors,and is chaired byan independent director. During the year,Ms Orleyn was appointed as an additionalmember of the committee. The ChiefExecutive Officer is invited to attend allRemuneration Committee meetings,exceptwhen his own remuneration is underconsideration.

The policy of the group is based on thepremise that fair and competitive remune-ration should motivate individual achieve-ment to enhance company prosperity,through a balanced mixture of bothguaranteed and performance-enhancingincentives to attract and retain highly skilledemployees in the group.

The main functions of the RemunerationCommittee are to:• propose the remuneration (including

incentive schemes) of executive directorsand senior executive schemes

• benchmark remuneration practicesagainst both local and internationalbest practice

• prepare innovative policies to attract andretain the services of highly skilledexecutives

• ensure that the terms and conditions ofservice of all staff are equitable andcompetitive

• ensure that a succession planningprocess is in place

• monitor employment equity ratios andtargets

• administer the share incentive scheme

Employees participate in a bonus scheme,which is based on individual achievements,certain value-added criteria (such as volumeand cost) and safety improvements. Thisisolates the effect of metal prices andexchange rates over which managementhas no control. All senior employees setobjectives for the year and apportionmentof the bonus is based on the achievement ofthese objectives.

Nomination CommitteeMembersVivienne Mennell – ChairpersonPeter JoubertMike Pleming

The Committee comprises three inde-pendent directors. It assists the board inensuring that the structure, size, effec-tiveness and composition of the board andits committees:• are reviewed regularly• comprise the requisite mix of skills, expe-

rience, diversity and other qualities; and• are maintained at appropriate levels in

order to– meet the requirements of sound

corporate governance; and– function properly and effectively.

The Nomination Committee is responsiblefor arranging assessments of the board, itsdirectors and its committees; proposingadjustments to the board and its com-mittees, as appropriate; planning forthe succession of directors; recommendingappointments and re-elections of directors;establishing a formal induction processandensuring that a training and developmentprogramme is in place for board members.

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IMPLATS ANNUAL REPORT 2004

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During the year, self-evaluation exerciseswere conducted on the Audit Committee andHSE Audit Committee to ensure that thecommittees were effective in fulfilling theirmandates and discharging the board’sresponsibilities. As a result, various issuesidentified are being addressed. Self-assessments of the Remuneration andNomination Committees are in progress.

At the last AGM, the maximum number ofdirectors on the Implats board wasincreased from 14 to 16. During this pastyear, various additional appointmentswere recommended to the board (andapproved) to ensure that successors existfor key board positions, to increase therange of skills and experience at the board’sdisposal, and to transform the compositionof the board.

Health, Safety and EnvironmentalAudit CommitteeMembersMike Pleming – ChairmanSifiso DabengwaPeter JoubertMichael McMahonTony Scurr (External consultant)Dirk Theuninck (Executive)

A board appointed Health, Safety andEnvironmental (HSE) Audit Committee hasbeen in place since 1998. Its role in terms ofits mandate is to monitor and review health,safety and environmental performance andstandards. The HSE Audit Committeesupplements and gives support, advice andguidance on the effectiveness or otherwiseof management’s efforts in the HSE arena.The committee consists of four inde-pendent directors, one executive and aconsultant. The Chairman is an independentnon-executive director. Mr RSN Dabengwawas appointed as an additional member ofthe committee during the year.

The Committee meets at least once a quarter.Meetings are held alternately at theoperations, coinciding with visits to sites ofHSE importance/ relevance, or at Implats’head office. At all meetings, Implats’ overallperformance in all areas of health, safety andthe environment is critically appraised.Internal Audit regularly reviews reportingsystems to ensure that accidents and injuries

sustained by employees/contractors arereported timeously and effectively.

Audit CommitteeMembersLex van Vught – ChairmanVivienne MennellThabo MokgatlhaJohn Roberts

During the year, Mr DM O’Connor resignedas Chairman of the Audit Committee andMr L van Vught was appointed in his stead.Mr T Mokgatlha was appointed as anadditional member. Mr Mokgatlha, a non-executive director, contributes the specificskills associated with his qualification(CA(SA)). The Audit Committee comprisesthree independent and one non-executivedirector. Its role is to provide assurance thatrelevant board duties are discharged by:• monitoring the integrity of the financial

statements and other relevant externalfinancial reports of Implats andreviewing all significant inputs, judge-ments and outputs in order to present abalanced and understandable assessmentof the position, performance and pros-pects of Implats, as appropriate

• reviewing the company’s internalfinancial control and financial risk man-agement systems in order to safeguardImplats’ assets

• monitoring and reviewing the effective-ness of Implats’ internal audit functions

• recommending to the board the appoint-ment of the external auditors, approvingthe remuneration and terms of engage-ment of the external auditors andmonitoring their independence, objec-tivity and effectiveness, taking intoconsideration relevant professional andregulatory requirements

The committee, in carrying out its tasks, hasa wide range of powers to consult bothinternally and externally. The overridingprinciple is that the committee shall beprovided with sufficient resources toundertake its duties.

Its terms of reference allow the investi-gation into any activity of the company andpermit the seeking of information or advicefrom any employee in the course of itsduties.The Chairman of the Audit Commit-

28

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CORPORATE GOVERNANCE

tee meets once a year on an individual basiswith the external and internal auditors, theChief Executive Officer and the ChiefFinancial Officer, without any other execu-tive member of the board in attendance.

The Audit Committee oversees the RiskManagement Committee. A “whistleblowing” toll-free helpline is in place tofacilitate the confidential reporting ofalleged incidents which are communicatedto the Chairman of the board.

Risk managementMembership of the Risk ManagementCommittee is set out on page 33. Implats’philosophy on risk management is foundedon the conviction that the most successfulmining operations in the long run are thosethat are able to understand and effectivelymanage the inherent uncertaintiesassociated with mining. For Implats, riskmanagement is about maintaining anappropriate balance between reapingrewards and the concomitant risks.

In 2002, the board directed management toestablish a programme aimed at integratingthe current risk management activities inthe various operations and core functions.

The programme was initiated in early 2003with the appointment of a group riskmanager and the establishment of a groupRisk Management Committee. Thiscommittee functions as an integral part ofthe board’s governance structures.

The Risk Management Committee Charterapproved by the board defines thecommittee’s terms of reference andresponsibilities.

The following critical steps towards theestablishment of an integrated or enter-prise-wide risk management system havebeen completed:• approval of the Risk Management

Committee Charter by the board.• development of a common Implats risk

assessment methodology which isdefined by a framework, process andsystem that are based on contemporarybest practice. This methodology will beused in all Implats’ operations andfunctions.

• establishment of and communication toall managers of a Risk Management Policyand Code of Practice applicable to alloperations and activities of Implats. Thecode of practice was used to develop thetraining material for risk champions.

• appointment and training of risk cham-pions in all areas and functions of Implats.

• development of a common risk man-agement system and informationrepository.

• development of an Implats Assets andBusiness Interruption Insurance Under-writers Guide that serves to integrate andalign the activities of risk managementand insurance.

• development of a group risk frameworkand profile following a strategic review ofall risks faced by Implats.

• the inherent strategic risks identified arereviewed and monitored by the board onan ongoing basis.

Furthermore,the board reviews and monitorsall management activities in the areasidentified to ensure sustainabilityand continuous improvement in themanagement of these risks and thatappropriate and timely action is taken on theinevitable changes in the external andinternal business environment

Internal control systemsThe group maintains accounting and admin-istrative control systems designed to providereasonable assurance that the accountingrecords accurately reflect all transactions;areexecuted and recorded in accordance withsound business practices; that the assets aresafeguarded; and that protection is providedagainst serious risk of error or loss, in a cost-effective manner.

An internal audit department, which holdsregular meetings with management and theAudit Committee and has direct access to theChairman of the board, independentlymonitors these controls. Nothing has cometo the attention of the directors to indicatethat any material breakdown in thefunctioning of these controls has occurredduring the year under review.

Insurable risksWith the hardening in insurance marketsworldwide, particularly in the wake of the

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IMPLATS ANNUAL REPORT 2004

CORPORATE GOVERNANCE

tragic events of 11 September 2001,the com-pany has not been able to secure full-valueinsurance coverage. A review of the group’smajor insurable risks and associated potentialmonetary losses revealed that the companyhas adequate cover. The company has takensteps to ameliorate potential losses through avariety of means, including “normal”insurance and a degree of self-insurance androbust, pure risk management programmes.

Despite the company’s best endeavours,certain conditions within insurance policiesdo not allow the company full insurancecover for tailings dams which could, uponfailure, result in a partially uninsured loss.Tomitigate this loss, the company has steppedup monitoring procedures of the tailingsdams.There also remains an uninsured layerunder the current insurance policy, this isnot considered material (from R51 millionto R100 million).

LegislationThe new Mineral and Petroleum ResourcesDevelopment Act (the Act),which came intoeffect on 1 May 2004, has profoundimplications for the mining industry.

Together with the Broad-Based Socio-Economic Empowerment Charter for theMining Industry (Mining Charter), theScorecard for the Mining Charter and theRoyalty Bill, this represents a significantdeparture from the previous legislativeregime and will govern the security of tenureof mineral resource and reserve assets for allSouth African mining and prospectingoperations. Although the interim arrange-ments provided for in the Act allow for a five-year period to complete the conversionprocess, Implats is fully committed toconverting all the old order mining rightsobtained in terms of the Minerals Act of 1991during FY2005. Significant milestones suchas the BEE participation at Marula and theIncwala Resources arrangement are in thepublic domain and are detailed elsewhere inthe annual report.

In terms of the new minerals legislation, amining right may be granted for a period notexceeding 30 years. It is presently envisagedthat most of Implats’ mineral resources andreserves areas within South Africa will bemined out within this period. An extension

will be required for some areas. Mineralresources presently contained within oldorder prospecting right areas also form animportant part of the long-term mine plansand due priority will be allocated to these forthe eventual progression to new ordermining rights.

TransformationThe business plan of the organisationincludes interventions to support thetransformation process, to develop andempower our workforce and to accom-modate both anticipated and recentlypromulgated legislation.

Our commitment to the process of unlockingthe potential of our employees applies inparticular to those who fall into the categoryof designated groups.All our developmentalprogrammes, succession planning, careerpath programmes and bursary projects takecognisance of this commitment.

Numerous steering committees have beenestablished and specific numerical targetshave been set over a five-year period toachieve a workplace free of discrimination.The planned target levels and the levels ofachievement are set out in the table onpage 32. Some progress against targets hasbeen made, particularly at supervisory andmanagement levels but there is still someway to go to meet the set targets.

The report (on page 32) is a requirement interms of the Employment Equity Act, thetargets of which will be reviewed periodically.

Employee participationThe group is committed to open and trans-parent communication with employees andemployee participation is encouragedthrough various short-term and long-terminitiatives and campaigns. A quarterlyLeadership Summit facilitates communica-tion between management and employeerepresentatives across the organisation. Inaddition,representatives of all unions serve onkey committees such as Impala’s HIV/AIDSand Best Practice Committees.

Code of valuesThe group has adopted a code of valuesgoverning the manner in which it doesbusiness with its stakeholders and, in par-

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IMPLATS ANNUAL REPORT 2004

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ticular, covering business integrity anddevelopment, and the safety of employees.These are detailed on page 5 of this report.The process whereby employees havecommitted themselves to these values hasresulted in the development of the principlesof that code into a “Value Statement” whichinterprets those values in a practical andeasily understandable form. All employeesand directors are required to adhere to theethical standards contained in this code.

EthicsImpala has a bona fide code of businesspractices to which all employees andsuppliers are expected to adhere.The policyoutlines conflicts of interest, the preventionof dissemination of company information,the acceptance of donations and gifts, andprotection of the intellectual property andpatent rights of the company. The policyoutlines the disciplinary action (includingdismissal or prosecution) which will betaken in the event of any contravention.

A formal, comprehensive, ethics policyembracing all operations in the group isbeing prepared for formal adoption duringthe forthcoming year.Procedures will be putin place to ensure compliance with recentlypromulgated legislation by all operations.

ShareholdersImplats communicates regularly withshareholders and other stakeholdersregarding its financial and operationalperformance. Communication withinterested institutional and privateinvestors pays due regard to the statutoryand regulatory requirements on thecommunication of price sensitive infor-mation by the company and its officers.

Investors, fund managers, analysts, themedia and the market are kept fully,timeously and honestly informed on alldevelopments. It is company policy to paydividends twice a year, at the end of theinterim financial period (when approxi-mately one-third of the dividend is paid) andat the end of the financial year (when usuallythe remaining two-thirds are paid). Whilethe payment of dividends is not guaranteed,they have been paid consistently for theprevious five years. Currently, the dividendcover is 1.9. The company has paid a special

dividend previously and would considerdoing so again if there was cash available inexcess of the company‘s requirements andit elected not to pursue any other means ofreturning excess cash to shareholders.

The shareholder communication functionsof the group secretary and the share registrarare supported by an investor relations pro-gramme which operates in South Africa,Europe and the United States. This pro-gramme is aimed at maintaining contactwith institutional shareholders, fundmanagers and analysts in these countries,and the media, and to undertake formalfinancial disclosure through the interim andannual results announcements, the annualreport, roadshows, press releases, ad hocinvestor meetings, participation in invest-ment conferences and the website. In parti-cular, roadshows and teleconference callsalso provide investors with the opportunityto communicate with management and tomake recommendations to the board.Management is also open to meetingsrequested by shareholders and contactdetails are available on the website.

The results announcements, both interimand annual, take the form of live presenta-tions which are webcast simultaneously.Inter-national conference calls are also held.All presentations, webcasts and conferencecall transcripts are available on the website.In addition, copies of all presentations madeby executive management are posted onthe website.

Access to informationImplats has complied with the requirementsof the Promotion of Access to Information Actof 2000.The corporate manual is available onthe website and from the Group Secretary.

The group observes a closed period from theend of the relevant accounting period to theannouncement of interim or year-endresults, during which neither directors noremployees can deal, either directly orindirectly, in the shares of Implats or itslisted subsidiaries.

SponsorDeutsche Bank is the corporate sponsor,in compliance with the JSE’s listingrequirements.

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Effects and implications of theannual general meetingThe AGM provides an opportunity forshareholders to question the boardincluding the chairpersons of the variousboard committees.

The notice of the AGM set out on page 144will have the following effects andimplications.

Item 1. To approve the annual financial state-

ments for the year ended 30 June 2004.2. To elect Messrs RSN Dabengwa and

LC van Vught, Drs FJP Roux andK Mokhele, and Ms NDB Orleyn asdirectors of the company.

3. Re-elect as directors of the companyMs CE Markus, Messrs JV Roberts andJM McMahon, who retire from office atthe meeting.

4. To approve the remuneration of thenon-executive directors for the forth-coming year.

5. To grant the directors general authorityto issue shares in the capital of thecompany subject to a maximum of 10%of the issued capital and the provisionsof the Companies Act.

6. To extend for a further year theauthority of the directors to issue sharesin the capital of the company for cashsubject to the provisions of the JSESecurities Exchange South Africa’slistings requirements. The annualamount, which can be issued, is limitedto 15% of the issued share capital. Theresolution requires a 75% majority voteof members present at the meeting toapprove the resolution.

Special business7. To extend for a further year the

authority of the directors to buy-back amaximum of 10% of the company’sissued share capital. The specialresolution requires approval by a 75%majority of members present at themeeting.

32

IMPLATS ANNUAL REPORT 2004

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Employment equity targets

Current Current Current FY2006**Total Total % %

employees designated* designated* target*

Senior management 78 8 10.3 23,5Middle management 454 133 29.3 31,2Skilled 1 844 794 43.1 45,1Total 2 376 935 39.4 42,3

* The term “designated employee” refers to those employees designated in terms of the Employment Equity Act as having beenhistorically disadvantaged.

** Negotiated targets as required in terms of the Employment Equity Act.

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Executives and senior management

Executive committeeKeith Rumble Chief Executive Officer

David BrownChief Financial Officer

Rob DeyGroup Engineering Manager

Derek EngelbrechtMarketing Executive

Ramun MahadeveyGroup Secretary and Senior ManagerLegal Services

Cathie MarkusExecutive Director

Humphrey OliphantHuman Resources Executive

Les PatonExecutive Director

Mike RossouwGroup Consulting Engineer – Assets and Risk

Dirk TheuninckOperations Executive – Refineries

Paul VisserOperations Executive – Rustenburg

Risk Management CommitteeArea of responsibility: Minimising risk toassets and income earning capacityMike Rossouw (Chairman)David BrownRob DeyBob GilmourCathie MarkusChris McDowellHumphrey OliphantDirk TheuninckHenk van VeenPaul Visser

Hedging CommitteeArea of responsibility: Hedging metal salesand conversion of foreign exchangeproceeds to RandsKeith Rumble (Chairman)David BrownDerek EngelbrechtJohan van Deventer

Implats EnvironmentalManagement CommitteeArea of responsibility: Managing andrectifying the impact which miningand processing have on the environmentDirk Theuninck (Chairman)Paul DunnePierre LourensCathie MarkusJohan van DeventerGeorge Watson

Business Development CommitteeArea of responsibility: Identifying newbusiness opportunitiesBob Gilmour (Chairman)Rob DeyPaul FinneyLes JaggerDeon JanssenChris McDowellLes PatonJohan Theron

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IMPLATS ANNUAL REPORT 2004

Board and management

Peter Joubert (71) (Chairman)BA DPWM. Chairman, General

Motors (SA), Munich Reinsurance ofAfrica, BDFM Publishers and

Sandvik. Director Delta ElectricalIndustries and Hudaco. Joined the

board in 1995 and appointed asChairman in 2002.

Khotso Mokhele (48)BSc (Agriculture), MSc (Food

Science), PhD (Microbiology).Director Iscor Limited,

President and Chief ExecutiveOfficer of the National

Research Foundation. Joinedthe board in 2004.

Sifiso Dabengwa (46)BSc (Elec Eng) MBA, EDA,Managing Director of MTN(SA).Joined the board in 2004.

▼

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Mike Pleming (68)Pr Eng. FIMM. Director, Harmony

Gold Mining Company. Joinedthe board in 1998.

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Lex van Vught (61)BSc (Hons) (Chemistry), B Comm.Director AECI and Tiger BrandsLimited. Joined the board in 2004.

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John Roberts (62)FCIS ACMA. MBA (Henley)

Director, Senwes Limited. Joinedthe board in 1998.

Daryl O’Connor (66)CA (SA). Joined the board in 1995.

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Thandi Orleyn (48)B Juris, B Proc, LLB. Director ofRoutledge-Modise attorneys.Joined the board in 2004.

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Fred Roux (56)BSc, MSc, PhD, MBA. Joined theboard in 2004. Non-executivedirector of Xstrata plc.

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35

IMPLATS ANNUAL REPORT 2004

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Keith Rumble(Chief Executive Officer) (50)

BSc (Hons) MSc (Geology).Joined the group in 2001

in that capacity.

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Vivienne Mennell (61) BA, MBA, FCMA,THD. Joined the

board in 1990 as financial director.Re-joined the board in 1998 as a

non-executive director.

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Les Paton (Executive Director) (52)BSc (Hons) (Geology), B Comm.Joined the group as geologist in 1975and appointed to the board in 2003.

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David Brown(Executive Director and CFO) (42)CA (SA). Joined the group in 1999 inthat capacity.

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Cathie Markus(Executive Director) (47)

BA LLB. Joined the group as legaladviser in 1991 and appointed to

the board in 1998.Non-executive director

of Iscor Limited

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Michael McMahon* (57)Pr.Eng. BSc (Mech Eng). Director of Gold FieldsLimited. Joined the group in 1990 as ManagingDirector, appointed Chairman in 1993 and anon-executive director in 2002.

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Thabo Mokgatlha (29)CA (SA), Financial Director of Royal BafokengResources Management Services (Pty) Limited.Joined the board in 2003 as nominee of theRoyal Bafokeng Nation.

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* British

Team work is a thread that runs through everythingwe do at Implats, and is underpinned by the need todevelop capacity within the company. Paul Dunne,General Manager: Mineral Processes,Tania Ehrenreich,Operations Manager at the tailings scavenging plant,and Adele Coetzee, Operations Manager MerenskyPlant, form part of a closely-knit team at MineralProcesses where there has been a massive increase inthroughput over the past few years. Not only has theoperation been able to perform at peak but it has alsomanaged to reduce its impact on the environment atthe same time.