Implats ‘top performing company’ 2nd October 2003
Impala Platinum has been named as the top performing South Africa-listed company in the Financial Mail's Top Companies survey for the second year running.
The company came out top in the internal rate of return, return on equity and earnings and share growth in the past five years categories.
The success will come as welcome news for Implats CEO Keith Rumble, who has been pursuing a strategy of structural simplification for the past two years, specifically through the reduction of cross-holdings.
The company now has 200 million ounces of platinum beneath the ground (thanks to the acquisition of Zimplats), which allows the company to plan for long-term growth.
Referring to the Zimplats move, chief financial officer David Brown said 'any concern about our limited resource base was dealt with in one fell swoop'.
Mr Rumble said that investors are attracted by the company's ability to deliver on its promises:
'We can deliver ounces out of the ground effectively and are ahead of the game on our plans to produce two million ounces of platinum [by 2006].'
Rumble also went on to discuss the possiiblity of listing on the New York Stock Exchange, telling Business Day that it was 'definitely something we will have a closer look at in the future probably in 12 to 18 months'.
However, for the time being, Mr Rumble said a full listing in New York is not an immediate focus.

© Adfero Ltd
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