27 June 2003
	SA's Top 20 Companies 1 IMPALA PLATINUM Total score: 69,1 Historic score: 75 FM's score: 65

Implats needs resilience. The stronger rand has hit earnings and the share price has been battered by proposed government regulations, from the mining charter to the 4% royalty on gross revenue. If that were not enough, Implats' previously sound labour relations were wrecked by a strike earlier this year. The share price has reflected the challenges. Why, then, does it top our list? It sells a commodity that is in strong demand around the world and has mined it better than most. It has focused on building smelting and refinery capacity through joint ventures rather than expensive capital projects. A great share price performance up to this year helped the historic score. Implats' relationship with the Royal Bafokeng Nation, to which it pays an annual 22% royalty, could be converted into an equity stake and give Implats a strong black economic empowerment partner. It all adds up to put Implats at the top of the platinum sector and top of our list.