Implats warns of full-year plunge
Stagnant prices, rising operating costs and impairment against royalty prepayment hammer the second-largest platinum producer
22 August 2017 - 08:55
Impala Platinum (Implats), the world’s second-largest producer of the metal, warned of a steep drop into a full-year loss as costs outpaced growth in revenue from a flat platinum group metal price as well as a chunky impairment against a royalty deal with the Bafokeng. CEO Nico Muller recently took over from Terence Goodlace at a time when Implats is winding down old mines and ramping up production at two new mines against a backdrop of such weak platinum group metal prices that about 65% of SA’s platinum mines are unprofitable or marginal.
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