Implats share jumps more than 5% despite lowering refined platinum target
Impala Platinum’s share price rose 5.5% to R40.09 on Tuesday morning, despite the mining group lowering its refined metal target because one of its furnaces would be out of production until December. The group said on Tuesday it raised the amount of ore milled by 9.6% to 6.74-million tonnes in the September quarter, which is the first quarter of its financial year. But the amount of refined platinum it produced declined 6.6% to 341,200oz from the matching quarter in 2016, due to planned maintenance of various furnaces. "During the maintenance of the Impala number 5 furnace, excessive wear in some areas became apparent and a decision was taken to completely refurbish it. As a result, the furnace is now only scheduled to come back online from December," Impala said.
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