ANNUAL PRODUCTION
Implats cuts refined platinum forecast
Market focuses on the producer’s improved production from the South African mines
The news of a 50,000oz reduction in Impala Platinum’s (Implats’s) refined platinum output forecast was largely ignored by the market, which focused on the improved production from the South African mines. Implats, the world’s second-largest producer of platinum, reported it had lowered its refined metal production forecast by 50,000oz to between 1.51-million and 1.56-million ounces for the financial year to end-June 2018. While the 50,000oz was valued at R1.25bn at prevailing prices, Implats had more than 120,000oz of refined platinum group metals in its vaults to draw down if it needed to sell more metal during the year, said spokesman Johan Theron. BMO Capital Markets said: "Although we expect no material changes to our full-year forecast, production and sales are now expected to be biased towards the second half of the year, with the potential for some cost-capex increase due to planned refurbishment work." Implats had R7.8bn of cash by the end of June and R4bn in unutilised debt...
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