Technical troubles keep Implats mired in money-losing territory
The Impala Platinum (Implats) interim financial results showed the consequences of low metal prices, unprofitable mines and troubles at its smelting complex, keeping the company in a loss-making position and unable to pay a dividend. Implats, the world’s second-largest platinum producer, posted a total comprehensive loss of R866m for the six months to end-December, compared with an R886m loss for the matching period a year earlier. It had an attributable loss of R163m compared with a loss of R371m. Revenue dipped to R17.3bn from R18.5bn. It recorded a pretax profit of R193m from a R238m loss the previous year. Implats recorded a R250m "additional profits tax" from its Zimplats subsidiary in Zimbabwe, which contributed to the post-tax loss. Unplanned maintenance of one of its furnaces, the number five furnace at Rustenburg, for four months led to a 75,000oz increase in pipeline stocks of platinum, which is unsold metal in the processing system. Implats CEO Nico Muller said this probl...
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