Bad news from SA’s platinum belt has pushed shares of the world’s number two producer of the metal to the lowest since 1999. Impala Platinum (Implats) has dropped more than 40% this year as investors fret over glitches at its Rustenburg operations and cost ratios that compare unfavourably with some peers. On April 26, the biggest producer after Anglo American Platinum cut its production forecast for this year by about 3% and said it’s taking steps to improve output and cost performance. Some investors are pricing in a profit warning and a potential capital raising by Implats, said Ryan Seaborne, a money manager at 36One Asset Management. "They have cut guidance by 100,000 ounces to 560,000 ounces for full-year 2018 and this is only a few months after they already lowered guidance," he said, referring to the Rustenburg operations. The reduced production at Rustenburg could mean Implats has reached its break-even rate and the "operation is sailing close to the wind", René Hochreiter, ...

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