PLATINUM MINING
Implats to report record loss on plan to cut mines
Impala Platinum (Implats) will report a record annual loss of up to R11.7bn as it writes off the value of its Rustenburg mines — where it is starting extensive restructuring — by R9.7bn. Implats, the world’s second-largest source of platinum, drew a heated backlash from mineral resources minister Gwede Mantashe and Joseph Mathunjwa, president of the Association of Mineworkers and Construction Union (Amcu), the largest union at the Rustenburg mines, for its plans to cut 13,000 jobs and reduce the number of mines to six from 11. The plans, which will cost R2.7bn to effect over two years, add to the woes of SA’s mining sector, which is haemorrhaging jobs in the platinum and gold sectors where old and unprofitable mines are closed or scaled down to eke out the last profitable ounces. Given its plans with its mines around Rustenburg, which entail reducing its processing capacity in line with taking 230,000oz of platinum production capacity out of the system, Implats is taking an impairme...
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