Implats rings alarm bells for R20bn asset writedown
Headline earnings to fall as much as 90% because of lower prices and BEE transaction
07 August 2024 - 18:09
Impala Platinum (Implats) has warned shareholders that it would report a loss in the year to end-June when it tables its results later this month, with the group set to write off R20bn in the value of its assets due to a plunge in platinum group metal (PGM) prices.
The impairment is more than a quarter of the group’s market capitalisation of R75bn. The mining house on Wednesday said that because of lower earnings, which took a haircut from the price plunge, coupled with a one-off R1.9bn broad-based BEE (BBBEE) charge the group expected its headline earnings to tumble by as much as 90%...
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