Impala Platinum Holdings Limited (Implats)
Impala Platinum Holdings Limited (Implats)
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World platinum leaders Anglo American, Aquarius, Impala, Lonmin, Northam and Royal Bafokeng – jointly responsible for 70% of world mined platinum supply last year - have launched the World Platinum Investment Council to promote it as an active investment vehicle.
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Implats scheduled a mass safety awareness meeting after suspending all underground operations at Impala Rustenburg in South Africa over the deaths of four employees since work resumed following the industry-wide strike in July.
Investigations are continuing into the fatalities, the most recent on Friday. The company says the stoppage should not affect its 250,000oz production guidance for the 6 months to December 2014.
Impala Platinum aims to complete a review of its operations and capital projects by the end of December in the wake of the damaging five-month strike over wages that slashed its headline profit for the 12 months to June 2014.
Implats earnings for the year to June 2014 fell to 86cps, down from 329c after the five-month strike at most of its South African operations. The strike cost 312,000oz of production.
Chief executive Terence Goodlace forecast production of 250,000oz at Rustenburg in the six months to December, up from 390,000oz last year, but said costs “are not going to be pretty’”. Reuters
Zimplats could lose 70,000oz of platinum production after shutting down its Bimha mine in Zimbabwe due to a major ground fault.
Platinum producer Lonmin expects to lift production to 80% of normal levels by the end of its financial year in September as it recovers from a five-month strike. Zandi Shabalala reports
Amplats is to sell a swathe of its most labour-intensive South African mines after a five-month strike shattered its hopes of ever making them profitable. Ed Stoddard reports
Anglo American posted a sharp drop in platinum output due to the five month South African strike that overshadowed higher copper and iron ore production in the June quarter.Karen Rebelo reports