Implats warns interim profit will be more than 20% lower

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IMPALA Platinum, the world’s second-largest producer of the metal, warned on Tuesday its interim profit would be more than 20% lower than a year ago because of the aftermath of the five-month wage strike and a closure of a mine in Zimbabwe.

Earnings for the six months to end-December will be more than 20% below headline earnings per share of 142c and basic earnings per share of 145c generated a year ago, the company said.

The decline in earnings is a result of its mines near Rustenburg ramping up to pre-strike productionlevels after the labour stoppage ended in June.

There were safety stoppages and industrial action at the Marula mine and Implats closed its Bimha mine in Zimbabwe. The mines in Zimbabwe are operated by Zimplats, a subsidiary of the South African company.

South African platinum miners lost more than 1.3-million ounces of platinum to the strike, the longest in SA’s history.

Implats will release its results on February 26.

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