Impala Platinum’s (Implats) refined platinum, palladium, rhodium, iridium, ruthenium, and gold (6E) production, which includes saleable ounces from Impala Bafokeng and Impala Canada, rose 14% to 3.38 million 6E ounces during the financial year ended June 30.
Its gross group 6E production jumped 13% to 3.65 million 6E ounces from 3.25 million 6E ounces a year earlier, with a 1% decline in like-for-like production.
Implats said production from managed operations also leapt 21% to 2.92 million 6E ounces, with a like-for-like improvement of 2% from the collective production base at Impala Rustenburg, Marula, Zimplats and Impala Canada.
Production from joint ventures went up marginally to 547 000 6E ounces.
However, concentrate receipts from third parties fell by 34% to 191 000 6E ounces due to the conclusion of two contracts in the third quarter.
Meanwhile, Implats’ sales volumes increased by 16% to 3.44 million 6E ounces.
Received US dollar sales revenue per 6E ounce fell 34%, with sharply lower average palladium and rhodium pricing.
The achieved rand exchange rate weakened by 5% and group sales revenue decreased by 30% to R25,257 ($1,371) per 6E ounce sold.
Its basic earnings for the financial year were affected by R19.8 billion ($1.1 billion) of impairments, including the impairment of goodwill, property, plant and equipment and the prepaid royalty at Impala Rustenburg of R16.5 billion ($895 million) due to weak and platinum group metal (PGM) price.
As a result, Implats expects to report basic earnings for the period as a loss of between
R16.9 billion ($917 million) and R17.8 billion ($966 million).
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
