Agencies
IMPALA Platinum (JSE: IMP, Implats), a leading producer of platinum group metals, announced today that its gross concentrate volumes in H2 2021 decreased by 4% to 1.62 million 6E ounces from 1.68 million 6E ounces in H2 2020.
The company’s production from managed operations declined by 4% to 1.16 million 6E ounces (H2 2020: 1.21 million ounces) and production from joint venture operations declined by 4.2% to 271,000 6E ounces (H2 2020: 283,000 ounces).
Group refined production of 1.62 million 6E ounces, including saleable production from Impala Canada, declined by 5% from the comparative period.
The company added that refined volumes in the comparative period benefitted from increased availability of processing capacity due to the timing of annual processing maintenance.
Implats also reported that its sales volumes declined by 5% to 1.55 million 6E ounces from the comparative period, in line with lower refined production.
Importantly, the company said that its basic earnings for the period are expected to decrease by between 39% and 50% to be between R12.5 billion and R15.3 billion. Basic earnings per share for the period are expected to decrease by between 42% and 53%, to be between 1,529 cents and 1,872 cents per share.
Implats explained that in the comparative period (H2 2020), basic earnings of R25.1 billion or 3,222 cents per share, benefited from the reversal of impairment losses on property, plant and equipment and the prepayment of royalties of R10.6 billion or 1,362 cents per share (post-tax).
Implats is a leading producer of platinum group metals. The group is structured around six mining operations and Impala Refining Services, a toll refining business.
The company’s operations are located on the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe – the two most significant PGM-bearing ore bodies in the world – and the Canadian Shield, a prominent layered igneous domain.
