Impala Platinum Holdings Ltd., which plans to cut about 13,000 jobs and close or sell shafts at its struggling Rustenburg mining complex, said its loss for the 12 months through June will be bigger than a year earlier.
Implats, as the company is known, will probably report a full-year loss of 10.17 billion rand to 11.68 billion rand ($700 million to $800 million), the company said in a statement. That compares with an 8.2 billion rand loss a year earlier. The results will include impairments of 9.7 billion rand, mostly on the Rustenburg assets, it said.
The so-called headline loss, which excludes some one-time items, will be 1.16 billion rand to 1.34 billion rand, compared with a loss of 983 million rand a year ago, Implats said. Refined platinum production likely declined 4 percent, mostly due to a build-up of inventory, and concentrate platinum output is seen 1 percent higher, the company said.
Implats’ shares fell as much as 2 percent before paring losses to trade 1 percent up by 2:53 p.m. in Johannesburg.
(By Felix Njini)
