(Kitco News) - Impala Platinum (JSE: IMP, Implats), a leading producer of platinum group metals (PGM), announced Friday that for the year ended 30 June 2022 (FY2022), its concentrate production declined by 3.6% to 3.17 million 6E PGM ounces compared to the previous year.
The company said that gross refined volumes (including saleable production from Impala Canada) were impacted by lower concentrate production and the extended maintenance required on the Number 3 Furnace at Impala Rustenburg.
Consequently, gross refined volumes declined by 5.6% to 3.09 million 6E ounces. Refined volumes in the comparative period benefitted from increased availability of processing capacity due to the timing of annual processing maintenance, the company added.
Importantly, Implats reported that its basic earnings for the period are expected to decrease by between 29% and 35% to be between R30.5 billion and R33.5 billion and EPS for the period is expected to decrease by between 33% and 39% to be between 3 669 cents and 4 030 cents per share.
Headline earnings are expected to decrease by between 8% and 16% to be between R30.5 billion and R33.5 billion and HEPS is expected to decrease by between 13% and 21% to be between 3 669 cents and 4 030 cents.
Implats added that earnings in the period were adversely impacted by the combination of lower sales revenue and inflationary pressures on operating costs.
"Implats navigated several operational challenges during the period. Extended safety stoppages, intermittent industrial action and power-supply interruptions at Impala Rustenburg had a notable impact on production, while ongoing supply-chain constraints hampered operational continuity at Impala Canada. Marula delivered a record performance in the period, while Zimplats sustained production levels despite a complex operating environment and increased project activity,” the company said in a press-release.
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.
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