(Kitco News) - Impala Platinum (JSE: IMP, Implats), a leading producer of platinum group metals (PGM), yesterday announced that for the September 2022 quarter, its 6E PGM in concentrate production increased by 2% y-o-y to 824,000 ounces.
However, the company's refined 6E PGM production, which includes saleable ounces from Impala Canada, was impacted by scheduled processing maintenance and ongoing power disruptions in South Africa and declined by 5% to 705,000 ounces.
Implats said that scheduled maintenance was successfully completed in July and August, with smelting rates impacted by the increased frequency and severity of load curtailment in September.
Importantly, the company noted that key guidance parameters for FY2023 are maintained, adding that unit costs and capital expenditure remain vulnerable to a sustained depreciation of the rand due to the translation of the dollar cost base at both Impala Canada and Zimplats.
CEO Nico Muller commented, "Implats continues to navigate a complex operating environment, while maintaining our intense focus on delivering safe and cost-efficient production. Despite headwinds, we expect revenue to remain robust."
He also pointed out that PGM pricing remains volatile and vulnerable to macro-economic news flow.
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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