Implats profit plunges 88%

Impala Platinum said profit plunged 88% in the first half of its current financial year, as it followed peers by reporting much lower earnings because of plummeting prices in the metals they mine.

The Johannesburg-based miner announced Thursday that basic earnings dropped to R1.6 billion in the six months through December.

After the prices of platinum, palladium, and rhodium declined sharply last year, Impala – known as Implats – said it isn’t anticipating much improvement this year.

Implats also declared no interim cash dividend, citing prevailing market conditions of softer PGM pricing and the impact of several key capital projects.

The firm – one of the biggest platinum producers in the world – expects 2024 “to be a difficult year characterized by anaemic precious metal consumer and investor sentiment as economic and geopolitical uncertainty lingers,” the company said in a statement.