Impala Platinum Expects Earnings Drop on Weaker Dollar Pricing — Update
By Michael Susin
Impala Platinum Holdings said it expects both basic and headline earnings for the first half of fiscal 2024 to be hit by a weaker dollar on the pricing of platinum group metals.
The South African platinum miner said on Wednesday that it expects headline earnings and earnings per share for the six months ended Dec. 31 to be at least 20% lower than the 14.0 billion South African rand ($744.7 million) and 1,654 cents, respectively, reported the same period a year ago.
The company added that it expects basic earnings and basic earnings per share to be at least 20% lower than the ZAR14.0 billion and 1,648 cents, respectively, reported a year ago.
Impala said that production increased by 18% to 1.90 million ounces from 1.62 million ounces, with gains on a like-for-like basis of 2%.
"Implats delivered strong production volumes and commendable cost control in first half of fiscal 2024, despite navigating several serious challenges as well as an increasingly constrained operating environment caused by the significant retracement in rand platinum group metals pricing," it said.
Sales volumes also increased to 1.7 million ounces from 1.5 million ounces.
Regarding the accident at Rustenburg's 11 Shaft on Nov. 27, the company said it expects infrastructure repairs to be completed by the end of February, with a build-up to full production capacity currently targeted for April 2024.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
January 31, 2024 03:14 ET (08:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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