Impala Platinum drops over 3%

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IOL BR mining PIC001 REUTERS File image: Reuters

Shares of Impala Platinum (Implats) slide more than three percent as brokerage houses CIBC and BMO cut the world's second largest platinum producer's price target to 130 rand and 125 rand, respectively.

Its shares drop 3.05 percent to 136.21 rand.

Implats said Tuesday quarterly refined platinum output fell 46 percent, hit by an illegal strike that cost it 120,000 ounces in lost production at its Rustenburg operations. It said the mine will only be back at pre-strike levels by June. - Reuters

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