Northam Platinum output to drop 50%

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Impala Platinum1 INDEPENDENT MEDIA File photo: Supplied

Johannesburg - Northam Platinum said production at the Zondereinde mine in South Africa, its biggest operating asset, will be reduced by half following an accident.

Shaft number one at the mine will be out of commission for repairs stretching to as many as six weeks after a counterweight fell yesterday, causing damage to steelwork about 2,000 meters (6,562 feet) underground, the Johannesburg-based company said in a statement.

No injuries were reported.

The accident occurred during routine maintenance at the shaft, Northam said.

The number two shaft remains fully operational.

The stock fell as much as 2.3 percent to 44.20 rand and traded at 44.40 rand as of 9:28 a.m. in Johannesburg.

The company said it will carry out an investigation of the incident with the Department of Mineral Resources. - Bloomberg News

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