DURBAN – Impala Platinum (Implats) has reported a 53.88 percent decline in production in refined platinum from its own mines to 83 000 ounces, down from 180 000 ounces compared to the same quarter last year, negatively impacted by a mill failure at Mimosa and scheduled maintenance and metallurgical challenges at Two Rivers.
Implats chief executive Nico Muller said the group knew that its first quarter would be characterised by an increase in working capital due to their stringent maintenance schedule at key processing assets.
“Unforeseen challenges at Mimosa and Two Rivers were addressed… to mitigate the impact of the slow-start on full-year production targets at these operations,” Muller said.
He added that the markets for their primary products remained optimistic and they have taken bold steps to advance their stated strategy of repositioning the group through the induced conversion of the dollar convertible bond, and more recently, the announcement of their offer to acquire North American Palladium (NAP).
But the group said yesterday that mining production at Mimosa was maintained during the quarter.