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Bloomberg reports that Impala Platinum cut 1,400 jobs at its Rustenburg operations, narrowed its loss and closed shafts as the producer of platinum-group metals (PGM) seeks further cost reductions to boost cash flow by as much as R1bn in the next two years.
Implats is looking to "refocus or close unprofitable areas" and revise costs structures to return to profit in an environment of low prices for platinum-group metals, the producer said in a statement on Thursday. Its headline loss, which excludes one-time items, narrowed to R150m in the six months ended 31 December from R508m a year earlier. Impala halted operations at four shafts at its Rustenburg mine in January and is optimising operations at three others. It wants to operate lower-cost, shallower and mechanised assets and the Rustenburg operation may be profitable in a low-price environment, it said. “The challenges and uncertainties confronting the South African PGM industry remain significant,” Impala said.
- Read this report by Felix Njini in full at Fin24
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