Bloomberg reports that Impala Platinum (Implats) said it is still working toward shutting or selling one of the aging shafts flagged for closure as part of a restructuring plan at its Rustenburg complex.
The platinum producer is in talks with various stakeholders, mostly about its Impala No. 1 shaft, and expects the engagements to be concluded in the next four to six months. The mine, one of the company’s oldest, is nearing the end of its life and employs about 3,000 people. The company said last year it planned to cut more than 13,000 jobs as part of the restructuring of lossmaking mines. Implats may be among producers heading for a showdown with unions as the industry will soon enters into negotiations for new wage agreements. Meantime, the company had a challenging quarter after production was affected by interruptions in power supply from Eskom, but it still expects to meet its annual output target. The miner was benefiting from strong palladium and platinum prices and had remained profitable in the financial year to date, said CEO Nico Muller.
- Read the original of Felix Njini’s report on the above at Fin24
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