Impala Platinum Still Ramping Up Rustenburg Mine Following Strike
May 29 2012 - 3:18AM
Dow Jones News
Impala Platinum Holdings Ltd. (IMP.JO), the world's
second-largest producer of the metal, Tuesday said it is still
ramping up output from its largest platinum operation, the
Rustenburg mine, following a six-week strike there which
contributed to a 46% drop in refined platinum production in the
third fiscal quarter compared with the same quarter a year
before.
Refined platinum output, including from third-party sources,
dropped to 230,000 troy ounces for the three months ending March
31, compared with 425,000 troy ounces in the same quarter a year
before, bringing the total nine-month output figure to 1.076
million ounces, down 22% from the same period a year before.
Impala has suffered production setbacks during the quarter,
owing in part a protracted illegal strike at its Rustenburg mine
and reduced processing of third party ounces at Impala Refining
Services. While both palladium and rhodium were similarly affected,
the effect on nickel output was mitigated by the processing of
nickel sulphate stocks, Impala said.
The Johannesburg-based miner said that the issuance of Section
54 notices, or government-issued work stoppage ordinances due to
health and safety concerns, resulted in the loss of about 5,000
ounces of platinum production in the third fiscal quarter, down
from the first six months where 8,000 and 25,000 ounces were lost
in the first and second quarters respectively.
The company said a direct comparison between Section 54 related
losses in the third quarter and previous quarters is difficult to
make as production in the third quarter was severely impacted by
the industrial action at the Rustenburg mine.
Following the end of the third quarter, Impala continued to
ramp-up its Rustenburg output but has not yet reached full
production. In April, the operation produced 50,000 ounces of
platinum and at the beginning of May production had reached 75% of
budgeted production levels, the company said. It expects to reach
full production capacity in June 2012.
Impala's shares closed Monday up 2.6% at 137.41 South African
rand.
-By Alex MacDonald, Dow Jones Newswires; 44 20 7842 9328;
alex.macdonald@dowjones.com
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