Implats slashes its losses but still struggles with Rustenburg
The second-biggest platinum miner in the world, Impala Platinum, is struggling with its troubled child - its Rustenburg operation, which accounts for over 40% of the group's production but is yet to be profitable.
The Rustenburg mines, which were hit by a fire at its 14 Shaft two years ago, has also had fatalities, and operations have been under review since last year.
The company has cut 1 400 jobs in the first half of its financial year to end-December, from a workforce of 40 000 employees, and shut its 4 Shaft.
Although the business has managed to narrow its loss to R150-million compared to a loss of R508-million in the same period the previous year, it is undergoing an operational review where it's also harvesting three shafts this year.
They are unprofitable at the current metal prices and rand price, so the company will have to shorten the shafts' lifespan to mine out more profitable grades and then close the shafts.
Implats CEO Nico Muller said the harvested mines would not have any capital injection...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
There’s never been a more important time to support independent media.
From World War 1 to present-day cosmopolitan South Africa and beyond, the Sunday Times has been a pillar in covering the stories that matter to you.
For just R80 you can become a premium member (digital access) and support a publication that has played an important political and social role in South Africa for over a century of Sundays. You can cancel anytime.
Already subscribed? Sign in below.
Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.