Implats Announces Lower Platinum Group Metals Production and Core Earnings in H2 2021

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(Kitco News) – Impala Platinum (JSE: IMP, Implats), a leading producer of platinum group metals, today announced that its H2 2021 gross concentrate volumes decreased 4% to 1 .62 million 6E ounces vs. 1.68 million 6E ounces in H2 2020 .

Company production from managed operations decreased 4% to 1.16 million 6E ounces (H2 2020: 1.21 million ounces) and production from joint venture operations decreased 4.2% to 271,000 ounces 6E (H2 2020: 283,000 ounces).

Group refined production of 1.62 million 6E ounces, including marketable production from Impala Canada, decreased 5% from the comparative period.

The company added that comparative period refined volumes benefited from increased availability of processing capacity due to the timing of annual processing maintenance.

Implats also reported that its sales volumes were down 5% to 1.55 million 6E ounces compared to the comparative period, in line with lower refined production.

Importantly, the company said its core earnings for the period are expected to decline by 39% to 50% to between R12.5 billion and R15.3 billion. Basic earnings per share for the period are expected to decline between 42% and 53%, to between 1,529 cents and 1,872 cents per share.

Implats explained that in the comparative period (H2 2020), core profit of R25.1 billion or 3,222 cents per share, benefited from the reversal of impairment losses on property, plant and equipment and the payment anticipated royalty fee of R10.6 billion or 1,362 cents per share (after tax).

Implats is a leading producer of platinum group metals. The group is structured around six mining operations and Impala Refining Services, a toll refining activity. The Company’s operations are located on the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe – the two most significant PGM-bearing ore bodies in the world – and the Canadian Shield, a major stratified igneous domain.

Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

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