A year of two halves for Implats

The year 2008 could only be characterised as a year of two halves, Impala Platinum said on Thursday as it presented its interim results.

The first half of the year had been ”dominated by supply concerns, driven in part by the Eskom crisis”, it said.

The second half was ”victim of the credit crisis and massive deleveraging of commodities by consumers and hedge funds”.

For the six months to December 31, the group reported a 13% rise in net profit.

The miner said that revenue for the period dropped to R16,24-billion from R16,32-billion as a result of a dip in sales volumes, while gross platinum production was about 15% lower at 878 000 ounces.

Impala — the world’s second largest producer of platinum — said that with world economies and their financial systems ”still on life support”, it was increasingly difficult to forecast the outcome for 2009.

”Suffice to say we do not expect any major recovery in automotive demand.

”In this environment, and with reduced metal availability from South Africa, Russia and perhaps more significantly the recycle market [both automotive and jewellery], we expect the market to register a small surplus for 2009,” the company said.

However, the present dire economic climate belied the ”more positive fundamentals for platinum group metals that the company has often articulated”.

Yet, Impala said, the confidence needed to restore the health of the market ”may prove elusive during the bulk of the year”. — Sapa

We make it make sense

If this story helped you navigate your world, subscribe to the M&G today for just R30 for the first three months

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.”

Related stories


Already a subscriber? Sign in here


Latest stories

The Opera Virgin attends ‘The Marriage of Figaro’

Opening one’s mind to new artistic disciplines could provide enlightenment to glorious new pursuits.

What’s behind the vulture poisonings in Kruger and Chobe parks?

People poison vultures for various reasons, including a belief that they can see into the future and to stop authorities from being alerted to poaching

Kenya’s Ruto declared president-elect amid results chaos

Independent Electoral and Boundaries Commission (IEBC) chairman Wafula Chebukati said Ruto had won almost 7.18 million votes (50.49%) in the August 9 vote, against 6.94 million (48.85%t) for his rival Raila Odinga.

Kenya vote chief declares Ruto president-elect

The deputy president has been declared the winner of the close-fought election, despite several commissioners rejecting the results

press releases

Loading latest Press Releases…