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Impala Platinum in for rocky year

By unknown | Feb 15, 2008 | COMMENTS [ 0 ]

Zweli Mokgata

Zweli Mokgata

Mining giant Impala Platinum managed to boost production and achieve record production levels last year. But the year ahead is likely to be difficult as power shortages continue.

Impala Platinum's sales revenue rose by 10percent to R16,3billion for the six months that ended in December 2007.

The company reached all-time high production levels of 1,03million ounces of platinum.

Implats chief executive, David Brown, said: "Our production went up on the back of improved results from Impala Rustenburg and the ongoing ramp ups at our other operations."

The platinum market last year showed a deficit as South African supply fell and global demand strengthened from an increase in diesel vehicle sales.

South Africa produces 75 percent of the world's platinum and has lately been unable to meet unrelenting world demand. The South African supply of platinum this year is expected to drop by 20percent to 25percent.


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