IMPUY - Implats restarts South Africa platinum mines after deadly accident

2023-11-30 10:54:22 ET

• Impala Platinum ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) said Thursday it is restarting production at its Rustenburg operations in South Africa that were shut for two days following an accident that killed 12 workers.
• Operations at the platinum mines will be ramped up gradually to near-normal production by Monday, the company said.
• Rustenburg's No. 11 shaft where the incident occurred likely will not restart until next year, Implats ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) told Reuters without saying how the closure would impact the company's overall metals production.
• The affected shaft accounts for ~15% of Implats' ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) platinum group metals production at the Rustenburg complex.
• Bank of America analysts said the No. 11 shaft has annual production of 173K oz and could be out of service for as much as 18 months, hurting earnings.

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