IMPUF - Implats sees 20% drop in full-year earnings from weaker PGM prices

2023-08-07 11:55:15 ET

Impala Platinum ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) warned Monday its earnings and headline earnings for the financial year ended June 30 likely will come in at least 20% lower than the previous year, due to weaker prices in platinum group metals.

Implats ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) said full-year headline earnings totaled 32.03B South African rand (~$1.73B) with headline EPS of 3,853 South African cents, while group-wide six-element PGM production increased by 2% to 3.25M oz from 3.19M oz produced in the prior financial year, including a 6% rise in production from managed operations to 2.42M oz of 6E; 6E metals are ruthenium, rhodium, palladium, osmium, iridium and platinum.

The miner said operating momentum at Marula was hurt by sporadic community unrest in the year's H2, compounded by the impact of load curtailment, resulting in a 7% drop from the FY 2022's record 6E concentrate production of 241K oz.

Impala Canada's 6E concentrate production totaled 291K oz, with increased throughput of higher-grade underground ore.

Implats ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) said full-year sales volumes fell 6% Y/Y to 2.97M oz, with limited destocking of refined metal inventories from an already reduced FY 2022 base.

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