IMPUY - Implats sees full-year output at lower end of guidance after power cuts

2023-05-02 20:23:39 ET

South Africa's Impala Platinum ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) said Tuesday its FQ3 refined platinum group metal production fell 10% from a year earlier, weighed by the increased severity of domestic and regional power constraints.

In a production update for the latest three-month and nine-month periods, Implats ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) said it produced 662K PGM oz in the March quarter, compared to 735K oz in the same period last year.

"Production in the quarter was impacted by lower group production volumes and compounded by reduced available smelting capacity due to scheduled maintenance and the increased severity and frequency of load curtailment in the quarter," the company said.

Group production volumes for the nine months ended March 31 fell 2% Y/Y to 2.35M oz, and gross refined and saleable production declined 9% to 2.14M oz, due to constrains on processing capacity.

Despite the operational challenges, Implats ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) said it still expects to meet its production guidance for the full year to June of 3M-3.15M PGM oz although at the lower end of the range.

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