The Conversation (0)
Bloomberg reported that more shafts belonging to Impala Platinum Holdings Ltd. (OTC Pink:IMPUY) are losing money as a result of inflation and higher operating costs.
Bloomberg reported that more shafts belonging to Impala Platinum Holdings Ltd. (OTC Pink:IMPUY) are losing money as a result of inflation and higher operating costs.
As quoted in the market news:
Average costs increased 23 percent to 15,957 rand ($1,766) an ounce for the nine months through March from a year earlier, Implats said. Output climbed 12 percent to 1.21 million ounces compared with a year ago, when a six-week strike at its Rustenburg mine, the world’s largest for platinum, cut output.
Implats said in a statement:
The steep drop in platinum group metal prices has had a further significant impact on group profitability with a growing number of shafts either marginal or loss making. These units are being monitored on a continuous basis to determine their ongoing viability.