Impala Platinum Reports Growing Losses

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.

Click here to read the full Bloomberg report.