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Implats progresses with restructuring as production picks up
Implats progresses with restructuring as production picks up. The platinum producer says it's in talks to sell or outsource its 1 Shaft at Rustenburg as it eliminates high-cost production.
Impala Platinum is proceeding with a restructuring of its operations as it sticks to its commitment to eliminate high-cost production. The platinum producer says it's already in talks to sell its 1 Shaft operation in Rustenburg.
In a first-quarter production report yesterday, Implats said it had entered a Section 189 restructuring process for 1 500 workers as it starts the process of outsourcing or disposing of the Rustenburg shaft, which is scheduled to be put on care an maintenance next April.
We remain steadfast in our resolve to eliminate high-cost production at this business, aligned with our lower future metal prices outlook," CEO Nico Muller said. "so it stands out better."
Tonnes milled across its operations rose 1.9% to 6.87-million tonnes over the quarter. It said the increase was largely due to a much stronger operational performance at Impala Rustenburg, which achieved its highest first-quarter mill tonnage of 3.15-million tonnes since 2013.
Platinum concentrate across its operations was maintained at 349 000 ounces as the increased production from its Rustenburg operations was offset by lower volumes from Two Rivers in the Bushveld complex and Mimosa in Zimbabwe. Gross refined platinum production increased by 8.2% to 369 000 ounces from the first quarter of last year when its Impala and Zimplats operations were affected by scheduled furnace maintenance.
Implats said revenues benefitted from a weaker rand and improved palladium and rhodium prices over the quarter, with a 14.2% increase in revenue per platinum ounce received. Its safety performance was also better, with a 9% improvement in lost-time injury frequency rate.
Its shares rose 10.3% to R27.02 yesterday.
Tonnes milled at Impala Rustenburg increased by 5.6% in Q1 2019 compared to the previous corresponding quarter, reflecting the positive outcomes of various initiatives implemented at the operation to improve safety, production and cost performance. #Implats pic.twitter.com/yXqTRpoxFv
-- Implats (@Implats) October 31, 2018
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By INCE|Connect NewsImplats progresses with restructuring as production picks up. The platinum producer says it's in talks to sell or outsource its 1 Shaft at Rustenburg as it eliminates high-cost production.
Impala Platinum is proceeding with a restructuring of its operations as it sticks to its commitment to eliminate high-cost production. The platinum producer says it's already in talks to sell its 1 Shaft operation in Rustenburg.
In a first-quarter production report yesterday, Implats said it had entered a Section 189 restructuring process for 1 500 workers as it starts the process of outsourcing or disposing of the Rustenburg shaft, which is scheduled to be put on care an maintenance next April.
We remain steadfast in our resolve to eliminate high-cost production at this business, aligned with our lower future metal prices outlook," CEO Nico Muller said. "so it stands out better."
Tonnes milled across its operations rose 1.9% to 6.87-million tonnes over the quarter. It said the increase was largely due to a much stronger operational performance at Impala Rustenburg, which achieved its highest first-quarter mill tonnage of 3.15-million tonnes since 2013.
Platinum concentrate across its operations was maintained at 349 000 ounces as the increased production from its Rustenburg operations was offset by lower volumes from Two Rivers in the Bushveld complex and Mimosa in Zimbabwe. Gross refined platinum production increased by 8.2% to 369 000 ounces from the first quarter of last year when its Impala and Zimplats operations were affected by scheduled furnace maintenance.
Implats said revenues benefitted from a weaker rand and improved palladium and rhodium prices over the quarter, with a 14.2% increase in revenue per platinum ounce received. Its safety performance was also better, with a 9% improvement in lost-time injury frequency rate.
Its shares rose 10.3% to R27.02 yesterday.
Tonnes milled at Impala Rustenburg increased by 5.6% in Q1 2019 compared to the previous corresponding quarter, reflecting the positive outcomes of various initiatives implemented at the operation to improve safety, production and cost performance. #Implats pic.twitter.com/yXqTRpoxFv
-- Implats (@Implats) October 31, 2018