Impala Platinum Swings to Loss on Impairments

By Ian Walker

Impala Platinum Holdings reported a swing to loss for fiscal 2024 as previously guided, after booking a number of impairments.

The world's second-biggest platinum miner said Thursday that basic loss for the year ended June 30 was 17.31 billion South African rand ($970.9 million) compared with a profit of 4.905 billion rand for the comparable period a year earlier. It had guided for a loss of between 16.9 billion rand and 17.8 billion rand for fiscal 2024.

The company booked 19.8 billion rand of impairments related mostly to goodwill, property, plant and equipment and the prepaid royalty at Impala Rustenburg.

Stripping out exceptional and other one-off items headline earnings were 2.41 billion rand compared with 18.80 billion rand and guidance of 1.9 billion rand to 2.8 billion rand.

Revenue for the period was 86.4 billion rand compared with 106.59 billion rand due mainly to a fall in the dollar price of platinum group metals and despite higher production.

Overall gross production of platinum group metals increased by 13% to 3.65 million ounces while production from managed operations rose 21% to 2.92 million ounces, as reported on Aug. 7.

For the year ahead the company expects to produce between 3.45 million and 3.65 million PGM ounces at a cost of between 21,000 rand and 22,000 rand per ounce.

Capital expenditure is forecast to be between 8 billion rand and 9 billion rand compared with 14.0 billion rand in fiscal 2024.

The board hasn't declared a dividend for the year.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

August 29, 2024 01:44 ET (05:44 GMT)

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