Impala Platinum Holdings, a South African platinum miner, has announced that it anticipates a decline in both basic and headline earnings for the first half of fiscal 2024. The company attributes this decline to the weaker valuation of the dollar in relation to the pricing of platinum group metals.
For the six months ended December 31, Impala expects headline earnings and earnings per share to be at least 20% lower than the figures reported in the same period a year ago. In the previous year, the company reported 14.0 billion South African rand ($744.7 million) and 1,654 cents, respectively. Similarly, Impala also foresees a 20% decrease in basic earnings and basic earnings per share compared to the previous year’s figures of ZAR14.0 billion and 1,648 cents.
Despite facing various challenges and operating within a constrained environment due to the significant drop in rand platinum group metals pricing, Impala achieved an 18% increase in production. The company’s production volume rose to 1.90 million ounces compared to 1.62 million ounces on a like-for-like basis, which includes a gain of 2%.
Impala also witnessed a growth in sales volumes, with an increase from 1.5 million ounces to 1.7 million ounces.
Regarding an accident that occurred at Rustenburg’s 11 Shaft on November 27, Impala expects infrastructure repairs to be completed by the end of February. The company is currently working towards achieving full production capacity by April 2024.