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Implats March quarter output tumbles

Johannesburg - Impala Platinum Holdings [JSE:IMP], the world’s second largest platinum producer, said on Tuesday refined platinum fell 46% in the three months to the end of March and its embattled Rustenburg mine would return to pre-strike levels in June.

The company had already said it lost 120,000 ounces in production earlier this year to a violent, six-week illegal strike sparked by a turf war between rival unions.

Implats said production in the three-month period fell to 230,000 ounces from 425,000 ounces in the same quarter of last year. Production declined by 22% for the nine-months to end March to 1.08 million ounces.

The battle between unions halted the company’s operations at the world’s largest platinum mine.

The fight halted operations again last week but workers were back at work within two days. The stoppage cost the company 3,000 ounces in lost production per day.

Implats said nearly 11 000 employees had resigned from the National Union of Mineworkers (Num), the industry’s largest trade union.

It said Num’s rival, the upstart Association of Mineworkers and Construction Union, has approached the company to be recognised as a union. AMCU officials told Reuters it had enlisted more than 12 000 members at the Rustenburg operations.

Implats said output was also hurt by a reduction of third party material processed by Impala Refining Services.

 
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