Protracted strike hits Implats earnings

Johannesburg - Impala Platinum (Implats) [JSE:IMP] expects its earnings to be 20% lower for the second half of this year compared to the same period last year, the company said on Tuesday.

"Shareholders are advised that Implats's headline earnings per share and basic earnings per share for the half year ended December 31, are expected to be more than 20% lower than the comparable figures of 142 and 145 cents per share respectively for the half year ended 31 December 2013," spokesperson Alice Lourens said in a statement.

The drop was primarily due to lower production from Impala Rustenburg, impacted by the ramp-up of operations to reach full capacity following the five-month strike during the second half of the financial year ended June 30.

"The group's production was further impacted by industrial action and safety stoppages at Marula and the precautionary closure of the Bimha mine at Zimplats."