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Implats quarterly output hit by maintenance, safety stoppages

Johannesburg - Impala Platinum's [JSE:IMP] (Implats) first quarter output fell compared with the preceding three month period after scheduled maintenance at its Rustenburg operations as well as safety stoppages, the firm said on Friday.

The second world’s platinum producer however said production had risen compared with the corresponding quarter of 2014, which had been affected by a five-month strike in the sector.

Gross refined platinum production in the three months to end-September fell 11.6% to 306 000 ounces versus the previous quarter ending June, Implats said.

Shares in the Implats fell 2.3% to R36. The stock has halved in value over the last year mainly due to the strike and softer metal prices.

Compared with the corresponding period of 2014, production rose 8.6%, the firm said.

Implats, which is began a strategic review of its operations earlier this year triggered by the adverse effects of the strike on its operations, raised R4bn ($290m) in capital to fund the development of two shafts it deemed vital to its growth.

The company said it expected full year refined production to be between 1.45 and 1.50 million ounce and for costs to remain within guidance at R20 000 per platinum ounce.

In 2014, the company reported refined production at 1.2 million ounces, with costs per platinum ounce at R22 000.

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