Implats still working to close or sell ageing Rustenburg mine | Fin24
 
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Implats still working to close or sell ageing Rustenburg mine

Apr 26 2019 13:56
Felix Njini, Bloomberg

Impala Platinum said it’s still working toward shutting or selling one of the aging South African shafts flagged for closure as part of a restructuring plan at its Rustenburg complex.

Key Insights

The world’s second-largest platinum miner is in talks with various stakeholders, mostly about about its Impala No. 1 shaft, and expects the engagements will be concluded in the next four to six months.

The mine, one of Implats’s oldest, is nearing the end of its life and employes about 3 000 people. The company had a challenging quarter after production was affected by interruptions in the power supply from state-owned utility Eskom, but Implats said it still expects to meet its annual output target.

The miner is benefiting from strong palladium and platinum prices and has remained profitable in the financial year to date, said Chief Executive Officer Nico Muller.

Implats may be among producers heading for a showdown with unions as the industry negotiates new wage agreements this year.

The company said last year it plans to cut more than 13 000 jobs as part of the restructuring of lossmaking mines. 

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