HomeNewsImpala cuts output estimate

Impala cuts output estimate

Aerial view of the
Clapham decline at
Impala’s Marula
platinum mine
Johannesburg, South Africa — MININGREVIEW.COM — 29 September 2009 – Impala Platinum Holdings Limited (Implats) “’ producer of more than a quarter of the world’s supply of the metal “’ has confirmed that an accident and a strike at its main mine will cut this year’s planned output by 100 000 ounces.

“Originally we gave a guidance of close to 1.8 Moz of platinum for the current financial year,” but I don’t think that is going to be achieved now,” CEO David Brown told Miningreview.com. “We are probably closer to 1.7 Moz again,” he added..

The Impala Rustenburg Lease Area previously had a production target of 950 000 ounces in the financial year through June 2010. The lost output is equal to about 1.7% of 2009 global output, which has been estimated at 5.8 million ounces.

“We lost about 50 000 ounces because of the Number 14 Shaft accident earlier this year in which nine miners lost their lives,” said Implats spokesman Bob Gilmour in a telephone interview with Bloomberg News. “The two-week work stoppage in July caused a similar loss,” he added.

Platinum advanced 37% this year in London trading, buoyed by a decline in mine output and demand for exchange-traded funds backed by the metal. Annual platinum supply has outpaced demand only once since 1999, according to London-based Johnson Matthey Plc.