Johannesburg, South Africa — MININGREVIEW.COM — 24 August 2009 – Impala Platinum (Implats) “’ the world’s second biggest producer of the metal “’ says it expects its full year headline earnings per share to fall, on the back of weaker prices for the metal.
Implats said its headline earnings per share to the end of June are expected to be between 980 and 1 020 cents, less than half the 2 065 cents achieved a year ago, due to the significant decrease in metal prices.
Reuters reports that platinum producers have experienced a difficult year in which the metal went through a rollercoaster ride. Platinum hit $2 276 in March 2008 “’ partly because of a power shortage in South Africa that disrupted mining “’ but was then hit by the global economic downturn, which brought the metal’s price down to half its previous high..
Last month, bigger rival Anglo Platinum posted weaker first-half earnings due to the drop in metal prices. The company’s headline EPS fell 95% to 169 cents, in line with the firm’s own forecast.
Implats is releasing its annual results on Thursday this week.