Johannesburg, South Africa — MININGREVIEW.COM — 30 May 2011 – Impala Platinum Holdings Limited “’ the world’s second-largest producer of the precious metal “’ has scrapped a plan to boost output at its Marula platinum mine by 35% in two years, after the mine failed to achieve targets.
“Initial indications are that Marula should remain a 70,000 platinum ozpa producer for the next two years as opposed to growing to 95,000 ozpa of refined platinum by 2013,” Impala, which owns 73% of Marula, said in a statement here. Jobs will be cut at Marula because the mine is staffed for higher levels of production, the company added, without giving numbers.
Impala and rivals including Anglo American Platinum Limited “’ the world’s biggest producer “’ are trying to boost output to benefit from metal prices that have climbed 58% over the past two years to $1,791.75/oz in London.
Marula has underperformed because of “logistical constraints” caused by a conversion to conventional mining from mechanised techniques at its Clapham shaft, Impala said.
Impala will probably produce 1.82Moz of the metal in the year ending 30 June, compared with a target of 1.85Moz, the company added. It has said that it is targeting 2.1Moz by 2014.
The production adjustment is “not significant,” for the company, spokesman Bob Gilmour said by phone from here. He added that it was too early to say how many jobs would be lost.