Implats production drops 12 percent while unit costs increase 10.8 percent
During Q1 Implats production fell 12% due mostly to planned operational outages.
Gross platinum production was 388,000 oz compared to 441,000 during the same quarter a year ago. Palladium also declined in line with platinum, coming in at 251,000 oz compared to 285,000 year ago. Rhodium declined by just 7% from 53,000 oz compared to 57,000 oz.
Costs also rose during Q1.
“Group unit cost per platinum ounce produced excluding share-based payments rose by 10.8% from the previous quarter a year ago primarily due to the recent impact of the 10% wage settlement and the continuation of high electricity tariff increases,” said the company in a statement.
“Regrettably, three of our employees lost their lives at work during the first quarter of FY2012. All of these incidents occurred at Impala Rustenburg. Phakani Joseph Tshabangu and Monyamane Molotha lost their lives due to two separate falls-of-ground and Christian Sinikiwe Dweba as the result of drilling into a misfire. The Board and management team extend their sincere sympathies to the families, friends and colleagues of these employees.”