South Africa: Impala Platinum’s half-year profit plunges 43% as low metal prices persist

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South Africa: Impala Platinum’s half-year profit plunges 43% as low metal prices persist

9:43 CAT | 27 Feb 2025

File photo: An aerial view of Shaft 11 at Impala Platinum Mine, in Rustenburg, South Africa, November 28, 2023. REUTERS/Shafiek Tassiem

Impala Platinum (Implats) (IMPJ.J), reported on Thursday a 43% slump in its half-year profit, primarily due to lower metal prices, and said it would once again forgo paying a dividend.

The world’s second-largest producer of platinum group metals (PGM) said its headline earnings fell to 1.85 billion rand ($100.15 million) in the six-month period ended December 31, down from 3.26 billion rand a year earlier.

Implats reported an 8% decline in the rand revenue per PGM ounce due to lacklustre metal prices.

“Weak consumer and investor sentiment weighed on pricing, despite tightening near-term outlook for platinum, palladium and rhodium, which are expected to remain in deficit in 2025,” Implats said in a statement.

The miner did not declare an interim dividend, citing limited free cash flow generation due to persistently low PGM prices. Implats also withheld its interim dividend last year.

Source: Reuters