South African Platinum Miners' Profits Slump on Lower Prices [BNN Bloomberg (Canada)]
IMPALA PLATINUM HLDGS ADR (IMPUY)
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implats.co.za/results-and-presentations.php
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Source: BNN Bloomberg
Impala Platinum Holdings Ltd. said fiscal second-half profit likely fell by more than 85% as prices dropped and the company wrote down the value of assets in South Africa and Canada. Anglo American Platinum Ltd. said 2023 profit sank by as much as 79%. Since the start of last year, prices for the three key platinum-group metals, or PGMs, have declined sharply. Platinum, palladium and rhodium have lost 18%, 51% and 64%, respectively. Anglo American Plc, Amplats' majority owner, said in December that PGM miners' returns are at the lowest level in 30 years. Shares in the four companies that mine most PGM metals in South Africa, the world's largest producing country, all fell in Johannesburg trading. Amplats dropped 6.8%, Implats slid 1.9%, Northam Platinum Holdings Ltd. declined 5.2% and Sibanye Stillwater Ltd. was down 4.6% as of 10:43 a.m. local time Thursday. (Updates with share price response in final paragraph.) ©2024 Bloomberg L.P. Top Picks Top Stories Automakers ca
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