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· The South African Impala Platinum (Implats) announced a surge of over 300% in annual earnings, riding on the back of increase in metals prices and a weaker rand currency
· The headline earnings per share (HEPS) for the year ended in June to be between R20.07 rand and R20.84 per share
· This will translate into an increase between 374% and 393%, as against R4.23 a year ago
The South African Impala Platinum (Implats) announced a surge of over 300% in annual earnings, riding on the back of an increase in metals prices and a weaker rand currency. The headline earnings per share (HEPS) for the year ended in June to be between R20.07 rand and R20.84 per share. This will translate into an increase between 374% and 393%, as against R4.23 a year ago.
Higher platinum group metals prices (PGM) have increased profits for South African platinum miners. South Africa is the world’s top producer of the metal. Mining sector was not affected by the COVID-19 restrictions and the lockdown.
South Africa’s total mining output declined for a fourth consecutive month in June, down 28.2% year-on-year, with PGM production 42.5% lower. However, Impala Platinum bucked the trend. Its gross profit is expected to increase to R23 billion for the period from R7 billion a year ago. Implant is expected to come out with its full year’s financial result on September 2, 2020.
