By Nelson Banya
South Africa’s Impala Platinum is cautious about bringing new production on stream and releasing excess stockpiles to the market despite the recent rebound in platinum prices, Chief Executive Officer Nico Muller said on Thursday.
The world’s second-biggest platinum group metal (PGM) producer on Thursday posted headline earnings of 732 million rand ($41.68 million) in the year ended June 30, down from 2.4 billion rand the previous year, hit by lower sales volumes and tepid metal prices.
However, platinum prices have rallied since June, driven by Chinese imports and declining supply from major producer South Africa. This followed earlier heavy flows into NYMEX exchange stocks on fears platinum would be hit by U.S. import tariffs.
Muller told analysts that while Impala sees a price supportive environment for the next 12 to 18 months, producers must be “responsible in terms of how we destock our excess inventory (and) how we bring
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
