Implats Posts Loss as Weak Metal Prices Trigger Asset Writedowns [Financial Post (Toronto, Ontario, Canada)]
IMPALA PLATINUM HLDGS ADR (IMPUY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Impala Platinum Holdings Ltd. posted a fiscal-year loss after a slump in metal prices prompted the South African miner to write down the value of its assets. The Johannesburg-based company known as Implats took a charge of 19.8 billion rand ($1.1 billion) related to impairments, mainly at its flagship Rustenburg operations in South Africa. That resulted in a loss of 17.3 billion rand in the 12 months through June, compared with a 4.9 billion rand profit the previous year, it said in a statement on Thursday. Implats said the average price of its platinum-group metals fell by a third during the period, including a 39% drop for palladium and a 63% slump in rhodium. Those metals, along with platinum — which posted a smaller decline — are used in devices to curb emissions in gasoline and diesel vehicles. Platinum miners in South Africa — the largest
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