Implats falls most in a month as profit tumbles on work stoppages

August 23, 2016

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Impala Platinum (Implats), the world’s second-largest miner of the metal, headed for the biggest decline in more than a month after the company said full-year earnings will tumble as much as 75% because of lower local prices and production stoppages. The shares slid 4.6% to R58.95 as of 9:52 a.m. in Johannesburg, the largest decrease in the five-member FTSE/JSE Africa Platinum Mining Index. A close at this level will mark the biggest one-day drop since July 20. Earnings before one-time items are expected to be between 9 cents to 16 cents a share for the year ended June 30, compared with 36 cents a year earlier, the Johannesburg-based company said in a statement Monday.

Category: General