Impala Platinum , the world’s third-largest platinum miner, will post its highest underlying headline earnings since 2012, fueled by higher metal prices and an operational turn around at its main Rustenburg mines.
To determine the underlying headline earnings per share by adding in the R1.56bn or 217c/share non-cash expense, related to a valuation of the dollar bond conversion exercise completed in July, would give a measure that could be applied to previous years, said spokesperson Johan Theron. For shareholders, who experienced negative headline earnings in the past two financial years, it is an indication that Implats has turned a corner on revitalising its core Rustenburg assets just in time to catch this year’s upturn in palladium and rhodium prices.
SA’s platinum miners generate a basket of six platinum group metals and the two best performers have been palladium and rhodium, both used mainly to make automotive catalytic converters in petrol-powered engines.
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