Impala Platinum Anticipates Ongoing Challenges in the Platinum Group Metals Market for 2024
Impala Platinum (Implats) has disclosed its financial results for the second half of 2023, revealing an 88% plummet in profit due to declining platinum group metals (PGM) prices. The company, one of the world's largest PGM producers, is bracing for continued market difficulties in the current year, with little expectation of significant improvement.
The drop in profit from $692 million to $88 million has compelled Implats to drastically reduce expenses. The company has decided against paying interim dividends and has cut its investment plans for the first half of the current year by 11.5%.
Additionally, Implats is reevaluating its asset portfolio, opting to shorten the operational lifespan of its palladium mine in Canada to cut costs. The development of projects such as Zimplats and Mimosa in Zimbabwe, as well as Marula and Styldrift in South Africa, has been postponed to a later date.
According to Implats' management, 2024 is anticipated to be another challenging year, with expectations of persistent weak demand for PGMs amid economic and geopolitical uncertainties.
