Impala Platinum Expects Lower Earnings for Fiscal 2023

Impala Platinum Holdings, a leading South African platinum miner, announced that it anticipates a decline in headline earnings and headline earnings per share for fiscal 2023. The company forecasts a decrease of at least 20% compared to the previous year's figures.

According to Impala Platinum, this decline can be attributed to several factors. Firstly, the weaker pricing of dollar platinum-group metals has had an adverse effect on their finances. Additionally, lower refined production, resulting from load curtailment in the operating environment, has contributed to the expected decrease.

In the fiscal year that ended on June 30, 2022, Impala Platinum reported headline earnings of ZAR32.03 billion ($1.73 billion) and headline earnings per share of 3,853 South African cents.

Moreover, the company also anticipates a 20% decrease in basic earnings and basic earnings per share for the fiscal year, mainly driven by the lower dollar platinum-group-metal basket price and reduced refined production. The previous year recorded basic earnings of ZAR32.05 billion and 3,856 South African cents.

Impala Platinum's gross group production of six platinum group metals, known as 6E metals (ruthenium, rhodium, palladium, osmium, iridium, and platinum), for fiscal 2023 witnessed a 2% increase to reach 3.25 million 6E ounces. Production from managed operations also experienced growth, rising by 6% to 2.42 million 6E ounces.

Impala Platinum Holdings remains committed to navigating the challenges posed by the current operating environment and regional power constraints. It continues to adapt to market conditions and seeks opportunities for further progress in the sector.