Implats reports strong performance for six months period

Implats reports concentrate 6E production for the six months ended 31 December 2020 is expected to increase by 9% to 1.684 million ounces from 1.539 million ounces for the six months ended 31 December 2019. Volumes benefitted from the inclusion of production from Impala Canada.

Group refined 6E production for the period is expected to increase by 29% to 1.694 million ounces from 1.317 million ounces in the comparative period. The increase in refined 6E production is primarily due to constrained processing capacity in the comparative period when planned smelter maintenance resulted in a stock build-up.

In addition, reported volumes in the period benefitted from the inclusion of saleable production from Impala Canada.

Robust dollar pricing for PGMs, together with rand depreciation and sustained operational delivery, has resulted in higher revenues received by the Group during the period.

EXPECTED HEADLINE AND BASIC EARNINGS

Implats’ headline earnings for the period are expected to increase by between 318% and 338% to between R14.105 billion and R14.780 billion from R3.378 billion in the comparative period.

The increase in earnings was partially offset by a once-off non-cash IFRS2 BEE charge of R1.5 billion, or 194 cents per share (no tax impact), arising on the Marula BEE loan refinancing.

Basic earnings for the period are expected to increase by between 627% and 647% to between R24.740 billion and R25.420 billion compared to R3.403 billion in the comparative period.