Impala Platinum saw its pgm output increase during its latest financial year, it was confirmed today (26th August).

The company revealed that production of platinum, palladium, rhodium and other associated metals rose from 3.43 million ounces to 3.69 million ounces.

In addition, the latest figures show that gross platinum output in the 12 months to 30th June 2010 was up by two per cent to 1.74 million ounces.

This improvement was registered despite nine workers dying in a fall-of-ground incident at the 14 Shaft of Impala's section of the Rustenburg mine early in the year.

With strikes and a further six fatalities at the operation over the course of the year, approximately 80,000 oz of output was lost as a result of the subsequent temporary closures.

"Not only did [we] have to contend with the global economic crisis, but also the impacts of both the tragedy at 14 Shaft and industrial action at the beginning of the period," said the company.

The world's largest platinum producer also announced that refined platinum output totalled 871,000 oz, representing a year-on-year decline of eight per cent.

Impala claimed that the platinum market posted a small deficit in 2009 and suggested that this trend will continue in 2010 and beyond as heavy-duty diesel demand combats a "challenging" supply environment.

"Despite demand levels for our major metals remaining subdued through 2009 following the global economic crisis, prices did manage to recover somewhat from their heavily oversold positions," read one section of the financial statement.

Impala Platinum currently has a number of pgm operations in both South Africa and Zimabwe.

Sources:



Impala Platinum's Full-Year Profit Slumps by22% on Share-Related Payments (26/08/10)



Impala profits down (26/08/10)



DJ Implats Expects Platinum Market In Deficit This Year (26/08/10)



UPDATE 1-Impalats FY profit falls, sees slow recovery (26/08/10)

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