Namibia says just 42% of approved mining projects are operating
Namibia is the world’s third-largest uranium producer and is home to deposits of lithium as well as rare earth minerals.
Impala Platinum said on Wednesday it will report a basic loss of up to 17.8 billion rand ($972.39 million) after suffering $1 billion of impairments due to the decline in the value of its assets on the back of plunging metal prices.
Impala said in a trading update that earnings for the year to June 30 had fallen due to lower revenue arising from a 34% decline in platinum group metal prices realized over the period.
Basic earnings for the period were affected by impairments of 16.5 billion rand at Impala’s flagship Rustenburg operations, 1.6 billion rand at Impala Canada and 686 million rand at the Mimosa joint venture with Sibanye Stillwater in Zimbabwe.
A further 987 million rand decline in the carrying value of assets was recognized at Impala’s Two Rivers joint venture with African Rainbow Minerals in South Africa.
Impala said it expects headline earnings of between 1.9 billion rand and 2.8 billion rand, up to 90% lower than last year’s 18.8 billion rand.
Headline earnings were hurt by a once-off, non-cash charge of 1.9 billion rand arising from the implementation of a share-based empowerment transaction benefiting previously disadvantaged entities including Impala Bafokeng employees, communities and a Black-owned consortium of investors.
Impala will publish its financial results on Aug. 29.
($1 = 18.3054 rand)
(By Nelson Banya)
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