Northam Platinum profit drops on weak prices as output rises
Northam said profit fell almost 30% in the last fiscal year.
South Africa’s Impala Platinum Holdings Ltd (Implats) said on Thursday it expects a jump in annual earnings, boosted by higher metals prices.
The platinum miner forecast headline earnings per share, which strips out certain one-off items and is the main profit measure in South Africa, to be more than 20% higher in the full year ended June 30.
Impala temporarily closed its Marula mine in May after detecting 19 coronavirus cases among workers reporting back for duty at the site in northern Limpopo province.
South Africa, the world’s No. 1 platinum producer, is gradually restarting operations in its key mining sector, which was shut down as part of a nationwide coronavirus lockdown.
(By Samantha Machado; Editing by Aditya Soni)
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