Impala Platinum scraps dividend, makes spending cuts as profit slumps

Impala Platinum says it will be restructuring its Canadian palladium…


Impala Platinum says it will be restructuring its Canadian palladium operations, and will postpone planned spending at various projects in South Africa and Zimbabwe after the miner posted a 78% slump in its first-half profit.

The Johannesburg-based metals producer did not declare an interim payout, while group capital expenditure for the full year through June has been cut to between R11 billion (US$571.82 million) and R12 billion, from the previous estimate of R12.5 billion – R13.5 billion.

Impala said it is shelving planned projects at its Zimplats and Mimosa units in Zimbabwe, and also postponing spending at Marula and Styldrift operations in South Africa.

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The life of Impala’s Canadian palladium mine has been shortened following a restructuring.

Impala said it would take further actions should metal prices not recover in short to medium term.

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