Impala Platinum, a leading miner based in Johannesburg, is facing significant financial challenges as its profit plunged by 88% in 2024 due to falling metal prices. The company has announced several measures in response to the downturn, including scrapping its dividend, implementing spending cuts, and considering the closure of some loss-making mines. These actions are part of a broader strategy to achieve $500 million in cost savings over the next five years, with the company expecting 2024 to be a difficult year. The CEO highlighted the urgency of cost cuts for platinum group metal (PGM) miners and noted that South African platinum miners are laying off thousands of workers amid the price rout.
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Impala Platinum considers mine closures after profit slump Targets $500 mln cost savings over five years PGM miners can't afford to delay cost cuts, CEO says SA platinum miners laying off thousands amid price rout https://t.co/xYFvBx2n1b
Impala Platinum weighs closing some loss-making mines as profit slumps https://t.co/xu8syXrh1l https://t.co/hKn6sANzj6
Impala Platinum scraps dividend, makes spending cuts as profit slumps https://t.co/xYFvBx2n1b
Implats Profit Plunged 88% in First Half as Metal Prices Sank https://t.co/E9LzpjQ7qk
Impala Platinum's profit plunges 88% as metal prices sink. The Johannesburg-based miner expects 2024 “to be a difficult year" https://t.co/DkvWAmp9D6
Miner earnings starting to drop…