Impala Platinum posted a 74 percent drop in full-year earnings and warned of a tough time ahead on the cost front as it struggles to ramp up production and implement wage increases of up to 20 percent.
Other platinum mining companies, Anglo American Platinum and Lonmin, lost 2.1 and 2.9 percent respectively.
Impala shares dropped the most on South Africa’s Top-40 index, falling more than 5 percent to 97 rand.
With a decline of 0.8 percent to $1,400 per ounce on Wednesday, August 27, US platinum bar recorded the biggest price drift of the day. Japanese platinum bar finished the day up 0.4 percent to JPY 4,772 ($45.85) per gram. At CNY 299.00 ($48.59), the price of Chinese platinum bar finished the market day up 0.3 percent per gram.
The price of US palladium bar fell 0.6 percent to $883.00 per ounce. The price of Japanese palladium bar remained steady at JPY 2,982 ($28.65) per gram. Chinese palladium bar held its value yesterday at CNY 193.00 ($31.36) per gram.
Indian gold bullion prices inched up 0.4 percent to INR 28,005 ($463.14) per 10 grams. The price of Chinese gold bullion moved up 0.4 percent, landing at CNY 254.68 ($41.39) per gram. After a 0.3 percent increase, US gold bullion finished the day at $1,281 per ounce. Japanese gold bullion prices rose 0.2 percent to JPY 4,286 ($41.18) per gram.
After dropping for two days, the price of US silver flattened at $19.36. Indian silver saw little change in its price on Wednesday at INR 42,725 ($706.58) per kilogram. At CNY 4,195 ($681.71) per kilogram, the price of Chinese silver was essentially unchanged. The price of Japanese silver remained essentially flat at JPY 650.00 ($6.24) per 10 grams.