Impala, Amplats Join Lonmin in Posting Big Losses After South African Platinum Strike

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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.

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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.

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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.

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