Implats CEO Goodlace Foregoes Raise, Bonus For a Second Straight Year

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Impala Platinum Holdings Chief Executive Officer Terence Goodlace forewent a pay rise and bonuses for a second time after a 5-month strike dragged the no. 2 producer of the metal’s profit to a 17-year low.

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Goodlace got paid 7.5 million rand ($662,000) in salary and benefits in the year through June, the Johannesburg-based company, known as Implats,  said in its annual report posted on its website. He was entitled to a bonus equal to 57% of guaranteed pay, or about 4.3 million rand, Impala said.

“Since joining the company in 2012, he hasn’t taken an increase nor participated in any long or short-term incentive schemes,” the company told Bloomber News. “He remains resolute in his decision based on low platinum group-metal basket prices and the financial crisis facing the platinum industry.”

With a decline of 2.1% to JPY 4,579 ($42.15) per gram on Friday, September 26, Japanese platinum bar recorded the biggest price drift of the day. Chinese platinum bar prices inched up 0.7% to CNY 279.00 ($45.47) per gram. The price of US platinum bar declined 0.2% to $1,309 per ounce.

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US palladium bar ended the day at $797.00 per ounce, after the 2.1% drop last Friday. At CNY 176.00 ($28.68) per gram, Chinese palladium bar fell 1.7% last Friday. Japanese palladium bar closed 0.6% lower at JPY 2,916 ($26.84) per gram.

At INR 27,069 ($440.24), the price of Indian gold bullion finished the market day up 1.6% per 10 grams. The price of Chinese gold bullion increased 0.8% to CNY 242.43 ($39.51) per gram. US gold bullion saw its price rise 0.4% to $1,222 per ounce. Japanese gold bullion prices saw a 0.4% decline to JPY 4,251 ($39.13) per gram.

The price of Chinese silver is back up, rising by 1.0% last Friday to close at CNY 3,900 ($635.63) per kilogram. US silver finished the day down 1.0% to $17.50 per ounce. Indian silver gained 0.7% to finish at INR 39,350 ($639.97) per kilogram. The price of Japanese silver fell 0.3% to JPY 616.00 ($5.67) per 10 grams.

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