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South Africa’s second-biggest platinum miner Impala Platinum Holdings Ltd reported a 47 percent surge in quarterly output on Thursday, recovering from a low base caused by an unprecedented five-month strike last year.

Implats said production totalled 310,000 ounces in the three months to the end of March compared with 273,000 in the same period a year earlier.

However output has failed to fully recover so far this financial year, which ends on June 30, and is down 6 percent at 932,000 ounces.

Shares in Implats fell 3 percent to 64.82 rand by 1328 GMT, lagging behind a flat JSE Top-40 index.

Implats, along with rivals Lonmin and Anglo American Platinum, is still recovering from last year’s record strike that cost the industry billions of dollars in lost output and damaged the viabliity of mines and job cuts.

Reuters

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