Impala Platinum confirmed on Friday (13th November) that it has lowered its platinum production estimate for the current financial year to 850,000 oz.

The world's second-largest producer of the metal announced that refined platinum output increased from 390,000 oz to 413,000 oz on a year-on-year basis in the first quarter.

Improved production at its operations in Zimbabwe was cited by the company as the main contributing factor to the rise, while deliveries to its refinery also increased.

However, the total was compromised significantly by the two-week industrial action which took place at Impala's lease area at the Rustenburg mine earlier this year.

Although this provided the opportunity to clear stocks, 50,000 oz were lost at the facility as a result of the strike, which eventually came to an end on 7th September.

Furthermore, an accident at the 14 Shaft resulted in 25,000 oz of lost production due to closures, with the subsequent changes to the mining layout costing another 25,000 oz.

As a result, Impala confirmed that it now expects its output for the entire financial year to be 850,000 oz, which is 100,000 oz lower than its previous estimate.

The company also revealed that it does not expect to reach its annual target of one million ounces for at least the next five years.

Impala Platinum produced 1.7 million ounces of platinum and 3.4 million ounces of pgms in the 2009 financial year.

Source:

UPDATE 1-Implats says FY output to fall to 850,000 ounces (13/11/09)

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