Impala Platinum has announced that it is exploring opportunities for takeovers in an attempt to increase its output.

The world's second-biggest producer of platinum has confirmed that with the global liquidity crisis lowering the cost of acquisitions, a number of targets are being investigated.

The company's intentions are being further cemented by the power crisis which has been gripping South Africa since January, with shortages causing it to shelve plans to develop its own mines.

Speaking in Johannesburg last Thursday (August 28th), Chief Executive Officer David Brown said: "It's the right time now to be looking at prospects."

Brown also added that the ongoing power concerns have forced the company to defer its proposed target of producing 2.5 million ounces of platinum by 2012 to 2015.

Electricity cuts and stoppages caused by safety concerns have seen Impala Platinum's costs increase by 17 per cent as output slid to 1.91 million ounces for the year to June 30th.

However, output is forecast to be between two and five per cent this fiscal year, while the sale of assets - such as a stake in Aquarius Platinum - reduced the impact of higher expenses on profits.



Source:

Impala Assessing Possible Acquisitions to Lift Output (28/08/08)
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