Impala Plunges as Capital Review Casts Doubt on Returns
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Impala Platinum Holdings Ltd. declined to the lowest in more than a year after a five-month strike prompted a review of the second-biggest producer’s capital projects, raising skepticism over future returns.
The company will consider altering spending on three major shafts that would’ve accounted for more than a third of production from 2019 at its Rustenburg operation, the world’s biggest mine for the metal, Chief Executive Officer Terence Goodlace said today. The stoppage delayed work on the projects, which also suffered because contractors had to be redeployed and cash had to be preserved, he said.