South Africa's Implats says output impact unclear from fatal fire - CNBC Africa

South Africa's Implats says output impact unclear from fatal fire

Southern Africa

by Reuters 0

South Africa's Implats says output impact unclear from fatal fire. Photo: Pixbay.

Impala Platinum (Implats), the world's No. 2 producer of the metal, said on Monday it was too early to assess the production impact of a weekend fire at its 14 Shaft in South Africa that killed four people.

The shaft, part of Implat's Rustenburg operations northwest of Johannesburg, remains closed, a spokesman said. The shaft has a production profile of about 100,000 ounces a year, 7 percent of targeted group output of 1.5 million ounces.

"The detailed investigation is continuing to assess the cause of the fire and the damage that has resulted. The fire has reportedly now been extinguished," Implats said in a statement.

Implats' share price was down over 3 percent on Monday at 25.27 rand.

Like other South African platinum producers, Implats is grappling with depressed prices, rising costs and periodic flare-ups of labour unrest.

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