By Carlo Martuscelli
Impala Platinum Holdings Ltd. (IMP.JO) said Thursday that refined platinum production decreased by 4.5% in its fiscal third quarter due to a technical problem with one of its furnaces.
The South African metal producer said that refined platinum production for the three months ended March 31 was 316,000 ounces, compared with 331,000 ounces the previous year. It attributed the decline to an electrical failure at one of its furnaces in February that caused a stock build-up.
"Furnace 5 was successfully recommissioned during April 2018 and is expected to be back at full production from May 2018," it said.
Palladium production decreased to 196,000 ounces from 207,000 ounces, while rhodium production was down to 43,000 ounces from 48,000 ounces. Nickel output came to 3.7 million metric tons, 14% lower than in the third quarter of 2017.
Impala said that as a result of the problems, it estimates that 100,000 ounces of accumulated pipeline stock won't be refined in the current financial year.
Write to Carlo Martuscelli at [email protected]