Impala Platinum Holdings (Implats) has announced a impairment of R19.8 billion ($12.38 million) in its upcoming financial results.
The company also warned of a swing to a full-year loss due to the drop in platinum-group metals (PGMs) prices.
Impala Platinum's financial strugglesThe Johannesburg-based company revealed that it expects to post a loss for the 12 months through June, estimated between R16.9 billion ($10.56 million) and R17.8 billion ($11.12 million).
A substantial portion of the writedown, over 80 percent, pertains to Implats' flagship Rustenburg complex. This announcement shows the severe impact of declining PGM prices on the company's revenue.
