Implats FY earnings fall as it counts cost of strike

JOHANNESBURG (Reuters) - South Africa's Impala Platinum (Implats) said on Thursday its headline earnings for the 2012 financial year fell 38 percent after its production was knocked by a violent strike at its Rustenburg operations earlier this year.

The world's second largest platinum producer's headline earnings per share for the financial year dropped to 685 cents from 1,105 cents, near the upper end of the 645 to 695-cent range the group had flagged in advance to the market.

Full year production came in 21 percent lower at 1.45 million ounces with 120,000 ounces lost during a violent and illegal six-week stoppage at its flagship Lease Area operations near Rustenburg.

Characterised by violence and intimidation, the strike claimed three lives and was triggered by trade union rivalry as the National Union of Mineworkers and the Association of Mineworkers and Construction Union battle it out for members.

Newly instated chief executive Terence Goodlace warned the changing workforce dynamics "pose a significant risk to the industry".

Implats, which makes up almost 30 percent of global platinum production, reduced its dividend to 60 cents from 570 cents a share as it moves to protect its capital in an industry downturn where at least half of all platinum mines are said to be struggling to break even.

Source: http://news.yahoo.com/implats-fy-earnings-fall-counts-cost-strike-064613187--finance.html

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