Annual profits for Impala platinum (Implats) could be between 55 per cent and 75 per cent higher than initially anticipated, it has been announced.

The South African mining company's improved performance is likely to return a dividend between 40 per cent and 60 per cent higher than it had been for the year before.

Profits would have been even marked had it not been not the company incurring a one-off charge of R1,9 billion from its participation in a black empowerment programme with Royal Bafokeng.

Without the payment headline earnings might have shown a year on year improvement of 100 per cent and 120 per cent.

Meanwhile, the company also announced that late rhodium deliveries from suppliers had seen the company exceed short-term capacity and resulted in a lock-up.

Consequently, the firm will release its surplus hoard of metal throughout the forthcoming year.

News of Implats' annual performance comes as it is set to enter negotiations with the National Union of Mineworkers (NUM) over pay and conditions.

The NUM is seeking a 15 per cent wage rise for the 74,000 miners affiliated to Implats and Anglo Platinum.

Source:
Implats caps profit jump at rosy 75%
21/05/07
http://www.busrep.co.za/index.php?fArticleId=3841692&fSectionId=552&fSetId=662

Trading statement
18/05/07
http://www.implats.co.za/im/press/display.asp?id=203


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