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SA's Implats CEO to step down in December

Implats raised R4bn in 2015 to develop two of its most important shafts while closing other projects.

FILE: Impala Platinum's Marula mine in Limpopo. Picture: www.implats.co.za.

JOHANNESBURG - The chief executive of Impala Platinum (Implats) will step down in December this year after six years at the helm, the company said on Wednesday, without immediately naming a successor.

During his tenure, Terence Goodlace oversaw the scaling down of operations by the world's second-largest platinum producer in a bid to survive lower platinum prices.

Platinum producers struggled financially as the metal's spot price pursued a relentless decline to new six-year lows near the $1,000 level mid last year.

Implats raised R4 billion in 2015 to develop two of its most important shafts while closing other projects and cutting jobs due to tough market conditions.

Implats, along with Anglo American Platinum and Lonmin, are still reeling from the effects of a record five-month wage strike which crippled output in 2014.

The platinum industry is preparing to begin a new round of wage negotiations in the next few weeks, as the sector faces pressure from rising costs.