* Share price falls on news
* Share had been 2nd worst performer in 2011 on Top 40
* Platinum miners struggling with costs
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JOHANNESBURG, JAN 18 – The chief executive of Impala
Platinum, the world’s second largest producer of the
precious metal, is stepping down against the backdrop of a
poorly performing share price and tough talks with Zimbabwe
regarding its operations there.
Implats said in a brief statement on Wednesday that David
Brown would depart as CEO with effect from June 30 in order to
“pursue his own interests”. Its share price extended losses on
the day and was 3 percent lower at 1251 GMT.
The company also said the board had identified a successor
and was in the process of finalising the appointment.
Implats was the second-worst performing share among South
Africa’s benchmark Top 40 index in 2011, shedding 28
percent over the course of the year as the platinum price
struggled.
It was a bad year in general for platinum producers.
Implats’ bigger rival Anglo American Platinum lost 23
percent in 2011 and Lonmin slid around 40 percent.
All platinum producers in South Africa, where about 80
percent of known global reserves are found, are grappling with
rising costs and safety issues.
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