SA Money Daily | Implats says it 'won't tolerate' cash losses in the face of weakening metal prices

Truworths' longstanding CEO Michael Mark staying put for now

View Online SA Money Daily The biggest business, economic and market news of the day. AHMED AREFF, BUSINESS DEPUTY EDITOR Implats says it 'won't tolerate' cash losses in the face of weakening metal prices Impala Platinum has promised to take a hard line on loss-making projects, especially if metal prices continue to decline.   The operations that are at the highest risk notably include the Royal Bafokeng Platinum assets, which the Implats group only recently acquired following a protracted tussle with Northam Platinum.   Implats, which reported its annual results on Thursday, is feeling the impact of lower platinum group metal prices - a basket of which has already fallen 20% in the year to date - while economic growth prospects and the metal demand outlook remain uncertain.   Briefing stakeholders on the group's performance, Implats CEO Nico Muller said the company would not tolerate cash losses from any of its operations.   "When I look at operations that are at risk, certainly RBPlat is going to require a lot of attention in order to get the cost of operations to the position that we aspired to when we made the offer for the company 18 months ago," he said, noting that the business has experienced double-digit cost increases in the past year. Read More Truworths' longstanding CEO Michael Mark staying put for now Truworths' Michael Mark, who has been CEO of the JSE-listed retailer for 32 years, is staying put for the time being, with no immediate plans to step down. ON THE RECORD | Finance minister slams cadre deployment as 'weapon' in untrained hands Finance Minister Enoch Godongwana has slammed the policy of cadre deployment, saying it would wreck Treasury if it were implemented there. Santam's profit more than doubles - but it warns about rise in fires SA's largest short-term insurer Santam has reported a 146% surge in half-year profits. Nampak finalises rights offer, taking important step in turnaround plan Nampak, Africa's largest packaging group, took another crucial step in its turnaround plan on Thursday, announcing the finalisation of its R1 billion rights offer, as well as its pricing. Mr Price sees improved support for executive remuneration report, but will still consult Retail group Mr Price has seen a significant improvement in the support for the implementation of its remuneration policy at an AGM on Wednesday but will begin engaging with potentially concerned shareholders. ON THE RECORD | SA easier to invest in than Oz, says mining boss – but CEOs say govt must shape up The head of JSE-listed coalminer Thungela Resources has said that doing business in Australia had become harder than in South Africa due to the complex compliance needed down under. DOWNLOAD THE NEWS24 APP CONNECT WITH US

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