HONG KONG, Nov 12 (Reuters) - Impala Platinum Holdings Limited, the world’s No.2 platinum producer, expects the market for the precious metal with industrial uses to be in deficit for 2012 and the next few years, a company official said on Monday.
Speaking at a conference in Hong Kong, Derek Engelbrecht, Impala group executive for marketing, also said he expected lower output and job cuts as a result of rising costs and a drop in platinum productivity.
The South African government was unlikely to take any measures to ease months-long labour tension before a key conference of the African National Congress set to take place next month, he added.
Labour strife in South Africa’s mining sector has supported platinum prices, at a time when uncertainty in the outlook for the global economy is weighing on demand for the metal mainly used in jewellery and autocatalyst production. (Reporting by Rujun shen; Writing by Anne Marie Roantree; Editing by Clarence Fernandez)