LAST year we tagged Impala Platinum’s (Implats’) Terence Goodlace along with Anglo American Platinum CEO, Chris Griffith, as top contenders for our ‘Worst Job in SA Mining’ award. In the end, we were wrong because Lonmin CEO, Ben Magara, turned out to be the hands-down winner. Now, one year later, conditions have worsened as the crunch in the platinum market intensified. Goodlace finds himself still fighting the same battles that he was embroiled in a year ago. Implats’ financial position has weakened with the group forced to suspend dividends and raise R4bn through a book-build that Goodlace described as “extremely awkward”. That followed on from a sweeping five-year restructure announced last February through which the group said it would consolidate ageing shafts and mine them out as fast as possible while chopping capital expenditure and slowing development of new shafts. Goodlace’s view at that time was that the platinum price would remain “lower for longer” and the subsequent events of the year proved him correct. As for Zimbabwe – where Implats owns 87% of Zimplats – it’s a case of ‘same old, same old’. The government continues to make threatening demands on beneficiation and indigenisation while Zimplats fights a rearguard action whilst pointing out the financial and practical realities of the situation.
LIFE OF TERRENCE
Goodlace was a Gold Fields ‘lifer’ working at the group in various positions for 27 years and eventually becoming group COO until he left in 2008 for Metorex where he was CEO until 2012. He then took the top slot at Implats. He holds a B.Com MBA and a National Higher Diploma in metalliferous mining.
- Web Address: www.implats.co.za