Amplats’ shares drop

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IOL BR mining PIC001 Reuters.

Shares of Anglo American Platinum, or Amplats, drop 2 percent to 489.00 rand after the world's biggest platinum producer warned it expects to fall to a full-year loss, hit by lost production from a two-month strike.

Amplats says in a trading statement it expects a headline loss of 491 to 628 cents per share for the year to end-December, compared with a profit of 1,365 cents a year earlier.

A poll of 10 analysts by Thomson Reuters had forecast earnings of 190 cents per share for diluted headline EPS, meaning the market had expected the company to eke out a small profit for the full year.

Amplats is the biggest negative contributor to South Africa's Top-40 index , which has just edged to a record high in early trade. - Reuter

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