Anglo American Platinum reports loss

CAPE TOWN, The world's top producer of the precious metal, Anglo American Platinum Ltd. experienced a loss during the first half of 2017, reflecting a stronger rand, impairments and lower sales, the company said Monday in a statement.

 

 The Johannesburg-listed miner reported a loss of 1.19 billion South African rand ($91.95 million) for the six months ended in June 30, from a profit of ZAR1.54 billion during the same period in 2016, in line with the company's previously announced guidance. That loss includes post-tax impairments of ZAR2.21 billion, including about ZAR900 million related to Union mine and equity interests in Bafokeng Rasimone Platinum Mine of about ZAR950 million and Bokoni Platinum Holdings of about ZAR45 million.

 

Chris Griffith, Chief Executive Officer, said “Our mining operational performance has generally been solid in the first half of 2017 and, with the Waterval furnace planned rebuild complete and the converter operating at steady state, we expect to refine the majority of metal in process during the second half of the year”.

 

“I am particularly pleased that we have been able to further strengthen our balance sheet, despite the weaker Rand basket prices in the period.  It remains our view that prices are likely to remain subdued in the near term and consequently we will continue to manage the business for this low price environment, whilst positioning ourselves for the future,” said Griffith.

 

BUSINESS REPORT ONLINE