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Rough Cuts

Daily Digit: Amplats earnings bleed

Monday, February 04, 2013 - 00:49

Feb.04 - Anglo American Platinum, the world's largest producer of the precious metal, swung to a hefty full year loss, demonstrating the depth of the crisis at its South African operations. Sonia Legg reports

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562 cents is today's daily digit - the loss per share at Anglo American Platinum following months of unrest in South Africa. The platinum miner has already announced 14,000 job cuts and mine closures in an attempt to return to profitability. The fall contrasted with a profit of 1,365 cents last year. A two month long illegal strike did much of the damage Full year output fell by 8 percent to 2.2 million ounces That combined with suppressed platinum prices and soaring input costs wiped 21 percent off the value of Amplats shares The job cuts are now being reviewed after union anger. But some analysts are warning that any change of direction could be more damaging than further industrial action.

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Daily Digit: Amplats earnings bleed

Monday, February 04, 2013 - 00:49