Amplats swings to 2012 loss following strike

Anglo American Platinum this morning posted an operating loss of ZAR6.3bn (£451m) for 2012, a drop of 180 per cent from a profit of almost ZAR8bn last year.

Lower sales volumes due to the two-month long strike last year, higher mining costs and lower costs all weighed on results.

Amplats, which is 80 per cent owned by its parent Anglo American, said it produced eight per cent less refined platinum year on year, hit by the industrial action that erupted in August.

Chief executive Chris Griffith called 2012 “a challenging year” for the company and the platinum industry as a whole.

Last month, Amplats unveiled a radical overhaul of its South African operations, involving the sale of a mine complex and the closure of several shafts. The restructuring could lead to the loss of up to 14,000 jobs.