Anglo American Platinum dented by mine stoppages
ANGLO American Platinum, the world’s largest platinum producer, yesterday said its production continued to be dented by safety issues which have triggered a string of shutdowns.
Amplats, which had 81 government-enforced safety stops in 2011, over double the number the year before, said production in 2012 was likely to be flat.
The firm is listed in Johannesburg but is a managed subsidiary of mining giant Anglo American.
Meanwhile headline earnings per share – the main gauge of earnings in South Africa – fell almost 30 per cent as expected to 1,365 cents in 2011.
The rise in stoppages was a key reason behind Amplats’ failure last year to meet its initial production target of 2.7m ounces. It produced just over 2.5m and is targeting 2.5 to 2.6m ounces this year.
The company has been critical of the scale of some of the shutdowns imposed on it by the authorities.