• Three cheers for Thuli

    Where are South Africa’s men and women of honour, asks Mandi Smallhorne.

  • Structure your pension

    An expert explains the ins and outs of different types of retirement annuities.

  • Inside Labour

    Without radical policy change SA's social fabric will continue to fray, says Terry Bell.

Data provided by iNet BFA
Loading...
See More

Strikes to hit Amplats full-year profit

Jan 14 2013 08:33 Reuters

Striking Amplats mineworkers. Picture: Lucky Nxumalo/City Press

Company Data

Anglo American Plat Ltd [JSE:AMS]

Last traded 438.38
Change -4.72
% Change -0.01
Cumulative volume 93429
Market cap 118.22bn

Last Updated: 01/09/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Amplats: Production still lost

Amplats business review due in New Year

Amplats threatens strikers with sacking

Amplats' Zim unit may build new mine

SA platinum mines eye Zim

Carroll: Every single life lost killed me

 

Johannesburg - Anglo Platinum [JSE:AMS], the world's largest producer of the precious metal, said on Monday it would fall to a full-year loss, hit by lost production from a two-month strike. 

Amplats said it expects to report a headline loss of 491 to 628 cents per share for the year to end-December, compared with a profit of 1 365c a year earlier. 

Amplats, as with other South African mining companies, was hit by two months of industrial unrest last year that started in the platinum industry and spread to trucking companies and farms. 

The worst industrial action in South Africa's post-apartheid history tarnished the country's reputation in the eyes of foreign investors and sparked downgrades of its sovereign debt. 

Amplats said the two-month strike ultimately cost it 306 000 ounces in lost production. 

In addition to lower sales, Amplats said it was also hit by a decline in platinum prices. 

It said it would also write down the value of some projects not considered economically viable by R6.6bn. 

Amplats said it will release its full-year results on or around February 4. The statement made no mention of when the company would announce the results of a review of its platinum operations.

Amplats shares dropped 2% to R489.00 on the JSE.

 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

anglo platinum  |  mining  |  platinum  |  strikes
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

“Hippie sense makes business sense,” an entrepreneur said, adding that "purpose" was core to success.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...