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AMS AMSP
ANANP
AMS / AMSP - Anglo Platinum - Anglo Platinum Results For The Half-Year
Ended 30 June 2007
Anglo Platinum Limited
(Incorporated in the Republic of South Africa)
Registration No.: 1946/022452/06
JSE Ordinary Share Code: AMS
ISIN: ZAE000013181
JSE Preference Share Code: AMSP
ISIN: ZAE000054474
("Anglo Platinum")
ANGLO PLATINUM RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2007
Anglo Platinum is pleased to announce a substantial improvement in headline
earnings for the half-year ended 30 June 2007. Headline earnings per
share, attributable to ordinary shareholders, increased by 47% to R29,43.
The increase was primarily the result of higher US dollar prices of metals
sold and a weaker rand / US dollar exchange rate. An interim dividend of
R29,00 per ordinary share has been declared.
Commenting on these results, CEO Ralph Havenstein said "The record half
year earnings reflect continued strong demand and record metal prices.
Increasing competition for labour in South Africa and a deterioration in
safety performance at our Rustenburg mine reduced our operating efficiency
during 2007 resulting in lower than expected growth in production from
operations and higher operating costs. Our focus remains on achieving a
step change improvement in employee safety and improving operating
efficiencies at the Group`s mines."
Platinum production from mining operations increased by 1,3% to 1,274
million ounces in the first half of 2007 while refined platinum production
reduced to 1,194 million ounces as a result of an increase in process
pipeline stock associated with a re-build of slag re-treatment facilities.
Refined platinum sales for the half-year ended 30 June 2007 amounted to
1,212 million ounces. As a result of reduced labour efficiency and the
implementation of a new approach to employee safety, refined platinum
production of between 2,6 and 2,65 million ounces is expected in 2007.
"It is pleasing that in 2007 our board approved new capital expenditure to
the value of R6,2 billion in continued support of maintaining existing and
developing additional production capacity. The board approvals included
R1,9 billion to increase base metal refining capacity to 33 000 tons of
Nickel per annum by 2010 and the R1,7 billion Lebowa Middelpunt Hill UG2
project to add 93 000 refined platinum ounces per annum by 2012." said
Ralph. "Despite the challenges encountered in 2007 our planned average
annual growth target of 5% remains in place", he added.
Anglo Platinum is committed to increasing production in line with growth in
global demand. In light of continuing growth in autocatalyst and industrial
demand and the resilience of the jewellery market at higher prices, average
growth in production of around 5% per annum can be expected.
Anglo Platinum is fully committed to the Mineral and Petroleum Resources
Development Act ("the Act") and the mining charter and to achieving the
associated sustainable economic transformation. Anglo Platinum expects to
make significant progress in 2007 to further enhance empowerment within the
Group to fully embrace the transformation envisaged by the Act and mining
charter and to obtain the associated conversion of rights.
Johannesburg
30 July 2007
For further information, please contact
Trevor Raymond (011) 373-6462, 082 654 8467
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 30/07/2007 09:03:01 Produced by the JSE SENS Department.
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