Anglo Platinum Announces Impact of Strike
Issuer Long Name : Anglo American Platinum Corporation
Limited
Registration No. : 1946/022452/06
Instrument Alpha Code/Ticker Symbol : AMS
ISIN : ZAE000013181
Anglo Platinum announces impact of strike
Recent strike action at Anglo Platinum operations by members of the National
Union of Mineworkers (NUM), the Togetherness Amalgamated Workers Union of South
Africa (TAWUSA) and the National Union of Metalworkers of South Africa (NUMSA)
has resulted in a reduction in mining output equal to some 50 000 ounces of
refined platinum and a proportionate reduction of associated metals.
Anglo Platinum announced on 10 September 2004 that it had suspended smelting
operations at its Polokwane smelter to examine and repair elements of the
smelter cooling system. The manufacture and installation of cooling elements is
in progress and management expects smelting at Polokwane to resume during the
last week of November 2004. Current estimates indicate that it may not be
possible to smelt all stockpiled concentrate by 31 December 2004.
As a consequence of the largely fixed cost base of mining operations, the
implementation of the announced wage settlement and lower mining production
resulting from the strike, the Company`s increase in unit cash operating costs
will exceed CPI in 2004. In addition the Company`s refined platinum production
for 2004 is expected to be 2,4million ounces.
26 October 2004
For more information, please contact
Mike Mtakati
Tel: (011) 373-6865
Cell: 083 455 7887
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 26/10/2004 10:01:10 AM
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