Anglo Platinum Limited - Polokwane Smelter Shutdown Update
Issuer Long Name : Anglo Platinum Limited
Registration No. : 1946/022452/06
Instrument Alpha Code/Ticker Symbol : AMS; AMSP
ISIN : ZAE000013181; ZAE000054474
POLOKWANE SMELTER SHUTDOWN UPDATE
Further to the announcement of 20 September 2005, Anglo Platinum advises that;
The original timetable for repair to the smelter, including the installation of
the modified split waffle cooler system, remains as planned and normal smelting
operations at Polokwane are expected to resume in mid-December 2005.
Forecast refined platinum production for 2005 will reduce from 2,6 million to
approximately 2,45 million ounces. Forecast refined production of palladium is
expected to be 1,33 million ounces and rhodium 0,32 million ounces. These
forecasts include limited toll smelting to be undertaken by Northam Platinum
Limited which will produce approximately 8 000 ounces of platinum and 3 000
ounces of palladium.
Anglo Platinum will continue to sell metal in terms of existing contractual
commitments in 2005. Refined platinum and palladium stocks at year end will be
lower than normal. Total sales volumes in 2005 are estimated at 2,51 million
ounces of Platinum and 1,36 million ounces of palladium.
Assuming the rand/US dollar exchange rate and metal prices remain at current
levels, the expected net impact in 2005 of lower metal sales offset by the
increase in inventory is to reduce headline earnings by some R250 million and
increase net debt by some R640 million.
For further information, please contact
Trevor Raymond
(011) 373-6462
082 654 8467
20 October 2005
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 20/10/2005 12:00:09 PM Produced by the JSE SENS Department
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