JOHANNESBURG (miningweekly.com) – JSE-listed Anglo American Platinum (Amplats) on Monday warned it expected to report a headline loss a share of between R4.91 and R6.28, owing to lower sales volumes and lower realised prices.
The platinum sales volumes slump was primarily owing to the two-month illegal industrial action experienced during the second half of the year.
As a result of the industrial action, an initial safety suspension and the ramp up-period – which started on November 16 – total lost equivalent refined platinum production amounted to some 306 000 oz.
Amplats stated that the lost production also resulted in an increase in unit cash operating costs in 2012, owing to the retained fixed cost base, which further negatively impacted on headline earnings for the period.
The headline loss a share compared with headline earnings a share of R13.65 a share for the 2011 full-year.
Basic earnings a share for the period were expected to decrease to a loss of between R24.87 and R26.24 from a profit of R13.74 for the comparatble 2011 period.
Basic earnings for the period included losses of R463-million resulting from the revaluation of certain investments and R6.6-million for the write-down in the carrying value of various projects and other assets not in use.
Amplats would release its 2012 full-year results on February 4.