Address to refer:
http://www.miningweekly.com/article/anglo-platinum-cuts-assumed-capex-production-lies-low-on-retrenchment-2008-12-17
Article Headline:
Anglo Platinum cuts ‘assumed’ capex, production, lies low on retrenchment
Abstract:
The world’s largest platinum company Anglo Platinum on Wednesday opted for reductions of both capital expenditure (capex) and production and lay low on making any retrenchment pronouncements.
In reviewing its programme in the light of the “unprecedented” market downturn, the JSE-listed Anglo American company said that it would restrict its 2009 capex to R9,1-billion, retain its 2008 2,4-million-oz production target in 2009, and, by implication, keep all of its people.
But there were “assumed” aspects to both the 2009 capex and production cuts, by the company still in its first year under new CEO Neville Nicolau.
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