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Strike action weighs on Amplats interim results

14th July 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Prolonged industrial action in the platinum sector weighed heavily on the financial performance of JSE-listed Anglo American Platinum (Amplats), which on Monday reported that it expected to post lower earnings for the interim six-month period ended June 30.

The impact of the five-month strike, which saw miners down tools from January 23 to June 23, pushed headline earnings a share to between 20c and 80c, compared with the 514c reported for the six months ended June 30, 2013.

Amplats expected basic earnings a share for the interim period to plunge to between 130c and 180c from 468c in the comparable period the year before.

Basic earnings for the period included a gain of R243-million, the equivalent of 93c a share, arising from the final phase of a refinancing transaction with triple-listed Atlatsa Resources.

Amplats would release its interim financial results on July 21.

Edited by Creamer Media Reporter

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