AngloPlatinum reports 71% increase in the rand basket price
JOHANNESBURG – In its Trading Statement for the twelve months ended 31 December 2020, Anglo American Platinum has advised that headline earnings and headline earnings per share for the period are likely to increase by between 49% and 69% compared to the twelve months ended 31 December 2019.
Headline earnings are likely to be between R27.8 billion and R31.4 billion (R18.6 billion in 2019). Basic earnings for the period are likely to increase by between 50% and 70% compared to the prior period. Basic earnings are likely to be between R27.8 billion and R31.4 billion (R18.5 billion in 2019).
The expected increase in headline earnings and basic earnings is primarily driven by a 71% increase in the rand basket price and partially offset by the impact of Covid-19 on M&C production, as well as the temporary closure of the Anglo Converter Plant (ACP) during the year, which resulted in lower refined production and sales from own production.
The build-up in work-in-progress inventory will be released over the next 24 months. The ACP Phase A rebuild was completed on 24 November 2020 and has been operating well and in line with expectations.
Anglo American Platinum Limited is a member of the Anglo American plc Group and is a leading primary producer of platinum group metals. Its mining, smelting and refining operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine in Zimbabwe.
The financial information on which the trading statement is based has been reviewed, but not yet reported on, by the Company’s external auditors. Anglo American Platinum will release official audited results for the twelve months ended 31 December 2020 on 22 February 2021.