Anglo American Platinum Limited
Anglo American Platinum Limited
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Anglo American Platinum has emerged from power load shedding and a strike to more than double FY19 PGM production and lift its annual div from R11.25 to R52.6ps
Widespread flood-generated power cuts are shutting down mining operations across South Africa
(INDUSTRIAL RELATIONS)
South Africa’s major platinum producers have averted fears of a repeat of the disruptive strikes of five years ago with the signing of new three-year wage settlements with their representative unions.
Major South African platinum miners are promising their employees three years of wages stability and the removal of substantial uncertainty after signing union settlements.
Sibanye Gold says its agreements with the AMCU and UASA cover over 33,000 employees at its Rustenberg and Marikana operations follows constructive negotiations without disruption.
South Africa-focused platinum group metals miner Anglo American Platinum (Amplats) has more than doubled June 2019 half year (H1 19) earnings, helped by higher metals prices, a weaker rand and a stock count adjustment, Reuters reports.
South Africa's world No 1 platinum producer Amplats has lifted June half-year (H1FY2019) headline earnings to R7.4B, from R3.4B a year earlier, accredited to strong market fundamentals, a higher rand basket price and R1B stock count adjustment gain – a turnaround from its R0.4B loss in the prior period.
Revenue increased to R42.9B (H1FY2018: R33.5B), delivering EBITDA of R12.4B (R6.8B).
Amplats ended the period with net cash of R6B, from R2.9B at end-Dec 2018, after paying R2B final dividend.
Anglo American Platinum has maintained its FY2019 PGM metal in concentrate production guidance at 4.2-4.5Moz after posting June qtr (Q2) output of 1.12Moz 5E+Au metal in concentrate, up from 1.03Moz in the previous period.
The South African miner/smelter/refiner achieved the increase despite unprotected industrial action at Mototolo, maintenance at Mogalakwena North concentrator and production challenges at Modikwa and Mototolo.
Anglo American Platinum has finally settled the 18-day strike by members of the General Industrial Workers Union at its Mototolo mine in South Africa’s Limpopo province.
The company says GIWUSA has accepted the new medical scheme it introduced after taking management control of the mine last year meets the Labour Relations Act conditions for transfer of employees’ rights.
Anglo American Platinum has sacked about half of its 1,300-strong workforce at its 100%-owned Mototolo platinum mine in South Africa’s Limpopo province over an illegal strike by members of the General Industrial Workers Union.
The workers began the strike, unprotected under SA labour laws, on May 12 over changes made to their medical scheme since Amplats took 89% control of the mine last year. The company argues its scheme offers similar benefits to that formerly offered by Glencore.
South African BEE company Atlatsa has reached agreement with Anglo American Platinum on the financial restructuring that will result in the company going private.
The deal will see Anglo American subsidiary Rustenburg Platinum Mines acquire Atlatsa’s Kwanda North and Central Block rights for R300M and capitalise or write-off all the company’s debt from its mothballed 51%-owned Bokoni mine, currently R4.6B.