August 23, 2017

World’s biggest platinum producer forecasts a half-year profit deep

Due to a 6.8% drop in global platinum dollar prices in the past 12 months, Johannesburg-based Anglo American Platinum, the world’s biggest platinum producer, foresees its first-half profit deeping by 20% compared to the previous year, according to Bloomberg.

Bloomberg quotes a statement from Anglo American Platinum, which says headline earnings in the six months ended June 30 will be lower than the R2.5 billion ($169 million) reported a year. The decrease is primarily due to a stock-take adjustment last year that resulted in a tax gain of R1.6 billion, explains the company.

Just as it is doing most of its subsidiaries, Anglo American is coping with effects of falling platinum prices by selling or closing mines, shelving brownfield and greenfield projects, cutting workforce and reducing expenditure.

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