20°C / 22°C
  • Mon
  • 22°C
  • 10°C
  • Tue
  • 23°C
  • 11°C
  • Wed
  • 23°C
  • 11°C
  • Thu
  • 20°C
  • 11°C
  • Fri
  • 20°C
  • 10°C
  • Mon
  • 21°C
  • 13°C
  • Tue
  • 20°C
  • 14°C
  • Wed
  • 19°C
  • 15°C
  • Thu
  • 24°C
  • 14°C
  • Fri
  • 20°C
  • 15°C
  • Mon
  • 25°C
  • 12°C
  • Tue
  • 24°C
  • 12°C
  • Wed
  • 24°C
  • 12°C
  • Thu
  • 22°C
  • 12°C
  • Fri
  • 21°C
  • 10°C
  • Mon
  • 23°C
  • 7°C
  • Tue
  • 23°C
  • 7°C
  • Wed
  • 23°C
  • 8°C
  • Thu
  • 22°C
  • 7°C
  • Fri
  • 21°C
  • 7°C
  • Mon
  • 27°C
  • 17°C
  • Tue
  • 26°C
  • 19°C
  • Wed
  • 26°C
  • 18°C
  • Thu
  • 24°C
  • 18°C
  • Fri
  • 24°C
  • 17°C
  • Mon
  • 21°C
  • 15°C
  • Tue
  • 22°C
  • 16°C
  • Wed
  • 20°C
  • 15°C
  • Thu
  • 22°C
  • 15°C
  • Fri
  • 26°C
  • 16°C
  • Mon
  • 25°C
  • 11°C
  • Tue
  • 23°C
  • 12°C
  • Wed
  • 22°C
  • 13°C
  • Thu
  • 27°C
  • 13°C
  • Fri
  • 23°C
  • 13°C
  • Mon
  • 22°C
  • 12°C
  • Tue
  • 22°C
  • 13°C
  • Wed
  • 19°C
  • 14°C
  • Thu
  • 25°C
  • 13°C
  • Fri
  • 22°C
  • 14°C
  • Mon
  • 26°C
  • 12°C
  • Tue
  • 25°C
  • 11°C
  • Wed
  • 24°C
  • 11°C
  • Thu
  • 23°C
  • 11°C
  • Fri
  • 22°C
  • 9°C
  • Mon
  • 23°C
  • 5°C
  • Tue
  • 23°C
  • 5°C
  • Wed
  • 23°C
  • 5°C
  • Thu
  • 22°C
  • 8°C
  • Fri
  • 21°C
  • 7°C
  • Mon
  • 28°C
  • 11°C
  • Tue
  • 28°C
  • 10°C
  • Wed
  • 28°C
  • 10°C
  • Thu
  • 23°C
  • 9°C
  • Fri
  • 25°C
  • 8°C
  • Mon
  • 19°C
  • 13°C
  • Tue
  • 21°C
  • 14°C
  • Wed
  • 18°C
  • 14°C
  • Thu
  • 21°C
  • 13°C
  • Fri
  • 22°C
  • 15°C

Profits for Amplats, but outlook bleak

Fresh labour unrest across the platinum belt is threatening its earnings recovery.

An Amplats mine in Rustenburg. Picture: AFP.

JOHANNESBURG - Anglo American Platinum (Amplats) swung back to profit in the last year but its earnings recovery is threatened by fresh labour unrest across South Africa's platinum belt.

Amplats, the world's largest producer of the precious metal, said on Monday it had headline earnings per share of 556 cents in 2013, a sharp recovery from a year earlier when it booked a loss of 562 cents per share on a wave of violent wildcat strikes.

Headline earnings per share is the main profit gauge in South Africa and excludes certain one-off and non-trading items.

Amplats did not declare an annual dividend for 2013.

Maintaining profit for the company, which is 80 percent-owned by resources giant Anglo American, will be tough after workers went on strike over pay last month.

Members of the hardline Association of Mineworkers and Construction Union (Amcu) walk out at Amplats, Impala Platinum and Lonmin on 23 January, demanding that monthly wages be more than doubled to R12,500 rand.

The strike has hit around 40 percent of the global supply of platinum, used in catalytic converters in cars.

Amplats said it planned to keep its baseline production flat at a range of 2.3 and 2.4 million ounces in 2014.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus