Anglo Platinum reports strong recovery

 Anglo Platinum reported a strong financial recovery for the half-year ended June 30 2010.

In a stock exchange statement today, the world’s largest platinum producer said headline earnings had come in at R2.559 million – an increase of 532% when compared wto the same period last year.

This was in line with significantly higher metal prices.

Anglo Platinum said: “There was a 67 percent increase in the US dollar price realised on the basket of metals sold, offset by a stronger average rand/dollar exchange rate and lower sales volumes.”

Gross sales revenue increased by R3.7 billion to R20.9 billion.

CEO Neville Nicolau said: “We are pleased with the strong financial recovery we have seen in the first six months of the year, due primarily to a robust recovery in the basket price since the first half of last year.”

He said he was satisfied with the continued improvement in the group’s safety performance during the period.

Cost management initiatives continued to bear fruit.

Nicolau said: “We delivered further productivity gains and kept our unit cash costs around R11 000 per equivalent refined platinum ounce.”

Following the end of the period, Anglo Platinum had received unconditional letters of conversion for its mineral rights from the department of mineral resources.

The group expected the platinum market in 2010 to remain in balance due to continued strength from the autocatalyst and industrial segments.

Nicolau said: “Interest in new applications for PGMs [platinum group metals] remains buoyant as global pressures on environmental issues, energy security and diversification retain political and consumer interest.”

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