Anglo American Platinum Restructuring Bears Fruit
February 15 2017 - 3:43AM
Dow Jones News
By Alexandra Wexler
JOHANNESBURG--Anglo American Platinum Ltd. (AMS.JO), the world's
top producer of the precious metal, said Wednesday that its
continued restructuring and asset sales boosted its earnings during
2016.
The Johannesburg-listed miner reported net profit of 632 million
South African rand ($48.3 million) for the year, up from a loss of
ZAR12.36 billion in 2015 and in line with the company's previously
announced guidance.
Earnings in 2015 were hurt by impairments and write-offs of
ZAR14 billion after tax and by restructuring costs.
Amplats, a majority-owned unit of globally diversified miner
Anglo American PLC (AAL.LN), announced in a separate statement
Wednesday that it has agreed to sell its 85% interest in its Union
Mine and its 50.1% interest in MASA Chrome Co. to a subsidiary of
Siyanda Resources Proprietary Ltd. for an initial purchase price of
ZAR400 million in cash, and a deferred consideration based on 35%
of cumulative distributable free cash flow paid annually for 10
years, with a cap of ZAR6 billion in additional payments.
Amplats reported headline earnings, which strip out certain
items, of ZAR1.87 billion for 2016, up from a loss of ZAR126
million during the previous year, in line with the company's
previously announced guidance.
Net revenue was ZAR61.96 billion for the year, up 3.6% from
2015.
-Write to Alexandra Wexler at alexandra.wexler@wsj.com
(END) Dow Jones Newswires
February 15, 2017 03:28 ET (08:28 GMT)
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