Anglo American Platinum Cuts Full-Year Production Guidance
October 24 2017 - 3:08AM
Dow Jones News
By Dimitrios Kontos
Anglo American Platinum Ltd. (AMS.JO) said Tuesday that it has
reduced its full-year total platinum production guidance, citing a
total of 150,000 ounces of unprofitable platinum production from
its Bokoni and Maseve mines in South Africa during the quarter
ended Sep. 30.
The Johannesburg-listed miner has revised its guidance for the
year down to between 2.30 million and 2.35 million platinum ounces,
from between 2.35 million and 2.40 million ounces announced
previously.
The world's top producer of the precious metal said that a
temporary closure of its Mototolo concentrator in northeastern
South Africa will also impact production this year.
Total platinum production for the third quarter was flat at
621,400 ounces, driven by strong performances from its Mogalakwena
and Union sites in South Africa and Unki mine in Zimbabwe, which
partially offset the reduced production at Bokoni.
Comparable production of refined platinum, meanwhile, slowed 2%
during the period, to 684,100 ounces, due to additional inventory
that had built-up. The company said that the remaining backlog in
inventory will be refined during the fourth quarter.
The company said that comparable sales volumes for the period
increased 13%, to 663,600 ounces.
Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com
(END) Dow Jones Newswires
October 24, 2017 02:53 ET (06:53 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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