Amplats counts the cost of wildcat strikes
Monday 04 February 2013
The world’s-biggest platinum producer, Anglo American Platinum (Amplats), lost 6.3 billion rand (£44.9 million) last year after it was hit by two months of wildcat strikes and lost production.
The huge loss compared with operating profits of of 7.9 billion rand in 2011.
Chief executive Chris Griffith said: “While we are not pleased with the operational and financial performance, it is important to put things in context. Operationally, 2012 was a challenging year for Anglo American Platinum and the platinum industry as a whole.
“The year was characterised by lower prices, illegal industrial action which impacted production, unit cost, labour productivity and, of course, profitability and earnings.”
Anglo American, the FTSE 100 company which is the largest shareholder in Amplats, said it would book a $225 million (£143 million) loss from the business against a profit of $410 million a year earlier.
Amplats said that it had lost 305,600 of platinum production due to the strikes which began in August. It said plans to reduce activities in 2013 to save on capital spending would lead to a reduction in output of some 400,000 ounces — about 7% of current global output.
That helped drive the platinum price to a four-month high of $1,707 an ounce. The precious metal has gained 11% so far this year while gold is down 0.2%.
Amplats has put plans to cut 14,000 jobs on hold for at least 60 days to allow further talks with politicians and unions.
It is not paying a dividend.
- 4 #JeSuisEd: People share photos of themselves eating awkwardly in solidarity with Labour leader
- 5 Women think Irish men are the sexiest, survey finds
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Florida couple forced to register as sex offenders for having sex on public beach
Who should I vote for in the general election? Take The Independent's interactive quiz to find out which party is the right choice for you
General election: Conservatives mocked online over Boris Johnson's claim of SNP 'jockalypse'
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...