Anglo American plc (“Anglo American”) is this afternoon hosting an investor presentation in London which will provide an update on Anglo American’s strategy, detailed findings of its asset review and progress made towards realising Anglo American’s value potential through a number of revenue enhancing and cost reduction opportunities.
Key points pertinent to Anglo American Platinum will include an update on the progress of the restructuring and a focus on optimising and expanding Mogalakwena. Through a number of mining strategy improvements, ongoing operational improvements and a debottlenecking exercise at the concentrator, Mogalakwena has potential to produce around 400 koz by the end of 2017.
Anglo American Platinum’s chief executive Chris Griffith said: “We are making great progress with our restructuring plans with the support of Anglo American and remain optimistic that we will achieve our goal of creating a sustainable and profitable business for the benefit of our stakeholders.”
The presentation will begin at 12.30pm (UK time) / 14:30pm (SA time) and will close at 17:00pm (UK time) / 19:00pm (SA time). The following members of Anglo American’s management team will present:
| Mark Cutifani |
Chief Executive |
| René Médori |
Finance Director |
| Tony O’Neill |
Group Director, Technical |
| Peter Whitcutt |
Group Director, Strategy, Business Development & Commercial |
| Duncan Wanblad |
CEO, Base Metals & Minerals |
The presentation will be available to watch via webcast, which can be viewed at: http://www.media-server.com/m/p/7iqtg586. Replays will be available after the close of the presentation.
Trading Statement
Anglo American Platinum is now reasonably certain that basic and headline earnings for the year ending 31 December 2013 (“the period”) will increase by more than 20% from that reported in the year ended 31 December 2012 (“the comparative period”).
However, in view of volatility in exchange rates, metal prices and the potential impact of industrial action, Anglo American Platinum cannot, with reasonable certainty, quantify the extent of the increase in expected earnings.
Headline earnings and basic earnings reported for the comparative period were a loss of R1,468 million and R6,677 million respectively while headline earnings per share (“HEPS”) and earnings per share (“EPS”) were a loss of R562 and R2,558 respectively.
The expected increase in earnings is primarily as a result of the weaker rand / US dollar exchange rate and higher sales volumes. This is somewhat offset by a higher effective tax rate resulting from an additional provision for tax in respect of prior years.
Shareholders are advised that a further trading statement will be issued in due course to provide earnings forecast ranges for earnings per share and headline earnings per share as required by the JSE Listing requirements.
The forecast financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors.
The results for the period will be released on SENS on the 3rd February 2014, and an updated trading statement will be released before then.