Anglo Platinum is pleased to announce headline earnings of R2,6 billion for the first half of 2002. When compared to the same period last year, headline earnings declined by 35,8% as a result of lower US dollar metal prices for metals sold, rand volatility, inflation and additional costs associated with higher production. The Group achieved a gross profit margin of 49,5%.
The Board has declared an interim dividend of 900 cents per ordinary share.
The Group continues to support the process of Black Economic Empowerment and is proud of the very significant contribution it has made in recent Black Economic Empowerment transactions, worth billions of Rands, and which involve Mvelaphanda Platinum, African Rainbow Minerals and the Royal Bafokeng Nation. It is particularly pleasing to advise that the Group has reached agreement with the Government on the processing of mining authorisations required to complete the announced expansion programme in which it will involve more BEE partners.
Executive Chairman, Barry Davison, said that he was generally satisfied with the results. "Despite a huge amount of both brown and greenfields project activity at Anglo Platinum, the steady state operations performed well and achieved a unit cost increase of only 6,6%. The Rustenburg UG2 Phase 1 project was successfully commissioned in the first half of the year. The Union UG2 and Modikwa Platinum Mine projects commenced milling in July."
Regarding the Company’s expansion plans, Davison said: "We continue to monitor the validity of our strategy by looking at market demand fundamentals. As a result of our ongoing research we are satisfied that our plan to produce 3,5 million refined platinum ounces per annum in 2006 remains entirely appropriate."
For further information, please contact
Mike Mtakati
(011) 373-6865
083 455 7887