Anglo Platinum announces impact of strike
Recent strike action at Anglo Platinum operations by members of the National Union of Mineworkers (NUM), the Togetherness Amalgamated Workers Union of South Africa (TAWUSA) and the National Union of Metalworkers of South Africa (NUMSA) has resulted in a reduction in mining output equal to some 50 000 ounces of refined platinum and a proportionate reduction of associated metals.
Anglo Platinum announced on 10 September 2004 that it had suspended smelting operations at its Polokwane smelter to examine and repair elements of the smelter cooling system. The manufacture and installation of cooling elements is in progress and management expects smelting at Polokwane to resume during the last week of November 2004. Current estimates indicate that it may not be possible to smelt all stockpiled concentrate by 31 December 2004.
As a consequence of the largely fixed cost base of mining operations, the implementation of the announced wage settlement and lower mining production resulting from the strike, the Company’s increase in unit cash operating costs will exceed CPI in 2004. In addition the Company’s refined platinum production for 2004 is expected to be 2,4 million ounces.
For more information, please contact
Mike Mtakati
Tel: (011) 373-6865
Cell: 083 455 7887