Anglo Platinum is pleased to announce a significant performance improvement in comparison with the first half of 2003 as a result of increased production and sales volumes and higher US dollar prices realised on metals sold. Headline earnings attributable to ordinary shareholders increased to R1,48 billion, 32,5% above those reported for the same period in 2003. An interim dividend of 400 cents per share has been declared. Commenting, CEO Ralph Havenstein said: "Whilst the increase is pleasing, it should be remembered that the Group comes off a low base following the temporary metal lock-up in process division in the first half of last year."
Refined platinum production remains on track to meet the target of 2,45 million ounces in 2004. "On building the robustness of the Group to ensure future growth, it remains imperative that we continue to focus on operating efficiencies and unit costs. Various initiatives have been introduced to achieve improvements and the Group continues to target a unit cash cost increase in line with CPIX for 2004," Ralph adds.
Anglo Platinum remains confident of the robustness of current and future demand for platinum and its expansion programme is proceeding in accordance with the build-up profile announced in December 2003. However, the continuing strength of the Rand against the US dollar is clearly impacting the ability of new projects to meet the Group’s required hurdle rates. As a result, further delays in the Group’s extensive expansion programme may become unavoidable.
For further information, please contact
Mike Mtakati
(011) 373-6865
083 455 7887