Anglo Platinum is pleased to announce a significant performance improvement in comparison with 2003 as a result of increased production and sales volumes and higher rand prices realised on metals sold. Headline earnings increased to R2,62 billion, 25,1% above headline earnings in 2003. Headline earnings per share attributable to ordinary shareholders, which exclude preference share dividends, increased to R11,38 per share, 17,1% higher than in 2003. A final dividend of 335 cents per share has been declared.
Commenting on these results, CEO Ralph Havenstein said, "We are pleased with the progress made in implementing a robust business model which will allow the Group to achieve cost and efficiency improvements while expanding within current economic limits. We achieved our refined platinum target of 2,45 million ounces, despite the impact of the wage strike in October and the Polokwane Smelter repair. Our process operations performed well in 2004 with lower unit costs and improved recoveries. Performance at the new converter plant exceeded our expectations, achieving our sulphur emission target of below 20 tons per day and allowing us to place the old converters on stand-by."
In line with the Group’s stated policy of implementing only those projects which meet its investment hurdle rate, and with the unlikely prospect of higher rand prices in the short term, the rate of implementation of the expansion programme has been adjusted. Current plans for 2005 indicate capital expenditure of R6 billion and refined platinum production of 2,6 million ounces.
"While we remain flexible with regard to the rate of expansion, the revised implementation is expected to result in refined platinum production in 2006 of between 2,7 million and 2,8 million ounces," said Ralph.
Good progress is being made towards meeting the requirements of the Mineral and Petroleum Resources Development Act and Broad Based Economic Empowerment Charter. Anglo Platinum continues to work closely with the Department of Minerals and Energy in this regard. The Group lodged several applications during the year to convert "old-order" rights to "new-order" rights in accordance with the requirements of the new Act.
The Group continues to pursue its strategy to grow the markets for platinum group metals and to expand production to meet increased demand. Anglo Platinum remains confident in the long-term growth in platinum group metals demand and is committed to increasing production in line with that growth.
For further information, please contact
Trevor Raymond
(011) 373-6462
082 654 8467