Amplats warns of large losses amid 14B rand in writedowns

• Anglo American Platinum (OTCPK:AGPPF, OTCPK:AGPPY) says it will book 14B rand ($851M) in FY 2015 impairments on the value of the mines it owns and warns that earnings will miss expectations.
• Amplats says it expects a loss of 12.1B-12.2B rand for 2015, compared with earnings of 624M rand in 2014, with headline earnings - which strips out the impact of most of its impairments and writedowns - of 60M-135M rand, as much as 92% lower than in 2014.
• Amplats said last month that it would delay all investment in new or replacement capacity until at least 2017 as it tries to preserve cash, and further plans for cuts likely will be revealed when Anglo American (OTCQX:AAUKF, OTCPK:AAUKY), which owns nearly 80% of the platinum producer, announces its awaited restructuring plans next month.