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Anglo American Platinum Ltd. ADR (AGPPY)

- OTCPK - Current
  • Wed, Sep. 9, 7:52 AM
    • Sibanye Gold (NYSE:SBGL) agrees to acquire the Rustenberg platinum mining and concentrating operations in South Africa from Anglo American Platinum (OTCPK:AGPPY, OTCPK:AGPPF) for at least 4.5B rand ($331M).
    • The deal involves an upfront payment of 1.5B rand, with a minimum deferred payment of 3B rand, equal to 35% of cash flow generated by the operations, making 20B rand the maximum potential value of the deal.
    • The sale allows Amplats, which had considered separately listing the mines, to focus on shallower, lower cost and more mechanized operations as platinum prices fall to multi-year lows.
    • For SBGL, the deal will boost future cash flow to pay dividends if the miner can lower costs and raise production as has happened at four aging gold mines.
    • SBGL +3.9% premarket.
    | Wed, Sep. 9, 7:52 AM | Comment!
  • Thu, Sep. 3, 11:58 AM
    • Sibanye Gold (SBGL +1.2%) says it is in talks on the potential acquisition of Anglo American Platinum's (OTCPK:AGPPY) Rustenburg mining and concentrating operations.
    • While Amplats is negotiating with others, the talks with SBGL are at an advanced stage and the company has put off plans to list the business separately, Bloomberg reports.
    • SBGLhas been interested in buying South African platinum mines as it seeks to diversify its asset base; Amplats wants to divest three Rustenburg mines and its Union asset as it prioritizes shallower and more mechanized operations.
    | Thu, Sep. 3, 11:58 AM | Comment!
  • Mon, Jul. 20, 9:19 AM
    • Amplats (OTCPK:AGPPY) reports H1 earnings of R9.46/share, up from R0.60/share during the year-ago period and in line with the company's prior guidance, boosted in part by higher metal output.
    • Amplats' H1 refined platinum production rose 35% to 820K oz., but low metals prices continue to present a challenge as platinum prices hit six-year lows; the company says some of the impact of low prices has been mitigated by the weaker South African rand, which fell to 14-year lows against the dollar in June.
    • H1 revenue of 29.85 South African rand ($2.41B) rose 7.2% from the year-ago period, when Amplats was hit by a five month-long strike.
    • Says it continues to pursue a sale or spinoff of its older Rustenburg and Union mines, but production at the open pit Mogalakwena mine rose to record levels.
    | Mon, Jul. 20, 9:19 AM | 2 Comments
  • Tue, Jun. 23, 2:19 PM
    • Anglo American's (OTCPK:AAUKF, OTCPK:AAUKY) platinum unit in South Africa plans to cut more than 400 management jobs in response to platinum prices that have tumbled to six-year lows, hurt by a surge in supplies that stems in part from the South African currency’s sharp depreciation against the U.S. dollar.
    • Amplats already is trying to dispose four of its platinum mines, three mines at Rustenburg and one at Union, most likely through an IPO whose announcement is expected within days.
    • Barclays analysts say the proposals are “a sign that Anglo Platinum is [finally] facing the reality of a sustained period of depressed prices," but the company is moving cautiously with restructuring plans because of the potential for further labor unrest in South Africa after stirring controversy when it cut thousands of jobs in 2013 in a previous restructuring.
    | Tue, Jun. 23, 2:19 PM | Comment!
  • Mon, Jun. 15, 10:41 AM
    • Anglo American Platinum (OTCPK:AGPPF, OTCPK:AGPPY) says H1 2015 earnings will come in at least 20% higher Y/Y due to its improved operational performance following a strike that weighed on H1 earnings last year.
    • The majority-owned unit of globally diversified miner Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) says H1 earnings will gain at least 31M rand ($2.5M), or $0.12/share, from 157M rand, or $0.60, in 2014.
    • Amplats also says it is considering floating its labor-intensive South African mines around Rustenburg rather than selling them because the offers it has received are too low.
    | Mon, Jun. 15, 10:41 AM | Comment!
  • Fri, May 29, 11:58 AM
    • Platinum miners betting on fuel cell vehicles to help boost demand and prices for the metal are in danger of having their hopes dashed, at least in the medium term, as electric and hybrid cars are taking a bigger share of the market, according to a Reuters analysis.
    • The world's three largest platinum producers - Amplats (OTCPK:AGPPY, OTCPK:AGPPF), Impala Platinum (OTC:IMPUF, OTCQX:IMPUY) and Lonmin (OTC:LNMIF, OTCPK:LNMIY) - are all investing in projects related to fuel cell technologies, but analysts doubt growth in fuel cell vehicles will keep up with their electric counterparts, mostly because battery recharging stations are less costly and already more widespread than hydrogen refueling stations.
    • Amplats CEO Chris Griffith, whose company has invested $35M in the last five years in companies developing new uses for platinum, mostly through fuel cell technology, says he does not want Amplats "to be a Kodak."
    | Fri, May 29, 11:58 AM | Comment!
  • Nov. 18, 2014, 9:59 AM
    • Six of the world’s major platinum producers - including Amplats (OTCPK:AGPPY), Impala Platinum (OTCQX:IMPUY) and Lonmin (OTC:LNMIF) - have banded together to drum up interest in the metal as a financial investment.
    • "The investment potential of platinum has been largely overlooked,” says the group head, pointing to platinum’s performance as an investment asset over the past 20 years.
    • Demand for platinum, unlike gold and silver, is driven by industry rather than by investors and the jewelry sector; the metal has a wide use of applications, from emission-reducing catalytic convertors in motor vehicles to fuel cells and chemicals production.
    • A test using platinum as a catalyst for fuel cells to light up an isolated village in South Africa is prompting further interest.
    • ETFs: PPLT, PTM, PGM
    | Nov. 18, 2014, 9:59 AM | Comment!
  • Oct. 9, 2014, 11:48 AM
    • Platinum Group Metals (PLG +0.6%) says its low-cost South African projects will benefit as competitors shut down old unprofitable mines in lowering global output by as much as 35%.
    • South African platinum producers, the source of more than 70% of the metal, are under pressure to close or sell their least efficient operations amid the lowest platinum prices in five years, dwindling ore grades and higher labor costs, CEO Michael Jones says.
    • Platinum prices have declined ~8% this year as signs of weaker economic growth in Europe has raised concerns about slowing demand; at current prices, ~45% of South Africa's platinum mines are believed to be operating at a loss.
    • PLG shares have shed 33% so far this year; platinum peers including Amplats (OTCPK:AGPPY), Impala Platinum (OTCQX:IMPUY) and Lonmin (OTC:LNMIF) also are sharply lower YTD.
    • ETFs: PPLT, PTM, PGM
    | Oct. 9, 2014, 11:48 AM | Comment!
  • Jul. 21, 2014, 4:36 AM
    • Anglo American's (OTCPK:AAUKY) subsidiary, Amplats, is planning to sell its Union mine, Rustenburg operations and a joint venture in South Africa.
    • The move will reduce the miner's staff count by 20k, and follows a continuous five-month strike against the company by the AMCU union.
    • The mine is expected to be sold to Sibanye Gold (NYSE:SBGL), whose CEO Neal Froneman announced a wish for a platinum deal before the end of the year.
    | Jul. 21, 2014, 4:36 AM | Comment!
  • Jul. 1, 2014, 11:31 AM
    • Platinum prices breach $1,500/oz. and palladium futures also jump as better than expected U.S. car sales data and a new strike in South Africa lured buyers into both markets.
    • Upbeat reports from GM, Ford, et. al. bucked expectations for a slowdown in car sales, boosting investor appetite for platinum and palladium, which are both widely used in car exhaust filters.
    • Meanwhile, a new strike by metal workers and engineers in South Africa have renewed concerns about supply after the country is still recovering from a five-month strike by platinum workers.
    • Platinum producers: AAUKF, AAUKY, IMPUY, LNMIF.
    | Jul. 1, 2014, 11:31 AM | 6 Comments
  • Jun. 23, 2014, 11:58 AM
    • South Africa's AMCU says its members agreed to a wage settlement that will end the country's longest-ever strike which has cost the mining industry 1.1M oz. in lost platinum production and helped shrink the country's economy by 0.6% in Q1 from a year earlier.
    • The world's three-biggest platinum producers - Amplats (AAUKF, AAUKY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - say they each lost roughly a third of their annual production, and analysts say it will take at least three months to get production back to pre-strike levels after mines have been mostly idle for the past several months.
    • Platinum prices fell 1.1% to $1,437.70/oz. on the news.
    | Jun. 23, 2014, 11:58 AM | 2 Comments
  • Jun. 18, 2014, 9:59 AM
    • South Africa's platinum miners say the industry's main labor union has made new demands that go beyond a preliminary accord struck last week, which may delay an apparent agreement to end the five-month strike by 70K-plus mine workers.
    • AMCU, which has led the strike, now wants the new wage agreement to run for three years instead of five, seeks a once-time payment of ~$270 to each worker, and wants miner Lonmin (LNMIF) to rehire 235 workers it recently dismissed for participating in the strike.
    • Top platinum miner Amplats (AAUKF, AAUKY) and the union are scheduled to meet today to discuss the new demands; Impala Platinum (IMPUY) says some of the new issues raised by the union are "problematic" and that it "could still take some time" to sign a deal.
    | Jun. 18, 2014, 9:59 AM | Comment!
  • Jun. 12, 2014, 8:54 AM
    • South Africa’s top platinum companies and the biggest mineworkers union agree on proposals that the labor organization will take to its members in a bid to end a five-month pay strike.
    • The AMCU union is meeting members at mines today to get their views on the proposal, and the companies - Amplats (AAUKF, AAUKY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - expect a response tomorrow.
    • More than 70K members of the union have been on strike over pay since Jan. 23, which producers say has cost 22B rand in revenue.
    | Jun. 12, 2014, 8:54 AM | Comment!
  • May 27, 2014, 12:56 PM
    • South African mining production plunged 24.7% Y/Y in the three months through March, the biggest quarterly drop since Q2 1967, and helping send the country's Q1 GDP down 0.6% Y/Y in its first contraction in five years, the government reports.
    • A four-month-old miner's strike at South Africa's three biggest platinum producers - Anglo American Platinum (AGPPY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - has cost the companies more than 470K oz. of production in Q1 and 19.8B rand ($1.9B) to date in lost revenue.
    • A South African labor court judge is now mediating talks between the companies and the miner's union - a step supported by both sides but she can’t impose anything on the parties.
    • ETFs: PPLT, PTM, PGM
    | May 27, 2014, 12:56 PM | Comment!
  • May 5, 2014, 8:32 AM
    • South African platinum miners will continue their strike after workers rejected the latest wage offer from employers, according to the president of the AMCU union that is spearheading the strike.
    • The world's three largest mining companies - Anglo American Platinum (AGPPY), Impala Platinum (IMPUY) and Lonmin (LNMIF) - had revised their wage offer at the end of April with an above-inflation salary increase of as much as 10%.
    • The strike has been running for nearly four months and has cut global production of the metal by ~40%; the big three miners are estimated to have lost ~$1.5B so far.
    • ETFs: PPLT, PTM, PGM
    | May 5, 2014, 8:32 AM | 2 Comments
  • Apr. 24, 2014, 6:44 PM
    • The world's top three platinum producers - Amplats (AGPPY, AGPPF), Impala Platinum (IMPUY, IMPUF) and Lonmin (LNMIF, LNMIY) - say they will bypass the union representing tens of thousands of South African miners and offer a new wage deal directly to their employees, after talks aimed at ending three months of strikes hit an impasse.
    • Although the move doesn't bring an end to negotiations with the AMCA union, it could further damage already strained relations between management and strike leaders.
    | Apr. 24, 2014, 6:44 PM | Comment!
Company Description
Anglo Platinum Ltd. is the holding company for a group of companies which operate platinum mines. In addition to platinum, the group mines and produces platinum group metals such as palladium, rhodium, iridium, ruthenium, osmium, nickel, copper and cobalt.
Industry: Gold
Country: South Africa