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.
Monday, Apr 1410:59 AM
Monday, Apr 1410:59 AM| Comment!
- Platinum prices are surging, stoked by worries over supplies due to the crippling mine worker strike in South Africa and the potential for increased sanctions against Russia.
- Platinum mining in South Africa has plunged by more than a third since workers went on strike in January to demand higher pay; mining companies had built up their inventories before the strike, but stockpiles have dwindled as the strike reaches its 11th week.
- South Africa is the source of roughly 80% of the world's platinum, while Russia is the second largest producer; platinum is used primarily in catalytic converters of diesel-burning vehicles, which are common in Europe.
- Platinum producers: AGPPY, AGPPF, AAUKY, AAUKF, IMPUY, IMPUF, LNMIF, LNMIY.
- ETFs: PPLT, PTM, PGM
Friday, Mar 288:38 AM
Friday, Mar 288:38 AM| Comment!
- Anglo American Platinum (AGPPY, AGPPF) won't make a profit this year at its Rustenburg mines due to a 10-week strike, CEO Chris Griffith says, although it is unlikely to declare force majeure on supplies to customers.
- "If we run out of metal, we will go to the market to buy it... to supply our customers," Griffith says, adding that output was running at 60%.
- Mine workers walked off the job in January demanding a doubling of wages that South Africa's platinum producers say they can't afford; talks with the union resumed this week after collapsing three weeks ago.
Tuesday, Mar 2510:15 AM
Tuesday, Mar 2510:15 AM| Comment!
- Anglo American (AAUKF, AAUKY) says it is restarting operations at its Los Bronces copper mine in Chile following violent protests earlier this week that had caused it to halt operations.
- Los Bronces, in the Andes mountains, produced more than 416K tons of copper last year, ~7% of Chile's overall output; Anglo says its other mines in Chile are operating normally.
- Meanwhile, platinum producers including Amplats (AGPPY, AGPPF) say a strike now in its ninth week at their South African mines is causing irreparable damage to the sector and local economy.
Friday, Dec 62013, 3:30 AM
Friday, Dec 62013, 3:30 AM| 5 Comments
- South African markets are calm following the passing of Nelson Mandela, who was instrumental in the country's peaceful transition away from apartheid.
- One of Mandela's biggest achievements was enacting policies that paved the way for GDP to grow for 15 years, the longest period of expansion in South Africa's history. These policies included embracing the free market, cutting costs and attracting foreign investment.
- The question is now that Mandela has passed on, whether South Africa will feel more free to abandon the policies and conciliation that he espoused. For example, the ANC's youth wing wants to nationalize banks and mines, policies that Mandela ditched in 1994.
- There are also fears that Mandela's death could leave South Africa open to renewed racial and social tensions, such as those seen in the mine strikes over the past year or so.
- The economy is already not in a good way: unemployment is 24.7% and there is a large inequality in earnings between blacks and whites.
- The FTSE/JSE Top 40 is +0.3%, the South African 10-year bond yield is -2.5 bps at 8.16%, and the USD-ZAR is +0.2% at 10.4732 rand.
- Tickers: HMY, AGPPY, AGPPF, AAUKY, AAUKF, SSL, GFI, ABX, AU, SBGGF.
- ETF: EZA
Friday, Sep 272013, 11:07 AM
Friday, Sep 272013, 11:07 AM| 1 Comment
- Fewer than one in five workers showed up today at Amplats' (AGPPY.PK, AGPPF.PK) South African platinum mines around the city of Rustenburg, in protest against planned job cuts.
- Amplats - part of global mining group Anglo American (AAUKY.PK, AAUKF.PK) and the world's No. 1 producer of the precious metal - said last month it would cut 4,800 jobs.
- Unlike work stoppages since that declaration, Friday's action is legal and in keeping with a change of tactics by the mineworkers union, which was behind a wave of wildcat strikes that rocked South Africa's gold and platinum sectors last year and drove Amplats into the red.
Friday, Aug 302013, 8:18 AM
Friday, Aug 302013, 8:18 AM| 1 Comment
- As a mining strike looms, new Anglo American (AAUKY.PK, AAUKF.PK) CEO Mark Cutifani tells WSJ ~50% of South Africa's gold and platinum operations are operating at a loss and "you will see shafts in platinum and gold close if the wage hike goes badly.”
- Some miners already have begun to sell their South African assets and redirect spending elsewhere; Gold Fields (GFI) last year sold all but one gold mine in the country, and Harmony Gold (HMY) is directing more of its exploration money to Papua New Guinea than to South Africa.
- More labor tension: Anglo American Platinum (AGPPY.PK, AGPPF.PK) will fire 3,300 workers at its South African mines to revive profitability; ~45% of Amplats' business is in South Africa.
Friday, May 172013, 7:58 AMThe head of a major South African mining union threatens to bring the country's economy "to a standstill" and demands a meeting with President Zuma, ramping up the rhetoric in a long and heated conflict between labor and the government. But a strike seems averted for at least another day, as top platinum producer Amplats (AGPPY.PK) says employees reported for today's shifts as normal. |Friday, May 172013, 7:58 AM| Comment!
Friday, May 102013, 11:28 AMAnglo American Platinum (AGPPY.PK) appeases labor tensions but disappoints investors by agreeing to cut fewer jobs than proposed and to keep more of its production on line as a result. Amplats now estimates 2013 platinum production at 2.2M-2.4M oz. vs. an earlier forecast of 2.1M-2.3M, feeding concerns that supply could exceed demand this year. Platinum -2.5% to $1,479.10. |Friday, May 102013, 11:28 AM| Comment!
Thursday, Nov 152012, 8:15 AMAnglo American Platinum says striking employees have returned to work, ending a weeks-long strike which was the last unresolved major labor disruption that started after miners first went on strike at Lonmin in August. Anglo, which accounts for ~40% of the world's total platinum output, says headline and basic earnings for this year could decrease by more than 20%. |Thursday, Nov 152012, 8:15 AM| Comment!
Monday, Nov 122012, 10:37 AMAnglo American Platinum says it's too early to tell whether striking South African miners will return after it told them to resume work or face dismissal, but a labor leader says no agreement has been reached. The world's top platinum producer says it has lost ~168K oz. of production, worth more than $250M at current spot prices, as the wildcat strike is in its second month. |Monday, Nov 122012, 10:37 AM| Comment!
Wednesday, Aug 222012, 9:39 AMPlatinum prices jump to four-month highs as spreading labor unrest in South Africa raises the possibility that a further 40% of world production of the metal could be affected. Fears that a two-week standoff at Lonmin's Marikana mine could spread to top platinum producer Anglo-American grow, as Amplats workers have become the latest group of platinum miners to demand higher wages. |Wednesday, Aug 222012, 9:39 AM| Comment!