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. More
Friday, Dec 63:30 AMNelson Mandela passes away
Friday, Dec 63:30 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 2711:07 AMStrike hits Amplats South African mines
Friday, Sep 2711:07 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 308:18 AMImminent strike just the latest in South Africa's labor troubles
Friday, Aug 308:18 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.
Tuesday, Jul 99:29 AMThousands of mineworkers at Anglo American Platinum (AGPPY.PK) have returned to work after staging a wildcat strike since Sunday at two mines in South Africa, the company says. Workers were demanding the reinstatement of 19 union leaders who had been suspended following an illegal sit-in last month. |Tuesday, Jul 99:29 AM| Comment!
Friday, May 177:58 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 177:58 AM| Comment!
Friday, May 1011:28 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 1011:28 AM| Comment!
Tuesday, Feb 196:06 AMAnglo American Platinum (AGPPY.PK) has suspended production at all its South African operations today due to wildcat strikes after at least 13 people were injured in inter-union violence at one of its mines yesterday. The stoppage follows violent industry wide strikes last year, which cost the mining industry 15B rand ($1.68B) of lost revenue, and comes ahead of wage talks. Platinum futures +0.9%. |Tuesday, Feb 196:06 AM| 2 Comments
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!
Friday, Oct 52012, 10:13 AMAnglo American Platinum (AGPPY.PK) fires 12K workers taking part in a three-week strike, following through on tough talk over wildcat stoppages in South African mines. The strike has spread to the trucking industry, and Shell (RDS.A) says it can't honor fuel delivery contracts around Johannesburg. The death toll nears 50 in the country's worst labor unrest since the end of apartheid. |Friday, Oct 52012, 10:13 AM| 1 Comment
Thursday, Sep 202012, 10:45 AMFour of Anglo American Platinum's (AGPPY.PK) Rustenburg mines in South Africa haven't resumed full production, with less than 20% worker turnout because employees continue on what the miner considers an illegal strike. Anglo says workers have until Thursday's night shift to return or "legal avenues will be pursued," which could include dismissal. |Thursday, Sep 202012, 10:45 AM| Comment!
Wednesday, Sep 122012, 12:32 PMAnglo American Platinum (AGPPY.PK -2.7%) says it is suspending operations at its Rustenburg platinum mines in South Africa to protect the safety and security of its employees from outside intimidation. The mines are located in the same area where 45 people have died so far in a month-long wildcat strike. |Wednesday, Sep 122012, 12:32 PM| 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!
Thursday, Nov 172011, 8:58 AMJefferies pounds the table for Freeport-McMoRan (FCX) following the recent sale of a stake in Anglo American's (AGPPY.PK) Chilean copper unit. The firm claims the deal's $5.39B price tag implies Freeport is worth $83/share, more than twice its current price. |Thursday, Nov 172011, 8:58 AM| Comment!
Friday, Nov 42011, 4:47 AMAnglo American (AGPPY.PK) agrees to buy the Oppenheimer family's 40% stake in De Beers for $5.1B, thereby increasing its stake to 85%. However, the Botswana government has a pre-emption right over the Oppenheimer holding that would lift its stake to 25% and limit Anglo American to 75%. (PR) |Friday, Nov 42011, 4:47 AM| 3 Comments