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.
Friday, Feb 144:17 AM
Friday, Feb 144:17 AM| Comment!
- Anglo American (AAUKF) made its second consecutive net loss in 2014 after the mining company wrote down wrote down $1.9B in the value of assets as commodity demand continued to be soft.
- Still, net losses narrowed to $961M from $1.47B a year earlier but badly missed consensus for a profit of $2.01B.
- Underlying profit fell 7% to $2.7B, above analyst forecasts of $2.38B.
- Total revenue +1% to $33.06B.
- Net debt rose to $10.7B from $8.5B and could reach $15B by the end of 2014.
- Despite the loss, Anglo American maintained its dividend at $0.85 a share. (PR)
Monday, Jan 278:21 AM
Monday, Jan 278:21 AM| Comment!
- Talks resumed today between South Africa's top mineworkers union and the world's top three platinum producers, but with few hopes for a quick resolution to a strike that hit production of the metal given AMCU's uncompromising approach to negotiations and with the two sides far apart over wages.
- The delegations for the talks were low level, with no ministers or chief executives from Anglo American Platinum (AGPPY), Impala Platinum (IMPUY, IMPUF) or Lonmin (LNMIF, LNMIY), and without the president of the AMCU union.
- ETFs: PPLT, PTM, PGM.
Friday, Jan 2411:41 AM
Friday, Jan 2411:41 AM| 1 Comment
- The strike at South African platinum mines has paralyzed the world’s three biggest producers of the metal for a second day, as talks to resolve the dispute over pay brake up until next Monday.
- Negotiations between Anglo American Platinum (AGPPY), Impala Platinum (IMPUY, IMPUF) and Lonmin (LNMIF, LNMIY) and the AMCU union are expected to resume for three days beginning Jan. 27; platinum prices pared declines as prospects of a quick end to the walkout faded.
- At least 70K employees began their strike yesterday in the country that is home to 70% of global production; the mining companies estimate the strike will cost ~$13M/day in lost revenue.
Friday, Jan 245:00 AM
Friday, Jan 245:00 AM| Comment!
- South Africa's Association of Mineworkers & Construction Union has started government-brokered pay talks with the world's three largest platinum producers in order to end a strike of up to 100,000 workers.
- The strike, which is affecting over half of the world's platinum output, is in its second day and is threatening to turn violent.
- The meeting marks the first time that the AMCU has met with Anglo American Platinum (AGPPY), Impala Platinum (IMPUY, IMPUF) and Lonmin (LNMIF, LNMIY) under one roof.
- Platinum futures are -1% at $1,449.15 an ounce.
- ETFs: PPLT, PTM, PGM.
Thursday, Jan 237:51 AM
Thursday, Jan 237:51 AM| Comment!
- Tens of thousands of platinum workers in South Africa went on strike today to demand higher salaries, and Anglo American Platinum (AGPPY), Impala Platinum (IMPUY, IMPUF) and Lonmin (LNMIF, LNMIY) say mining operations had mostly stopped as a result.
- The companies warn that the industry is in a financially fragile state and a new strike will be damaging to both revenue and jobs; this week, Amplats said earnings in 2013 returned to a profit after a loss the previous year but a strike could reverse those gains.
- ETFs: PPLT, PTM, PGM.
Wednesday, Jan 2211:58 AM
Wednesday, Jan 2211:58 AM| Comment!
- Anglo American Platinum (AGPPY) returned to a profit in 2013 as the platinum sector tentatively picked up after enduring a wave of violent strikes, but the recovery risks being jeopardized by new unrest as miners prepare to lay down tools tomorrow to demand a doubling of their basic salary
- Amplats, majority-owned by Anglo American (AAUKY, AAUKF), expects EPS to increase to 480-590 cents from a loss the year before, amid higher sales of platinum and a favorable rand/dollar exchange rate.
- Amplats joins Impala (IMPUY, IMPUF) and Lonmin (LNMIF, LNMIY) in warning of the potential damage of a prolonged strike, saying the miners' demands are “unaffordable and unrealistic."
- ETFs: PPLT, PTM, PGM.
Wednesday, Jan 158:20 AM
Wednesday, Jan 158:20 AM| Comment!
- South African gold miners including AngloGold Ashanti (AU), Harmony Gold (HMY) and Sibanye Gold (SBGL) face strike notices over pay demands, the AMCU union says.
- The gold companies in September reached a wage accord with labor groups except AMCU, the dominant union at the largest mines in the country.
- AMCU says members will strike at Impala Platinum (IMPUY), the world’s second-biggest producer, and meetings will be held at Lonmin (LNMIF) and Anglo American Platinum (AGPPY).
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.
Tuesday, Jul 92013, 9:29 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 92013, 9:29 AM| Comment!
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!
Tuesday, Feb 192013, 6:06 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 192013, 6:06 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!