ANGPY Anglo American Platinum Ltd (PK)

By Jaime Llinares Taboada

Anglo American Platinum Ltd. on Thursday cut its refined production and sales guidance for 2020 after it decided to close a converter plant unit.

The South African miner, which is majority-owned by Anglo American PLC, said it now expects full-year refined production and sales of platinum group metals at around 2.5 million ounces, down from its previous 3.1 million-3.3 million guidance range.

AA Platinum said that it has discovered further water leaks at its Anglo Converter Plant Phase B, and that the site will now close for a full rebuild in 2021. Rebuild works at the Phase A unit are only expected to complete towards the end of this year.

"As production continues at around 94% of normal production levels, the closure of ACP Phase B unit until ACP Phase A unit is recommissioned will result in an increase in work-in-progress inventory, whose release will commence once the ACP is operational," Chief Executive Natascha Viljoen said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

November 05, 2020 02:49 ET (07:49 GMT)

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