Anglo American Platinum Cuts Guidance as Rainfall Hurts 1Q Production
21 Aprile 2022 - 10:16AM
Dow Jones News
By Jaime Llinares Taboada
Anglo American Platinum Ltd. on Thursday lowered production
guidance for 2022 after its operations were hurt by heavy rainfall
in the first quarter.
The South African miner revised its refined production outlook
to 4.0 million-4.4 million ounces of platinum group metals from 4.2
million-4.6 million previously. Unit cost per ounce has been raised
to 14,000-15,000 rand ($932-$998) from the previous
ZAR13,800-ZAR14,500.
The company said that its total production of platinum,
palladium, rhodium, iridium, ruthenium and gold fell 6% to 956,000
ounces in the first quarter compared with the immediately prior
period, reflecting heavy rainfall and redirected mining into
lower-grade areas. In addition, Covid-19 hampered the delivery of
equipment, it said.
Shares in parent group Anglo American PLC at 0730 GMT were down
6.0% at 3,795 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
April 21, 2022 04:01 ET (08:01 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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