'Sub-standard materials' delays Amplats smelter rebuild, PGM sales off 26%
Anglo American Platinum said today that it expects a decrease in earnings due to delayed smelter work.Amplats forecast a decrease in headline earnings and basic earnings primarily driven by a 26% decrease in platinum group metal sales volumes.
"[The] second half of 2022 was impacted by the planned structural rebuild of the Polokwane smelter – a process that was extended by approximately two months following the receipt of sub-standard materials identified through our quality assurance processes, leading to a build-up in work-in-progress inventory," wrote the company.The company said that earnings per share are likely to decrease by between 33% and 52% compared to the prior period.
Anglo American Platinum is a member of the Anglo American Group and is a leading primary producer of platinum group metals. Its mining, smelting and refining operations are based in South Africa. Elsewhere in the world, the group owns Unki Platinum Mine and a smelter in Zimbabwe.
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