South Africa’s Anglo American Platinum on Monday reported a 43% fall in half-year profit due to weaker platinum group metal (PGM) prices and lower volumes compared with record sales a year ago.
Amplats’ headline earnings per share (HEPS) – the main profit measure in South Africa – fell to R101.4 (US$6.02) for the half year that ended June 30, from R176.47 a year ago.
Amplats Chief Executive Officer Natascha Viljoen said inflationary pressures and tightening monetary policy would continue to have an impact on the mining industry.
Amplats maintained its guidance for 2022 unit cost of production at between 14,000 and 15,000 rand per PGM ounce, based on an oil price of around US$100 per barrel. That would represent a year-on-year cost increase of between 9.1% and 16.9%.
Capital expenditure guidance for the full year was reduced to R16 billion and R17.5 billion.
