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Thu 2 Sep 2010
Close: 64900c 
Day's move: 100c (+0.15%)
Volume: 373 820
Trades: 2 586
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Revenue increased from R17 066 million to R20 783 million, a 22% increase. Gross profit increased to R3 966 million (June 2009: R677 million), while operating profit rose to R3 777 million (June 2009: R525 million). Headline earnings per share increased to 2559cps (June 2009: 405cps).
Dividend
No dividend has been declared for the period under review.
Outlook
For the remainder of 2010, Anglo Platinum expects the platinum price to average at least USD1 500 per ounce, if economic recovery continues. At such a price, we expect to refine and sell a total of 2.5 million ounces of platinum in 2010 - thereby expecting a stronger second half to the year. Anglo Platinum will continue to manage costs as a priority by improving productivity, increasing efficiency and managing the supply chain and procurement costs. The group expect cost improvements achieved so far to be sustained and continue to aim to keep unit cash costs per equivalent refined platinum ounce for the year around the same level as in 2008 and 2009, just above R11 000 per equivalent refined platinum ounce.
Productivity is expected to increase to an average of 7.0 m2 for 2010 and an average of 7.3 m2 for 2011. Anglo Platinum's strategic plan, based on the current view that the market will be adequately supplied, should improve the cost position from the upper half to the lower half of the cost curve. The group are in the process of improving the reliability of our production capacity and entrenching cost management as a long term and sustainable culture in Anglo Platinum. This will ensure that Anglo Platinum are well positioned to extract full value from assets as the market recovery continues. The group safety improvement plan will ensure that they continue to demonstrate improvements on our journey to zero harm.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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