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Anglo American reports platinum output slump

Strikes blamed for 29 per cent drop in production

Gulf News

London: Mining giant Anglo American on Friday said its production of platinum dropped 29 per cent in the fourth quarter of 2012 because of violent strike action at mines in South Africa.

“Equivalent refined platinum production decreased by 29 per cent owing to the illegal strike action at the Rustenburg, Amandelbult and Union mines,” the company said in a statement to the London Stock Exchange.

“The illegal strike took place between September 18 and November 15, 2012. This resulted in a loss of platinum production of 272,590 ounces during the quarter.”

Anglo added that platinum production had slid to 416,000 ounces in the three months to December 31 compared with 583,000 in the final quarter of 2011.

Earlier this month, Anglo American, the world’s biggest producer of platinum, announced plans to axe 14,000 jobs in a dramatic restructuring of its strike-hit South African operations.