Anglo American Platinum (JSE:AMS) said today that it expects a decrease in earnings due to delayed smelter work.
The company, also referred to as Amplats, released its performance for 2022.
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.
Amplats also cited inflationary pressures that led to higher mining and processing costs.
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.
