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Anglo American Platinum (OTCPK:ANGPY) said Monday it expects to report H1 headline earnings declined 65%-75% Y/Y, anticipating profit for the period at 6.7B-9.4B South African rand ($370B-$519B) compared to 26.7B rand a year earlier.
The miner sees headline earnings per share falling to 2,544- 3,569 South African cents from 10,140 cents in H1 2022.
Amplats (OTCPK:ANGPY) shares fell as much as 6% in Johannesburg, leading a retreat in a South African index of precious metals producers.
The company said earnings declined as the price of rhodium and palladium sank 47% and 29% Y/Y respectively, and sales volumes fell 12% in a reflection of maintenance at its Polokwane smelter and load curtailment by South Africa’s Eskom power utility.
The Anglo American (OTCQX:AAUKF) (OTCQX:NGLOY) unit is scheduled to release earnings for the six-month period on July 24.
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