Anglo American Platinum (Amplats), the world’s largest platinum producer, has warned of a heavy drop in its interim profits because of rand strength during the first half of its financial year. Platinum producers have said the rand price for their basket of platinum group metals was roughly the same as it was a decade ago. Costs accelerated over the period, leaving 60% of SA’s platinum mines in an unprofitable position. Amplats CEO Chris Griffith has said the industry was facing one of its toughest times because of the continued stagnation of platinum group metal prices, which had not only left a vast swathe of the industry unprofitable but had curtailed investment in growth in SA.
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