EXCLUSIVE: Amplats loses yet more platinum to blackouts
In addition to the 14,000oz of the metal the miner lost in February due to power shortages, it has fallen further behind
Far from recovering the 14,000oz of platinum lost to blackouts in February, Anglo American Platinum (Amplats) will report additional setbacks to finished metal production in the next week or two because of electricity shortages, CEO Chris Griffith says. Amplats, which is 80% owned by Anglo American, told the market it expects to recover the stalled production during the course of 2019, but the continuing difficulties at state power utility Eskom have meant the company has fallen further behind, Griffith said in an interview on the sidelines of the PGM Industry Day conference. Asked if Amplats has made any headway in recovering the 14,000oz, with a value of R173.54m, it was unable to process earlier in 2019, Griffith said: “No. We haven’t had power to do so. So how are we expected to do so? In addition, we’ve lost more. We’ll update the market in the next week or so.” Apart from the smelters, which have been negatively affected by power curtailments since February, some mines have a...
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