Amplats CEO Craig Miller says Limpopo mine expansion on back burner
The company saw earnings decline by almost 70% in the six months to end-June
Anglo American Platinum (Amplats) will need to look at how it sequences its biggest growth opportunity as it “cuts our coats to fit the cloth” of sharply lower platinum group metal (PGM) prices, says its new CEO, Craig Miller, but he remains bullish about the outlook for the metals.
With PGM prices down 50% in dollar terms and about 30% in rand terms since the start of 2023, the company is working through how to time the investment in going underground at its giant Mogalakwena mine in Limpopo, which is at present an open pit mine. It has committed R4bn to the exploration and decline work to take the mine underground, and former CEO Natasha Viljoen had said in December that underground mining could start towards the end of 2024...
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