Anglo Platinum’s profits plummet

Anglo American Platinum reported a significant decline in profits for the first half of the year due to lower metal prices and operational disruptions.

1. The price of rhodium and palladium fell 47% and 29%, respectively, from a year earlier, contributing to the decline in profits.
2. Maintenance at the Polokwane smelter and load curtailment by state-owned power utility Eskom led to a 12% drop in sales volumes.
3. Anglo American Platinum expects profit for the period to be between R6.6 billion and R9.3 billion, down from R26.7 billion a year earlier.