Anglo American Platinum (Amplats) has released it production results for the second quarter. The platinum mining company holds a current market cap of just under R127 billion, with a share price that has increased by 54.9% over the last year, despite a five month strike that halted production this year.
Overview of results:
- A three-year wage agreement reached on 24 June 2014; brought to an end the 5 month long legal industrial action.
- Platinum equivalent refined production decreased by 40% to 358,200 ounces
- Rustenburg, Amandelbult and Union production severely impacted by industrial action
- Record production performance from Mogalakwena and Joint Venture operations
- Processing operations were not affected by the industrial action and refined platinum production remained in line with Q2 2013, supplemented by a reduction in the pipeline stock
- Sales to customers continued at normal levels, supplemented by refined platinum stock
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