Anglo American Platinum Cuts Full-Year Production Guidance

By Dimitrios Kontos Features Dow Jones Newswires

Anglo American Platinum Ltd. (AMS.JO) said Tuesday that it has reduced its full-year total platinum production guidance, citing a total of 150,000 ounces of unprofitable platinum production from its Bokoni and Maseve mines in South Africa during the quarter ended Sep. 30.

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The Johannesburg-listed miner has revised its guidance for the year down to between 2.30 million and 2.35 million platinum ounces, from between 2.35 million and 2.40 million ounces announced previously.

The world's top producer of the precious metal said that a temporary closure of its Mototolo concentrator in northeastern South Africa will also impact production this year.

Total platinum production for the third quarter was flat at 621,400 ounces, driven by strong performances from its Mogalakwena and Union sites in South Africa and Unki mine in Zimbabwe, which partially offset the reduced production at Bokoni.

Comparable production of refined platinum, meanwhile, slowed 2% during the period, to 684,100 ounces, due to additional inventory that had built-up. The company said that the remaining backlog in inventory will be refined during the fourth quarter.

The company said that comparable sales volumes for the period increased 13%, to 663,600 ounces.

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Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

October 24, 2017 02:53 ET (06:53 GMT)