By Christian Moess Laursen
Anglo American Platinum expects lower earnings in the first half-year due to significantly lower realized prices for platinum metals.
The world's largest platinum-metals producer said Thursday that it expects headline earnings to fall between 15% and 25% in the first half compared with the same period last year, when it booked 7.86 billion South African rand ($432.3 million).
The fall is due to 24% lower realized prices for platinum metals, dragged mainly by declines in palladium and rhodium prices, which fell 34% and 49%, respectively.
A 9% increase in sales volumes due to higher refined production will partially offset the hit to half-year revenue, said the company, which is majority owned by mining giant Anglo American.
Production fell 2% to 921,000 ounces in the six-month period.
The South African miner also said it delivered cost savings in line with its plan to cut expenses by $500 million this year.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
07-18-24 0314ET