Anglo Platinum Trading Statement
12 July, 2007
Anglo Platinum advises shareholders that earnings per share and headline earnings per share for the half-year ended 30 June 2007 are expected to be between 40% and 50% higher than the earnings per share and headline earnings per share of 2 002 cents for the half-year ended 30 June 2006.
The expected increase, primarily as a result of higher Rand prices of metals sold, was muted by reduced production efficiency and an increase in process pipeline stocks.
Production efficiency reduced markedly as a result of a shortage of skilled labour, competition for labour at all levels, strike action at joint ventures, the unsettled labour situation associated with wage negotiations and the increased number of fatal events.
Process pipeline stocks increased during the half-year, increasing platinum levels by 90 000 ounces. While these stocks are expected to be refined for sale during the second half of 2007 the stock increase reduced earnings for the half-year ended 30 June 2007 by some R700million. Refined platinum sales for the half-year ended 30 June 2007 amounted to 1,2 million ounces.
The extent to which performance in the second half of 2007 will be influenced by events and trends in the first half of 2007, including the safety intervention currently underway at Rustenburg, is currently being evaluated and will be quantified in Anglo Platinum’s interim results.
This trading statement is issued in compliance with the Listings Requirements (Section 3.4 (b)) of the JSE Limited. The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s auditors. Anglo Platinum intends publishing its interim results on 30 July 2007.
For further information please contact
Trevor Raymond
011 373 6462
082 654 8467
Johannesburg
12 July 2007