Anglo American Platinum announced on Tuesday its intentions to close and sell off several of its mines in South Africa, as part of a long-awaited review of operations. The Johannesburg listed miner, which is part of the Anglo American group, will be shutting down four shafts in Rustenburg and divesting from its Union mine complex in Limpopo.

With 14,000 jobs at risk the plan has major implications for South Africa’s turbulent labour relations, but with a significant reduction in global platinum supply to follow, it also has wider implications for the markets. Mining stocks for rival producers rallied on the news, with platinum prices rising to three month highs. Continue reading »

The strikes which have hobbled the South African mining industry over the past year are starting to show up in company results. Here with some New Year bad news is Anglo American Platinum.

The Johannesburg-listed miner, which is the world’s largest platinum producer with 40 per cent of global supply, released a profit warning on Monday ahead of its year-end results, stating that headline earnings per share are expected to decrease to a 491-628 cents loss. Continue reading »