Anpario Regulatory News (ANP)

30 Jul 2007 08:00

Anglo Platinum Limited30 July 2007 ANGLO PLATINUM RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2007 Anglo Platinum is pleased to announce a substantial improvement in headlineearnings for the half-year ended 30 June 2007. Headline earnings per share,attributable to ordinary shareholders, increased by 47% to R29,43. The increasewas primarily the result of higher US dollar prices of metals sold and a weakerrand / US dollar exchange rate. An interim dividend of R29,00 per ordinary sharehas been declared. Commenting on these results, CEO Ralph Havenstein said "The record half yearearnings reflect continued strong demand and record metal prices. Increasingcompetition for labour in South Africa and a deterioration in safety performanceat our Rustenburg mine reduced our operating efficiency during 2007 resulting inlower than expected growth in production from operations and higher operatingcosts. Our focus remains on achieving a step change improvement in employeesafety and improving operating efficiencies at the Group's mines." Platinum production from mining operations increased by 1,3% to 1,274 millionounces in the first half of 2007 while refined platinum production reduced to1,194 million ounces as a result of an increase in process pipeline stockassociated with a re-build of slag re-treatment facilities. Refined platinumsales for the half-year ended 30 June 2007 amounted to 1,212 million ounces. Asa result of reduced labour efficiency and the implementation of a new approachto employee safety, refined platinum production of between 2,6 and 2,65 millionounces is expected in 2007. "It is pleasing that in 2007 our board approved new capital expenditure to thevalue of R6,2 billion in continued support of maintaining existing anddeveloping additional production capacity. The board approvals included R1,9billion to increase base metal refining capacity to 33 000 tons of Nickel perannum by 2010 and the R1,7 billion Lebowa Middelpunt Hill UG2 project to add 93000 refined platinum ounces per annum by 2012." said Ralph. "Despite thechallenges encountered in 2007 our planned average annual growth target of 5%remains in place", he added. Anglo Platinum is committed to increasing production in line with growth inglobal demand. In light of continuing growth in autocatalyst and industrialdemand and the resilience of the jewellery market at higher prices, averagegrowth in production of around 5% per annum can be expected. Anglo Platinum is fully committed to the Mineral and Petroleum ResourcesDevelopment Act ("the Act") and the mining charter and to achieving theassociated sustainable economic transformation. Anglo Platinum expects to makesignificant progress in 2007 to further enhance empowerment within the Group tofully embrace the transformation envisaged by the Act and mining charter and toobtain the associated conversion of rights. Johannesburg30 July 2007 For further information, please contactTrevor Raymond (011) 373-6462, 082 654 8467 This information is provided by RNS The company news service from the London Stock Exchange