Amplats Flags A More Than 50 Drop In Profit Due To Lower Prices

Profit in 2024 likely declined to between R6.3 billion and R7.6 billion rand, from R13 billion rand the previous year, the Johannesburg-based company said Thursday in a statement.

Earnings were also hit by 1.9 billion rand of asset writedowns, mainly relating to the coarse particle recovery technology at its Mogalakwena mine.

Anglo American announced plans to exit its controlling stake in Johannesburg-listed Amplats last May.

Its part of a wider restructuring program that was unveiled in response to an unsolicited 49 billion takeover proposal by BHP Group. Anglo has since sold part of its stake in Amplats to increase the South African units free float ahead of a full exit.

Amplats and its peers in South Africa by far the worlds largest producer of platinum have been battling a prolonged period of weak prices thats slashed profits and forced cost-cutting.