JOHANNESBURG - Dividend-lifting JSE-listed Anglo American Platinum (Amplats) was showing warning signs of hanging tough despite safety stoppages hitting operating costs.
There were 81 safety stoppages, compared with 36 in 2010. Twelve employees were killed in the period.
"There have been more safety stoppages this year than in any of the last 36 months. We still work relentlessly with our partners in government and our workforce to implement more efficient means of addressing major risks and noncompliance to standards," said Amplats CEO Neville Nicolau.
A full 2011 dividend of 700c a share compares with 683c a be part of 2010, bolstered through the 500c a share interim dividend.
Operating profit increased by 10% to R7.9-billion in 2011 and adjusted headline earnings rose 8% to R20.94 a share, with annual gross profit rising marginally to R8.5-billion compared with R8-billion in 2010.
Revenue was R51-bilion (R46-billion) and pretax profit R6.6-billion (R12.4-billion). Profit for year was R3.59-billion, weighed against last year's R10.1-billion.
Adversely impacted stoppage-hit cash operating costs triggered an increase of 2% above mining inflation, at 16% year-on-year, to R13 552 a similar refined platinum ounce, which can be mined ounces expressed as refined ounces.
The product sales of Amplats was up 3% to two.6-million ounces and refined platinum production down 2% to two.53-million ounces.
Operating free income increased by 21% to R9.4-billion from R7.7-billion last year.
The emerging Unki operation in Zimbabwe's Great Dyke delivered 51 600 oz of platinum and reached steady state each year ahead of schedule.
"It is by using great sadness that any of us have to report that 12 of our own employees lost their lives over the period," Nicolau commented.
While 2011 has become "a step backward", since 2007 fatalities have shown a 52% reduction.
In order to achieve the transformation objectives with the Minerals and Petroleum Resources Development Act (MPRDA) and also the revised Mining Charter, 12% of Amplats' mining employee complement are women, 2% over the 10% requirement.
While placing women in underground mining positions remained difficult, 22% of Amplats top management were now women, with 11% in senior management, 21% in middle management and 20% in junior management.
The corporation how had 54% historically disadvantaged South Africans (HDSA) in management positions, in comparison to the 40% Mining Charter requirement.
HDSA procurement of R10.4-billion is up from R8.2-billion this year, equating to 42% spend with HDSA suppliers.
In a housing partnership with the government, 1 300 stands are actually fully serviced, 300 housing units have been built and 250 turn out to be now occupied.
The company will be embarking on a "rent to buy" programme over the first quarter of 2012, that may see even more of employees becoming homeowners.
From the refinancing of the black economically vibrating feeder empowered Anooraq Resources and also the restructuring and recapitalisation of Anooraq's Bokoni mine, Amplats will find the whole in the Boikgantsho project along with the eastern section of the Ga-Phasha project.
The effective net deliberation over R1.7-billion received by Anooraq are going to be applied to reduce its debt of R3-billion which is owed to Amplats mobile crusher manufacturers.
The typical dollar basket price achieved improved by 8% from $2 491 am ounce this season to $2,698 an oz ., with the R7.26-to-the-dollar exchange rate largely unchanged over the same period (R7.29 in 2010).
As a result, the realised average rand basket price this year was R19 595 per platinum ounce, a boost of 8% compared to the 2010 basket cost of R18 159.
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