Bloomberg reported that the biggest producer of platinum, Anglo American Platinum, reported a headline loss for 2012. Last month the company proposed to shut down four of its mineshafts in order to stem losses brought about by a two-month strike and also to curb operating costs.
As quoted in the market news:
Anglo American Platinum had a so-called headline loss excluding one-time items of 1.47 billion rand ($166 million), or 5.62 rand a share, from a profit of 3.57 billion rand, or 13.65 rand a share, the Johannesburg-based company said in a statement today. The average estimate of seven analysts surveyed by Bloomberg was for a loss of 5.59 rand a share. The company last year skipped its interim dividend.
Get Our Expert Guide to Platinum Investing FREE!Download this FREE Special Report, Why Invest in Platinum Stocks? What the Future Could Hold for Lonmin, the AMCU and South African Platinum Production.