Miningmx reported that Chris Griffith, CEO of Anglo American Platinum (JSE:AMS) has said that major platinum supply cuts are unlikely. As quoted in the publication: A VIEW doing the rounds is that South Africa’s platinum producers are the architects of their own troubles owing to a reticence to lower production; in fact, production is increasing. …
Miningmx reported that Chris Griffith, CEO of Anglo American Platinum (JSE:AMS) has said that major platinum supply cuts are unlikely.
As quoted in the publication:
A VIEW doing the rounds is that South Africa’s platinum producers are the architects of their own troubles owing to a reticence to lower production; in fact, production is increasing.
“The majors have all concentrated on ramping-up capacity instead of restructuring as a way of reducing unit costs,” said Goldman Sachs in a recent report.
Allan Cooke, an analyst at JPMorgan, raised a similar objection at the interim results of Anglo American Platinum (Amplats) earlier this week asking if the Anglo American firm was actually “managing for the current environment” as it contended.
Said Chris Griffith, CEO of Amplats: “We have now got more headwinds and we need to keep looking at where we’re profitable and where our mining needs to be as efficient as possible”.
The point he was making is that, yes, the company was looking to its own interests, and not industry-wide issues, by focusing on increasing volume in order to lower unit costs.
In a conference call with media earlier that day, Griffiths said Amplats had already taken pain by restructuring in 2013 in which labour numbers were reduced to 8,700 from 32,000 at the Rustenburg and Union section mines.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1805.28 | -1.59 | |
Silver | 20.22 | -0.03 | |
Copper | 3.69 | -0.02 | |
Palladium | 1933.50 | +11.50 | |
Platinum | 898.50 | +1.50 | |
Oil | 106.36 | +0.60 | |
Heating Oil | 3.87 | +0.04 | |
Natural Gas | 5.72 | +0.30 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.