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Anglo American to review platinum operations


Anglo American plc's chairman Sir John Parker said the company plans to carry out a “top-to-bottom review” of its platinum operations to ensure they will deliver value in the long term.

“Even though our platinum business is performing in line with the rest of the platinum industry, we recognise that the current level of returns is not acceptable to our investors,” he said at the company’s annual general meeting.

The company expects to complete the review by the end of the year.

“The platinum industry faces significant challenges, including cost inflation, safety stoppages and lingering concerns over European demand,” said Sir John Parker. 

Earlier this week, Anglo American said refined platinum production fell 24% to 402,800oz in the first quarter due to planned converter plant maintenance.

The platinum operations accounted for about 8% of the group's operating profit in 2011, making it the fifth-largest division for the miner. 

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