Anglo Platinum has announced a significant improvement in headline earnings for the year ended 31 December 2005.
Headline earnings per share, attributable to ordinary shareholders, rose by 63,1% to R18,28 a share, it said on Monday.
Contributing factors included higher United States dollar prices of metals sold, increased sales volumes, and gains on the repatriation of US dollar revenue.
Other positives were once-off benefits arising from the reduction in the South African corporate tax rate, and an increase in the quantity and value of pipeline stocks in 2005.
A final dividend of R7 per ordinary share had been declared.
Chief executive officer Ralph Havenstein said: ”We are pleased with the robust demand for platinum group metals and our solid financial performance. We continue to focus on increasing production at improved operating efficiencies.”
Anglo Platinum remained confident of the robustness of current and future demand for platinum and was continuing its expansion programme.
The outlook for long-term metal prices was more positive than it had been for some time.
”It is pleasing that during 2005 the board approved mining replacement projects to the value of R4,9-billion to extend the life of our existing production capacity,” said Havenstein.
”An exciting growth opportunity for us is the expansion of the Potgietersrust North project which will provide an additional 230 000 ounces of refined platinum per annum at a capital cost of around R4-billion.”
Final Board and regulatory approvals for this expansion project were expected shortly, he said. – Sapa