South Africa’s Anglo American Platinum Ltd (Amplats) on Monday posted a 63% bounce in its annual revenue, underpinned by greater steel costs and a weaker rand alternate price.
The Johannesburg-listed miner, one of many world’s largest platinum producers, reported headline earnings per share (HEPS) for 2020 of R115.54 ($7.83), in contrast with R70.87 a yr earlier.
Provide shortfalls have pushed speedy worth good points for metals extracted by Amplats, together with platinum, palladium and rhodium, boosting revenue and serving to cushion the influence of the coronavirus disaster.
Amplats stated the typical greenback basket worth of the platinum group metals (PGM) it mines elevated by 51% year-on-year, significantly with upbeat rhodium costs.
A weaker rand, which reduces manufacturing prices for the miner, additional boosted its full-year earnings.
Income through the reported interval elevated to R137.eight billion from R99.6 billion within the year-ago interval, whereas EBITDA (Earnings earlier than curiosity, taxes, depreciation, and amortisation) surged 39% to R41.6 billion.
Complete PGM output through the yr fell 14% to three.808 million ounces because of the influence of lockdown restrictions in South Africa and Zimbabwe.
The dear metals miner stated it had a build-up of work-in-progress stock of round 1 million PGM ounces as a result of disruptions prompted after an explosion at its Anglo Converter Plant (ACP) processing web site final yr.
Amplats stated it expects the build-up in stock to be launched by the top of 2022, and declared a closing dividend of R35.35 per share. Final yr, the miner had introduced a base dividend of R16.60 and a particular dividend of R25.