Financial Mail writes that incoming Anglo American Platinum (Amplats) CEO Craig Miller ought to have an easier ride than his predecessor, Natascha Viljoen, who in her three years as boss of the platinum group metals (PGM) miner was dealt crisis after crisis.
Covid and Eskom-related power rationing were severe enough in their own right, but the PGM market has also fallen into decline. And in early 2020, an explosion ripped through Amplats processing facilities, hobbling refined metal production. Viljoen’s departure for gold producer Newmont is premature for Amplats and there are the invariable concerns about succession. “If I can be blunt, it’s a strange appointment. You do need operational experience,” said Ninety One’s Unathi Loos of Miller. A member of Amplats’s executive committee since 2019, Miller is not a miner. But he’s an Anglo lifer, having worked in Latin America in the group’s base metals division. He’s also respected by the market for keeping the books, but will nonetheless be under scrutiny. Another analyst commented: “I think Anglo will deal with the technical challenges – it needs someone who can continue to implement group strategy. And in a down cycle the finance guys tend to do well – they focus on the numbers and are not sidetracked by geology and blue-sky potential, which seem to distract the more technical guys from cutting capex and costs.” Amplats’s second-quarter production fell 19% owing to Amandelbult, a mining and refining complex on the western Bushveld, which is leaking ounces despite ongoing efforts to engineer out its problems. One reason for retaining the asset is its strategic relevance. Meanwhile, a decision on Mogalakwena’s expansion is keenly awaited.
- Read the full original of the article in the above regard by David McKay at Financial Mail (subscriber access only)
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