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Miningmx reports that Anglo American Platinum (Amplats) said on Monday it had cut R4.9bn in costs for the six months ended June affecting 3,700 jobs and had shut its Mortimer smelter.
This was in terms of a plan unveiled last year to slash R10bn from annual operating and capital costs. The company said about 75% of affected employees had left the company. About 60% of the review had been completed. However, Mortimer may be re-engineered at a capital cost of about R1bn so it can treat stockpiles of slag at Waterval. Amplats CEO Craig Miller declined to detail the potential production benefit, but said: “There are significant volumes in PGMs but also the tailings are quite high in base metals content. You will start to see refined ounces coming out in 2026 and 2027.” Amplats has targeted cash operating unit costs of R16,500 to R17,500 per PGM ounce as a result of the restructuring but a year-on-year decline in second quarter production resulted in R18,280 per PGM oz in unit costs for the six months. Despite this Miller said his company “remained on track” to hit its production and cost targets as he expected an improvement in the second half. The benefits of the restructuring would also start to kick in, he opined.
- Read the full original of the report in the above regard by David McKay at Miningmx
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