Sales plunged by a third in a tough first half of 2020, but surging PGMs prices save the day
Anglo American Platinum’s Mogalakwena mine in Limpopo. Picture: SUPPLIED
Revenue shot up 28% to nearly R55bn due to an 80% rise in the rand prices for the metals it produces.Amplats sold 1.23-million ounces of metals in the six months after refined output was hammered by the failure of its two converter plants that feed the refineries as well as disruptions stemming from the March 27 lockdown of the economy to stem the spread of Covid-19.
The lockdown cost Amplats 585,500oz of PGM production, while the company paid R1.2bn to employees who were not working during the lockdown, which was eased in phases.
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