AA Platinum Cuts 2020 Guidance on Closure of Converter Plant

By Jaime Llinares Taboada

Anglo American Platinum Ltd. on Thursday cut its refined production and sales guidance for 2020 after it decided to close a converter plant unit.

The South African miner, which is majority-owned by Anglo American PLC, said it now expects full-year refined production and sales of platinum group metals at around 2.5 million ounces, down from its previous 3.1 million-3.3 million guidance range.

AA Platinum said that it has discovered further water leaks at its Anglo Converter Plant Phase B, and that the site will now close for a full rebuild in 2021. Rebuild works at the Phase A unit are only expected to complete towards the end of this year.

"As production continues at around 94% of normal production levels, the closure of ACP Phase B unit until ACP Phase A unit is recommissioned will result in an increase in work-in-progress inventory, whose release will commence once the ACP is operational," Chief Executive Natascha Viljoen said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

November 05, 2020 02:49 ET (07:49 GMT)

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