Anglo American Platinum Cuts Guidance as Rainfall Hurts 1Q Production

By Jaime Llinares Taboada

Anglo American Platinum Ltd. on Thursday lowered production guidance for 2022 after its operations were hurt by heavy rainfall in the first quarter.

The South African miner revised its refined production outlook to 4.0 million-4.4 million ounces of platinum group metals from 4.2 million-4.6 million previously. Unit cost per ounce has been raised to 14,000-15,000 rand ($932-$998) from the previous ZAR13,800-ZAR14,500.

The company said that its total production of platinum, palladium, rhodium, iridium, ruthenium and gold fell 6% to 956,000 ounces in the first quarter compared with the immediately prior period, reflecting heavy rainfall and redirected mining into lower-grade areas. In addition, Covid-19 hampered the delivery of equipment, it said.

Shares in parent group Anglo American PLC at 0730 GMT were down 6.0% at 3,795 pence.

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

(END) Dow Jones Newswires

April 21, 2022 04:01 ET (08:01 GMT)

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