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phil
April 22nd, 2014 at 6:58 am
Anglo American eyes exit from some South African platinum mines
Yesterday, 04:45 PM ET · AAUKF
• Anglo American (AAUKF, AAUKY) is preparing to exit its Rustenburg platinum mines in South Africa, FT reports, in what would be one of the miner’s most decisive moves since Mark Cutifani became CEO last year.
• South Africa’s platinum sector has been crippled for nearly three months by a strike at mines owned by Anglo and others, and the volatile labor environment is one reason for Anglo’s reluctance to invest more in its heavily staffed mines at Rustenburg.
• The Rustenburg mines last year produced ~20% of Anglo’s output of platinum and associated metals before two of the five mines were closed; Anglo American subsidiary Amplats (AGPPY, AGPPF) is the world’s largest platinum miner.
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