• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home Business

Anglo American Platinum doubles its earnings

22 July 2019, 7:11 PM  |
Tshepo Mongoai Tshepo Mongoai |  @SABCNews
Anglo American

The price of platinum has risen 7.1% in 2019 to set the metal up for its biggest gain in 7 years.

Anglo American

Image: SABC News

The price of platinum has risen 7.1% in 2019 to set the metal up for its biggest gain in 7 years.

Anglo American Platinum has more than doubled its earnings for the first half of the financial year. Higher prices for precious metals and a weaker rand have improved operating conditions for local miners.

Amplats’ interim headline earnings rose 120% from a year earlier, supported by a gain of R1 billion in stock.

The price of platinum has risen 7.1% in 2019 to set the metal up for its biggest gain in 7 years.

Company CEO, Chris Griffiths says the strong earnings will not automatically translate into bigger wage increases.

“When prices go up they can come down, what we really want to be careful about is embedding unsustainable wage increases into the base of the business. If you think of a mine like Amandabult where the majority of AMCU members are that mine has got 15 000 people but 60% of all cost of the mine is labour and contractors. So you want to make sure you don’t embed unsustainable cost increases into the base. So we are going to have tough conversations, but what we have to do is use the cast to sustain the long term viability of the company,” says Griffiths.

Share article
Tags: Anglo American PlatinumAmplatsChris Griffiths
Previous Post

Gugu Ncube’s public indecency case postponed

Next Post

Third division Austrian club signs Modise

Related Posts

South African bank notes and coins

SA’s economic environment remains challenged: BETI

7 June 2023, 8:14 PM
Minister of Finance Enoch Godongwana delivering the 2022 Budget Speech from the Good Hope Centre in Cape Town

Eskom not granted partial exemption from disclosing irregular expenditure: Godongwana

7 June 2023, 5:18 PM
Workers assemble a vehicle as operations begin after flooding in April shut down the Toyota South Africa Motors plant in Durban, South Africa, August 16, 2022.

Govt confident private sector partnership will help economic growth

7 June 2023, 4:45 PM
In the picture: Acting DG Ismail Momoniat, Minister of Finance, Enoch Godongwana, SARS Commissioner Edward Kieswetter and Deputy Minister 
David Masondo.

Treasury to adjust forecasts in response to IMF report

7 June 2023, 11:23 AM
FILE PHOTO: Representations of Bitcoin and other cryptocurrencies on a screen showing binary codes are seen through a magnifying glass in this illustration picture taken September 27, 2021. REUTERS/Florence Lo/Illustration/File Photo

Asia stocks hold up, China gives up some gains after weak trade data

7 June 2023, 6:42 AM
Post Office at a mall

Best option for Post Office is to be put under business rescue: Gungubele

6 June 2023, 4:40 PM
Next Post
Modise has always scored goals wherever he has played, but he says his biggest strength has always been his pace.

Third division Austrian club signs Modise

Most Viewed

  • 24hrs
  • Week
  • Month
  • Eastern Cape ActionSA raises eyebrows over qualifications of senior officials
  • Unisa suspends registrar for various breaches of policy
  • Orlando Pirates player Thembinkosi Lorch found guilty of assault
  • Slain teen Palesa Malatji’s family calls for death sentence to be reinstated
  • Limpopo district embroiled in fraudulent travel claims
  • Dr Nandipha’s looks during court appearances under the spotlight
  • Deadline for Zimbabwean Exemption Permits draws near
  • Reserve Bank expected to increase repo rate on Thursday
  • Zimbabwe receives 18 helicopters from Russian Federation
  • Eastern Cape ActionSA raises eyebrows over qualifications of senior officials
  • Female student stabbed to death at NMU residence
  • [Update] Johannesburg Mayor takes ill during State of the City Address debate
  • Dr Nandipha Magudumana – from celebrity doctor to fugitive
  • EFF receives backlash for inviting Prof Lumumba to address Public Lecture
  • Bus operations suspended due to Samwu strike in Tshwane

LATEST

Parent collects recyclables to help pay her child's school fees
  • Africa

Nigerian parents pay school bills with recyclable waste


Picture of Patricia De Lille
  • Politics

De Lille questioned about choice of interim SA Tourism Board


Water tankers seen in Hammanskraal following the cholera outbreak
  • Cholera outbreak
  • South Africa

President Ramaphosa expected to visit Hammanskraal on Thursday


South African bank notes and coins
  • Business

SA’s economic environment remains challenged: BETI


A taxi carrying passengers is seen on the move.
  • South Africa

Temporary agreement reached between E-hailing and minibus taxi drivers


Court gavel
  • South Africa

Mossel Bay man released on bail following possession of child pornography charge


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Gugu Ncube’s public indecency case postponed
Next Third division Austrian club signs Modise