South Africa's Anglo American Platinum (Amplats) expects half-year profits to fall by as much as 67 percent due to a stronger rand, lower sales and post-tax impairments, the company said on Tuesday.
Anglo American Platinum Mining News
The suspension follows a pending a judgement in an urgent interdict application by the country's Chamber of Mines.
Workers at the mine downed tools over a week ago, angered by the company’s actions to eradicate illegal miners from its operations.
The country will require local miners to be 30% black-owned and has set a 12-month deadline for them to comply with the new rules.
Stuart Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November.
Shareholders voted overwhelmingly in favour of the cash takeover, which will make the South African firm the world's No.3 palladium producer and No.4 platinum group metals miner.
Both iron ore and diamond output rose in the first quarter thanks to a continued ramping-up of the company's Minas Rio mine in Brazil and improvements in the gem market.
The world's number five diversified miner posted its first annual net profit in five years.
Mines minister Mosebenzi Zwane noted that 19 of the 73 miners who died in South Africa last year lost their lives at operations run by those companies.
The miner reported broadly higher output in the fourth quarter across all divisions, except for copper, which suffered from lower grades and strikes.
Takeover would make of Sibanye Gold the world's third largest palladium producer and fourth biggest platinum group metals miner.
Together with reducing Sibanye’s dependence on its aging South African assets, the deal will make the company the world's third largest palladium producer, the company said.
The company remains confident the sale of its Rustenburg mines in South Africa to Sibanye Gold will clear its last regulatory hurdle before the end of the year.
The miner said its turnaround plan was “on track” as it slashed debt and beat earnings forecasts in the first half of the year.
Shares plunged after miner revealed that output fell almost across the board in the April – June period.
Full voting results will be released on Friday.
The deal also proposes facilitating the sale of struggling mines.
FTSE 100 reweighting to take place in March.
The gold miner is expanding its portfolio to platinum, coal and uranium, as it also mulls an incursion in the base metals sector.
The company is said to be wanting to offload its Barro Alto nickel mine and the vast Minas-Rio iron ore complex.
The besieged miner plans to lower costs at its iron ore mines after boosting total annual output for the steelmaking ingredient.
The miner has finally completed the sale of assets from its Tarmac joint venture to a subsidiary of French engineering and construction group Bouygues.
The job cuts, part of a major overhaul, are far greater than the 53,000 positions the miner said it would cut in July.
One of the miner’s worst kept secret may be revealed as soon as Tuesday.
HSBC downgraded the company to 'reduce' from 'hold' and highlighted that Anglo's precarious cash flow situation may force it to cancel its dividend.