|Anglo American PLC - AAL.L is a global mining company headquartered in London. It is a major producer of diamonds, copper, nickel, iron ore and metallurgical and thermal coal and is the world's largest producer of platinum, with about 40% of world output.|
The company has operations in Africa, Asia, Australasia, Europe, North America and South America.
"Anglo American Platinum announces revised proposals to create a sustainable, competitive and profitable platinum business
In January 2013, Anglo American Platinum Limited ("Anglo American Platinum" or "the Company") announced its proposals to create a sustainable, competitive and profitable platinum business for the long term benefit of all its stakeholders. Following the announcement of its proposals, Anglo American Platinum and its recognised unions agreed to suspend the section 189 consultations to allow for engagement to take place with the Department of Mineral Resources (DMR) and the unions. At the request of the DMR, such engagement became a bilateral engagement between Anglo American Platinum and the DMR. The bilateral engagements with the DMR have now been completed. Anglo American Platinum has formulated revised proposals which remain focused on improving the profitability and sustainability of its business, while taking cognisance of the local and national socio economic challenges.
The Company’s review of the business was in response to its revised expectations for platinum demand growth and a number of structural challenges that have eroded profitability in recent years, including capital intensity, mine depths, lower ore grades, higher than inflation unit cost increases, jewellery demand elasticity and increasing secondary supply of platinum. Anglo American Platinum’s revised proposals continue to address the objective of aligning the business with its expectations of long term demand and are an extension of the steps taken to reposition the business in recent years."