Anglo Platinum Paid Ex-CEO Nicolau 17.9 Million Rand in 2012

Anglo American Platinum Ltd. (AMS), the world’s biggest producer of the metal, paid former Chief Executive Officer Neville Nicolau 17.9 million rand ($2 million) in 2012.

Nicolau, who left the company on July 19, was paid a basic salary of 4.3 million rand and 12.6 million rand of cash awards that include termination payments, the Johannesburg-based company said in its annual report on its website. His earnings compare with the 15.3 million rand he was paid in 2011.

Amplats, as the Anglo American Plc unit is known, reported a loss in the year through December as sales of refined platinum dropped and cash operating costs rose. The company in January proposed shutting four mine shafts to curb costs and stem losses spurred by a strike last year. The shares declined 16 percent last year.

Chris Griffith, the former CEO of Anglo unit Kumba Iron Ore, started on Sept. 1 and was paid 6.79 million rand, it said.

To contact the reporter on this story: Ana Monteiro in Johannesburg at amonteiro4@bloomberg.net

To contact the editor responsible for this story: Amanda Jordan at ajordan11@bloomberg.net

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