Amplats Sees Platinum at Strongest in Decade as Profit Drops
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Anglo American Platinum Ltd. said a global depletion of stocks and increasing demand would aid prices as 2014 profit for the world’s largest producer of the metal declined 46 percent due to a strike.
As above-ground stocks fell 48 percent to 2.15 million ounces after three years of supply deficits, platinum “was well positioned,” Chief Executive Officer Chris Griffith told reporters on a call on Monday. Earnings excluding one-time items dropped to 786 million rand ($68 million) from 1.45 billion rand in 2013, the Anglo American Plc unit said in a statement. No dividend was declared.