Anglo Platinum Sees Profit Jump After Operations, Prices Improve

(Bloomberg) -- Anglo American Platinum Ltd. said it expects to report a fourfold increase in first-half profit after operations improved and metal prices rose.

The world’s biggest platinum miner’s so-called headline earnings, which exclude some once-off items, are likely to be between 3.28 billion rand ($248 million) and 3.42 billion rand, the Johannesburg-based company said in a statement Monday.

“The expected increase in headline earnings and basic earnings is due to improved operational performance of the company and improvement in the rand basket price for the period,” Anglo Platinum said. Earnings will also be higher after the year-ago period included impairments of 2.2 billion rand.

To contact the reporter on this story: Felix Njini in Johannesburg at fnjini@bloomberg.net

To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Liezel Hill, Helen Nyambura

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