ANGPY Anglo American Platinum Ltd (PK)

By Ian Walker

Anglo American Platinum Ltd. on Thursday cut its full-year refined production guidance after receiving "sub-standard materials" for its Polokwane smelter that will delay completion of the rebuild by two months.

The South African precious metals company--which is majority owned by Anglo American PLC--said it now expects refined production for this year to be between 3.7 million and 3.9 million platinum group metal ounces, down from previous guidance of 4.0 million to 4.4 million PGM ounces.

"As we undergo our first full rebuild of the Polokwane smelter in twelve years, our quality assurance processes identified a defective consignment of materials required to complete the rebuild," Chief Executive Natascha Viljoen said.

"We will not compromise on safety or quality and therefore the defective materials will not be used, and a new consignment of materials is expected to be delivered by the end of October. This has resulted in a two-month delay in recommissioning the Polokwane Smelter."

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

September 08, 2022 03:31 ET (07:31 GMT)

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