UPDATE: Anglo Platinum Sees 1H Earnings Lift From Metal Price

13th Jul 2010 11:28

By Robb M. Stewart Of DOW JONES NEWSWIRES JOHANNESBURG (Dow Jones)--Anglo Platinum Ltd. (AMS.JO), the world's largest producer of the metal, said Tuesday that stronger platinum prices are forecast to have pushed its half-year earnings up by as much as 15%. The Johannesburg-based company, a unit of U.K. mining concern Anglo American PLC (AAL.LN), said its basic earnings are expected to be between 1,253 and 1,372 cents a share ($1.65-$1.80) for the first six months of the year, compared with a restated 1,193 cents a year earlier. Last year's figure was restated to account for the restatement of a profit on sale of a majority interest in a mining asset and the impact of its 12.5 billion rand rights issue earlier this year. Angloplat--which is set to publish its first-half results July 26--said in mid-May before it restated its year-ago earnings that its basic earnings for the period were expected to increase by at least 20%. -By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; [email protected] (END) Dow Jones Newswires July 13, 2010 06:28 ET (10:28 GMT)