Anglo American Platinum says 2012 operating losses at US$715 million


AP

JOHANNESBURG — Anglo American Platinum Ltd., the world’s largest producer of the precious metal, has announced an operating loss of US$715 million in 2012 due to violent labor unrest in South Africa.

The company, majority owned by minerals giant Anglo American PLC, issued its 2012 full year results Monday.

Anglo American Platinum said it lost production of some 305,600 ounces of platinum due the strikes that targeted South Africa’s mining industry, a major economic driver in the continent’s top economy. In January, the company had said it would close some operations, sell one mine in South Africa and cut 14,000 jobs.