Q4 Earnings; Anglo American Mine Closures, South Africa in Spotlight ▸ Mining Minutes Wrap-Up

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With earnings season underway we’re talking mining stocks, profits and outputs on today’s Mining Minutes, as we wrap up a week in mining news that included headlines from Freeport-McMoRan and Anglo American Platinum. Following our list of the top rising and declining mining stocks for the week, we move to Freeport-McMoRan Copper & Gold (FCX), who released strong 4Q earnings that beat analysts expectations and estimates. Freeport delivered a net income total of $743 million or $0.78 per share, up from $640 million/ $0.67 per share in Q4 2011, despite what Freeport CEO described as an “abnormal year” in terms of metal production, with both copper and gold output slipping somewhat. Moving on to headlines from South Africa, Anglo American Platinum announced earlier in the week that it plans to shut down 4 mine shafts in the Rustenburg region, which could lead to the loss of 14,000 jobs. Amplats, the world’s largest producer of platinum and South Africa’s largest private-sector employer, announced the restructuring plan following a pronounced drop in production and a struggle to turn profits in 2012 amidst labor unrest and strikes; platinum production dropped by 29% and iron ore output also fell by 19%. South African politicians have fired back, with senior members of the ruling African National Congress (ANC) claiming that Amplats has stolen money from South Africa. The country’s mineral resources minister has also responded publicly, saying that the government could revoke mining licenses owned by Anglo American if the company continues with its plans to close the mines. We cover other mining company earnings, including Pan American Silver (PAA), who saw record annual silver output. Kitco News, Jan. 24, 2013.

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