Valterra First-Half Profit Slumps On Lower Sales, Demerger Costs

Valterra First-Half Profit Slumps On Lower Sales, Demerger Costs

Valterra Platinum Ltd. said first-half profit likely fell as much as 98% due to a drop in sales and costs related to the company’s spinoff from Anglo American Plc earlier this year.

Rains wash away Valterra Platinum's first half earnings

VALTERRA Platinum today forecast a precipitous decline in interim earnings owing to heavy rains in the first quarter which led to the suspension of production at Amandelbult, the platinum group metal miner’s Limpopo mine. The company also registered the R1.4bn cost from its demerger from Anglo American, completed on May 28. Anglo demerged is platinum unit in order to focus on copper, iron ore and mineral fertiliser production. The outcome for Va…