Anglo American Platinum Ltd. warned Monday that 2022 headline and basic earnings were expected to fall due to higher mining and processing costs stemming from inflationary pressures.
The South African precious metals company–which is majority owned by Anglo American PLC–said this was driven by a 26% decrease in the sales volumes of platinum group metals and despite a 2% rise in the rand basket price.
The company said headline earnings, headline earnings per share and earnings per share are expected to decrease by around 33% to 52% for the year.
Headline earnings–one of the company’s preferred metrics which strips out exceptional and other one-off items–and basic earnings are expected to be in the 38.0 billion rand to 53.0 billion rand ($2.12 billion to $2.96 billion) range compared with ZAR79.0 billion in 2021.
Headline earnings per share are seen decreasing to between 14,431 South African cents and 20,128 cents per share, compared with 30,042 cents in 2021.
EPS are expected to be between 14,431 cents and 20,128 cents, compared with 30,023 cents in 2021, the company said.