Valterra anticipates 88% profit drop after Anglo demerger

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Valterra, formerly Anglo American Platinum, said it expects headline earnings between R800m and R1.6bn rand in the six months to June 30, down from R6.5bn rand during the same period last year.

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Platinum group metal (PGM) sales volumes fell 25% after heavy rainfall and flooding disrupted operations at Valterra's Tumela mine within its Amandelbult complex, the company said in a trading statement.

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Demerger costs amounted to R1.4bn during the first half. Valterra demerged from Anglo in June and is now separately listed in Johannesburg and London, as the global mining giant restructures its business to primarily focus on energy metal copper.

Cost savings of about R2.1bn helped offset the decline in earnings over the period, Valterra said.

The company said its refined production guidance of 3.0 million to 3.4 million PGM ounces for the year remains unchanged.

Valterra will release its half-year financial results on July 28, its first as a standalone company.