Anglo American PLC (LSE:AAL) announced that its platinum arm, Anglo American Platinum Ltd, will contribute substantially less towards the group's first half results in 2017.
The blue-chip multi-commodity miner, which holds a 78% stake in Anglo American Platinum, said that it will report underlying earnings in respect of Anglo American Platinum of US$37mln for the six months ended 30 June 2017, which takes into account certain adjustments. The figure is 46% lower from the US$68.0mln recorded the prior year.
Anglo American Platinum operates nine mines and numerous smelting and refining assets in South Africa. It reported headline earnings of US$6.0mln for the six months ended June 30, a 48% drop from US$107.0mln the same period last year.
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Anglo American Platinum spotted computational errors affecting results in prior periods
The company said during the year, Anglo American Platinum identified certain computational errors affecting its results reported in prior periods, the impact of which was considered material, but not material to Anglo American.
Consequently, the affected results for the years ended 31 December 2015 and earlier, and for the six months ended 30 June have been restated in the individual financial statements of Anglo American Platinum but have been corrected in the year ended 31 December 2016 in Anglo American's financial statements.
Anglo American will publish its results for the six months ended June 30 on July 27.
Anglo American is in the midst of restructuring its varied portfolio of commodities to focus on just three core commodities - platinum, copper and diamonds.
Anglo American shares traded up 0.09% at 1,092.50p in midday trade.