StockMarketWire.com - Anglo American noted that its platinum venture was expected to next week complete repair work on damaged equipment at a production plant in South Africa.

Anglo American Platinum, of which Anglo American owned 77.3%, announced last week that a water leak had been detected in a high-pressure cooling section of the Anglo converter plant Phase B unit.

An investigation into the cause of the water leak found localised damage to a single cooler tube that was now being replaced.

The leak was unconnected to previous repair work recently completed on the Phase B unit.

'Other maintenance is being carried out and additional controls put in place whilst the ACP Phase B unit is off-line in order to provide greater operational stability,' Anglo American Platimum said.

'The repair work is expected to be completed next week, and recommissioning will then start once a detailed risk-based assurance process has confirmed it is safe to do so.'

Increased monitoring would likely result in intermittent stoppages to inspect the plant until the repairs to the ACP Phase A unit were completed.

The repairs to the Phase A unit were progressing well and now expected to complete towards the end of 2020, due to the accelerated procurement of key long-lead time items.

Anglo American Platinum would continue to receive concentrate from third parties and joint ventures under the purchase of concentrate and toll agreements and would continue to deliver metal to customers.

The stoppage of the Phase B unit for repairs was not expected to have any impact on full year refined production guidance, which remained at between 3.1m-to-3.6m ounces.


At 1:14pm: [LON:AAL] Anglo American PLC share price was +12p at 1877.4p



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