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Anglo American said its subsidiary Anglo American Platinum had announced that it had completed the repair of the Anglo converter plant phase B unit, paving the way for the company to restart production of its platinum group metals and base metals.
The ACP and full downstream processing operations were completing a safe ramp-up and expected to be fully operational from 12 May 2020. Force majeure to suppliers of concentrate would be lifted on that date, the company said.
'The estimated final cost of repairs for ACP Phase B is c.R150 million, in line with the lower end of guidance provided,' it added.
'We have carried out substantial testing to ensure the stability of the ACP Phase B unit, and as we complete the ramp-up, we are engaging with suppliers of concentrate to lift force majeure imminently. All temporary commercial arrangements applicable during the force majeure period will revert to normal commercial terms,' said Anglo American Platinum.
'Given the collective uncertainty around the start-up of ACP, the ramp-up of mining operations and the potential impact of COVID-19, Anglo American Platinum retains its current guidance and will provide an update as appropriate when we have further information and clarity on production,' it added.
At 8:58am: (LON:AAL) Anglo American PLC share price was +58p at 1412.4p