News Summary: Anglo American Platinum Lost $715M
By The Associated Press
STRKING RESULTS: Anglo American Platinum Ltd., the world's largest producer of the metal, had an operating loss of $715 million in 2012 as violent labor unrest in South Africa paralyzed its operations for weeks.
SPIRALING DOWN? The loss follows a profit of more than $1 billion in 2011. The company says it might close some operations and lay off as many as 14,000 workers.
MOTHER LODES: The mining industry is a huge part of the economy in South Africa, which is the world's largest producer of platinum, gold and chromium.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts