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Amplats H1 earnings down, cuts jobs at Union mine

Reuters - UK Focus

JOHANNESBURG, July 25 (Reuters) - South Africa's Anglo American Platinum (Amplats) saw a 58 percent decline in first-half profit because of a pre-stock gain in the previous period and lower metal prices, the company said on Monday.

* H1 Headline earnings fell 58 percent to 1.04 billion rand ($72.75 million) compared to 2.47 billion rand in the same period last year. The company had already flagged to the market that it expected earnings to fall 50 to 70 percent.

* The Anglo American unit sees full-year production at the upper end of its guided range of 2.3 to 2.4 million ounces.

* The company said it planned to cut 1,000 jobs at its Union Mine and that a number of employees have left through voluntary separation packages, early retirement and redeployment to other operations where vacancies were left open. (Reporting by Ed Stoddard)