Anglo American plant closure weighs on shares

The price of shares in FTSE 100 miner Anglo American (LON:AAL) tumbled 7.26% to 1,707.80p (as of 12:30 GMT) after it announced the closure of part of its chain of platinum processing facilities in South Africa. An explosion on 10th February damaged the converter plant and repairs are expected to be finished in Q2 2021.

As a consequence, the company has declared force majeure to customers and suppliers and while production from the company’s mine will continue, output guidance for the year has been revised downwards.