ANGLOPLAT PLAN TO CUT RECORD $2.9BN DEBT

Majority owned by FTSE 100 ­member Anglo American, the ­Johannesburg-based company ­suffered a slump in demand last year in the wake of the global downturn.

It saw its debt balloon to a record $2.9billion, most of it owed to Anglo American. The FTSE group, which has an 80 per cent stake, said it would subscribe in full for new shares, equivalent to $1.3billion.

Once intercompany loans are repaid, Angloplat’s debt will fall to $900million.

Angloplat, which supplies more than a third of the world’s platinum, cheered investors by predicting demand for the metal, used in the car industry and the jewellery trade, would pick up this year. Chief ­executive Neville Nicolau, who has cut 18,786 jobs, about a quarter of the workforce, to keep costs down, predicted output would edge up this year and then rise by about 3 per cent a year. He added: “We’ve made excellent progress in our turnaround ­programme.”

Platinum prices have slumped from a peak of $2,301 an ounce a year ago to $1,500.