LONDON (Marketwatch) -- Anglo Platinum said Monday that it will issue around $1.6 billion of new shares in a rights offer that will be used to repay long-term debt. The announcement came as the group reported a 95% drop in headline earnings for 2009 to 710 million rand ($91.6 million driven by lower metal prices. Anglo Platinum, which is listed in Johannesburg and majority owned by Anglo American (UK:AAL 2,274, 0.00, 0.00%) said net debt had risen to 19.26 billion rand from 13.46 billin rand. Anglo American said it will report underlying earnings of $44 million in respect of platinum and that it will subscribe to its full entitlement of new shares under the rights offer.
