African Rainbow Minerals has confirmed today (23rd February) that it saw pgm production increase by 14 per cent in the six months to the end of December 2008.

The South African diversified miner revealed that total attributable pgm production from its African Rainbow Materials Platinum division for the period was 153,157 oz.

This figure was the result of year-on-year pgm in concentrate increases at its three main mines, Modikwa, Two Rivers and Nkomati, of six per cent, 28 per cent and nine per cent respectively.

"The outlook for commodity demand in calendar year 2009 remains weak amidst a significant downturn in the global economy," the company said.

"African Rainbow Minerals is in a good position to effect any changes that may be necessitated by the demand and prices of the commodities which we produce.

"African Rainbow Minerals will continue to pursue positive operating cash flows at all operations focusing on cost control and working capital management."

The positive production results were obtained despite challenging pgm market conditions which saw prices decline considerably in 2008.

The company also confirmed that its '2 x 2010' growth strategy is still progressing smoothly and that its assets were prepared for the long term.

Sources:

Arm interim headline earnings up threefold to R2,3bn (23/02/09)
http://www.miningweekly.com/article/arm-interim-headline-earnings-up-threefold-to-r23bn-2009-02-23

Interim Results for the six months ended 31 December 2008 (23/02/09)
http://www.arm.co.za/im/files/results/interim_31dec08.pdf