Anglo American confirmed today (30th April) that its total attributable refined pgm production increased by 18.6 per cent on a year-on-year basis in the first quarter of 2009.

The company announced that it produced 613,000 oz of equivalent refined platinum from mining and purchase of concentrate activities, compared with 517,000 oz 12 months earlier..

Platinum output fell by 5.7 per cent annually to 404,000 oz, with palladium production declining by 4.5 per cent to 235,000 oz and nickel output down 10.8 per cent to 3,300 tonnes.

Rhodium was the only metal to buck the trend, with production increasing by 27.6 per cent to 74,000 oz, mainly because its longer processing time meant it was not affected by the Waterval closure.

However, the figures also represent an equivalent refined decrease of 6.1 per cent from the previous quarter, with Anglo noting the role of shutdowns for furnace maintenance at its Waterval and Polokwane smelters.

All four suffered sizeable quarterly production drops, with platinum (down 52 per cent) leading the way from palladium (down 47.9 per cent), rhodium (down 30.8 per cent) and nickel (down 19.5 per cent).

Nevertheless, subsidiary Anglo Platinum confirmed that the results are in line with its full-year refined platinum production target of 2.4 million ounces, which will also be aided by planned higher rates of smelting.

In addition, Chief Executive Officer Neville Nicolau has revealed that the world's largest mining group has slashed 31 per cent of its workforce as it looks to tackle production and safety issues at its mines on the Bushveld Complex in South Africa.

"Anglo American has taken a series of proactive measures in response to the current economic environment and is positioned strongly to weather those conditions and to deliver long-term shareholder value through its existing operations and its well-funded growth pipeline of world-class development projects," read a company statement.

Anglo Platinum currently produces around two-fifths of the world's supply of the precious metal.

Sources:

Production Report for the first quarter ended 31 March 2009 (30/04/09)

Anglo American: Balance Sheet Strong; Remains Well Placed (30/04/09)

Anglo Platinum Reports Lower Output, Cuts 31% of Jobs (Update2) (30/04/09)

Angloplat’s Q1 output falls, says FY target still in place (30/04/09)

Ÿ Adfero Ltd