Anglo Platinum has revealed that it remains on target to produce 2.5 million ounces of refined platinum this year.

The world's largest producer of the precious metal announced that its output reached 697,000 oz in the third quarter, representing a year-on-year rise of 11 per cent.

In addition, the Johannesburg-based firm saw production of all pgms reach 1.35 million ounces, compared to 1.03 million ounces in the equivalent period in 2009.

A statement from parent company Anglo American attributed the rises to improved performance at the Mogalakwena, Thembelani and Tumela mines.

The figures also showed that equivalent refined platinum ounces from mining and purchase activities hit 648,000 oz, up five per cent from Q3 2009 and eight per cent from the previous quarter.

Refined palladium production was up by 20 per cent on a year-on-year basis, while rhodium and nickel output fell by three per cent and 22 per cent respectively.

However, Anglo warned that the strengthening of the rand against the dollar could offset the positive impact of the rise in metals priced in the US currency.

Anglo Platinum accounts for about 40 per cent of the world's newly-mined platinum.

Sources:



Angloplat Eyes 2.5 Million Oz In 2010, But Cautions On Rand (21/10/10)



Anglo American plc Interim Management Statement Production Report for the third quarter ended 30 September 2010 (21/10/10)



Anglo American's Quarterly Platinum Output Jumped 11%, Gem Output Climbed (21/10/10)

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