Anglo Platinum expects its first-half profits to be between 40 and 50 per cent higher than the year ago period.

The continued high price of platinum and other metals was cited by the firm as the key driving factor behind the improved interim performance.

During the time period, Anglo's sales of platinum hit 1.2 million ounces at a time when prices rose from January's figure of $1,150 per ounce to a peak of $1,349 per ounce in May.

However, the firm's financial performance was hit by delays to processing, as its pipeline rose by 90,000 ounces.

Meanwhile, the company's efficiency has been further impaired by the suspension of operations at its Rustenburg mine to undertake a safety review, as well as labour-related problems.

A statement from Anglo said: "Production efficiency reduced markedly as a result of a shortage of skilled labour, competition for labour at all levels, strike action at joint ventures, the unsettled labour situation associated with wage negotiations and the increased number of fatal events."

Sources:

UPDATE 1-Angloplat sees H1 headline EPS up 40-50 pct, 12/07/07 http://investing.reuters.co.uk/news/articleinvesting.aspx?type=companyOutlooksNews&storyID=2007-07-12T112621Z_01_L12854558_RTRIDST_0_ANGLOPLAT-OUTLOOK-UPDATE-1.XML

Angloplat slips as it warns on labour issues, stockpiles, 12/07/07
http://www.businessday.co.za/articles/topstories.aspx?ID=BD4A515279

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