Anglo Platinum's output of platinum increased by 1.3 per cent to 1.274 million ounces during the first-half, according to the firm's latest figures.

Production of refined platinum during the period meanwhile was down to 1.194 million ounces, with the firm citing an increase in process pipeline stock associated with the reconstruction of slag re-treatment facilities as the cause.

Anglo now predicts that full-year production will stand at between 2.6 and 2.65 million ounces, down from an initial estimate of 2.8 million ounces.

The projected output at Anglo's mining operations has been hit by implementation of a safety review and industrial action which halted production, a statement from the firm said.

However, despite higher costs the firm has posted a 47 per cent increase in half-year profit.

Anglo Chief Executive Ralph Havenstein said: "Increasing competition for labour in South Africa and a deterioration in safety performance at our Rustenburg mine reduced our operating efficiency during 2007 resulting in lower than expected growth in production from operations and higher operating costs.

"Our focus remains on achieving a step change improvement in employee safety and improving operating efficiencies at the Group's mines."

Despite the obstacles encountered by Anglo this year, Mr Havenstein added that the firm remains well placed to achieve its target of five per cent annual growth.

Sources:

UPDATE 2-Angloplat earnings jump, year output estimate cut, 30/07/07
http://investing.reuters.co.uk/news/articleinvesting.aspx?type=companyOutlooksNews&storyID=2007-07-30T092006Z_01_L3025605_RTRIDST_0_ANGLOPLAT-RESULTS-UPDATE-2.XML&pageNumber=1&imageid=&cap=&sz=13&WTModLoc=InvArt-C1-ArticlePage1

Anglo Platinum results for the half-year ended 30 June 2007, 30/07/07
http://www.angloplatinum.com/def_main.asp?Id=press/display.asp&Id2=171&Related=true

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