Anglo Platinum revealed today (27th July) that its refined platinum production increased by six per cent on a year-on-year basis during the first half of 2009.

The world's largest platinum producer confirmed that output during the six months was 1,056,400 ounces, despite the challenging economic environment.

In addition, the company stated that it is confident that it will be able to meet its full-year target of 2.4 million ounces, aided by using inventory stocks to meet market demand.

Chief Executive Neville Nicolau said: "Based on Anglo Platinum's mining production forecast, process pipeline stocks and high smelter availability, it is likely that Anglo Platinum could supply up to 2.6 million ounces should market demand increase during the second half of 2009."

Anglo also revealed that its first-half profit dropped by 68 per cent to R2.66 billion from 12 months earlier, mainly as a result of "significantly lower metal prices" rather than a lack of demand.

The price of platinum averaged $1,102 per ounce between January and June, 44 per cent lower than the equivalent period in 2008, when it hit a record $2,230 per ounce in March.

Meanwhile, the firm has received a R7.1 billion boost in its available funds thanks to an injection from parent company Anglo American.

"The group should be able to operate within the level of its facilities for the next twelve months," it said in a statement.

Mr Nicolau added that he expects platinum prices to move higher in the second half of 2009, supported by sustained jewellery and investment demand and a rise in output of vehicles using pgm-based catalytic converters.

Anglo Platinum's operations incorporate 11 mines, six joint ventures, 20 concentrators, three smelters, a base metals refinery and a precious metals refinery.

Sources:

Anglo American plc notification: Anglo Platinum interim results 2009 (27/07/09)

DJ Anglo Platinum Sees Platinum Price Rising, Market In Balance (27/07/09)

Anglo Platinum Profit Declines 68% on Price Slump (Update1) (27/07/09)

Angloplat H1 earnings fall 95 pct on metal price (27/07/09)

Angloplat on the rack (27/07/09)

Anglo Platinum Secures Additional Funding From Anglo American (27/07/09)

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