Anglo Platinum announced today (22nd October) that its platinum output declined by two per cent during the third quarter of 2009.

The world's biggest platinum producer processed 616,500 oz in the three-month period, but noted that the quarter-on-quarter decrease can be explained by safety shutdowns.

According to the latest financial figures, the closure of two high-cost shafts will result in the company's full-year production being reduced by 71,000 oz of platinum.

Although another shaft was also closed down earlier in the year - taking the total annualised output loss to 140,000 oz - Anglo expects to meet its target of producing 2.4 million ounces in 2009.

Meanwhile, the subsidiary of global miner Anglo American has also predicted that the platinum price will trade above $1,300 per oz in the remainder of the year.

Company officials believe that the market will be in balance, as solid investment demand for the metal and growing Chinese jewellery demand will be offset by lower production in South Africa.

Anglo Platinum also has interests in the other five pgms, namely palladium, rhodium, iridium, ruthenium and osmium.

Source:

UPDATE 1-Angloplat Q3 platinum output dips, keeps FY target (22/10/09)

Angloplat sticks to FY output target despite lower Q3  production
http://www.miningweekly.com/article/angloplat-sticks-to-fy-output-target-despite-lower-q3-production-2009-10-22