Anglo Platinum expects to produce 2.5 million ounces of refined platinum this year, it was confirmed today (8th February).

The world's largest producer of the precious metal announced that it is planning to retain this target for 2011, before overseeing a three per cent output rise in subsequent years.

Chief Executive Neville Nicolau also revealed that he is predicting a strong recovery in platinum demand in 2010, with a moderate increase in supply.

The news comes after Anglo posted refined platinum production of 2.45 million ounces for 2009, which represented a three per cent rise from the previous 12-month period.

"We made excellent progress in our turnaround programme … much of the restructuring process was completed by the end of 2009," said Mr Nicolau, according to the Wall Street Journal.

However, Anglo has also confirmed that it is set to launch a rights issue worth $1.6 billion in order to pay off debts incurred by the slump in demand during the economic downturn.

The company revealed recently that it managed to complete four months without a fatality at any of its operations during the final stages of 2009.

Sources:

Angloplat in $1.6 bln rights issue to pay debt (08/02/10)

Anglo Platinum Seeks to Raise $1.6 Billion (08/02/10)

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