Anglo American has confirmed that its refined platinum production increased by 11 per cent during the first quarter of 2010.

The company produced 447,000 oz of the precious metal over the course of the three months, compared with the figure of 404,000 oz for the equivalent period last year.

However, this total represented a 42 per cent decline from the final quarter of 2009, when its Anglo Platinum division posted output of 766,000 oz.

Meanwhile, palladium production for Q1 2010 was 247,000 oz, representing a year-on-year rise of five per cent but a decrease of 42 per cent from the previous quarter.

Rhodium output reached 62,000 oz, which was 16 per cent lower than the figure of 74,000 oz recorded in Q1 2009 and also a 34 per cent fall on a quarterly basis.

In addition, equivalent refined platinum production was 595,000 oz, a fall of three per cent on a year-on-year basis and one per cent in relation to the previous quarter.

"Processing performance was in line with expectations during the quarter, with the planned Polokwane Smelter furnace re-build completed successfully, ahead of schedule," said the company.

"Anglo Platinum continues to target full year production of 2.5 million ounces of refined platinum and retains the flexibility to increase that level to meet market demand."

The latest results showed that Anglo believes its unit costs should remain flat against the 2009 totals, while labour productivity has increased by 17 per cent since Q1 2009.

Rights issues for Anglo Platinum and De Beers have also been completed, with the former, which is worth $1.7 billion, attracting huge interest from minority shareholders.

Anglo Platinum revealed recently that it intends to increase pgm production at its Mogalakwena facility by 69 per cent over the course of the next five years.

Sources:

Anglo American plc Production Report for the first quarter ended 31 March 2010 (22/04/10)

Anglo Platinum Sticks With 2010 Target Of 2.5 Mln Ounces (22/04/10)

Anglo Platinum target unchanged (22/04/10)

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