Angloplat has cut its production targets in its latest set of results, although the world's biggest platinum producer did witness a 17 per cent rise in earnings in 2004.

The South African firm benefited from rising metal prices, but problems with wage settlements and the continuing impact of the strong rand created a gloomier picture.

Angloplat confirmed it would be scaling back its 2006 target, marking the second revision in just over a year.

Chief executive Ralph Havenstein explained: "While we remain flexible with regard to the rate of expansion, the revised implementation is expected to result in refined platinum production in 2006 of between 2.7 million and 2.8 million ounces."

Mr Havenstein went on to reflect on the "progress made in implementing a robust business model which will allow the group to achieve cost and efficiency improvements".

Angloplat's share of the global platinum market is estimated at around 40 per cent, with the firm's changes to its production targets and problems with the rand likely to prompt wider fears in the sector.

The platinum giant cut its 2006 output target by 500,000 ounces in December 2003 to 2.9 million ounces, citing the strength of the rand.