Angloplat has announced its results for the first half of the year, recording an increase in refined platinum production of 7.8 per cent.

The world number one platinum producer saw headline earnings hit US$139 million for the six months to June 30th 2004, with headline earnings per share up 32 per cent.

The results show a marked improvement for the firm in comparison with the figures for the first half of 2003, with the increase in production and a higher sales volume driving the performance.

Gross sales revenue increased by R2.24 billion to R9.59 billion, with metal sales accounting for R1.60 billion, offset by a R1.26 billion reduction in rand revenues as a result of a 17 per cent stronger rand.

The value of metals in inventory increased by R337 million during the first half of 2004 compared to the end of December 2003.

Angloplat's refined platinum production for the first half rose by 26.6 per cent to 1,158,900 ounces, with the firm attributing the boost to the normalisation of metal flows through the process division - during the same period last year a total of 160,000 ounces of platinum were temporarily locked in the process pipeline.

The 7.8 per cent rise in refined platinum production, reflects mine production with the effect of temporary pipeline build ups taken into account.

Looking ahead Angloplat says it is confident of "the robustness of current and future demand for platinum", adding that its expansion programme is continuing on schedule.  However, the company did sound a note of warning regarding the potential pressure of the Rand's strength on its future plans.  "The continuing strength of the rand against the US dollar is clearly impacting the ability of new projects to meet the Group's required hurdle rates.  As a result, further delays in the Group's extensive expansion programme may become unavoidable".