Anglo American Platinum (Angloplat), the world's largest miner of platinum, has announced it is set to meet a planned target of 5.5 per cent for unit cost increases this year.

Concerns had been raised earlier in the financial year about Angloplat's basic costs, with the cost per refined troy ounce rising by 19.6 per cent.

Now the platinum miner says it has hired Bain and Co to consult on further cost savings, with a report due to come out in July.

Spokesperson Mike Mtakati explained: "It's going to be tough to keep cost increases at 5.5 per cent, but that's what we are aiming for."

Targets are based on the expectation that the platinum price will stay at around US $800 per ounce for the foreseeable future.

The company's platinum production target for 2004 stands at 2.45 million ounces, up from 2.3 million ounces in the previous year.