Anooraq Resources saw a sharp increase in 4E platinum group metals (pgm) production for the second quarter of the year.

The miner recorded a 27 per cent quarter-on-quarter increase in output of platinum, palladium, rhodium and gold.

Total 4E pgm ounces produced was 28,119 in Q2, a lift of nine per cent on the same period in 2010.

The mine concentrator milled 266,866 ts, 21 per cent higher than Q1 2011, and six per cent lower than Q2 2010.

Platinum output was up 28 per cent from Q1 to 15,499 oz, a seven per cent improvement on 2010.

Palladium saw a 26 per cent quarter-on-quarter rise and 12 per cent year-on-year increase to 10,027 oz in Q2.

Rhodium ounces mined rose to 1,593 in Q2, up 23 per cent on the quarter and 13 per cent from a year ago.

Commenting on the figures, Anooraq chief executive officer Harold Motaung explained that contractor costs had increased in Q2, but stressed the "correct fundamentals" were in place to continue operational improvements.

He also noted that the two older shafts at the firm's Bokoni operation, which represent 40 per cent of production at the mine, have just three to four years of operating life left.

Source:

Anooraq announces results for the periods ended June 30, 2011 (16/08/11)
 

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