Impala Platinum Holdings overcame the loss of 83,000 oz at its flagship operation Impala Platinum to record increased production figures for the six months to December 31st 2009, the company's consolidated interim results show.

Overall platinum production grew by two per cent to 895,000 oz as higher throughput at other operating units offset losses at Impala Platinum caused by an accident in the mine's 14 shaft and two weeks of industrial action.

The combined effect of the accident and industrial action was to restrict refined platinum production at Impala Platinum to 432,400 oz, with the lower volume also acting to raise operating costs.

However, performance at Marula, Zimplats, Mimosa and Two Rivers was more encouraging.

At Marula, a four per cent increase in tonnes milled to 816,000 oz led to a jump in platinum in concentration production to 37,900 oz.

That said, this rise was lower than expected due to problems encountered when moving to conventional mining.

Meanwhile, the achievement of full production at Zimplats' Phase One Expansion enabled tonnes milled at the facility to reach 1.97 million ounces - up by 82 per cent - and platinum in matte to grow by 74 per cent to 81,600 oz.

Increases were also recorded at Mimosa, with tonnes milled improving by 14 per cent to 1.15 million and platinum production in concentrate by 16 per cent to 51,100 oz.

Similarly, tonnage throughput augmented by 12 per cent to 1.48 million ounces at Two Rivers and platinum in concentrate climbed by 24 per cent to 72,300 oz.

According to CEO David Brown, the six months in question constituted a difficult period for the platinum mining industry, although he believes the worst could be over.

"This time a year ago the short-term was clouded with uncertainty as to the extent and depth of the recession," he told Reuters.

"While a double-dip recession cannot be ruled out the first signs of a global economic recovery are becoming apparent."

With its presence in the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe, Impala Platinum has an attributable mineral resource inventory - including mineral reserves - of 230 million ounces of platinum.

Source:

Consolidated interim results for the six months ended 31 December 2009 (18/02/10)

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