Impala Platinum, the second largest platinum company in the world, is planning to spend two billion rand on various projects during the financial year to June 2004.

A six per cent and 1.3 per cent rise in tons mined and milled respectively will help pay for the raft of investments.

Platinum production increased by 1.5 per cent to 1.4 million ounces, and there was a two per cent overall staff productivity increase, but also a rise in mining and milling production costs per ton and per platinum ounce of eight and eleven per cent respectively.

A new number six dryer was installed at a cost of R99 million, which increased smelting throughput and allowed the company to process concentrate from two competitors, Lonmin Platinum and Northam platinum.

This additional processing - a result of the explosion at Lonmin's smelter and a shutdown at Northam - means Impala will have paid off the dryer in less than a year.