Impala Platinum (Implats) has said first quarter gross platinum production fell by 12 per cent to 388,000 oz.

The world's second largest primary platinum producer said the year-on-year decline was the result of operational issues and safety stoppages. Palladium output fell in line with that of platinum, Implats said.

Approximately 8,000 platinum ounces were lost to safety stoppages, while the firm has also felt the effects of the closure of its Blue Ridge operation.

Implats reported that output of platinum in matte from its Zimbabwe unit Zimplats had increased slightly to 45,000 oz.

Last month, the miner agreed to hand over a ten per cent stake in Zimplats to local black investors as the first phase of its plans to comply with Zimbabwe's indigenisation policy.

Johnson Matthey reported this week that Zimbabwe's total platinum production would rise 20 per cent this year to hit 335,000 oz.

Zimplats also announced that it will invest in a third expansion project to increase production to 360,000 oz/y of platinum.

Earlier this year, Implats said it would achieve its target of producing of 2 million ounces of platinum by 2014.

However, it also predicted that output would slip 7.5 per cent to 1.7 million ounces over the 2012 financial year.

Source:

UPDATE 1-Implats Q1 platinum, palladium output down 12 pct y/y (17/11/11)

© Adfero Ltd