Anooraq Resources saw its pgm production decline in the first three months of 2010, it has been confirmed.

The company posted output of 26,677 oz pgm 4E (platinum, palladium, rhodium and gold) during the quarter, representing a year-on-year decrease of 13 per cent.

In addition, tonnes milled slipped by eight per cent to 229,344, delivered grade remained at 4.39g/t and head grade fell to 4.05g/t, mainly due to unplanned concentrator plant stoppages.

Anooraq has now completed a restructuring process, which saw about 840 people - representing a quarter of its workforce - moved, retrenched or, if they were involved in illegal industrial action, dismissed.

Chief Executive Philip Kotze explained that the subsequent return to stability would ultimately benefit the company's attempts to improve its pgm production levels.

"Now that the labour restructuring is behind us we can start to focus on production volume growth, while at the same time maintaining our track record on absolute cost reductions, thereby improving margins moving forward," he said.

Anooraq took over the Bokoni platinum mine - which was formerly known as Lebowa - from the world's largest producer of the precious metal, Anglo Platinum, in August 2009.

Source:

CEO Philip Kotze: Anooraq Platinum in the money by December (12/05/10)

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