Anglo Platinum chief executive officer (CEO) Neville Nicolau has revealed in a Reuters interview that the Anglo American subsidiary does not plan to respond to platinum's low price by reducing output.

Power supply issues in South Africa earlier this year saw the value of platinum peak at US$2,290 an ounce in March, but this figure had fallen to $989.50 an ounce by Wednesday (15th October).

However, Mr Nicolau is confident that the cost of platinum will increase regardless of whether output is reduced or not, and predicted the price level would eventually rise to between US$1,200 and US$1,300 an ounce.

He blamed the current dip on the global financial turmoil.

Anglo Platinum is due to produce 2.4 million ounces of platinum in 2008, although Mr Nicolau said this figure was subject to revision.

An announcement will be made next week in order to keep the market in the loop regarding the company's production plans.

Mr Nicolau, who has 30 years' experience in the gold mining industry, assumed the role of CEO of Anglo Platinum on 1st June this year.


Source:
Angloplat CEO sees metal price rising, reviewing ops, 15/10/08
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