South African platinum producers are likely to see their margins threatened and output squeezed in 2005 as a number of projects come under pressure.

The growing strength of the rand and difficulties with certain operations has prompted industry observers to place question marks over a number of major projects in the platinum-rich Bushveld Complex.

Those on the eastern side of the complex - where the mines are traditionally less well stocked and less profitable - are reported to be those most at risk.

Operations from firms such as platinum number two Implats are among those in difficulties.

Reports on Reuters suggest that the Marula mine is well behind schedule - initially output was scheduled to be at full capacity this year, but the firm has since acknowledged that full output of 140,000 ounces will not be possible until 2012.

At the firm's Two Rivers operation - run as a minority holding in conjunction with ARM - the news is better, with the project deemed viable pending the necessary capital.

Angloplat has seen similar delays, with its Pandora joint venture with Mvelaphanda Resources and Lonmin also having its output forecasts revised as a result of the rand.

Similarly, Angloplat's Modikwa mine has fallen below production targets, recording 114,200 ounces of platinum in 2004 at three-quarter capacity.

Southern Platinum's Messina mine is another to have slipped behind the production timetable, with output due to be hit during 2005.