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Johannesburg - Anglo Platinum continues to develop a project in Zimbabwe as part of its efforts to secure growth, the company's recently appointed chief executive said Monday.
Neville Nicolau told analysts during a presentation in Johannesburg the Unki project was some two years from production, and is expected to produce about 150 000 platinum ounces a year when fully operational.
"We think there is a long-term growth position in Zimbabwe, Nicolau said. "We don't hang our future on any one political party but on the prospects of the country as a whole."
AngloPlat's majority owner, London-based Anglo American PLC, has been criticised by some UK politicians for its investment in Zimbabwe, where President Robert Mugabe in June claimed victory in a runoff election the opposition candidate had dropped out of after saying the party's supporters faced violent attacks.
Anglo American on June 25 said it was reviewing the development of the Zimbabwean project, but that it had been made clear to it that if it ceased developing Unki the government would assume control of it.
AngloPlat forecast production of 2.4 million platinum ounces this year, and Nicolau said the company expects to grow output by about 5% a year for the next few years.
- Dow Jones