Amplats on track to meet output targets

Johannesburg - Anglo Platinum [JSE:AMS], the world’s largest producer of the precious metal, posted a 13% rise in quarterly output on Thursday and said it was on track to meet its full-year targets for production and sales.

The company, known as Amplats, said in a statement that equivalent refined platinum production for the July-September quarter totalled 667 000 ounces, up 13% from the previous quarter and a 3% increase from the same period a year earlier.

Amplats said its cash operating costs per refined platinum ounce totalled R13 093 for the quarter.

Its average dollar basket price during the third quarter was $2 733 per platinum ounce, down 3% from the previous quarter.

The company said it expected demand for platinum to continue to recover in the remainder of the year, and to be met by a sluggish increase in supply. It added that it was still on track to meet full-year targets.

Shares of Amplats are down nearly 23% so far this year, underperforming a 3% decline in the Johannesburg stock exchange’s Top 40 - (Tradeable) [JSE:J200] index.