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Johannesburg - Anglo Platinum [JSE:AMS], the world’s No 1 producer of the precious metal, stuck to its full-year production target on Thursday despite a 24% fall in first-quarter refined platinum production attributed to planned converter plant maintenance.
Amplats, majority-owned by Anglo American [JSE:AGL], said refined platinum production was 403 000 ounces in the quarter.
Equivalent refined platinum output was, however, up 2% to 593 000 oz in the quarter to the end of March, an increase of 5% compared to the 568 000 oz produced in the first quarter of 2011.
Amplats stuck to its 2012 production target of between 2.5 and 2.6 million oz.
Amplats, majority-owned by Anglo American [JSE:AGL], said refined platinum production was 403 000 ounces in the quarter.
Equivalent refined platinum output was, however, up 2% to 593 000 oz in the quarter to the end of March, an increase of 5% compared to the 568 000 oz produced in the first quarter of 2011.
Amplats stuck to its 2012 production target of between 2.5 and 2.6 million oz.
Amplats said it expects the platinum market to be in balance this
year. “Depressed automotive demand growth in Europe continues in line with
economic concerns; however primary supply side challenges were heightened during
the quarter,” the company said.
While safety stoppages continue to haunt South African precious
metals producers, the impact of safety stoppages at Amplats mines was reduced
during the quarter with 13 safety halts in the first quarter of 2012, compared
with 32 in the preceding quarter.
Platinum output in South Africa, home to 80% of known global
reserves, was reduced in the quarter by the safety drive and by a crippling
strike at Amplats’ rival Impala Platinum , the world No 2 producer.
Shares of Amplats have lost 9.57% of their value in the last
three months. This compares to a 0.19% dip in the JSE’s blue chip Top 40 -Tradeable [JSE:J200] index.
The platinum price has added 3.7% or $55.64 in the
last three months.
