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Anglo Platinum profits rocket

Anglo Platinum
“’ first-half profits
Johannesburg, South Africa — Miningreview.com — 26 July 2010 – Anglo Platinum “’ the world’s No. 1 producer of the precious metal “’ has reported a six-fold increase in first-half profit assisted by higher metal prices, and has forecast an increase in production.

A unit of global mining giant Anglo American Plc, Anglo Platinum said it expected to refine and sell a total of 2.5 million ounces of platinum, and it would keep unit cash costs per equivalent refined platinum ounce around last year’s levels.

The company said headline earnings for the six months to 30June rose 532% to R2.6 billion

Headline earnings are the main gauge of profit in South Africa and strip out certain one-time items.

The company forecast production of platinum “’ used to make jewellery and catalytic converters to cut pollutants from car exhausts “’ to increase to an average of 7.0 m2 for 2010, and 7.3 m2 for 2011.

Angloplat added that it expected the price of platinum to average at least US$1 500 per ounce, if South Africa’s economic recovery continued.

It said gross sales revenue had increased by R3.7 billion to 20.9 billion.