Johannesburg, South Africa — MININGREVIEW.COM — 18 December 2008 – Anglo Platinum – the world’s largest platinum producer – has announced that it plans to produce 2.4 million ounces of refined platinum again in 2009, and intends reducing its 2009 capital expenditure to R9.1 billion.
The company – which is part of the Anglo American group – made this announcement here on completion of a review of its capital expenditure programme in response to unprecedented rapid declines in platinum group metal (PGM) prices caused by – among other things – a considerable slowing of vehicle sales in North America, Europe and Japan having a negative effect on forecast consumption of PGMs for autocatalysis.
Its annual planning process included the evaluation of a number of initiatives to reduce costs and improve operational productivity, as well as a critical examination of short-term supply and demand trends.
The statement added that Anglo intended to respond on an ongoing basis to the challenges that faced the platinum industry. The company planned to produce 2.4 million ounces of refined platinum in 2009, but would continue to monitor its production levels against global economic developments, and would provide further updates on its production plans at appropriate intervals.
It went on to confirm that capital expenditure for 2009 had been reduced from its 2008 level of R11.5 billion to R9.1 billion by delaying expenditure across several major projects. These included Amandelbult No.4 shaft, Twickenham, Styldrift, the second slag cleaning furnace at Waterval, and numerous smaller projects
Anglo Platinum expects to announce results for the full year to 31 December 2008 on 9 February 2009.