Anglo Platinum estimates lowered production in 2008

Reuters reports that prices of the platinum metal rose steeply this week touching a lifetime high of $1,920 an ounce, after rising for eight consecutive days. Platinum futures in the US hit a record high of $1,930 an ounce.

The rise has come in as Anglo Platinum, the highest platinum producer slashed estimated production in 2008, owing to power shortages in South Africa. The company said its production and refined platinum ounces during 2007 dipped by 6% and 12%, respectively, to 2.47 million ounces on Y-O-Y basis. Its refined platinum production forecast dipped to 2.4 million ounces in 2008.

Despite the lowered forecast in production, Angloplat had several expansion programmes in place, reports state. Angloplat�s net profit for 2007 rose by 3.4% to $1.59 billion (R12.33 billion). Sales revenue for the year rose 19% to $6.04 billion (R46.61 billion), which was offset by lower sales volumes, as identified by Angloplast. Platinum prices have gained 25% in the year to date, over and above the 37% increase last year.