UPDATE 2-Angloplat first-half earnings up, output dips

Tag : metal supplies

By James Macharia
JOHANNESBURG (Reuters) - Anglo Platinum (Angloplat) (AMSJ.J: Quote , Profile , Research ), the world's top producer of the precious metal, posted a 21percent jump in first-half earnings per share, driven by a strongermetal price, sending its shares up 6 percent on Monday.
South Africa's Angloplat, a unit of Anglo American Plc (AAL.L: Quote , Profile , Research ), said production from its mines and joint venture partners in thesix months to the end of June fell 11 percent to 1.13 millionounces versus the first half of 2007.
Angloplat said its 2008 output would remain at its previousforecast of 2.4 million ounces versus 2.47 million last year.
"The results are a bit disappointing on the production side. Theiroutput is 10 percent lower than I had expected," Stephen Roelofse,an analyst at Metropolitan Asset Managers, said.
Angloplat, which accounts for some 40 percent of the global supplyof the metal used to make auto catalysts and jewellery, said highprices would continue.
The platinum group metal markets had been jarred by uncertaintyowing to a weakening U.S. economy, potential for a wobble inEurope's economy, power woes in South Africa and rising globalinflation, the company said in a statement.
Angloplat viewed its Unki platinum project in Zimbabwe as part ofits strategic growth and aimed to start output in about two years,despite criticism from UK politicians over links with thegovernment of President Robert Mugabe. See [nWEA3472].
"We continue with the project, unless the rules of the game change.It's an important strategic development for Angloplat, we see it apart of our long term growth," new Chief Executive Officer NevilleNicolau told a results presentation. Continued...