JOHANNESBURG (miningweekly.com) – South African miner Anglo Platinum (Angloplat) has kept its 2010 production forecast at 2,5-million ounces of platinum, despite its first-quarter output having dropped by 3% year-on-year and 1,5% quarter-on-quarter.

The platinum miner, led by CEO Neville Nicolau, produced 594 700 equivalent ounces of refined platinum in the quarter ended March 31, 2010, which was 18 700 oz less than it produced in the first quarter of 2009 and 9 000 oz less than it produced in the fourth quarter of 2009.

Mined output from its own operations amounted to 378 200 equivalent ounces of refined platinum, 28 200 oz less than it produced in the first quarter of last year.

The reduction in production was owing to the 31 000 equivalent refined platinum ounces contributed during the first quarter of 2009 by three shafts that had since been put on care-and-maintenance.

However, the Anglo American subsidiary highlighted that its joint-venture (JV) operations had performed well during the quarter, with the equivalent refined platinum ounces having increased by 11 700 oz, compared with the first quarter of 2009.

Angloplat’s refined platinum ounces amounted to 446 700 oz in the first quarter, 10,6% higher than what was produced in the first quarter of 2009.

The miner had spent R1,3-billion out of its budgeted R8-billion 2010 capital expenditure during the first quarter.

Its net debt stood at R8,8-billion at the end of the three-month period, with the company pointing out that while this was higher than the previously anticipated R6,8-billion, this amount would decline as working capital movements took effect.

Meanwhile, Angloplat stated that platinum demand had remained firm in the first quarter.

It expected overall demand for platinum to increase “significantly” owing to a substantial industrial and autocatalyst restocking.

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