JOHANNESBURG (miningweekly.com) − The world’s largest platinum producer, Anglo Platinum (AngloPlat), reported a 595% surge in its 2010 earnings to R4,9-billion, mainly owing to the strong basket prices received for its metals sold during the year.

The group’s headline earnings a share attributable to ordinary shareholders rose 570% to 1 935 c a share, compared with 289 c a share in 2009. AngloPlat’s basic earnings a share in were up 217% to 3 909 c/share, compared with 1 234 c a share in 2009.

CEO Neville Nicolau said that the company expected the market to remain in balance during 2011, adding that it would seek to increase production to 2,6-million ounces to meet that solid demand outlook.

Platinum prices could average at least $1 800/oz in 2011, the company forecast, adding that the price for palladium could also strengthen, particularly if the market continued to move into a deficit on the back of autocatalyst and investor demand and a tightening in supplies.

The platinum miner exceeded its 2010 target to refine and sell 2,5-million ounces of platinum, producing 2,57-million refined ounces and selling 2,52-million ounces.

Cash operating costs rose 4% year-on-year to R11 730/oz on an equivalent refined platinum ounce basis.

“We are especially pleased to announce that our strong operational and financial performance, plus our positive outlook on the market going forward, has allowed us to resume dividend payments and we declare a final dividend for 2010 of R1,8-billion or R6,83 a share,” said Nicolau.

AngloPlat planned to invest up to R8-billion to ensure the delivery of its future production growth profile.

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