| Thu 23 Oct 2008, 9:57 | | AMS - RERELEASE OF Anglo Platinum Quarterly Review And Production Report For The |
|
AMS AMSP
ANANP
AMS - RERELEASE OF Anglo Platinum Quarterly Review And Production Report For The
Period 1 July 2008 To 30 September 2008 including table containing production
summary
ISSUER LONG NAME : ANGLO PLATINUM LIMITED
REGISTRATION NO. : 1946/022452/06
INSTRUMENT ALPHA CODE/TICKER SYMBOL : AMS; AMSP
ISIN : ZAE000013181; ZAE000054474
ANGLO PLATINUM QUARTERLY REVIEW AND PRODUCTION REPORT
FOR THE PERIOD 1 JULY 2008 TO 30 SEPTEMBER 2008
HIGHLIGHTS
Highlights for the quarter under review include:
Mining output 9% higher than in the third quarter of 2007
Refined platinum production for 2008 remains on target at 2.4 million ounces
Re-lining of Waterval Number 2 Furnace and Slag Cleaning Furnace completed
REVIEW OF THE QUARTER
Anglo Platinum remains committed to its approach of creating a culture in which
safety is paramount and continued implementing the Enhanced Safety Improvement
Plan with the objective of achieving `zero harm`.
Equivalent refined platinum production (equivalent ounces are mined ounces
expressed as refined ounces) from the mines managed by Anglo Platinum and its
joint venture partners for the third quarter of 2008 was 685 000 ounces, an
increase of 9% when compared to the third quarter of 2007 and an increase of 12%
compared to the second quarter of 2008. Refined platinum production in the third
quarter of 2008 was 11% lower than the third quarter of 2007 due to the planned
downtime at Waterval of Number 2 Furnace; the Slag Cleaning Furnace; and the ACP
plant, including the acid plant, for maintenance. As a result, pipeline stocks
increased by a further 141 000 platinum ounces to a total of 314 000 platinum
ounces.
Refined rhodium production was lower than in the third quarter of 2007 for the
same reasons that reduced platinum output. The slag run-out at the Polokwane
smelter in the second quarter of 2008 reduced rhodium production in that
quarter, accounting for the 27% increase in rhodium production in the third
quarter of 2008.
Factors that contributed to increased volumes in quarter three include:
New production at Mogalakwena North pit as the 600 000 tons per month
concentrator reached full capacity
An increase in concentrate purchased
Fewer labour disruptions than in the third quarter of 2007
Factors that constrained production in quarter three were:
Safety related work stoppages
Skills availability and continued lower efficiency associated with high staff
turnover in 2007 and 2008
Face availability remaining below target levels although improving
While operational challenges continue, the major factors that negatively
affected production in the first half of 2008 have largely been resolved and
mining output is expected to continue at the improved rate experienced in the
third quarter.
However, as a result of the continued build-up of concentrate stocks due to the
Waterval outages, smelting and refining of planned volumes in the fourth quarter
require 100% availability of plant and equipment.
CONSOLIDATED PRODUCTION SUMMARY
Quarter Ended % Change
September June 2008 September Sep Q08 vs Sep Q08
2008 2007 June Q08 vs Sep
Q07
Total refined
production 543.2 572.5 611.3 -5.1% -11.1%
Platinum 000 oz 321.7 300.8 342.8 6.9% -6.2%
Palladium 000 oz 75.3 59.4 80.6 26.8% -6.6%
Rhodium 000 oz 17.7 14.1 23.8 25.5% -25.6%
Gold 000 oz 1,073.0 1,046.8 1,168.9 2.5% -8.2%
PGMs 000 oz 4.0 3.7 4.0 8.1% 0.0%
Nickel 000 tonnes 2.1 2.2 2.3 -4.5% -8.7%
Copper 000 tonnes
Production
statistics 33,691 30,131 29,973 11.8% 12.4%
Tonnes mined - 13,467 11,572 12,010 16.4% 12.1%
opencast # 000 11,881 10,713 10,408 10.9% 14.2%
Tonnes broken - 56 57 61 -1.8% -8.2%
underground mines 3.37 3.30 3.63 2.1% -7.2%
000
Tonnes milled 000
UG2 mined to total
output^ %
4E Built-up head
grade g/tonne m
Mines 3.67 3.63 4.01 1.1% -8.5%
Western Limb 1.09 1.13 1.08 -3.5% 0.9%
Tailings
Retreatment
Equivalent refined
platinum production 564.5 506.7 556.5 11.4% 1.4%
* 000 oz 127.3 109.4 94.0 16.4% 35.4%
Mined -7.2 -5.5 -22.7 30.9% -68.3%
Purchased
Sold
Attributable to 684.6 610.6 627.8 12.1% 9%
Anglo Platinum
Pipeline stock 46.8 -100.0%
adjustment 000 oz
Refined platinum
production 000 oz
Mining 000 oz
Purchase of
concentrate 000 oz
543.2 572.6 611.3 -5.1% -11.1%
435 461.1 523.2 -5.7% -16.9%
108.2 111.5 88.1 -3% 22.8%
Platinum pipeline 141.4 84.8 16.5
movement
000 oz
# Includes Mogalakwena Section, Kroondal and Marikana opencast operations
^ Excludes Western Limb Tailings Retreatment plant production
* Mine`s production converted to equivalent refined production using Anglo
Platinum`s standard smelting and refining recoveries
During the quarter and in line with Anglo Platinum`s confidence in continued
robust long-term demand for platinum, the Anglo Platinum and Royal Bafokeng
Holdings Boards approved the Styldrift Merensky Project. This expansion project,
at a capital cost of R10.3 billion, in July 2009 money terms, will process 230
000 tons of Merensky reef per month via a new twin shaft system and a new
concentrator. At steady state production in 2015, this project will increase
BRPM`s production to 450 000 tons per month and 400 000 ounces of refined
platinum per annum.
Given current metal price levels and uncertainty in global markets, the costing
and scheduling of all capital projects is currently under review and management
is evaluating a number of initiatives to further reduce operating costs and
corporate overhead costs, optimise procurement savings, and improve operational
productivity.
Anglo Platinum expects to announce results for the full year to 31 December 2008
on 9 February 2009.
Johannesburg, South Africa
23 October 2008
For further information please contact:
Trevor Raymond
+27(0)11 373 6462
+27(0)82 654 8467
Date: 23/10/2008 09:57:11 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
