| Wed 17 Dec 2008, 9:00 | | AMS - Anglo Platinum plans to produce 2.4 million ounces of refined platinum in |
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AMS
ANANP
AMS - Anglo Platinum plans to produce 2.4 million ounces of refined platinum in
2009 and reduces 2009 capital expenditure to R9.1 billion
Media Release
Anglo American Platinum Corporation Limited
(Incorporated in the Republic of South Africa)
Registration number 1946/022452/06
Share Code: AMS
ISIN Code: ZAE000013181
MEDIA AND SENS RELEASE
Anglo Platinum plans to produce 2.4 million ounces of refined platinum in 2009
and reduces 2009 capital expenditure to R9.1 billion
Anglo Platinum has completed a review of its capital expenditure programme in
response to unprecedented rapid declines in platinum group metal (PGM) prices
caused by, amongst other things, a considerable slowing of vehicle sales in
North America, Europe and Japan having a negative effect on forecast consumption
of PGMs for autocatalysis. The Company has completed its annual planning
process that included the evaluation of a number of initiatives to reduce costs
and improve operational productivity and a critical examination of short-term
supply and demand trends.
Anglo Platinum, as the world`s largest platinum producer, intends to respond on
an ongoing basis to the challenges that face the platinum industry. Anglo
Platinum plans to produce 2.4 million ounces of refined platinum in 2009. The
Company will continue to monitor its production levels against global economic
developments and will provide further updates on its production plans at
appropriate intervals.
Capital expenditure for 2009 has been reduced to R9.1 billion by delaying
expenditure across several major projects, including Amandelbult No.4 shaft,
Twickenham, Styldrift, Twickenham, the second slag cleaning furnace at Waterval
and numerous smaller projects.
Anglo Platinum expects to announce results for the full year to 31 December 2008
on 9 February 2009.
Johannesburg, 17 December 2008
For further information contact:
Trevor Raymond
Tel: +27 (0)11 373-6462
Cell: +27 (0)82 654 8467
Merrill Lynch
Sponsor
Date: 17/12/2008 09:00:22 Produced by the JSE SENS Department.
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