Anglo American has revealed that it is planning to spend up to $3 billion on new platinum projects in the months ahead.

According to Anglo's chief executive, Cynthia Carroll, the firm is planning to spend between $2 billion and $3 billion on the next stages of its platinum programmes, undertaken by subsidiary, Anglo Platinum.

Ms Carroll was announcing a major investment in mining projects by Anglo, reports Mining Weekly, many of which are anticipated to go through during Anglo's first or second quarter.

It is likely that the platinum sector will see much of this money put into improving safety standards, after Ms Carroll made this a top priority when speaking at the announcement of the company's annual results.

Anglo Platinum Chief Executive, Ralph Havenstein, resigned last week over safety issues.

Altogether, Anglo American is preparing to spend as much as $20 billion on all its mining projects going forward, Ms Carroll added.

Source:

Anglo American has $20bn project pipeline, $8,7bn approved, 3/08/08
http://www.miningweekly.co.za/article.php?a_id=113958

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