Anglo Platinum has confirmed today (20th February) that it saw pgm production suffer considerably over the course of the full year to 31st December 2008.

The company, which is a subsidiary of Anglo American and the world's largest platinum producer, revealed that output of the white metal was down from 2,474,000 ounces in 2007 to 2,386,600 ounces last year.

In addition, palladium production was down from 1,389,700 ounces to 1,318,800 ounces, while rhodium output fell from 328,800 oz to 299,300 oz and nickel production decreased from 19,200 tonnes to 15,500 tonnes.

The figures come despite the company having a strong fourth quarter of 2008, with platinum production recorded as 842,300 oz, up 26 per cent from Q4 2007 and 55 per cent from Q3 2008.

Similarly, palladium output was up 18 per cent in comparison to the equivalent period 12 months earlier and 40 per cent from the previous quarter, standing at 450,500 oz.

Rhodium production was 107,100 oz - up by 23 per cent and 42 per cent respectively - although nickel output was 4,100 tonnes, 18 per cent lower than in Q4 2007 and just three per cent higher than in the preceding three-month period.

Commenting on the results, Chief Executive Cynthia Carroll told Reuters: "As we begin 2009, the economic outlook remains weak, with limited visibility and we are continuing to experience volatility and downward pressure on commodity prices."

Furthermore, Ms Carroll revealed that the firm now intends to cut platinum production by 300,000 oz, while it is also set to cut 19,000 jobs by the end of 2009, representing around ten per cent of its workforce.

Anglo's results also revealed that it posted a one per cent fall in profits and that it will be scrapping its 2008 final dividend.

Sources:

Anglo American announces underlying earnings of $5.2 billion (20/02/09)
http://www.angloamerican.co.uk/aa/media/releases/2009pr/2009-02-20/2009-02-20.pdf

UPDATE 3-Anglo scraps final dividend, shares tumble (20/02/09)
http://uk.reuters.com/article/UK_COMPRESULTS/idUKLJ27897420090220?sp=true