The world's largest platinum producer Anglo Platinum has announced record profit levels.

Net income for the firm stood at RD11.7 billion (£824 million) for 2006, up from RD4.23 billion in 2005, after platinum prices surged as producers tried to meet growing demand for the metal and the weaker rand/US dollar exchange rate increased sale prices.

Anglo Platinum Chief Executive Ralph Havenstein said: "Our record financial performance was driven by strong demand, record metal prices and continued growth in production volumes.

"In this regard it is noteworthy that 26 per cent of our 2006 revenue was generated from metals sold in South Africa, which are locally beneficiated. We are pleased with the good progress made during 2006 in achieving the level of ore reserve development necessary to improve unit cost efficiency at the group's mines."

Over the year refined platinum production increased by 15 per cent to 2.82 million ounces, reflecting increased production at mining operations and the release of pipeline stocks.

In 2007, increased production and new projects are expected to result in refined platinum production of as much as 2.9 million ounces.

Ÿ Adfero Ltd