Anglo Platinum has posted a significant increase in full-year profits, which is expected to lead to a boost in pgm production later this year.

The world's biggest platinum producer's full-year headline earnings rose nearly 600 per cent to R4.931 billion (£420 million).

Anglo Platinum reports output of 2.57 million ounces of refined platinum - higher than its target of 2.5 million ounces, while it plans to refine and sell more than this in 2011.

"We expect 2011 to be a strong year for Anglo Platinum, in which we build upon the momentum we have established in improving the safety of all our employees [and increase] our production to 2.6 million ounces to meet the solid demand outlook," said chief executive officer Neville Nicolau.

Also this week, Anglo Platinum said it believes the chance of nationalisation of South Africa's mining industry is "remote", following discussions with the country's government and mining ministry.

Sources:



Angloplat FY profit up, to lift 2011 output (07/02/11)



S Africa Mine Nationalization Remote - Anglo Platinum (07/02/11)

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