Anglo Platinum has today (26th July) questioned whether it will be able to reach a previously-stated pgm output target.

The world's largest platinum producer has a full-year target of 2.5 million ounces for 2010, but indicated in April that this total could be surpassed by 200,000 oz.

However, Chief Executive Neville Nicolau has now cast doubt on this assessment, citing the effects of the European debt crisis and slow global economic recovery as the main contributing factors.

"We don't think it's appropriate at this time to push to produce 2.7 million ounces," he told Bloomberg.

Those comments come after Anglo revealed that equivalent refined platinum production reached 1.196 million ounces in the first six months of the year.

Refined platinum output totalled one million ounces, while refined platinum sales were 1.08 million, compared to the figure of 1.22 million recorded in H1 2009.

Despite retracting his earlier production claim, Mr Nicolau also asserted that the full-year target remains in place and that the fundamentals for the pgm industry still appear to be strong.

"We expect the platinum market in 2010 to remain in balance due to continued strength from the autocatalyst and industrial segments," he added.

"Interest in new applications for pgms remains buoyant as global pressures on environmental issues, energy security and diversification retain political and consumer interest."

Anglo Platinum is a subsidiary of Anglo American, which is one of the largest mining conglomerates in the world.

Sources:

Anglo Platinum Tempers Full-Year Output Plans on Weaker Economic Outlook (26/07/10)

Anglo Platinum results for the half-year ended 30 June 2010 (26/07/10)

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