Angloplat, the world's biggest platinum producer, has said it is confident that proposed production targets for 2004 and 2006 will be met.

The firm said that although the strength of the rand was continuing to cause problems, output levels remain at an encouraging level.

Angloplat chief Ralph Havenstein told Reuters that the firm felt revisions to production targets at the end of last year were adequate, with the output target for 2006 currently standing at 2.9 million ounces.

"We're not revising our 2004 target because at the same time (as rand strength) of course the dollar was weaker and the rand basket price for metals in South Africa was actually higher than the same combination which was used to review our project portfolio," he explained.

The company also said it planned to raise production in 2004 to 2.45 million ounces up from 2.3 million in 2003.

Mr Havenstein went on to say that cost cutting plans were progressing well at the firm, and predicted that take up of Angloplat's R4 billion rights issue would be brisk.

However, whilst anticipating platinum demand would continue, Mr Havenstein said palladium was still facing an oversupply scenario.

"We are still looking at a oversupply situation on palladium," he concluded.