Anglo American Platinum (Angloplats), the world's largest platinum producer, has announced that headline earnings and production are both down for the first half of 2003.

The output of refined platinum fell by 12.3 per cent this year from the level recorded for the first half of 2002, a reduction blamed for an increase in pipeline stocks. A total of 915,000 ounces were produced this year, compared to just over 1 million oz last year.

Headline earnings have also declined, by nearly 58 per cent to R1.12 billion. This reduction is blamed on the continuing strengthening of the rand against the dollar, which has increased by 27 per cent over the year.

Chief executive Ralph Havenstein was confident the company was performing well on its own terms, and would be able to pursue planned expansion projects.

'Despite the decline in headline earnings when compared to the same period in 2002, Anglo Platinum remains a very focused market-driven resource business,' he commented.

'It has an excellent asset base and the opportunity to grow earnings and has made significant progress in implementing its massive expansion programme to realise this objective.

'We are confident that the market demand fundamentals support our growth strategy. The projects that make up the announced production increase are continuously optimised and evaluated in the light of changing parameters, especially the rand/dollar exchange rate.'