South Africa-focused platinum group metals (pgms) miner Anooraq Resources has reported a 20 per cent rise in third quarter production.

Increased production volumes yielded a total of 33,358 4E pgm ounces, a 19 per cent improvement quarter-on-quarter and an increase of eight per cent when measured against the third quarter of 2010.

Breaking down the output figures from its flagship Bokoni mine on the north-eastern limb of the Bushveld Complex shows 18,439 platinum ounces were mined, a ten per cent uplift on Q3 2010 and 19 per cent higher than Q2 2011.

Palladium output rose 18 per cent on the quarter to 11,821 oz, which was also six per cent higher than Q3 2010.

Output of rhodium was up 16 per cent from Q2 to 1,849 oz, three per cent above the same period last year.

Anooraq chief executive officer Harold Motaung said the third quarter was marked by "improved mining fundamentals" and "a better foundation for operational improvements at Bokoni".

He added: "These improvements have resulted in improved production and development volumes at Bokoni, together with reduced unit costs quarter-on-quarter, despite wage inflation increases and other continuing cost pressures."

Source:

Anooraq announces operational and financial results for the third quarter, 2011 (15/11/11)

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