Impala Platinum has said it is on course to produce two million ounces per annum by 2014 after reporting strong results for the full financial year.

Gross platinum production increased 5.5 per cent to 1.84 million ounces for the 12 months to the end of June.

Chief executive officer David Brown said: "This was a positive year for Implats which delivered a solid operational and financial performance.

"We improved our gross production supported by our Rustenburg and Zimplats operations who achieved their targets."

However, he said the company expects platinum production in 2012 to fall to around 1.7 million ounces before picking up in the longer term.

The company currently has six operations, four in South Africa's Bushveld Complex and two in Zimbabwe, under its Zimplats arm.

At Impala, tonnes milled increased four per cent to 14.1 million, while Merensky ore mined improved from 40 per cent to 42 per cent, resulting in a three per cent improvement in platinum yield.

Refined platinum production here rose eight per cent to 941,200 oz, though the ramp-up operation is being delayed by one year.

At Marula, platinum production in concentrate remained constant at 70,600 oz despite an increase in financial, labour and equipment resources.

Production will be maintained at this level for the next two years to enable the completion of the conversion project.

The Two Rivers operation saw a combination of higher mill throughput and improved recoveries boost platinum production in concentrate to 145,300 oz.

At, IRS, the last of the firm's four South African operations, overall refined platinum production increased by three per cent to 895,000 oz. Output from mine-to-market operations rose eight per cent to 487,000 oz.

In Zimbabwe, Zimplats "delivered an exceptional performance" during its first full year since expansion in 2010, the firm said.

Tonnes milled increased three per cent, helping platinum in matte production improve by five per cent to 182,100 oz.

Phase 2 expansion is on schedule and will increase production by 90,000 to 270,000 oz in 2014, the firm added.

At Mimosa, the second operation in Zimbabwe, the second year of steady state throughput was completed with platinum production in concentrate of 104,900 oz.

However, the company has raised concerns about Zimbabwean government proposals to force foreign miners to transfer 51 per cent of their local equity stakes to black investors.

Mr Brown told Reuters the plan simply "does not work". He added: "What they are doing is very bad for the country ... and has the potential to retard investment."

Sources:

UPDATE 1-Impala Platinum FY HEPS leaps 41 pct to 11.05 rand (25/08/11)

Implats FY earnings surge, production up (25/08/11)

Implats says Zimbabwe equity policy "does not work" (25/08/11) 

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