Impala Platinum has announced it is to almost double its capital expenditure (capex) programme over the next five years.

The platinum miner has revealed that it will raise its expenditure to as much as R25 billion to 2012, which is almost twice as much as the company said it would be spending in an announcement made in February this year.

Production would be increased as a result of the capex upgrade, Impala Platinum explained, with the aim to reach 2.5 million ounces of platinum by 2012. Investor relations executive, Bob Gilmore, told Mining Weekly that the company is also expecting to further increase production to around 2.8 million platinum ounces "later in the decade".

Impala Platinum revealed that the expenditure will be invested in a number of major projects, including the Leeuwkop project belonging to recent acquisition, Afplats, as well as the Marula mine and the further development of Impala's Zimbabwean interests.

Sources:

Implats at Deutsche Bank's South Africa conference (London), 20/06/07
http://www.implats.co.za/im/press/display.asp?id=206
http://www.implats.co.za/im/presentations/files/Deutsche_Bank_investor_presentation_20jun07.pdf

Implats almost doubles 5yr capex plans to R25bn, 20/06/07
http://www.miningweekly.co.za/article.php?a_id=111328
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