Impala Platinum announced yesterday that it will increase spending to boost production still further.

A total of 25 million rand is earmarked for the expansion scheme, which should see production boosted from 2 to 2.5 million ounces per year.

Around half of the funds are to be spent on maintenance of the company's platinum mines. A new shaft is also set to be built at the Implats Rustenburg site.

Chief Executive David Brown said that the new shaft "would start sinking quite soon".

Implats is the world's second-biggest producer of the precious metal.

In its most recent results, the firm's Zimbabwean operations posted a record high for production. Around 96,500 oz were mined across the last financial year.

Source: Impala Platinum to spend R25bn

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