Impala Platinum Holdings (Implats) has announced that it intends to substantially increase its spending over the coming years.

The South African outfit, which is the world's second largest platinum producer, said on Friday that it plans to boost its yearly spend to almost £1 billion over the next five years, an increase of around 15 per cent per annum.

The outfit is expected to place around a quarter of its outgoings in to capital projects at Impala Platinum, notably the building of the number 16 and 20 shafts at the site.

Production targets are also on the up, with the outfit hoping to see 2.3 million ounces of platinum produced each year by 2010, a significant increase from its target for the current financial year of 2.1 million ounces and the 1.85 million ounces achieved in the 12 months to June.

Outgoing chief executive officer Keith Rumble said that Zimplats, the firm's Zimbabwean arm, had recently reached an agreement with the government to increase platinum production in the country from 90,000 ounces of platinum a year to 160,000 ounces.

In addition, the expected introduction of new portals could see platinum production in Zimbabwe rise to 300,000 per annum by the end of the decade.


Ÿ Adfero Ltd