Anglo Platinum has announced a 6.1 per cent increase in profits to R12.6 billion for the year ending December 31st compared with its 2006 figures of R11.9 billion.

The news follows a period of higher platinum prices and difficult operating conditions leaving Norman Mbazima, joint acting Chief Executive Officer, pleased with the company's progress.

Platinum production from mining operations decreased by six per cent to 2.47 million ounces last year with Anglo Platinum citing reasons of reduced labour efficiency and interventions aimed at achieving an improvement in employee safety.

Refined ounces also dropped in production to 2.47 million ounces - a 12 per cent decrease. The company gave production guidance for 2008 of 2.4 million ounces, which takes into acount potential reduction in available power from Eskom. 

Duncan Wanblad, joint acting Chief Executive Officer, said that safety would be an important part of the company’s strategy in 2008.

"The creation of a culture in which safety standards are paramount remains our overriding priority and is at the heart of our new approach," he explained.

He also said that challengers encountered during the last year were "compounded" by the recent production disruptions resulting from the Eskom power crisis.

Mr Duncan echoed President Mbeki's words in his State of the Nation speech by urging Eskom, the Government and mining firms to work together to solve the issues.

Sources:

Angloplat '07 profit rises marginally as output drops 12%, 11/02/08
http://www.miningweekly.co.za/article.php?a_id=126556

Anglo Platinum results for the year ended 31 December 2007, 11/02/08
http://www.angloplatinum.com/def_main.asp?Id=press/display.asp&Id2=181&Related=true

Anglo Platinum production drops, 11/02/08
http://www.thetimes.co.za/News/Article.aspx?id=703264

Anglo Platinum's Profit Increases on Prices; Output Declines, 11/02/08
http://www.bloomberg.com/apps/news?pid=20601116&sid=a4qtBIDMmlZY&refer=africa

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