Xstrata is targeting rapid growth for South Africa platinum operations, the firm's chief executive has revealed.

Xstrata Alloys Chief Executive Peet Nienaber told Mining Weekly Online that the firm is looking to grow its business "as quickly as possible".

He did, however, add the proviso that the firm would "systematically sit down and make sense of each opportunity" before undertaking any expansion, in a bid to ensure that they add value to shareholders.

Mr Nienaber also issued a vote of confidence in the continuing buoyancy of the platinum market, saying of the metal that he "liked" it as a commodity because it was driven by demand both from China and for use in autocatalysts.

He said: "We wouldn't invest in platinum if we thought the outlook to be bleak. We think it looks good."

News of Mr Nienaber's comments come as Xstrata's R7.5 billion bid for Eland Platinum was last week approved by the takeover target's shareholders.

Source:

Adding value' a prerequisite to Xstrata's platinum growth in SA, 09/10/07
http://www.miningweekly.co.za/article.php?a_id=118560


Ÿ Adfero Ltd