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Angloplats to Deliver 300,000 Platinum Ounces Less Than Expected in '09
Angloplats to deliver 300,000 platinum ounces less than expected in '09
Anglo Platinum will produce less platinum than the market expected in 2009 as its capital expenditure is slashed from $1.3bn to $916m for the year. However, the company will still be able to produce 2.65m ounces annually.
Anglo Platinum (JSE:AMS) announced today it would produce 2.4m ounces of platinum next year, 300,000 ounces lower than the market expected from the world's largest producer in 2009 and flat on 2008 production.
Angloplats has the ability and infrastructure to produce about 2.65m platinum ounces annually and could increase its production again if stronger demand required it to. Spokesperson Trevor Raymond said it would take about six months for more platinum ounces to flow once a decision was taken to increase production.
Anglo Platinum is one of the divisions of Anglo American that has been the hardest hit by the Anglo American Groe deal before March 30, 2009.
ARM said TEAL would then be delisted from the Toronto and Johannesburg Stock Exchanges as its share price performance did not allow for raising capital as initially hoped for.
The inability to raise equity capital has been further hit by the credit crunch, forcing ARM to provide ongoing financial support to TEAL, disproportionate to its level of shareholding.
But ARM said it remains confident about TEAL's role in its future operations.
"TEAL remains key to ARM's long term diversification plans, being ARM's chosen vehicle for expanding its copper interests in Africa," it said.
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