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Processing backlog boosts Amplats' Q2 refined platinum output

Anglo American PlatinumLtd. said July 20 that its second-quarter production totaled586,000 ounces of platinum in concentrate, a 1% increase on a yearly basis.

The company noted improved performance at its mine in South Africa,Unki mine inZimbabwe and at its joint venture operations.

Amplats' refined platinum production jumped by 33% in the quarter to748,000 ounces from 561,000 ounces a year ago, after refining ore that was notprocessed in the preceding quarter due to a stock take and safety stoppage.The remainder of the shortfall in refined production will be made up for in thesecond half, the company said.

Platinum prices achieved fell 11% year on year to US$1,006 per ouncewhile sales jumped 27% to 808,000 ounces of platinum.

Earlier in July, Amplats said it expects first-half basic earnings tofall by up to 74%year on year, ranging from 645 million South African rand to 1.13 billion rand.It attributed the expected decrease primarily to higher metal inventories in2015, which resulted in a 1.6 billion rand tax gain a year ago and the negativeimpact of a decrease in dollar prices in the period.