Amplats cuts production and capex targets

 
City A.M. Reporter
Anglo American Platinum, the world's top platinum producer, is reducing its full-year production and project spending targets, hit by chronic weakness in prices and demand for the precious metal.

The miner also reported an expected 78 per cent drop in interim profit. The company cut its refined production target for 2012 to between 2.4 and 2.5 million platinum ounces, compared to an initial target of 2.5 to 2.6 million ounces.

Citing further market deterioration, it also slashed its project spending for a second time this year. Capital expenditure was reduced by another 700 million rand (£54m), bringing its full-year project budget to 7.3 billion rand from the 9 billion it originally expected.