Amplats cuts production target

Anglo American Platinum, the world's top platinum producer, said yesterday it was 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 miner further cut its refined production target for 2012 to between 2.4m and 2.5m platinum ounces, compared to an initial target of 2.5m to 2.6m ounces.