Amplats sticks to 2011 targets

The world’s largest platinum producer, Anglo American Platinum, has maintained its 2011 output target and predicted a stronger second half. Costs remain a concern for Amplats, as the threat of industrial action over wages on output means that the company is likely to up wages to prevent a strike. Despite the impact of various external events, the company expects the market to “remain in balance” and believe its full-year target, of 2.6m ounces, is achievable. Headline earnings rose 20 per cent to 1,236 cents in the six months to the end of June, compared with 1,028 cents a year earlier.