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Regal Group International: Anglo American pushes Platinum output to cash in on rising prices.
Anglo American Plc. has increase third quarter production by 11% to take advantage of strengthening platinum prices.
The London-based mining firm’s production increased from 697,000 ounces and Anglo Platinum Ltd is now on course to meet a full-year estimate of 2.5 million ounces. Platinum was the mining giant’s second-largest revenue earner in the first six months of 2010 after sales from its iron ore and manganese operations.
Regal Group International research reflects that the platinum price increased by 26% to $1,544.49 an ounce in London in the quarter from the previous year, profiting Anglo Platinum, which produces 40% of global output. Sharply increasing investor demand has resulted in an ongoing increase in the platinum price, and the white metal is expected to trade in the $1,500 to $1,700 bracket over the next six to twelve months, according to Anglo’s Impala Platinum Holdings Ltd.
Anglo American has told Regal Group International that it intends spending around $5 billion this year on increasing its iron ore, copper, and nickel and coal capacity, believing that demand for commodities will increase as China, India and other emerging economies expand.
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