02/08 8:01A Angloplats/Smelter-3: Capacity Pegged At 1.0 Mln Ounces
The new smelter is earmarked to refine around 650,000 metric tons of
concentrate a year into a granulated matte, which will then be then
transported to the company's Convertor Process plant at Rustenburg.
The company wasn't immediately available to say what this would translate
into in terms of platinum ounces produced, although market watchers say the
smelter could have a total capacity of around 1 million ounces.
The building of the smelter forms part of the company's existing expansion
plans announced in 2000, Angloplats said in a statement.
South Africa produces just over 70% of the world's platinum, with Angloplats
accounting for around 46% of total metal mined.
The company said in May that it intends to raise production to 3.5 million
ounces by 2006, up 1.5 million ounces from 1999 in order to meet the rising
demand for platinum metal.
It said the project should be completed within 22 months, subject to the
scheduled completion of the Environmental Impact Assessment process and the
successful conclusion of utility supply contracts.
The project is expected to create around 1,000 new permanent and temporary
jobs, and generate significant foreign exchange from the sale of the
additional material.
The building of the smelter coincides with the previously announced development of a new mine, Maandagshoek, which is expected to produce 162,000
ounces, it said. The cost of the new mine is pegged at ZAR1.3 billion in 2000
money terms, and will likely come into operation by 2004, the company said.
The current cost estimate for the additional mining and associated
processing expansion is ZAR12.6 billion in 2000 money terms, it said.
Further projects will be announced when they are approved by the board, it
added.
Angloplats reports full year numbers on Feb. 12, with market watchers
expecting the company to post earnings of around ZAR30 a share in the full
year to Dec. 31, up from ZAR11.97 a share for the previous 12 months, with
investors expected to receive a dividend of around ZAR27 a share.
This, say analysts, is likely to include a one-off dividend of ZAR10 a
share.
Around 1245 GMT, Angloplats was trading up ZAR5, or 1.3% higher, at ZAR382
on the JSE Securities Exchange South Africa.
Meanwhile, spot platinum was trading at $604/oz, just shy of its 13-year
high of $623/oz.
PHIL |
