UPDATE 1-Angloplat Q3 platinum output dips, keeps FY target

Thu Oct 22, 2009 2:46am EDT

* Angloplat says shuts high cost shafts

* Expects platinum price to be about $1,300/oz this yr (Adds details)

JOHANNESBURG Oct 22 (Reuters) - Anglo Platinum (AMSJ.J), the world's biggest platinum producer, said on Thursday refined platinum output fell 2 percent quarter-on-quarter to 616,500 ounces in the third quarter, mainly due to shaft closures.

In a production update, Anglo Platinum (Angloplat), a unit of global miner Anglo American Plc (AAL.L), said it had shut two high-cost shafts, and the full year impact for 2009 from the closures is forecast to be 71,000 platinum ounces.

The company said the total annualised production loss from the two shafts plus another one closed down earlier would amount to 140,000 refined platinum ounces, but that it would still meet its stated target of producing 2.4 million ounces ths year.

Angloplat said it expects the platinum price to trade at levels above $1,300 per ounce for the remainder of the year, and forecast the platinum market would be balanced in 2009 on firm investment demand and strong Chinese jewellery demand against restrained South African production.

Spot platinum XPT= traded at $1,362 at 0640 GMT. (Reporting by James Macharia)

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