UPDATE 2-Angloplat to lose up to 200,000 ounces from smelter

* Shutdown to cut 2008 output by up to 200,000 ounces

* Angloplat says shuts down Polokwane Smelter

* Angloplat investigating reports of fire at smelter

* Shares fall more than 8 percent

(Adds shares, details, background)

By James Macharia

JOHANNESBURG, Nov 5 (Reuters) - South Africa's Anglo Platinum (Angloplat) (AMSJ.J), the world's biggest producer of the metal, said on Wednesday it would lose up to 200,000 ounces of refined platinum after shutting down its Polokwane smelter.

Angloplat, which is majority-owned by Anglo American Plc (AAL.L), said it shut the smelter after an incident in which the furnace run-out at the smelter came into contact with rain water, resulting in "a significant release of steam and smoke".

Angloplat has said it aims to produce 2.4 million ounces of refined platinum this year, compared with 2.47 million ounces last year.

On its website, Angloplat said the smelter has a full capacity of 650,000 tonnes per year.

Since it was commissioned in March 2003, the smelter has processed concentrate from existing and new mines, and provides backup for Angloplat's Waterval and Mortimer smelters.

Platinum XPT= rose nearly 4 percent to $872.50/892.50 an ounce by 1550 GMT on Wednesday, partly as a result of the Polokwane news. Platinum has lost more than half its value in the last quarter on slow auto sales data and the outlook for demand from carmakers.

Shares in Angloplat closed more than 8 percent lower, underperforming rival Impala Platinum (IMPJ.J), which added nearly one percent.

Smoke was visible in the smelter's vicinity, the company said. South Africa's SABC News said on its website that part of the Polokwane smelter was on fire. Earlier a spokesman for Angloplat said it was investigating reports of a fire.

Emergency services were called into action, but no one was injured in the incident at the smelter located north of Johannesburg in South Africa's Limpopo province, the group said.

"As a result of the shut down it is currently estimated that Anglo Platinum's output of refined platinum in 2008 will reduce by approximately 150,000 to 200,000 ounces," Angloplat said in a statement.