South African-based Amplats, the world’s biggest platinum miner, told the Johannesburg Stock Exchange that its output target in 2006 would fall from 3.4 million ounces to 2.9Moz.
This was enough to drive the spot platinum price in New York to US$785, up US$7 an ounce. Metal for delivery in January rose US$14.60 to US$791.40.
Amplats said it was cutting back on production and expansion plans mainly because of the strength of the U.S. dollar against the rand.
Amplats said output in 2004 would be down 2% on previous forecasts to 2.45Moz, while production this year would be on target at 2.3Moz.
“The production targets may be revised from time to time as they depend on the rand/dollar exchange rate and the price of the metals produced and sold,” Amplats said in a statement.
The rand climbed about 6-to-the-dollar this week, its highest since October, 1999.
