Platinum Australia to Produce 50,000 Ounces of Metal in FY2009
By Rachel Graham
May 16 (Bloomberg) --Platinum Australia Ltd. will produce 50,000 ounces of platinum and related metals in its next financial year ending June 2009, Managing Director John Lewins said.
``The first ounces will come out in August,'' Lewins said referring to the Smokey Hills project in South Africa. He was speaking at an RBC Capital Markets conference in London.
Platinum Australia's share of production from the Smokey Hills mine will rise to 95,000 ounces the following financial year, marking a peak level for that project, Lewins said.
Platinum Australia has a 60 percent stake in Smokey Hills.
A second project, Kalahari Platinum, will start production at the end of 2010, Lewins said. That will help the company increase output to 250,000 ounces by 2011, he said.
Platinum Australia owns 49 percent of Kalahari Platinum.
All production figures relate to Platinum Australia's share of output from the projects.
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