Amplats says will not tolerate loss-making ounces

Mon Jul 23, 2012 10:34am GMT

JOHANNESBURG, July 23 (Reuters) - Anglo American Platinum's acting chief executive said on Monday the group would be prepared to cut production to boost prices and profits.

Acting chief executive Bongani Nqwababa told a results presentation he would not "tolerate unprofitable ounces", a signal the group could move to close loss-making shafts.

The world's largest platinum producer reported an expected 78 percent drop in interim profit.on Monday cut its refined production target for 2012 to between 2.4 and 2.5 million platinum ounces. It said this amount would remain its output target for the next 2 to 3 years. (Reporting by Sherilee Lakmidas; Writing by Ed Stoddard)

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