Source Pravda.Ru

Cluff Forecasts A Bright Future for Platinum

Strong demand will provide bright platinum project outlook for UK-based mining and exploration group Cluff Mining Plc.

The outlook for auto-catalysts continues to be strong. The jewellery industry also continues to display a great deal of life and of course fuel cell technology based on platinum will have an effect.

Cluff said in its half-year results it had made significant progress on PGM projects in South Africa, with feasibility studies at its Blue Ridge property drawing to a close, while the joint venture with Anglo American Platinum (Angloplat) at Sheba's Ridge is likely to be signed within weeks. Meanwhile, production at the Blue Ridge deposit should start within two years.

The joint venture forms part of the company's revised strategy which is to move away from non-PGM assets in favour of new PGM projects.

Cluff reported a pre-tax loss of $600,000 in the six months to June 30, an improvement from the loss of $1.635 million in the first half of 2001.

The improvement is generally due to a profit on the sale of the Agnes gold mine in South Africa at higher than its written down book value.

The outlook for auto-catalysts continues to be strong. The jewellery industry also continues to display a great deal of life and of course fuel cell technology based on platinum will have an effect.

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&to=http://www.angloamerican.co.uk/' target=_blank>Angloplat

&to=http://www.cluff-mining.com/' target=_blank>Cluff Mining Plc

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