UPDATE 3-Angloplat earnings fall, power cuts to hit output

(Adds fresh joint CEO quotes, analysts, updates shares)

By James Macharia

JOHANNESBURG, Feb 11 (Reuters) - Anglo Platinum (AMSJ.J: Quote, Profile, Research), the world's top platinum producer, said 2007 headline earnings per share and production fell, and forecast even lower output for this year mainly due to a power crisis in South Africa that has helped drive the metal's price to a record high.

Angloplat's shares initially fell as much as 7 percent, but later recovered as investors expect the soaring platinum price to help offset reduced output, one trader said. At 1330 GMT, Angloplat shares were up 2 percent to 1,152 rand while the Top-40 index was down 0.5 percent.

The platinum price hit an eighth straight record high on Monday, partly due to concerns a deficit of the metal could widen because of the electricity crisis in the country, which accounts for four-fifths of the world's supply of platinum.

"There is very little to be excited about," Mandla Mapondera, an analyst at Old Mutual Investment Group said.

"Obviously the forecast decline in production for 2008 is quite a disappointment, coming after results that were impacted by the safety stoppages."

Angloplat's 2007 production and refined platinum ounces fell by 6 and 12 percent respectively to 2.47 million ounces, mainly because of safety-related shutdowns. The company said 2008 output would be even lower, mainly due to the power crisis.

Last year, Angloplat launched a safety campaign, which shut its operations temporarily, including its biggest operation, Rustenburg. Authorities also ordered temporary shutdowns every time a worker was killed at South African mines, in a year when a total of 25 workers died at Angloplat's mines.