Platinum group metals (PGMs) mining company Northam Platinum has posted a solid half-year operational performance with normalised headline earnings rising 73.6% to R3.3 billion on a 51.9% increase in sales revenues to R11.9-billion.
Its operating profit for the six months to the end of December 2020 was 75.4% higher at R5.2 billion, at a margin of 43.7%.
Cash generated from operating activities leapt to R3.1-billion while earnings before interest, taxes, depreciation and amortisation also jumped 69.5% to R5.4 billion.
Northam said it recorded a 21.1% in tonnages to 4 million tonnes, with its production equivalent refined metal up 15% to 352 741 four-element (4E) ounces and an 11% increase in production of chrome concentrate.
"We are currently operating at close to full production. However, COVID-19 remains a threat to the health of our employees and we are still following the risk mitigation protocols implemented during F2020. We will continue to closely monitor the situation," said Northam chief executive Paul Dunne.
The company's operational growth projects, initiated in a period of lacklustre metal prices, are now coming on track and delivering valuable contributions into a rising metal price environment.
Projects which were also temporarily scaled back have been resumed, reducing the impact of the stoppages on the group's strategy.
($1=R14.84)
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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