South Africa's platinum group metals (PGM) miner Wesizwe Platinum has narrowed its profit for the year ended December 31 to R51.78-million from R96.8-million, a year earlier.
The group's headline earnings a share eased by 47% in the period, to 3.17c, while its earnings also fell by 47%, to 3.18c, from 5.95c in 2019.
No dividends were declared for the period, it said.
It said the PGM supply side was materially impacted by mine closures in the second quarter of 2020. Thereafter, the South African PGM companies undertook a cautious approach to ramp-up mines in the wake of Covid-19, which resulted in the industry reaching above 90% operating capacity by the fourth quarter of 2020.
Global PGM production reduced by about 17% in 2020 due to mine stoppages, however, PGM metal demand from auto-catalysts reduced by just 14%, intensifying the deficit PGM market balances.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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