Anglo American says its platinum group metals (PGMs) production increased by 6% to 694,900 ounces in the first quarter of 2021, due to the lower impact of COVID-19, with lockdowns starting in late the first quarter of 2020.
It said production at Mogalakwena, in South Africa, jumped by 17% due to the higher throughput, as well as a higher grade.
Amandelbult production, also in South Africa, decreased by 7%, as testing increased in response to the second wave of Covid-19, delaying the return to work of employees following the Christmas holiday period. Joint ventures' production increased by 6%, largely due to a lower year-on-year COVID-19 impact.
It said the purchase of concentrate leaped by 9% to 326,300 ounces, also largely due to a lower year-on-year Covid-19 impact.
Anglo said refined production increased by 59% to 973,000 ounces as the Anglo Converter Plant (ACP) Phase A unit was fully operational following completion of the rebuild in November 2020 and despite planned maintenance at the base metals refinery.
The ACP Phase B rebuild was on schedule for completion in the second half of 2021.
Anglo said sales volumes increased by 66%, pushed by higher refined production, supplemented by the drawdown of minor metals from refined inventory.
The average realised basket price of $2,219/PGM ounce reflects strong prices, particularly for rhodium and the minor metals, partly offset by higher than normal sales of lower-priced ruthenium. The sales mix is expected to revert to normalised levels for the rest of the year.
Anglo said production guidance (metal in concentrate) remained unchanged at 4.2-4.6 million ounces, while that of refined production guidance was also unchanged at 4.6-5.0 million ounces.
However, both are subject to the extent of further COVID-19-related disruption.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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