Anglo American Platinum’s production of refined platinum group metal (PGM) fell 25% in 2022 due to the delayed Polokwane smelter rebuild, and power outages, coupled with lower mine output and grades.
The company said its refined PGM output was 3.8 million ounces in 2022 compared to 5.1 million ounces in 2021.
Refined production guidance for 2023 is between 3.6 million ounces and 4 million ounces, subject to the impact of power cuts by South African state power utility Eskom.
The Polokwane smelter was delayed in October 2022 due to the delivery of sub-standard materials for furnace construction.
It was, however, completed in December 2022.
Anglo said PGMs sales volumes decreased by 25% to 3,86 million, in line with refined production.
The full-year average realised basket price was $2,551/PGM ounce, reflecting lower market prices.
Meanwhile, its competitor Impala Platinum said it lost about 38,000 refined PGM ounces in the six months ended 31 December 2022, nearly 3% of total refined output, owing to power cuts.
Its refined output eased 9% to 1.476 million ounces in the six months compared to 1.617 million ounces in the same period last year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
The company said its refined PGM output was 3.8 million ounces in 2022 compared to 5.1 million ounces in 2021.
Refined production guidance for 2023 is between 3.6 million ounces and 4 million ounces, subject to the impact of power cuts by South African state power utility Eskom.
The Polokwane smelter was delayed in October 2022 due to the delivery of sub-standard materials for furnace construction.
It was, however, completed in December 2022.
Anglo said PGMs sales volumes decreased by 25% to 3,86 million, in line with refined production.
The full-year average realised basket price was $2,551/PGM ounce, reflecting lower market prices.
Meanwhile, its competitor Impala Platinum said it lost about 38,000 refined PGM ounces in the six months ended 31 December 2022, nearly 3% of total refined output, owing to power cuts.
Its refined output eased 9% to 1.476 million ounces in the six months compared to 1.617 million ounces in the same period last year.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
