Anglo American Platinum (Amplats)’s refined platinum group metals (PGMs) production decreased by 13% to 626,000 ounces in the first quarter of 2023.
The decrease in output was mainly due to the ramp-up of the Polokwane smelter in South Africa at the end of January this year following its rebuild.
It said scheduled asset integrity work at Waterval smelter and the impact of power cuts in South Africa further impacted available smelter capacity for the quarter.
Power utility Eskom’s load-curtailment impacted about 13 production days for the quarter contributing to a build-up in work-in-progress inventory of 26.500 PGM ounces.
“We remain on track to achieve our 2023 guidance, with a strong focus on demonstrating our resilience through safe, stable, and capable operations for the remainder of the year,” said Amplats chief executive Natascha Viljoen.
Refined production guidance for 2023 is between 3.6 million and 4 million ounces.
Meanwhile, Amplats said its PGMs sales volumes decreased by 17% to 698,600 ounces because of lower refined production.
The average first quarter realised basket price of $2,131/PGM ounce was lower compared to the same period last year due to lower market prices.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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