Anglo Platinum's platinum group metal (PGM) refined production declined by 13% to approximately 1.1 million ounces in the second quarter of 2023 predominantly due to planned asset integrity work at the refining operations, lower metal in concentrate volumes, and the impact of Eskom power cuts on the smelters.
The company reported that refined platinum and refined palladium output fell 18% to 489,400 ounces and 6% to 352,600 ounces, respectively.
Eskom power outages impacted 29 days of production and contributed to an increase of approximately 17,400 ounces in concentrate work-in-progress for the period.
Toll refined PGM production decreased by 3 percent to 139,600 ounces.
Anglo Platinum's refined production guidance for 2023 is between 3.6 million and 4 million ounces, subject to the load-curtailment impact of Eskom.
“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 company chief executive Natascha Viljoen.
As a consequence of lower refined production, Anglo Platinum's PGM sales volumes (excluding trading) decreased by 8% to 1,11 million ounces.
The second quarter basket price average of $1,730 per ounce of PGM was 35% less than the second quarter of 2022.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
