Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Anglo American Platinum core earnings take a huge hit

25 july 2023

Anglo American Platinum's earnings before interest, taxation, depreciation, and amortisation (EBITDA) decreased by 69% to R13.4 billion ($730 million) in the first half of 2023 compared to R42.8 billion in the same period a year earlier.

This was primarily due to a 29% decline in the PGM dollar basket price and a 12% decline in sales volumes (excluding trading).

The platinum miner attributed lower sales volumes to lower refined production, primarily due to planned asset integrity work at the processing operations, 8% lower metal-in-concentrate from own mined volumes, the impact of Eskom load curtailment of approximately 66,400 PGM ounces (oz), and the ramp-up of the Polokwane Smelter following its rebuild in the fourth quarter of 2022.

EBITDA was also negatively impacted by higher mining and processing costs and the lower valuation of the purchase of concentrate (POC) inventory due to lower PGM prices, which resulted in a negative POC margin.

As recently forecasted by Anglo American Platinum, headline earnings totalled R7.9 billion, with headline earnings per share (HEPS) of R30 compared to R101 in the first half of 2022.

After paying dividends of R9 billion in the second half of 2022 and taxes and royalties totalling R3.4 billion in the first half of 2023, the company's balance sheet reportedly remained solid, with net cash of R23.9 billion.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished