Platinum group metals (PGM) mining company Impala Platinum (Implats)’s total six-element (6E) group production volumes increased by 21% to 1 million ounces in the first quarter of the fiscal year 2024.
It said joint ventures produced 141,000 oz, while third-party receipts decreased by 31% to 62,000 oz.
Although production metrics experienced some initial gains due to the first incorporation of Impala Bafokeng during the period, significant enhancements were observed in the mining and processing operations of the group on a like-for-like basis.
Sales volumes for 6E increased by 17% to 829 000 oz, while gross refined and saleable production volumes for 6E rose by 25% to 885 000 oz.
“The strong operational delivery in the period is a testament to the flexibility and resilience our people enabled at our operations, with targeted investments in asset integrity and projects focused on harnessing the inherent competitiveness of our mining and processing portfolio yielding notable improvements,” said Implats chief executive Nico Muller.
Production of refined 6E grew by 25% to 885,000 oz, including saleable ounces from Impala Canada and Impala Bafokeng.
Meanwhile, Implats is executing a thorough operational and expenditure reaction to alleviate the current downturn in the pricing of PGMs and the subsequent strain on margins.
“Capital expenditure on projects considered key to strategic delivery will continue, but planned elevated levels of spend across the portfolio will be adjusted to reflect the prevailing current reality of compressed industry margins,” said Muller.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
