Anglo American Platinum (Amplats)’s refined platinum group metal (PGM) production increased by 7% to 1,15 million ounces (oz) in the second quarter of 2024, driven by the release of work-in-progress inventory compared to the same period last year.
It, however, said toll refined PGM production fell by 5% to 132,900 PGM ounces for the quarter.
Amplats said metal-in-concentrate PGM production and refined production guidance for the year remain at 3.3 million to 3.7 million oz.
“We had an improved performance in the second quarter and we continue to make good progress in the reconfiguration of our business,” said Amplats chief executive Craig Miller.
Meanwhile, the miner’s PGM sales volumes jumped 14% to 1,26 million oz in the second quarter, driven by higher refined production and a drawdown of finished goods.
However, the average second quarter realised basket price of $1,419 per PGM oz was 18% lower than the same period in 2023, mainly due to a 37% lower rhodium price and 31% lower palladium price.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
