Anglo Platinum's (Amplats) refined platinum group metal (PGM) production rose 22% to about 1.1 million ounces during the third quarter of 2024 compared to 910,000 ounces a year earlier.
The increase was due to the impact of unplanned municipal water stoppages at the processing operations in the comparative period, as well as a drawdown of work-in-progress inventory during the quarter.
Amplats revised its production guidance for refined production to between 3.7 million and 3.9 million ounces from the previous target of 3.3 million and 3.7 million ounces, reflecting the benefit of no Eskom load-curtailment this year and good stability at the processing assets, which has enabled a release of built-up work-in-progress inventory.
Meanwhile, metal in concentrate production's own mined production decreased by 17% to 552,000 ounces, mainly due to the disposal of Kroondal in the fourth quarter of 2023.
On a quarter-on-quarter basis, own mined production was broadly flat, reflecting stability from the turnaround initiatives.
Amplats’ sales volumes increased by 16% to 1.1 million ounces, supported by higher refined production than last year.
The year-to-date average realised basket price of $1,455 per PGM ounce was 18% lower, mainly due to a 37% decrease in rhodium prices and a 30% decrease in palladium prices.
Mathew Nyaungwa, Editor in Chief, Rough&Polished
