AmPlats own PGM production increased by 9% compared to Q1 2024
Anglo American Platinum total Platinum Group Metals (PGMs) production (expressed as 5E+Au metal-in-concentrate) decreased by 2% to 921,000 ounces. Own-managed mines PGM production increased by 9% compared to Q1 2024, however decreased by 3% to 547,200 ounces when compared to the prior period.
Purchase of PGM concentrate (POC) decreased by 2%1 to 373,800 ounces. Refined PGMs production (owned production, excluding tolling) increased by 7% to 1,153,500 due to the release of work-in-progress inventory compared to the same period last year.
PGMs sales volumes (from production, excluding sales from trading) increased by 14% to 1,266,100 ounces, supported by higher refined production and a draw-down of finished goods.
Guidance for 2024 is unchanged. Metal-in-concentrate PGM production and refined production guidance remains at 3.3-3.7 million ounces. Cash operating unit cost guidance is R16,500-R17,500 per PGM ounce and we are targeting an all-in sustaining cost (AISC) of below US$1,050 per 3E ounce.
Craig Miller, CEO of Anglo American Platinum, said: “We had an improved performance in the second quarter and we continue to make good progress in the reconfiguration of our business. However, it is with great regret that we report two tragic work-related fatalities at Dishaba Mine on 7 June. Our deepest condolences go out to the families, friends, and colleagues of Mr. Tshepiso Terrence Mokale and Mr. Euzmen Ndlebe.
This incident occurred during a period when we have been making significant safety advancements across Anglo American Platinum and serves as a blunt reminder that we can never become complacent about workplace safety. We remain steadfast in our commitment to ensuring the safety of our workforce every day.
“Our operational excellence initiatives are yielding encouraging results. Own mine metal-in-concentrate (M&C) production increased by 9% quarter on quarter, and compared to the previous year, refined production and sales have risen by 7% and 14%, respectively. Our guidance for 2024 remains unchanged. I look forward to sharing more insights on our performance when we release our Interim Results on 22 July”.
2024 guidance
Production guidance for 2024 for M&C2 and refined production is unchanged and is expected to be 3.3-3.7 million PGM ounces, subject to the impact of Eskom load curtailment. Anglo American Platinum is on track to deliver on its cost-out programme.
The H1 2024 cash operating unit cost is expected to be ~R18,300 per PGM ounce due to lower production in the first half of the year. The continued business configuration initiatives in the second half of 2024, supplemented by further cost savings and a step-up in production will enable the achievement of the 2024 cash operating unit cost guidance of R16,500-R17,500 per PGM ounce and a targeted all-in sustaining cost (AISC) of below US$1,050 per 3E ounce.
