AMPLATS: Refined PGMs up by 59% as ACP is back at normal operating capacity
Anglo American Platinum in its latest quarterly report states that total PGMs production increased by 7%, largely due to a 17% increase in production from Mogalakwena, and despite continuing implications from Covid-19 which led to a longer return-to-work process particularly at Amandelbult and Mototolo.
The company saw a strong recovery in its refined production, which increased by 59% compared to Q1 2020, as processing operations were back at normal operating capacity following the completion of the ACP rebuild in November 2020.
Since then, the ACP has been performing ahead of expectations, and able to smelt more tonnes from Polokwane smelter. Refined production, however, was affected by the planned maintenance at the Base Metals Refinery.
Sales volumes were strong in Q1, increasing 66% as refined production was supplemented by the drawdown of minor metals from refined inventory, following robust demand for these metals.
PGM SALES VOLUMES
PGM sales volumes (excluding trading) increased by 66% to 1,131,100 ounces, as a result of higher refined production, supplemented by a drawdown in minor metals from refined inventory due to strong demand for the metals.
Platinum sales volumes increased by 81% to 434,700 ounces. Palladium sales volumes increased by 20% to 267,200 ounces, which was lower than refined production as refined inventory levels were rebuilt to more normalised levels.
PGM sales volumes from trading decreased 11% to 221,500 ounces, as trading activity was higher than normal in Q1 2020 in order to mitigate the effects on of supply of metal to customers, following last year’s temporary closure of the ACP. The year to date average realised basket price of $2,219 per PGM ounce reflects strong prices, particularly for rhodium and minor metals, partly skewed by higher than normal sales of ruthenium. The sales mix is expected to revert to normalised levels for the rest of the year.
