Anglo American Platinum PGM refined production decreased by 14%
Anglo American Platinum reports its refined production decreased by 14% to 1,027,900 ounces as expected, as the built-up work-in-progress inventory from prior years has now been released and returned to normalised levels. There was no Eskom load-curtailment on the operations.
Sales volumes decreased by 14% to 1,002,000 ounces, in line with lower refined production. The full year average realised basket price of $1,468/PGM ounce was 11% lower, mainly due to a 30% lower rhodium realised price and a 24% lower palladium realised price.
2025 Guidance
Production guidance for 2025 for metal in concentrate and refined production is unchanged at 3.0-3.4 million ounces. In 2025, POC volumes will be lower than 2024 reflecting the impact of the Siyanda POC agreement transitioning to a 4E metals tolling arrangement early in the year, as well as Kroondal having transitioned to a 4E metals tolling arrangement in September 2024.
Metal in concentrate (M&C) production by source is expected to be own mined of 2.1-2.3 million ounces and purchase of concentrate of 0.9-1.1 million ounces. The average M&C split by metal is Platinum: c.44%, Palladium: c.32% and Other: c.24%.
Production remains subject to the impact of Eskom load-curtailment. Refined production is usually lower in the first quarter than the rest of the year due to the annual stock count and planned processing maintenance.
