Anglo American Platinum refined PGM production
Anglo American Platinum refined PGM production (from owned production, excluding tolling) increased by 7% to 1,153,500 ounces driven by the release of work-in-progress inventory compared to the same period last year.
Toll refined PGM production decreased by 5% to 132,900 PGM ounces for the quarter. There was no Eskom load-curtailment during the quarter.
Base metal production
Nickel production increased by 20% to 7,300 tonnes and copper production increased by 18% to 4,600 tonnes due to higher throughput following the release of work-in-progress inventory.
PGM sales volumes
PGM sales volumes (excluding trading) increased by 14% to 1,266,100 ounces, supported by higher refined production and a draw-down of finished goods.
The average Q2 2024 realised basket price of $1,419/PGM ounce was 18% (or 20% in ZAR terms) lower than Q2 2023, predominantly due to a 37% lower rhodium price and 31% lower palladium price.
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.
The productivity and operational excellence initiatives (including the employee restructuring process) announced in February are well advanced and further details will be provided at our upcoming 2024 Interim Results.
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 1.2-1.4 million ounces. The average
M&C split by metal is Platinum: ~45%, Palladium: ~35% and Other: ~20%.
