Anglo American Platinum: Refined PGM production unchanged

Refined PGM production (from owned production, excluding tolling) was similar to the prior period at 628,000 ounces, which is consistent with lower first quarter production as a result of the annual stock count and planned maintenance at processing assets.

Eskom load-curtailment had no impact on production during the quarter. Toll refined PGM production increased by 10% to 160,200 PGM ounces for the quarter.

Base metal production

Nickel production increased by 42% to 4,700 tonnes and copper production increased by 22% to 3,300 tonnes. Q1 2024 benefited from higher-than-normal work-in-progress smelter matte inventory, following the release of the built-up concentrate stocks in 2023. An optimised annual maintenance shut at the Base Metals Refinery decreased plant downtime and increased operating efficiency.

2024 guidance and action plan update

Production guidance for 2024 for metal in concentrate (M&C)2 and refined production2 is unchanged and is expected to be between 3.3-3.7 million PGM ounces, subject to the impact of Eskom load-curtailment. Plans to put Mortimer smelter on care and maintenance in Q2 2024 and the studies to repurpose it for slag cleaning duty are progressing well. Mass pull reductions of 5% and 10% were achieved at Amandelbult and Mogalakwena respectively in Q1 2024, demonstrating the work already under way to achieve the targeted reductions by 2025.

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