Anglo American Platinum achieved record refined production from its processing assets in 2021, refining over 5.1 million PGM ounces, supported by a strong ACP plant performance following its rebuild in 2020. As a result, it released most of its build-up in work-in-progress inventory from 2020 by the end of 2021. This performance enabled it to increase its sales volumes by 82% to just over 5.2 million PGM ounces, despite rebuilding finished-goods inventory to normalised levels in the second half of the year.
As a result of Anglo American Platinum strong operational performance, the company reported a record set of financial results. The H1 2021 basket price moderated in the second half – but remained at historically high levels. Over the year, the rand basket price averaged 22% higher than 2020 and, with higher sales volumes, saw revenue increase to R215 billion.
Natascha Viljoen, CEO of Anglo American Platinum, commented: “Anglo American Platinum has once again delivered safe production and record operational and financial results, despite the ongoing effects of Covid-19 on our day-to-day operations. I am grateful that we completed the year without any fatal incidents at our own-managed operations or at our non-managed joint-operation Modikwa. This is an important milestone for us as we work tirelessly to keep our employees safe, and as we progress towards our ultimate aim of zero harm. Unfortunately, our non-managed joint operation, Kroondal, reported two fatalities during the year.
We delivered a strong recovery at our mining operations, increasing our metal-in-concentrate production by 13% to 4.3 million PGM ounces. Including the effect of infrastructure closures at Amandelbult and Kroondal, we were able to maintain production in line with 2019, a baseline of pre-pandemic performance. We continue to drive for operational efficiencies across our assets to ensure delivery against our strategy, including progressing trials of technology at Mogalakwena to bring operational efficiencies and sustainability benefits, continuing with the modernisation and mechanisation trials at Amandelbult, and committed to investing capital to ensure asset reliability.”