Anglo American’s platinum group metals production volumes
Anglo American Platinum’s mined production was broadly in line with the comparative period at 588,300 ounces. Excluding Kroondal, own mined production increased marginally by 1%, reflecting higher production from Mogalakwena and Mototolo, partially offset by lower production primarily from Amandelbult and Modikwa due to safety stoppages. On a quarter-on-quarter basis, own mined production increased by 7%, reflecting stability from the turnaround initiatives implemented during the year.
The disposal of its 50% interest in Kroondal was completed and effective on 1 November 2023, this resulted in Kroondal moving to a 100% third-party purchase of concentrate arrangement until it transferred to a toll arrangement. As expected, from 1 September 2024, Kroondal transitioned to a 4E toll arrangement on the same terms as other Sibanye-Stillwater tolled volumes.
Mogalakwena’s production increased by 7% to 283,500 ounces, reflecting stable performance and efficiency improvements across all concentrators and, as a result, Mogalakwena recovered c.75% of the lost production from the primary mill breakdown in July 2024.
High grade ore which was mined in Q3 2024 and stockpiled was processed during the quarter, which resulted in a 4E built-up head grade of 3g/t for the quarter (Q4 2023: 3g/t).
Mototolo production increased by 12% to 74,200 ounces, reflecting the implementation and stabilisation of the new seven-day mining shift cycle, which helped mitigate the difficult ground conditions as a section of the mine reaches its end of life.
Operational safety stoppages, to ensure that safety improvement efforts are fully embedded, impacted production at Amandelbult and Modikwa during the fourth quarter. Amandelbult’s production decreased by 9% to 136,900 ounces and Modikwa’s production decreased by 8% to 33,400 ounces.
Kroondal has now transitioned to a 4E tolling arrangement, effective 1 September 2024, as outlined in the Kroondal sales announcement and, prior to this, from 1 November 2023, Kroondal was reported as a 100% third-party purchase of concentrate arrangement.
Purchase of concentrate decreased by 15% to 287,400 ounces, reflecting lower Kroondal volumes which had transitioned to a 4E tolling arrangement.
The 2024 unit cost guidance for PGMs was c.$920/oz, set at c.19 ZAR:USD, and during the year the South African rand has averaged 18.32 ZAR:USD.
