Impala Platinum produced 3% less concentrate, refined production down by 6%

Impala Platinum has declared that the third quarter production (for the period 1 January to 31 March 2022) saw 3% decrease in total 6E concentrate volumes to 2.38 million ounces, with a 4% decline in managed volumes to 1.70 million ounces and a 3% decrease in JV production to 407 000 ounces, partially offset by a 1% increase in third-party receipts of 277 000 ounces.

Gross 6E refined production declined by 6% to 2.35 million ounces due to the timing and extent of processing maintenance. 6E sales volumes of 2.38 million ounces were 4% lower than the prior comparable period.

Implats’ Chief Executive Officer, Nico Muller, commented: “I am pleased with the improved operating stability established across our operating assets in the period under review, which has allowed us to reiterate our key guidance metrics for FY2022, provided with the release of our interim results.

The operating landscape continues to be challenging. Escalating geopolitical conflict, rampant inflation, constrained supply chains and a tight labour market have compounded the production impact of extended safety stoppages and the operating protocols required to manage Covid-19.

Improved organisational flexibility enabled Implats to withstand considerable headwinds and is a credit to our people, who continue to demonstrate remarkable adaptability, resilience and innovation.

PGM pricing has been volatile but remains particularly robust. We continue to experience strong demand for our primary products from our customer base, despite the demand impact of constrained auto supply chains and the increasingly uncertain outlook for global growth. Implats generated meaningful free cash flow during the period and our balance sheet remains strong and flexible.

The Group’s focus for the remaining months of FY2022 will include embedding operational stability in a period where the risk of unplanned interruptions has increased. In the face of an increasingly complex and variable operating context, it is critical that we continue working closely with our key stakeholders, in a constructive and positive way, to ensure safe and profitable production – through which we can deliver value to all our stakeholders.”

OUTLOOK AND GUIDANCE

In the revisions to annual guidance provided with the release of Implats’ half year results ended 31

December 2021, the Group considered and factored in the impact of an increasingly complex operating environment due to global geopolitical events, persistent supply chain constraints and rising inflation. As such, Implats remains on track to meet the parameters provided for production, unit costs and capital expenditure metrics.

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