Implats: Rebuild No 5 furnace tapped first PGM matte at end of April
In its Production report for the period ended 31 March 2024, Impala Platinum reports gross group 6E production increased by 13% to 827 000 ounces. Tonnes milled at managed operations increased by 16% to 6.48 million tonnes during the quarter. The maiden inclusion of Impala Bafokeng and higher milled volumes at Zimplats offset lower throughput at each of Impala Rustenburg, Marula and Impala Canada, with like-for-like volumes (excluding Impala Bafokeng) retracing by 1%. 6E milled grade of 3.64g/t was stable and 6E production at managed operations increased by 17% to 657 000 ounces, with a like-for-like retracement of 2%.
6E production from the joint ventures (JVs) at Mimosa and Two Rivers increased by 7% to 134 000 ounces. At Impala Refining Services (IRS), third-party 6E receipts of 37 000 ounces were 23% lower than the prior comparable quarter as two contracts concluded in FY2023.
There were negligible production losses due to load curtailment in South Africa in the quarter, although regional electricity generation and distribution challenges did pose headwinds to operating momentum in Zimbabwe.
Refined 6E production, which includes saleable ounces from Impala Canada and Impala Bafokeng, increased by 8% to 717 000 ounces (-6% on a like-for-like basis). The scheduled rebuild of the Number 5 furnace, which began in December 2023, was completed as planned, with first matte tapped at the end of April 2024. Implats finished the period with circa 410 000 6E ounces of excess inventory (Q3 FY2023: 190 000 6E ounces).
6E sales volumes of 824 000 ounces, including saleable production from Impala Canada and Impala Bafokeng, increased by 10%, and were 3% lower on a like-for-like basis from those in the prior comparable quarter, with some destocking of refined inventory to offset the impact of the planned furnace maintenance.
OUTLOOK AND GUIDANCE
Despite the challenging operating environment during the period under review, Implats remains on track to deliver within the guided Group parameters for FY2024.
