Platinum: Higher output from SA and Zimbabwe, declines in Russia and North America
Refined platinum supply edged 1% (+12 koz) higher year-on-year to 1,402 koz in Q3’23. This was primarily due to higher output from South Africa and Zimbabwe, which offset declines in Russia and North America.
Output from Anglo American Platinum was impacted by a five-day disruption to water supply curtailing output by approximately 25 koz, while other producers reported year-on-year increases. Implats’ production recovered from last year’s smelter maintenance.
Meanwhile, Sibanye-Stillwater’s Marikana operation reported fewer disruptions due to copper cable theft, and additional volumes from the ramp-up of the K4 project.
South African producers experienced fewer energy supply interruptions in the quarter. The combination of fewer breakdowns at Eskom and a reduction in national energy demand led to an easing of the energy crisis for the second consecutive quarter. Despite some impact from load curtailment, the effect on production was less than in prior quarters, leading to a 2% (+19 koz) year-on-year increase in South African output.
Zimbabwe’s quarterly output is estimated to have increased 11% year-on-year (+13 koz) reaching 129 koz, an all-time high. The growth came from Zimplats which realised additional milled volumes from the third concentrator plant, in addition to the impact of scheduled furnace maintenance last year. Output from other producers, Unki and Mimosa, remained virtually unchanged year-on-year.
Output from North America declined 9% year-on-year (-6 koz) to 61 koz as the recovery at Sibanye-Stillwater’s US operations from last year’s flood was offset by lower output from Canadian by-product nickel mining due to a protracted recovery from the strike at Glencore’s operation and maintenance at Vale’s facilities.
A drawdown of refined stock by Anglo American Platinum contributed to a net 16 koz release of producer finished inventory, boosting sales.
