Anglo American Platinum says Q3 PGM production up three pct


JOHANNESBURG, October 23 – Anglo American Platinum said on Tuesday total platinum group metals (PGM) output increased by three percent to 1,345,700 ounces during the third quarter ended September, including the platinum production of 649,000 ounces and palladium production of 410,800 ounces.

The company said this was due to improved operational performances across the majority of the portfolio, despite the removal of unprofitable ounces from Bokoni, which was placed on care and maintenance in the third quarter of 2017.

Amplats said the purchase of PGM concentrate from associates was down 16 percent to 113,600 ounces primarily due to the closure of unprofitable production from Bokoni.

Purchase of PGM concentrate from third parties increased by 39 percent to 350,100 ounces due to products purchased from Union mine following its sale.

Amplats said it had revised 2018 full year PGM production up to between 5.1 to 5.2 million PGM ounces compared with previous guidance of 4.85 to 5.1 million PGM ounces, because of strong operational performance across the portfolio.

PGM sales volume guidance for 2018 had been revised up to between 5.2 and 5.3 million ounces from 4.85 to 5.1 million ounces, as a draw-down in refined inventory had supplemented sales volumes.

Platinum sales volume guidance would remain between 2.4 and 2.45 million ounces while palladium sales volume guidance would be at the lower end of guidance of between 1.5 and 1.6 million ounces, the company said.

– African News Agency (ANA)