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Amplats announced that it delivered 1.2-million ounces of platinum group metals in the second quarter and increased its FY guidance to between 2.4-million and 2.45-million ounces.
Anglo American Platinum (Amplats) (JSE:AMS) delivered 1.2-million ounces of platinum group metals (PGMs) in the second quarter, leading to a revision of its full-year (FY) platinum production guidance to between 2.4-million and 2.45-million ounces, the company announced on Thursday (July 19).
Previously, the company expected a FY production of between 2.3-million and 2.4-million ounces of platinum, but this was increased after the miner produce 619,000 ounces in Q2, while producing 406,000 ounce of palladium, allowing its FY production guidance to remain unchanged at 1.5-million to 1.6-million ounces.
The company’s own-mined PGM production also increased in Q2 by 11 percent to 586,300 ounces “due to continued exceptional performance from Mogalakwena, supported by strong performances from Amandelbult and Unki. Platinum production increased by 12 percent to 270,600 ounces and palladium production increased by 11 percent to 215,600 ounces.”
Mogalakwena PGM production was driven by higher grade, an increase in concentrator throughput and higher recoveries, which resulted in the production of 313,800 ounces—a 15 percent increase.
For its part, Amandelbult PGM production rose 6 percent, reaching a total production of 225,700 ounces. The uptick was due to continued operational improvements that were supported by an increase in development at Dishaba as mining activities transition to this section.
Meanwhile, Unki produced 46,800 ounces of PGMs—an increase of 8 percent. The steady surge was due to increased concentrator throughput and recoveries.
The company also boasted improved operational performances across its portfolio, even with the closure of its unprofitable 49 percent-owned Bokoni joint venture (JV) mine, in Limpopo.
Due to a strong performance from the company’s Kroondal JV mine, PGM production increased by 7 percent year-on-year to 309, 200 ounces. These results were also supported by the processing of ore stockpile from Mototolo, in Limpopo.
Finally, refined PGM production ticked up slightly by 1 percent year-on-year to 1.1 million ounces, despite a planned smelter rebuild at the Mortimer smelter during Q2.
As of 3:05 p.m. EST on Thursday (July 19), platinum and palladium were trading at US$806 per ounce and US$867 per ounce respectively.
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Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.