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Sustained Progress and Steady Performance at Northam
Feb. 23, 2018 09:08AM PST
Precious Metals InvestingNortham Platinum today issued results for the first half-year of the 2018 financial year. Financial overview Refined metal production from group operations increased to 246 473oz (H1 F2017: 235 375oz), pointing to a sound operational effort at the group’s operations. Sales volumes in the period were lower, reflecting the continued build-up of inventory ahead of …
Northam Platinum today issued results for the first half-year of the 2018 financial year.
Financial overview
Refined metal production from group operations increased to 246 473oz (H1 F2017: 235 375oz), pointing to a sound operational effort at the group’s operations.
Sales volumes in the period were lower, reflecting the continued build-up of inventory ahead of the commissioning of the new furnace at the Zondereinde metallurgical complex. The lower volumes, along with a stronger South African currency (ZAR13.43/USD cf to H1 F2017: R13.99/USD) over the period, had a predictable effect on sales revenues, which dropped marginally to R3.4 billion (H1 F2017: R3.5 billion).
Despite significant US dollar price increases for palladium and rhodium, revenue from platinum, which constitutes approximately 60% of the production basket, dropped by 17.8%, resulting in a lower average market price achieved.