AngloPlat production rises

Platinum producer, Anglo American Platinum’s production for the last quarter of 2019 rose by 18 percent to 531 700 ounces.

Anglo American Platinum said metal in concentrate platinum and palladium production both increased by 10 percent, to 531,700 ounces and 360,400 ounces, respectively.

Own-mined platinum production increased by 18 percent to 361,900 ounces and palladium production increased by 17 percent to 275,000 ounces.

“This was driven by increased production at Mogalakwena due to higher grade and throughput, and from Amandelbult, due to the ramp-up of the Dishaba lower section, as well as the inclusion of 100 percent of Mototolo volumes following the acquisition of the remaining 50 percent of the asset in November 2018,” said the group.

“This was partially offset by the impact of Eskom power outages, which reduced overall own mined volumes by 8,500 platinum ounces and 6,000 palladium ounces. Purchase of platinum in concentrate decreased by 5 percent to 169,800 ounces and purchase of palladium in concentrate decreased by 9 percent to 85,400 ounces, the result of lower purchases from joint ventures, as Mototolo became 100 percent owned in November 2018, as well as lower production from Bafokeng-Rasimone Platinum Mine.”

AngloPlat said refined platinum production decreased by 18 percent to 629,700 ounces and refined palladium production decreased by 20 percent to 396,600 ounces.

“Excluding the impact of the tolled volumes that were previously purchased as concentrate, refined platinum production was flat and palladium decreased by 6 percent as improved operational performance at the processing facilities was offset by the impact of Eskom power outages.

“These power outages in Q4 resulted in an inventory build-up of circa 45,000 platinum ounces and circa 27,000 palladium ounces. Platinum sales volumes decreased by 14 percent to 668,300 ounces and palladium sales volumes decreased by 4 percent to 435,800 ounces due to lower refined production in the period.

The full year price per platinum ounce for the basket of metals sold increased by 27 percent to $2,819/oz compared to 2018 due to 48 percent and 73 percent price increases in palladium and rhodium, respectively.

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Byron Adonis Mutingwende