Amplats first quarter PGM output declines 7%, maintains 2024 guidance

Anglo American Platinum (Amplats) has reported a 7% decline in total platinum group metal (PGM) production to 834,100oz in the quarter ended March.

Own-managed mines production of PGMs decreased by 6% to 504,300oz, primarily at Amandelbult and Mototolo, while both Mogalakwena and Unki’s production were in line with prior period, Amplats said in a statement on Tuesday.

Refined PGM production was 628,000oz in the first quarter, similar to the prior period and PGM sales volumes were broadly flat at 707,500oz, it said.

The group’s guidance for 2024 is unchanged. Metal-in-concentrate PGM production and refined production guidance remains between 3.3-million and 3.7-million ounces.

“While metal-in-concentrate production for the first quarter is lower than the same period in 2023, reflecting a temporary impact of the restructuring process, we remain on track to deliver against our 2024 operational guidance,” CEO Craig Miller said.

Cash operating unit cost guidance is between R16,500and R17,500 per PGM ounce and targeting an all-in-sustaining- cost of below $1,050/oz.

Miller said the group has now operated more than 27 months without a work-related fatality.

Eskom load-curtailment had no impact on production during the quarter.

“The cost and capital expenditure optimisation initiatives supported by the restructuring process announced in February are well under way. Our action plan remains focused on safe, efficient and stable production through the cycle, which will increase our resilience as a business,” he said.

MackenzieJ@arena.africa