In its PGM production report for the third quarter ending September 30, Amplats said total PGM production of 1 345 700 ounces increased 3 percent – including platinum production of 649 000 ounces and palladium production of 410 800 ounces – due to improved operational performances across most of the portfolio. This was despite the removal of unprofitable ounces from Bokoni Platinum Mine, which was placed on care and maintenance in the last quarter of 2017.
The unit’s own-mined PGM production increased 2 percent to 567 600 ounces due to strong performances from Unki and Amandelbult.
The platinum firm revised its 2018 full-year PGM production to between 5.1 million and 5.2 million ounces from the previous guidance of between 4.85 million and 5.1 million ounces due to a strong operational performance across its portfolio.
This included a revised platinum production guidance of 2.45 million to 2.5 million ounces (previous guidance of 2.4 million to 2.45 million ounces), and a revised palladium production guidance of 1.55 million to 1.6 million ounces (previous guidance of 1.5 million to 1.6 million ounces).
Anglo American has come under close scrutiny by mining houses and analysts for apparently deviating from strictly mining to becoming a buyer of precious metals, which it on-sells in a bid to bolster shareholder returns. In the quarter to September, Amplats reported that the purchase of PGM concentrate from third parties increased by 39 percent to 350 100 ounces.
Amplats’s shares closed 0.87percent higher at R468.45 on the JSE yesterday.