Anglo American Platinum (Amplats), a leading producer of platinum group metals (PGM), has announced a 7% decline in its PGM production for the quarter ended March, with total output dropping to 834,100 ounces. The company attributed the decrease primarily to reduced outputs at its Amandelbult and Mototolo mines, although production levels at Mogalakwena and Unki mines remained consistent with the previous period.
Despite the dip in mined production, refined PGM production maintained stability at 628,000 ounces, and sales volumes were relatively unchanged at 707,500 ounces. Amplats confirmed that its guidance for 2024 remains steady, with expected metal-in-concentrate PGM production and refined production ranging between 3.3 million and 3.7 million ounces.
CEO Craig Miller expressed confidence in the company's ability to meet its annual targets despite the initial setbacks. He noted, "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.
"Amplats also outlined its financial objectives, maintaining cash operating unit cost guidance between R16,500 and R17,500 per PGM ounce and targeting an all-in-sustaining cost of below $1,050 per ounce. Miller emphasized the ongoing cost and capital expenditure optimization initiatives supported by the restructuring efforts initiated in February.
"Our action plan remains focused on safe, efficient, and stable production through the cycle," Miller added, underscoring the company's commitment to operational excellence and fiscal prudence during this period of transition.
