Anglo American Platinum Reports Q2 2024 PGM Production Decline Despite Operational Gains
Anglo American Platinum Limited has released its Platinum Group Metals (PGMs) production report for the second quarter ending June 30, 2024. The report highlights mixed performance metrics and underscores ongoing safety concerns.
During Q2 2024, Anglo American Platinum experienced two work-related fatalities at the Dishaba Mine, part of the Amandelbult complex. This incident contributed to a 2% increase in the total recordable injury frequency rate (TRIFR) to 1.48 per million hours worked.
Total PGMs production, expressed as 5E+Au metal-in-concentrate, decreased by 2% year-on-year to 921,000 ounces. However, own-managed mines saw a 9% increase in PGM production compared to Q1 2024, despite a 3% decrease to 547,200 ounces when compared to the same period last year. The purchase of PGM concentrate (POC) also decreased by 2% to 373,800 ounces.
Refined PGMs production rose by 7% to 1,153,500 ounces, driven by the release of work-in-progress inventory. PGMs sales volumes increased by 14% to 1,266,100 ounces, supported by higher refined production and a draw-down of finished goods.
Craig Miller, CEO of Anglo American Platinum, commented on the performance: "We had an improved performance in the second quarter and we continue to make good progress in the reconfiguration of our business. However, it is with great regret that we report two tragic work-related fatalities at Dishaba Mine on June 7. Our deepest condolences go out to the families, friends, and colleagues of Mr. Tshepiso Terrence Mokale and Mr. Euzmen Ndlebe. This incident occurred during a period when we have been making significant safety advancements across Anglo American Platinum and serves as a blunt reminder that we can never become complacent about workplace safety. We remain steadfast in our commitment to ensuring the safety of our workforce every day."
Despite these challenges, the company maintains its 2024 guidance. Metal-in-concentrate PGM production and refined production guidance remain at 3.3-3.7 million ounces. The cash operating unit cost guidance is R16,500-R17,500 per PGM ounce, with a target all-in sustaining cost (AISC) of below US$1,050 per 3E ounce.
