Wrap Text
PGMs Production Report for the first quarter ending 31 March 2023
Anglo American Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
Share Code: AMS
ISIN: ZAE000013181
(“The Company" or "Anglo American Platinum")
25 April 2023
Anglo American Platinum Limited
PGMs Production Report for the first quarter ending 31 March 2023
Overview – Q1 2023 performance against prior period Q1 2022
• Safety performance – No fatalities at own-managed and joint operations and an 18% improvement in the Total
Recordable Case Frequency Rate (TRCFR) at managed operations to 1.78 per million hours.
• Total PGMs production (expressed as 5E+Au metal-in-concentrate) decreased by 6% to 901,200 ounces.
• Own-managed mines PGMs production decreased by 5% to 501,700 ounces, this is in line with expectations on
the back of lower predicted grade from Mogalakwena and infrastructure closures at Amandelbult in 2022.
Production was further impacted by unplanned extended downtime at Mogalakwena Baobab plant. This was
partially offset by a strong performance at Unki and Mototolo.
• Refined PGMs production (owned production, excluding tolling) decreased by 13% to 626,000 ounces. This is
lower that the comparative period where Polokwane smelter was running at full capacity. The ramp-up of the
Polokwane smelter was completed by the end of January 2023. Scheduled asset integrity work at Waterval
smelter and the impact of Eskom load-curtailment further impacted available smelter capacity for the quarter.
• Eskom load-curtailment (scheduled power outages) impacted both concentrators and smelters resulting in
increased work-in-progress inventory of c.26,500 PGM ounces during the quarter.
• PGMs sales volumes (from production) decreased by 17% to 698,600 ounces as a result of lower refined
production.
• Guidance for 2023 – There is no change to guidance. Metal-in-concentrate PGM production remains at 3.6 – 4.0
million ounces. Refined production guidance for 2023 is 3.6-4.0 million ounces. Unit cost per PGM ounce
produced is R16,800 – R17,800.
Natascha Viljoen, CEO of Anglo American Platinum, said:
“Our commitment to eliminate fatalities from our workplace continues to help us keep our people safe. We had no
work-related fatalities across our operations for the period. The South African mining industry recorded its first fatality-
free January in history, and we are proud to be a part of this milestone. We were able to materially improve our total
recordable case injury frequency rate (TRCFR), which decreased by 18% to 1.78 per million hours worked. Through
deliberate actions, we remain dedicated to our safety journey of zero injuries in the workplace.
The first quarter performance is lower than that the same period in 2022 but aligned with what we guided previously
with own-managed mines PGM production 5% lower. Production was impacted by the lower grade areas we are
mining at Mogalakwena for the next three years. This reduction is aligned with expectation and mine sequencing was
also impacted by high rainfall as well as production impacted due to extended downtime at the Mogalakwena Baobab
plant. Infrastructure closures, particularly the open pit at Amandelbult, also contributed to lower production. This was
partially offset by a strong performance from Unki following the successful concentrator debottlenecking project.
Mototolo continues to demonstrate stable output, despite mining in more challenging areas.
Lower refined production of 626,000 PGM ounces was impacted by the ramp-up of the Polokwane smelter following
its recommissioning in December 2022, scheduled asset integrity work at Waterval smelter and the impact of Eskom
load-curtailment. Eskom load-curtailment impacted ~13 production days for the quarter contributing to a build-up in
work-in-progress inventory of c.26.500 PGM ounces.
We remain on track to achieve our 2023 guidance, with a strong focus on demonstrating our resilience through safe,
stable, and capable operations for the remainder of the year.”
Anglo American Platinum Q1 2023 Q1 2023
PGM Production Report – Q1 2023 Q1 Q4 Q3 Q2 Q1 vs vs
1 January 2023 – 31 March 2023 2023 2022 2022 2022 2022 Q1 2022 Q4 2022
M&C PGM¹ production (000 ounce)² 901.2 990.4 1,046.1 1,031.5 956.0 (6) % (9) %
Own-managed mines 501.7 557.6 587.2 586.7 529.2 (5) % (10) %
Joint operations owned volume 84.3 99.0 96.0 99.6 93.9 (10) % (15) %
Joint operations purchase of concentrate 84.3 99.0 96.0 99.6 93.9 (10) % (15) %
Third party purchase of concentrate 230.9 234.8 266.9 245.6 239.0 (3) % (2) %
Refined PGM production owned (000 ounce)² 626.0 877.2 994.8 1,240.6 718.5 (13) % (29) %
4E Toll refined production 146.1 173.1 151.3 143.4 154.8 (6) % (16) %
Total refined production (owned and toll) 772.1 1,050.3 1,146.1 1,384.0 873.3 (12) % (26) %
PGM sales volume from production (000 ounce) 698.6 883.4 933.5 1,206.2 838.2 (17) % (21) %
Trading sales volume3 912.2 789.6 403.4 256.0 400.9 128 % 16 %
Total sales volume (production and trading) 1,610.8 1,673.0 1,336.9 1,462.2 1,239.1 30 % (4) %
¹ PGM is the sum total of platinum, palladium, rhodium, iridium, ruthenium and gold ounces.
² Referencing AAP guidance.
3
Relates to sales of metal not produced by Anglo American Platinum operations, and includes metal lending and borrowing activity.
Review of the quarter
Safety
We had no work-related fatalities during the period at own-managed or joint operations. The TRCFR at managed
operations of 1.78 per million hours improved by 18% compared to the prior period of 2.16 per million hours. Pro-
actively managing leading indicators, contractor safety and working collaboratively with our Joint Operations on
safety, contributed to our improved injury rate. We continue to focus on incorporating learnings to stop repeat
incidents and increase management oversight on high-risk work.
Metal-in-concentrate (M&C) PGM production
Total PGM production
Total PGM production in Q1 2023 decreased 6% against the prior period (Q1 2022) to 901,200 ounces, with platinum
and palladium production decreasing 6% to 416,800 ounces, and to 278,100 ounces respectively.
PGM production from own-managed mines
Total PGM production from own-managed mines decreased by 5% to 501,700 ounces primarily due to lower
production from Mogalakwena and Amandelbult. This was partially offset by strong production performances from
Unki and Mototolo.
PGM production at Mogalakwena decreased by 12% to 219,000 ounces. The extended technical downtime at the
Baobab concentrator plant due to a breakdown requiring long lead replacement parts impacted production by
c.15,900 ounces. As expected, we continued to see lower grade at Mogalakwena however this was further impacted
by rainfall redirecting mining to lower grade areas resulting in an overall 12% reduction in the 4E built-up head grade
to 2.47g/t from 2.81g/t in Q1 2022.
While overall production from Amandelbult decreased by 5% on the back of infrastructure closures and the related
shut down of Merensky concentrator compared to the previous period, PGM production from Amandelbult increased
by 4% to 151,500 ounces from the planned mining areas on the back of improved productivity. Production from
Tumela was strong with a 3% increase, while Dishaba was negatively impacted by poor ground conditions.
Mototolo PGM production increased by 2% to 68,700 ounces, largely due to improved throughput and recoveries at
the plant.
Unki PGM production increased by 17% to 62,500 ounces, benefiting from the improved plant stability post the
debottlenecking project completed in Q4 2021 with improvements in throughput, grade and recoveries.
PGM production from Joint Operations (50% own-mined production and 50% purchase of concentrate)
Total PGM production from Joint Operations decreased by 10% to 168,600 ounces.
Total Modikwa PGM production remained in line with the prior quarter at 68,800 ounces.
Total Kroondal PGM production decreased by 16% to 99,800 ounces largely due to the ramp-down at Simunye shaft
and geologically challenging ground across the complex.
Purchases of PGM concentrate from third parties
Purchases of PGM concentrate (POC) from third parties decreased by 3% to 230,900 ounces due to operational
challenges experienced by third parties.
Refined PGM production
Refined PGM production (from owned production, excluding tolling) decreased by 13% to 626,000 ounces, due to the
ramp-up at Polokwane smelter in January post the H2 2022 rebuild, scheduled asset integrity work at Waterval
Smelter and the impact of Eskom load-curtailment. Refined platinum production decreased by 20% to 266,000
ounces and refined palladium production increased by 1% to 230,500 ounces. Eskom load-curtailment impacted ~13
days of production and contributed to an inventory build of c.26,500 PGM ounces across the value chain.
Toll refined PGM production decreased by 6% to 146,100 PGM ounces.
Base metal production
Nickel production decreased by 28% to 3,300 tonnes and copper production decreased by 21% to 2,700 tonnes due
to the planned ramp-up at Polokwane smelter in January post the H2 2022 rebuild, scheduled asset integrity work at
Waterval Smelter and the impact of Eskom load-curtailment.
PGM sales volumes
PGM sales volumes (excluding trading) decreased by 17% to 698,600 ounces as a result of lower refined production.
The average Q1 2023 realised basket price of $2,131/PGM ounce was lower than Q1 2022 due to lower market prices.
2023 Guidance
There is no change to guidance. Metal-in-concentrate (M&C) PGM guidance for 2023 is 3.6 - 4.0 million ounces(1)
and refined PGM production guidance is 3.6 - 4.0 million ounces, subject to the impact of Eskom load-curtailment.
Unit cost guidance for 2023 is R16,800 - R17,800 per PGM ounce.
(1) Metal in concentrate production is expected to be 1.65 – 1.85 million ounces of platinum, 1.15 – 1.25 million ounces of palladium, and 0.8 – 0.9
million ounces of other PGMs and gold.
Anglo American Platinum Q1 2023 Q1 2023
PGM Production Report - Q1 2023 Q1 Q4 Q3 Q2 Q1 vs vs
1 January 2023 - 31 March 2023 2023 2022 2022 2022 2022 Q1 2022 Q4 2022
Safety
Fatalities - own managed operations4 number 0 0 0 0 1
Total recordable injury frequency rate /million hrs 1.78 2.25 2.35 2.60 2.16 (18) % (21) %
Total M&C PGM production 000 oz 901.2 990.4 1,046.1 1,031.5 956.0 (6) % (9) %
Platinum 000 oz 416.8 458.5 478.9 479.1 444.3 (6) % (9) %
Palladium 000 oz 278.1 307.5 323.8 321.5 296.6 (6) % (10) %
Tonnes milled 000 6,390 7,021 7,042 7,050 6,609 (3) % (9) %
4E Built-up head grade g/t 3.11 3.19 3.33 3.33 3.24 (4) % (2) %
Own mined volume
Total mined production
Total M&C PGM production 000 oz 586.0 656.6 683.2 686.3 623.1 (6) % (11) %
Platinum 000 oz 265.5 298.9 308.8 314.1 283.8 (6) % (11) %
Palladium 000 oz 204.4 229.4 240.0 240.9 219.3 (7) % (11) %
Tonnes milled 000 6,390 7,021 7,042 7,050 6,609 (3) % (9) %
4E Built-up head grade g/t 3.11 3.19 3.33 3.33 3.24 (4) % (2) %
Own managed mines
Total M&C PGM production 000 oz 501.7 557.6 587.2 586.7 529.2 (5) % (10) %
Platinum 000 oz 227.1 253.6 265.4 268.6 241.0 (6) % (10) %
Palladium 000 oz 179.3 200.3 211.5 211.7 191.6 (6) % (10) %
Tonnes milled 000 5,663 6,175 6,224 6,208 5,789 (2) % (8) %
4E Built-up head grade g/t 3.05 3.14 3.30 3.30 3.21 (5) % (3) %
Mogalakwena mine
Total M&C PGM production 000 oz 219.0 256.7 259.3 261.4 248.8 (12) % (15) %
Platinum 000 oz 90.9 107.5 107.6 110.7 104.4 (13) % (15) %
Palladium 000 oz 100.5 118.6 121.4 121.6 114.5 (12) % (15) %
Tonnes milled 000 3,326 3,659 3,518 3,362 3,315 —% (9) %
4E Built-up head grade g/t 2.47 2.62 2.84 2.91 2.81 (12) % (6) %
Amandelbult mine
Total M&C PGM production 000 oz 151.5 176.6 192.6 183.4 159.9 (5) % (14) %
Platinum 000 oz 76.2 89.6 96.5 93.4 81.4 (6) % (15) %
Palladium 000 oz 35.0 40.8 44.8 42.5 37.1 (6) % (14) %
Tonnes milled 000 1,012 1,222 1,339 1,504 1,203 (16) % (17) %
4E Built-up head grade g/t 4.59 4.59 4.47 3.89 4.20 9 % —%
Unki mine
Total M&C PGM production 000 oz 62.5 52.6 59.9 66.3 53.3 17 % 19 %
Platinum 000 oz 28.4 23.7 26.8 29.7 24.5 16 % 20 %
Palladium 000 oz 24.1 20.3 23.3 25.7 20.3 19 % 19 %
Tonnes milled 000 652 587 650 625 630 4 % 11 %
4E Built-up head grade g/t 3.46 3.24 3.31 3.87 3.26 6 % 7 %
Mototolo mine
Total M&C PGM production 000 oz 68.7 71.7 75.4 75.6 67.2 2 % (4) %
Platinum 000 oz 31.6 32.8 34.5 34.7 30.7 3 % (4) %
Palladium 000 oz 19.7 20.6 22.0 21.9 19.7 —% (4) %
Tonnes milled 000 673 706 716 718 642 5 % (5) %
4E Built-up head grade g/t 3.23 3.22 3.39 3.39 3.38 (4) % —%
Joint operations mined production
Total M&C PGM production 000 oz 84.3 99.0 96.0 99.6 93.9 (10) % (15) %
Platinum 000 oz 38.4 45.3 43.4 45.5 42.8 (10) % (15) %
Palladium 000 oz 25.1 29.2 28.6 29.2 27.6 (9) % (14) %
Tonnes milled 000 727 846 819 841 819 (11) % (14) %
4E Built-up head grade g/t 3.58 3.57 3.58 3.53 3.49 3 % —%
Modikwa mine
Total M&C PGM production 000 oz 34.4 35.8 37.6 36.8 34.3 —% (4) %
Platinum 000 oz 13.8 14.4 15.0 14.8 13.5 2 % (4) %
Palladium 000 oz 12.9 13.4 14.1 13.8 12.8 1 % (4) %
Tonnes milled 000 298 321 327 308 287 4 % (7) %
4E Built-up head grade g/t 3.65 3.54 3.69 3.71 3.67 (1) % 3 %
Kroondal mine
Total M&C PGM production 000 oz 49.9 63.2 58.4 62.8 59.6 (16) % (21) %
Platinum 000 oz 24.6 30.9 28.5 30.7 29.3 (16) % (20) %
Palladium 000 oz 12.2 15.8 14.5 15.4 14.8 (18) % (23) %
Tonnes milled 000 429 525 492 533 532 (19) % (18) %
4E Built-up head grade g/t 3.54 3.60 3.51 3.43 3.40 4 % (2) %
[OFFICIAL]
Anglo American Platinum Q1 2023 Q1 2023
PGM Production Report - Q1 2023 Q1 Q4 Q3 Q2 Q1 vs vs
1 January 2023 - 31 March 2023 2023 2022 2022 2022 2022 Q1 2022 Q4 2022
Purchase of concentrate
Total purchase of concentrate
PGM production 000 oz 315.2 333.8 362.9 345.2 332.9 (5) % (6) %
Platinum 000 oz 151.3 159.6 170.1 165.0 160.5 (6) % (5) %
Palladium 000 oz 73.7 78.1 83.8 80.6 77.3 (5) % (6) %
Joint operations purchase of
concentrate
PGM production 000 oz 84.3 99.0 96.0 99.6 93.9 (10) % (15) %
Platinum 000 oz 38.4 45.3 43.4 45.5 42.8 (10) % (15) %
Palladium 000 oz 25.1 29.1 28.6 29.2 27.6 (9) % (14) %
Third party purchase of
concentrate
PGM production 000 oz 230.9 234.8 266.9 245.6 239.0 (3) % (2) %
Platinum 000 oz 112.9 114.3 126.7 119.5 117.7 (4) % (1) %
Palladium 000 oz 48.6 49.0 55.2 51.4 49.7 (2) % (1) %
Refined PGM production - owned
PGM ounces 000 oz 626.0 877.2 994.8 1,240.6 718.5 (13) % (29) %
Platinum 000 oz 266.0 391.2 457.2 600.4 334.1 (20) % (32) %
Palladium 000 oz 230.5 278.5 317.1 374.8 228.1 1 % (17) %
Rhodium 000 oz 38.8 51.7 64.8 86.4 46.3 (16) % (25) %
Minor PGMs and gold 000 oz 90.7 155.8 155.7 179.0 110.0 (18) % (42) %
Base metal production - owned
Nickel tonnes 3,300 4,800 5,700 6,200 4,600 (28) % (31) %
Copper tonnes 2,700 3,800 3,900 3,900 3,400 (21) % (29) %
Chrome 000 t 211 213 235 203 181 17 % (1) %
Toll refined production
Total 4E toll refined production 000 oz 146.1 173.1 151.3 143.4 154.8 (6) % (16) %
Platinum 000 oz 85.5 102.5 89.5 85.9 91.2 (6) % (17) %
Palladium 000 oz 44.0 54.2 46.9 44.2 46.6 (6) % (19) %
PGM Sales volume from
production
PGM ounces 000 oz 698.6 883.4 933.5 1,206.2 838.2 (17) % (21) %
Platinum 000 oz 289.6 382.1 414.6 600.9 333.3 (13) % (24) %
Palladium 000 oz 237.4 282.2 302.0 388.8 235.8 1 % (16) %
Trading sales volume5
PGM ounces 000 oz 912.2 789.6 403.4 256.0 400.9 128 % 16 %
Platinum 000 oz 666.6 667.8 281.2 108.9 231.2 188 % —%
Palladium 000 oz 185.2 107.6 115.5 138.8 147.0 26 % 72 %
Realised prices and exchange rate
Platinum (US$/oz) 984 1,051 877 946 998 (1) % (6) %
Palladium (US$/oz) 1,690 1,975 2,024 2,178 2,097 (19) % (14) %
Rhodium (US$/oz) 11,671 13,373 14,215 17,110 17,161 (32) % (13) %
Iridium (US$/oz) 4,298 3,564 3,885 4,677 3,874 11 % 21 %
Ruthenium (US$/oz) 426 413 485 573 476 (11) % 3 %
Gold (US$/oz) 2,117 1,740 1,702 1,858 1,873 13 % 22 %
Average FX achieved on sales ZAR/US$ 17.84 17.60 17.15 15.58 15.16 18 % 1 %
US$ basket price per PGM ounce (US$/oz) 2,131 2,293 2,531 2,661 2,685 (21) % (7) %
ZAR basket price per PGM ounce (ZAR/oz) 38,160 40,108 43,426 41,601 40,458 (6) % (5) %
US$ basket price per Platinum ounce (US$/oz) 5,142 5,300 5,699 5,342 6,753 (24) % (3) %
ZAR basket price per Platinum ounce (ZAR/oz) 92,066 92,717 97,780 83,510 101,752 (10) % (1) %
4 The tragic fatality of Mr Julian Sesinyi was retrospectively recorded on the date of his accident which was on 23 November 2021.
5 Relates to sales of metal not produced by Anglo American Platinum operations, and includes metal lending and borrowing activity.
Sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
For further information, please contact:
Investors: Media:
Franscelene Moodley Nomonde Ndwalaza
(SA) +27 (0) 79 877 7848 (SA) +27 (0) 11 638 0228
PlatinumIR@angloamerican.com nomonde.ndwalaza@angloamerican.com
Notes to editors:
Anglo American Platinum Limited is a member of the Anglo American plc Group and is a leading primary producer of
platinum group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting
and refining operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine and
smelter in Zimbabwe. Anglo American Platinum has two joint operations with several historically disadvantaged South
African consortia as part of its commitment to the transformation of the mining industry. Anglo American Platinum is
committed to the highest standards of safety and continues to make a meaningful and sustainable difference in the
development of the communities around its operations.
www.angloamericanplatinum.com
Anglo American is a leading global mining company and our products are the essential ingredients in almost every
aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development
options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and
that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business,
we use innovative practices and the latest technologies to discover new resources and to mine, process, move and
market our products to our customers – safely and sustainably.
As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore
and steelmaking coal, and nickel – with crop nutrients in development – we are committed to being carbon neutral
across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals
to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate
leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious
natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for
our shareholders. Anglo American is re-imagining mining to improve people’s lives.
www.angloamerican.com
Date: 25-04-2023 08:00:00
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