Wrap Text
PGMs Production Report for the second quarter ending 30 June 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")
20 July 2023
Anglo American Platinum Limited
PGMs Production Report for the second quarter ending 30 June 2023
Overview – Q2 2023 performance against prior period Q2 2022
• Safety performance – No fatalities at own-managed operations and Joint Operations. A 46% improvement in the
Total Recordable Case Frequency Rate (TRCFR) at managed operations to 1.40 per million hours.
• Total PGMs production (expressed as 5E+Au metal-in-concentrate) decreased by 9% to 943,100 ounces.
• Own-managed mines PGMs production decreased by 10% to 526,700 ounces mainly due to Amandelbult short
term operational challenges which has since been mitigated and 2022 planned infrastructure closures, expected
grades from Mogalakwena and the impact of Eskom load-curtailment.
• Refined PGMs production (owned production, excluding tolling) decreased by 13% to 1,073,800 ounces as a
result of planned asset integrity work, lower metal-in-concentrate and the impact of Eskom load-curtailment.
• Eskom load-curtailment (scheduled power outages) impacted both concentrators and smelters, resulting in
increased work-in-progress inventory of c.38,900 PGM ounces for the period.
• PGMs sales volumes (from production, excluding sales from trading) decreased by 8% to 1,108,700 ounces due to
lower refined production.
• Guidance for 2023 – 2023 guidance remains unchanged. Metal-in-concentrate PGM production is 3.6 - 4.0
million ounces. Refined production is 3.6-4.0 million ounces. Unit cost per PGM ounce produced is anticipated to be
at the upper end of the range considering exchange rate volatility, load-curtailment and continued inflationary
pressure. Guidance for the 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 helps keep our people safe. We had no work-related
fatalities across our operations for the period, and we were able to considerably improve our total recordable case
injury frequency rate (TRCFR), which decreased by 46% to 1.40 per million hours worked. This important milestone
was realised through focused actions. We remain dedicated to embedding zero harm at all levels of the organisation.
Our total PGM production was 9% lower compared to the prior period. Production was impacted mainly by short term
operational challenges and infrastructure closures at Amandelbult as well as expected lower grades at
Mogalakwena. Despite mining through higher internal waste areas, Unki continues to deliver a stable tonnes output
along with Mototolo.
We delivered lower refined production of 1,073,800 PGM ounces due to our planned asset integrity program at our
processing operations.
While we continued to manage heightened Eskom load-curtailment, it impacted 29 production days for the quarter
contributing to a build-up in work-in-progress inventory of c.38,900 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 Q2 2023 Q2 2023 H1 2023
PGM Production Report - Q2 2023 Q2 Q1 Q4 Q3 Q2 vs vs H1 H1 vs
1 April 2023 - 30 June 2023 2023 2023 2022 2022 2022 Q2 2022 Q1 2023 2023 2022 H1 2022
M&C PGM¹ production (000 ounce)² 943.1 901.2 990.4 1,046.1 1,031.5 (9)% 5 % 1,844.3 1,987.5 (7)%
Own-managed mines 526.7 501.7 557.6 587.2 586.7 (10) % 5 % 1,028.4 1,115.9 (8) %
Joint operations owned volume 86.0 84.3 99.0 96.0 99.6 (14) % 2 % 170.3 193.5 (12) %
Joint operations purchase of concentrate 86.0 84.3 99.0 96.0 99.6 (14) % 2 % 170.3 193.5 (12) %
Third party purchase of concentrate 244.4 230.9 234.8 266.9 245.6 — % 6 % 475.3 484.6 (2) %
Refined PGM production owned (000 ounce)² 1,073.8 626.0 877.2 994.8 1,240.6 (13)% 72 % 1,699.8 1,959.1 (13)%
4E Toll refined production 139.6 146.1 173.1 151.3 143.4 (3) % (4) % 285.7 298.2 (4) %
Total refined production (owned and toll) 1,213.4 772.1 1,050.3 1,146.1 1,384.0 (12) % 57 % 1,985.5 2,257.3 (12) %
PGM sales volume from production (000 ounce) 1,108.7 698.6 883.4 933.5 1,206.2 (8)% 59 % 1,807.3 2,044.4 (12)%
Trading sales volume3 1,153.0 912.2 789.6 403.4 256.0 350 % 26 % 2,065.2 656.9 214 %
Total sales volume (production and trading) 2,261.7 1,610.8 1,673.0 1,336.9 1,462.2 55 % 40 % 3,872.5 2,701.3 43 %
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 operations and includes metal lending and borrowing activity.
Review of the quarter
Safety
We recorded no work-related fatalities during the period at own-managed operations or Joint Operations. The TRCFR
at managed operations of 1.40 per million hours improved by 46% compared to the prior period of 2.60 per million
hours. The implementation of our “back to basics” safety approach has enabled us to focus on the building blocks of
our safety culture and continues to contribute to our improved injury rate.
Metal-in-concentrate (M&C) PGM production
Total PGM production
Total PGM production in Q2 2023 decreased by 9% against the prior period (Q2 2022) to 943,100 ounces, with
platinum production decreasing by 9% to 437,000 ounces, and palladium production decreasing by 9% to 292,500
ounces.
PGM production from own-managed mines
Total PGM production from own-managed mines decreased by 10% to 526,700 ounces.
PGM production from Amandelbult decreased by 19% to 147,900 ounces for the quarter. This is driven by short term
operational challenges at Tumela which has since been mitigated, the 2022 closure of Dishaba open pit and
Merensky concentrator and continued challenging ground conditions at Dishaba.
PGM production at Mogalakwena decreased by 7% to 242,400 ounces. In line with guidance, we continued to mine
lower grades which resulted in a 7% reduction in 4E built-up head grade to a guided 2.70g/t compared to 2.91g/t in
Q2 2022.
Unki PGM production decreased by 11% to 59,000 ounces against the prior period. The decreased production was a
result of mining through planned higher internal waste areas.
Mototolo PGM production increased by 2% to 77,400 ounces, largely due to improved grade.
Eskom load-curtailment deferred own-managed mines metal in concentrate production by c.21,500 ounces.
PGM production from Joint Operations (50% own-mined production and 50% purchase of concentrate)
Total PGM production from Joint Operations decreased by 14% to 172,000 ounces.
Total Modikwa PGM production decreased by 5% against the prior quarter to 70,200 ounces due to increased mining
of lower grade Merensky ore.
Total Kroondal PGM production decreased by 19% to 101,800 ounces largely due to the ramp-down at Simunye
shaft and geologically challenging ground conditions across the complex.
Purchases of PGM concentrate from third parties
Purchases of PGM concentrate (POC) from third parties of 244,400 ounces is in line with prior quarter.
Refined PGM production
Refined PGM production (from owned production, excluding tolling) decreased by 13% to 1,073,800 ounces, due to
planned asset integrity work at the processing operations, lower metal-in-concentrate and deferred production due to
Eskom load-curtailment. Refined platinum production decreased by 18% to 489,400 ounces and refined palladium
production decreased by 6% to 352,600 ounces. Eskom load-curtailment impacted 29 days of production and
contributed to a concentrate work-in-progress inventory build of c.17,400 ounces for the period.
Toll refined PGM production decreased by 3% to 139,600 PGM ounces.
Base metal production
Nickel production decreased by 2% to 6,100 tonnes and copper production remained unchanged at 3,900 tonnes.
PGM sales volumes
PGM sales volumes (excluding trading) decreased by 8% to 1,108,700 ounces as a result of lower refined production.
The average Q2 2023 realised basket price of $1,730/PGM ounce was 35% lower than Q2 2022.
2023 Guidance
There is no change to guidance. Metal-in-concentrate (M&C) PGM guidance for 2023 is 3.6 - 4.0 million PGM
ounces(1) and refined PGM production guidance is 3.6 - 4.0 million PGM ounces, subject to the impact of Eskom load-
shedding. Unit cost per PGM ounce produced is anticipated to be at the upper end of the range considering
exchange rate volatility, load-curtailment and continued inflationary pressure. Guidance for the unit cost per PGM
ounce produced is R16,800 - R17,800.
(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 Q2 2023 Q2 2023 H1 2023
PGM Production Report - Q2 2023 Q2 Q1 Q4 Q3 Q2 vs vs H1 H1 vs
1 April 2023 - 30 June 2023 2023 2023 2022 2022 2022 Q2 2022 Q1 2023 2023 2022 H1 2022
Safety
Fatalities - own managed operations number 0 0 0 0 0 0 0
Total recordable injury frequency rate /million hrs 1.40 1.78 2.25 2.35 2.60 (46) % (21) % 1.58 2.41 (34) %
Total M&C PGM production 000 oz 943.1 901.2 990.4 1,046.1 1,031.5 (9)% 5 % 1,844.3 1,987.5 (7)%
Platinum 000 oz 437.0 416.8 458.5 478.9 479.1 (9) % 5 % 853.8 923.4 (8) %
Palladium 000 oz 292.5 278.1 307.5 323.8 321.5 (9) % 5 % 570.6 618.1 (8) %
Tonnes milled 000 6,574 6,390 7,021 7,042 7,050 (7) % 3 % 12,964 13,658 (5) %
4E Built-up head grade g/t 3.15 3.11 3.19 3.33 3.33 (5) % 3 % 3.11 3.29 (5) %
Own mined volume
Total mined production
Total M&C PGM production 000 oz 612.7 586.0 656.6 683.2 686.3 (11)% 5 % 1,198.7 1,309.4 (8)%
Platinum 000 oz 280.7 265.5 298.9 308.8 314.1 (11) % 6 % 546.2 598.0 (9) %
Palladium 000 oz 216.7 204.4 229.4 240.0 240.9 (10) % 6 % 421.1 460.2 (8) %
Tonnes milled 000 6,574 6,390 7,021 7,042 7,050 (7) % 3 % 12,964 13,659 (5) %
4E Built-up head grade g/t 3.15 3.11 3.19 3.33 3.33 (5) % 1 % 3.11 3.29 (5) %
Own managed mines
Total M&C PGM production 000 oz 526.7 501.7 557.6 587.2 586.7 (10)% 5 % 1,028.4 1,115.9 (8)%
Platinum 000 oz 241.1 227.1 253.6 265.4 268.6 (10) % 6 % 468.2 509.6 (8) %
Palladium 000 oz 191.2 179.3 200.3 211.5 211.7 (10) % 7 % 370.5 403.3 (8) %
Tonnes milled 000 5,799 5,663 6,175 6,224 6,208 (7) % 2 % 11,462 11,997 (4) %
4E Built-up head grade g/t 3.11 3.05 3.14 3.30 3.30 (6) % 2 % 3.06 3.26 (6) %
Mogalakwena mine
Total M&C PGM production 000 oz 242.4 219.0 256.7 259.3 261.4 (7)% 11 % 461.4 510.2 (10)%
Platinum 000 oz 103.1 90.9 107.5 107.6 110.7 (7) % 13 % 194.0 215.1 (10) %
Palladium 000 oz 111.2 100.5 118.6 121.4 121.6 (9) % 11 % 211.7 236.1 (10) %
Tonnes milled 000 3,427 3,326 3,659 3,518 3,362 2 % 3 % 6,753 6,677 1 %
4E Built-up head grade g/t 2.70 2.47 2.62 2.84 2.91 (7) % 9 % 2.58 2.86 (10) %
Amandelbult mine
Total M&C PGM production 000 oz 147.9 151.5 176.6 192.6 183.4 (19)% (2)% 299.4 343.3 (13)%
Platinum 000 oz 75.7 76.2 89.6 96.5 93.4 (19) % (1) % 151.9 174.8 (13) %
Palladium 000 oz 34.3 35.0 40.8 44.8 42.5 (19) % (2) % 69.3 79.6 (13) %
Tonnes milled 000 1,044 1,012 1,222 1,339 1,504 (31) % 3 % 2,056 2,707 (24) %
4E Built-up head grade g/t 4.03 4.59 4.59 4.47 3.89 4 % (12) % 4.20 4.02 4 %
Unki mine
Total M&C PGM production 000 oz 59.0 62.5 52.6 59.9 66.3 (11)% (6)% 121.5 119.6 2 %
Platinum 000 oz 27.2 28.4 23.7 26.8 29.7 (8) % (4) % 55.6 54.2 3 %
Palladium 000 oz 22.8 24.1 20.3 23.3 25.7 (11) % (5) % 46.9 46.0 2 %
Tonnes milled 000 623 652 587 650 625 — % (5) % 1,275 1,255 2 %
4E Built-up head grade g/t 3.44 3.46 3.24 3.31 3.87 (11) % (1) % 3.45 3.56 (3) %
Mototolo mine
Total M&C PGM production 000 oz 77.4 68.7 71.7 75.4 75.6 2 % 13 % 146.1 142.8 2 %
Platinum 000 oz 35.1 31.6 32.8 34.5 34.7 1 % 11 % 66.7 65.4 2 %
Palladium 000 oz 22.9 19.7 20.6 22.0 21.9 5 % 16 % 42.6 41.6 2 %
Tonnes milled 000 705 673 706 716 718 (2) % 5 % 1,378 1,360 1 %
4E Built-up head grade g/t 3.48 3.23 3.22 3.39 3.39 2 % 8 % 3.36 3.39 (1) %
Joint operations mined production
Total M&C PGM production 000 oz 86.0 84.3 99.0 96.0 99.6 (14)% 2 % 170.3 193.5 (12)%
Platinum 000 oz 39.6 38.4 45.3 43.4 45.5 (13) % 3 % 78.0 88.3 (12) %
Palladium 000 oz 25.5 25.1 29.2 28.6 29.2 (13) % 2 % 50.6 56.8 (11) %
Tonnes milled 000 775 727 846 819 841 (8) % 7 % 1,502 1,660 (10) %
4E Built-up head grade g/t 3.42 3.58 3.57 3.58 3.53 (3) % (5) % 3.50 3.51 — %
Modikwa mine
Total M&C PGM production 000 oz 35.1 34.4 35.8 37.6 36.8 (5)% 2 % 69.5 71.1 (2)%
Platinum 000 oz 14.5 13.8 14.4 15.0 14.8 (2) % 5 % 28.3 28.3 — %
Palladium 000 oz 12.9 12.9 13.4 14.1 13.8 (7) % — % 25.8 26.6 (3) %
Tonnes milled 000 308 298 321 327 308 — % 3 % 606 595 2 %
4E Built-up head grade g/t 3.52 3.65 3.54 3.69 3.71 (5) % (4) % 3.58 3.69 (3) %
Kroondal mine
Total M&C PGM production 000 oz 50.9 49.9 63.2 58.4 62.8 (19)% 2 % 100.8 122.4 (18)%
Platinum 000 oz 25.1 24.6 30.9 28.5 30.7 (18) % 2 % 49.7 60.0 (17) %
Palladium 000 oz 12.6 12.2 15.8 14.5 15.4 (18) % 3 % 24.8 30.2 (18) %
Tonnes milled 000 467 429 525 492 533 (12) % 9 % 896 1,065 (16) %
4E Built-up head grade g/t 3.35 3.54 3.60 3.51 3.43 (2) % (5) % 3.44 3.41 1 %
Anglo American Platinum Q2 2023 Q2 2023 H1 2023
PGM Production Report - Q2 2023 Q2 Q1 Q4 Q3 Q2 vs vs H1 H1 vs
1 April 2023 - 30 June 2023 2023 2023 2022 2022 2022 Q2 2022 Q1 2023 2023 2022 H1 2022
Purchase of concentrate
Total purchase of concentrate
PGM production 000 oz 330.4 315.2 333.8 362.9 345.2 (4)% 5 % 645.6 678.1 (5)%
Platinum 000 oz 156.3 151.3 159.6 170.1 165.0 (5) % 3 % 307.6 325.5 (5) %
Palladium 000 oz 75.8 73.7 78.1 83.8 80.6 (6) % 3 % 149.5 157.9 (5) %
Joint operations purchase of
concentrate
PGM production 000 oz 86.0 84.3 99.0 96.0 99.6 (14)% 2 % 170.3 193.5 (12)%
Platinum 000 oz 39.6 38.4 45.3 43.4 45.5 (13) % 3 % 78.0 88.3 (12) %
Palladium 000 oz 25.5 25.1 29.1 28.6 29.2 (13) % 2 % 50.6 56.8 (11) %
Third party purchase of concentrate
PGM production 000 oz 244.4 230.9 234.8 266.9 245.6 — % 6 % 475.3 484.6 (2)%
Platinum 000 oz 116.7 112.9 114.3 126.7 119.5 (2) % 3 % 229.6 237.2 (3) %
Palladium 000 oz 50.3 48.6 49.0 55.2 51.4 (2) % 3 % 98.9 101.1 (2) %
Refined PGM production - owned
PGM ounces 000 oz 1,073.8 626.0 877.2 994.8 1,240.6 (13)% 72 % 1,699.8 1,959.1 (13)%
Platinum 000 oz 489.4 266.0 391.2 457.2 600.4 (18) % 84 % 755.4 934.5 (19) %
Palladium 000 oz 352.6 230.5 278.5 317.1 374.8 (6) % 53 % 583.1 602.9 (3) %
Rhodium 000 oz 68.4 38.8 51.7 64.8 86.4 (21) % 76 % 107.2 132.7 (19) %
Minor PGMs and gold 000 oz 163.4 90.7 155.8 155.7 179.0 (9) % 80 % 254.1 288.8 (12) %
Base metal production - owned
Nickel tonnes 6,100 3,300 4,800 5,700 6,200 (2) % 85 % 9,400 10,800 (13) %
Copper tonnes 3,900 2,700 3,800 3,900 3,900 — % 44 % 6,600 7,300 (10) %
Chrome 000 t 232 211 213 235 203 15 % 10 % 443 384 16 %
Toll refined production
Total 4E toll refined production 000 oz 139.6 146.1 173.1 151.3 143.4 (3)% (4)% 285.7 298.2 (4)%
Platinum 000 oz 83.8 85.5 102.5 89.5 85.9 (2) % (2) % 169.3 177.1 (4) %
Palladium 000 oz 43.2 44.0 54.2 46.9 44.2 (2) % (2) % 87.2 90.8 (4) %
PGM Sales volume from production
PGM ounces 000 oz 1,108.7 698.6 883.4 933.5 1,206.2 (8)% 59 % 1,807.3 2,044.4 (12)%
Platinum 000 oz 503.1 289.6 382.1 414.6 600.9 (16) % 74 % 792.7 934.2 (15) %
Palladium 000 oz 358.4 237.4 282.2 302.0 388.8 (8) % 51 % 595.8 624.6 (5) %
Trading sales volume4
PGM ounces 000 oz 1,153.0 912.2 789.6 403.4 256.0 350 % 26 % 2,065.2 656.9 214 %
Platinum 000 oz 836.9 666.6 667.8 281.2 108.9 669 % 26 % 1,503.5 340.1 342 %
Palladium 000 oz 243.7 185.2 107.6 115.5 138.8 76 % 32 % 428.9 285.8 50 %
Realised prices and exchange rate
Platinum (US$/oz) 1,022 984 1,051 877 946 8 % 4 % 1,008 964 5 %
Palladium (US$/oz) 1,428 1,690 1,975 2,024 2,178 (34) % (16) % 1,532 2,147 (29) %
Rhodium (US$/oz) 7,427 11,671 13,373 14,215 17,110 (57) % (36) % 9,034 17,131 (47) %
Iridium (US$/oz) 4,435 4,298 3,564 3,885 4,677 (5) % 3 % 4,369 4,119 6 %
Ruthenium (US$/oz) 419 426 413 485 573 (27) % (2) % 422 514 (18) %
Gold (US$/oz) 1,869 2,117 1,740 1,702 1,858 1 % (12) % 1,966 1,866 5 %
Average FX achieved on sales ZAR/US$ 18.75 17.84 17.60 17.15 15.58 20 % 5 % 18.34 15.39 19 %
US$ basket price per PGM ounce (US$/oz) 1,730 2,131 2,293 2,531 2,661 (35) % (19) % 1,885 2,671 (29) %
ZAR basket price per PGM ounce (ZAR/oz) 32,623 38,160 40,108 43,426 41,601 (22) % (15) % 34,764 41,132 (15) %
US$ basket price per Platinum ounce (US$/oz) 3,811 5,142 5,300 5,699 5,342 (29) % (26) % 4,297 5,845 (26) %
ZAR basket price per Platinum ounce (ZAR/oz) 71,878 92,066 92,717 97,780 83,510 (14) % (22) % 79,252 90,018 (12) %
4 Trading sales volume - not produced by Anglo American Platinum operations.
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
franscelene.moodley@angloamerican.com nomonde.ndwalaza@angloamerican.com
PlatinumIR@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 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 copper, nickel, platinum group metals, diamonds (through De Beers), and premium
quality iron ore and steelmaking coal – 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: 20-07-2023 08:00:00
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