Wrap Text
PGMs Production Report for the third quarter ending 30 September 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")
24 October 2023
Anglo American Platinum Limited
PGMs Production Report for the third quarter ending 30 September 2023
Overview – Q3 2023 performance against prior period Q3 2022
• Safety performance – No fatalities at own-managed and Joint Operations with a 46% improvement in Total
Recordable Case Frequency Rate (TRCFR) at managed operations to 1.28 per million hours.
• Total Platinum Group Metals (PGMs) production (expressed as 5E+Au metal-in-concentrate) decreased by
2% to 1,029,600 ounces.
• Own-managed mines PGMs production decreased by 3% to 568,200 ounces mainly as a result of the
expected lower grades from Mogalakwena and lost production due to poor ground conditions at Amandelbult's
Dishaba Mine.
• Refined PGMs production (owned production, excluding tolling) decreased by 9% to 909,700 ounces due to an
unplanned multi – municipal water stoppage in July at our processing operations in Rustenburg (54,000 ounces)
and lower metal in concentrate production (26,000 ounces).
• PGMs sales volumes (from production, excluding sales from trading) increased by 2% to 951,800 due to a
draw down in refined stock.
• Guidance for 2023 - Metal-in-concentrate PGM production and refined production guidance for 2023 is
unchanged at 3.6-4.0 million ounces. Unit cost per PGM ounce produced is anticipated to be at the upper end of
the range of R16,800 - R17,800 per PGM ounce produced, considering foreign exchange rate volatility, load-
curtailment and continued inflationary pressure.
Craig Miller, CEO of Anglo American Platinum, said:
"On the 4th of October, we observed our annual Global Safety Day at Anglo American Platinum. On this day, we
reaffirm our commitment to each other, to ensure each and every one of our colleagues returns home uninjured after
every day at work. Zero harm remains our primary safety objective and we are focused to continue with the safety
improvements we are delivering at our operations.
We remain on track to deliver our 2023 guidance, with a strong focus on operational resilience in the last quarter
through safe and sustainable operations."
Anglo American Platinum Q3 2023 Q3 2023 2023
PGM Production Report - Q3 2023 Q3 Q2 Q1 Q4 Q3 vs vs YTD YTD vs
1 July 2023 - 30 September 2023 2023 2023 2023 2022 2022 Q3 2022 Q2 2023 2023 2022 2022
M&C PGM¹ production (000 ounce)² 1,029.6 943.1 901.2 990.4 1,046.1 (2) % 9 % 2,873.9 3,033.6 (5)%
Own-managed mines 568.3 526.7 501.7 557.6 587.2 (3) % 8 % 1,596.7 1,703.1 (6)%
Joint operations owned volume 97.5 86.0 84.3 99.0 96.0 2 % 13 % 267.8 289.5 (7)%
Joint operations purchase of concentrate 97.5 86.0 84.3 99.0 96.0 2 % 13 % 267.8 289.5 (7)%
Third party purchase of concentrate 266.3 244.4 230.9 234.8 266.9 —% 9 % 741.6 751.5 (1)%
Refined PGM production owned (000 ounce)² 909.7 1,073.8 626.0 877.2 994.8 (9) % (15) % 2,609.5 2,953.9 (12)%
4E Toll refined production 159.8 139.6 146.1 173.1 151.3 6 % 14 % 445.5 449.5 (1)%
Total refined production (owned and toll) 1,069.5 1,213.4 772.1 1,050.3 1,146.1 (7) % (12) % 3,055.0 3,403.4 (10)%
PGM sales volume from production (000 ounce) 951.8 1,108.7 698.6 883.4 933.5 2 % (14) % 2,759.1 2,977.9 (7)%
Trading sales volume3 1,220.9 1,153.0 912.2 789.6 403.4 203 % 6 % 3,286.1 1,060.3 210%
Total sales volume (production and trading) 2,172.7 2,261.7 1,610.8 1,673.0 1,336.9 63 % (4) % 6,045.2 4,038.2 50%
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 or Joint Operations. The TRCFR at
managed operations of 1.28 per million hours improved by 46% compared to the prior period of 2.35 per million
hours. These improvements will continue to be driven by our 'stand up for safety as one with our business partners'
campaigns which strives for consistent and equal safety measures amongst all our employees including contractors.
Metal-in-concentrate (M&C) PGM production
Total PGM production
Total PGM production in Q3 2023 decreased 2% against the prior period (Q3 2022) to 1,029,600 ounces, with
platinum production decreasing 1% to 475,900 ounces, and palladium production decreasing by 3% to 314,800
ounces.
PGM production from own-managed mines
Total PGM production from own-managed mines decreased by 3% to 568,200 ounces primarily due to lower
production from Mogalakwena and Amandelbult.
PGM production at Mogalakwena decreased by 5% to 246,800 ounces. In line with guidance, we continued to mine
lower grades at Mogalakwena which resulted in a 3% reduction in 4E built-up head grade to 2.75g/t from 2.84g/t in
Q3 2022.
PGM production from Amandelbult achieved a 25% improvement against Q2 2023 which equates to a 4% decrease
to 184,900 ounces against the prior period which was driven primarily by continued lower available ore reserves as a
result of poor ground conditions at Amandelbult's Dishaba Mine. Improving ore reserve availability at Dishaba Lower
remains a priority.
Unki and Mototolo PGM production increased by 1% against the prior period.
PGM production from Joint Operations (50% own-mined production and 50% purchase of concentrate)
Total PGM production from Joint Operations increased by 2% to 195,000 ounces.
Total Modikwa PGM production increased by 5% against the prior quarter to 79,200 ounces due to increased grades
and recoveries.
Total Kroondal PGM production decreased by 1% to 115,800 ounces.
Purchases of PGM concentrate from third parties
Purchases of PGM concentrate (POC) from third parties of 266,300 ounces are in line with the prior period.
Refined PGM production
Refined PGM production (from owned production, excluding tolling) decreased by 9% to 909,700 ounces, largely due
to an unplanned multi – municipal water stoppage at our processing operations in Rustenburg which impacted
operations by 5 working days (54,000 PGM ounces) and lower metal-in-concentrate production. Refined platinum
production decreased by 6% to 428,500 ounces and refined palladium production decreased by 10% to 285,500
ounces.
Eskom load-curtailment had a minimal impact on production for the quarter with less than 5,000 ounces deferred for
future processing.
Toll-refined PGM production increased by 6% to 159,800 PGM ounces.
Base metal production
Nickel production decreased by 5% to 5,400 tonnes and copper production decreased by 21% to 3,100 tonnes due to
lower toll refined production in Q3 2023.
PGM sales volumes
PGM sales volumes (excluding trading) increased by 2% to 951,800 ounces due to a draw down in refined stock.
The average Q3 2023 realised basket price of $1,539/PGM ounce was 39% lower than Q3 2022 reflecting lower market
prices.
2023 Guidance
We are on track to meet our production and unit cost 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.
Unit cost per PGM ounce produced is anticipated to be at the upper end of the range considering foreign exchange
rate volatility, load-curtailment and continued inflationary pressure. Guidance for 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 Q3 2023 Q3 2023 2023
PGM Production Report – Q3 2023 Q3 Q2 Q1 Q4 Q3 vs vs YTD YTD vs
1 July 2023 - 30 September 2023 2023 2023 2023 2022 2022 Q3 2022 Q2 2023 2023 2022 2022
Safety
Fatalities - own managed operations number 0 0 0 0 0 0 0
Total recordable injury frequency rate /million hrs 1.28 1.40 1.78 2.25 2.35 (46) % (9) % 1.49 2.37 (37) %
Total M&C PGM production 000 oz 1,029.6 943.1 901.2 990.4 1,046.1 (2) % 9 % 2,873.9 3,033.6 (5) %
Platinum 000 oz 475.9 437.0 416.8 458.5 478.9 (1) % 9 % 1,329.7 1,402.3 (5) %
Palladium 000 oz 314.8 292.5 278.1 307.5 323.8 (3) % 8 % 885.4 941.9 (6) %
Tonnes milled 000 6,808 6,574 6,390 7,021 7,042 (3) % 4 % 19,772 20,700 (4) %
4E Built-up head grade g/t 3.29 3.15 3.11 3.19 3.33 (1) % 4 % 3.18 3.30 (4) %
Own mined volume
Total mined production
Total M&C PGM production 000 oz 665.8 612.7 586.0 656.6 683.2 (3) % 9 % 1,864.5 1,992.6 (6) %
Platinum 000 oz 304.0 280.7 265.5 298.9 308.8 (2) % 8 % 850.2 906.7 (6) %
Palladium 000 oz 231.2 216.7 204.4 229.4 240.0 (4) % 7 % 652.3 700.2 (7) %
Tonnes milled 000 6,808 6,573 6,390 7,021 7,042 (3) % 4 % 19,773 20,700 (4) %
4E Built-up head grade g/t 3.29 3.15 3.11 3.19 3.33 (1) % 4 % 3.18 3.30 (4) %
Own managed mines
Total M&C PGM production 000 oz 568.3 526.7 501.7 557.6 587.2 (3) % 8 % 1,596.7 1,703.1 (6) %
Platinum 000 oz 259.7 241.1 227.1 253.6 265.4 (2) % 8 % 727.9 775.0 (6) %
Palladium 000 oz 202.3 191.2 179.3 200.3 211.5 (4) % 6 % 572.8 614.8 (7) %
Tonnes milled 000 6,008 5,798 5,663 6,175 6,224 (3) % 4 % 17,470 18,221 (4) %
4E Built-up head grade g/t 3.24 3.11 3.05 3.14 3.30 (2) % 4 % 3.12 3.27 (5) %
Mogalakwena mine
Total M&C PGM production 000 oz 246.8 242.4 219.0 256.7 259.3 (5) % 2 % 708.2 769.5 (8) %
Platinum 000 oz 103.9 103.1 90.9 107.5 107.6 (3) % 1 % 297.9 322.7 (8) %
Palladium 000 oz 113.5 111.2 100.5 118.6 121.4 (7) % 2 % 325.2 357.5 (9) %
Tonnes milled 000 3,485 3,427 3,326 3,659 3,518 (1) % 2 % 10,238 10,195 —%
4E Built-up head grade g/t 2.75 2.70 2.47 2.62 2.84 (3) % 2 % 2.64 2.85 (7) %
Amandelbult mine
Total M&C PGM production 000 oz 184.9 147.9 151.5 176.6 192.6 (4) % 25 % 484.3 535.9 (10) %
Platinum 000 oz 93.9 75.7 76.2 89.6 96.5 (3) % 24 % 245.8 271.3 (9) %
Palladium 000 oz 43.6 34.3 35.0 40.8 44.8 (3) % 27 % 112.9 124.4 (9) %
Tonnes milled 000 1,223 1,044 1,012 1,222 1,339 (9) % 17 % 3,279 4,046 (19) %
4E Built-up head grade g/t 4.37 4.03 4.59 4.59 4.47 (2) % 8 % 4.26 4.17 2 %
Unki mine
Total M&C PGM production 000 oz 60.5 59.0 62.5 52.6 59.9 1 % 3 % 182.0 179.5 1 %
Platinum 000 oz 27.3 27.2 28.4 23.7 26.8 2 % —% 82.9 81.0 2 %
Palladium 000 oz 22.6 22.8 24.1 20.3 23.3 (3) % (1) % 69.5 69.3 —%
Tonnes milled 000 615 623 652 587 650 (5) % (1) % 1,890 1,904 (1) %
4E Built-up head grade g/t 3.54 3.44 3.46 3.24 3.31 7 % 3 % 3.48 3.48 —%
Mototolo mine
Total M&C PGM production 000 oz 76.1 77.4 68.7 71.7 75.4 1 % (2) % 222.2 218.2 2 %
Platinum 000 oz 34.6 35.1 31.6 32.8 34.5 —% (1) % 101.3 99.9 1 %
Palladium 000 oz 22.6 22.9 19.7 20.6 22.0 2 % (2) % 65.2 63.6 2 %
Tonnes milled 000 685 705 673 706 716 (4) % (3) % 2,063 2,076 (1) %
4E Built-up head grade g/t 3.49 3.48 3.23 3.22 3.39 3 % —% 3.40 3.39 —%
Joint operations mined production
Total M&C PGM production 000 oz 97.5 86.0 84.3 99.0 96.0 2 % 13 % 267.8 289.5 (7) %
Platinum 000 oz 44.3 39.6 38.4 45.3 43.4 2 % 12 % 122.3 131.7 (7) %
Palladium 000 oz 29.0 25.5 25.1 29.2 28.6 1 % 14 % 79.6 85.4 (7) %
Tonnes milled 000 800 775 727 846 819 (2) % 3 % 2,302 2,479 (7) %
4E Built-up head grade g/t 3.68 3.42 3.58 3.57 3.58 3 % 8 % 3.56 3.53 1 %
Modikwa mine
Total M&C PGM production 000 oz 39.6 35.1 34.4 35.8 37.6 5 % 13 % 109.1 108.7 —%
Platinum 000 oz 16.2 14.5 13.8 14.4 15.0 8 % 12 % 44.5 43.3 3 %
Palladium 000 oz 14.5 12.9 12.9 13.4 14.1 3 % 12 % 40.3 40.7 (1) %
Tonnes milled 000 326 308 298 321 327 (1) % 6 % 932 922 1 %
4E Built-up head grade g/t 3.83 3.52 3.65 3.54 3.69 4 % 9 % 3.67 3.69 (1) %
Kroondal mine
Total M&C PGM production 000 oz 57.9 50.9 49.9 63.2 58.4 (1) % 14 % 158.7 180.8 (12) %
Platinum 000 oz 28.1 25.1 24.6 30.9 28.5 (1) % 12 % 77.8 88.5 (12) %
Palladium 000 oz 14.5 12.6 12.2 15.8 14.5 —% 15 % 39.3 44.7 (12) %
Tonnes milled 000 474 467 429 525 492 (3) % 2 % 1,370 1,557 (12) %
4E Built-up head grade g/t 3.57 3.35 3.54 3.60 3.51 2 % 7 % 3.49 3.44 1 %
Anglo American Platinum Q3 2023 Q3 2023 2,023
PGM Production Report – Q3 2023 Q3 Q2 Q1 Q4 Q3 vs vs YTD YTD vs
1 July 2023 - 30 September 2023 2023 2023 2023 2022 2022 Q3 2022 Q2 2023 2023 2022 2022
Purchase of concentrate
Total purchase of concentrate
PGM production 000 oz 363.8 330.4 315.2 333.8 362.9 —% 10 % 1,009.4 1,041.0 (3) %
Platinum 000 oz 171.9 156.3 151.3 159.6 170.1 1 % 10 % 479.5 495.6 (3) %
Palladium 000 oz 83.5 75.8 73.7 78.1 83.8 —% 10 % 233.0 241.7 (4) %
Joint operations purchase of
concentrate
PGM production 000 oz 97.5 86.0 84.3 99.0 96.0 2 % 13 % 267.8 289.5 (7) %
Platinum 000 oz 44.3 39.6 38.4 45.3 43.4 2 % 12 % 122.3 131.7 (7) %
Palladium 000 oz 29.0 25.5 25.1 29.1 28.6 1 % 14 % 79.6 85.4 (7) %
Third party purchase of
concentrate
PGM production 000 oz 266.3 244.4 230.9 234.8 266.9 —% 9 % 741.6 751.5 (1) %
Platinum 000 oz 127.6 116.7 112.9 114.3 126.7 1 % 9 % 357.2 363.9 (2) %
Palladium 000 oz 54.5 50.3 48.6 49.0 55.2 (1) % 8 % 153.4 156.3 (2) %
Refined PGM production - owned
PGM ounces 000 oz 909.7 1,073.8 626.0 877.2 994.8 (9) % (15) % 2,609.5 2,953.9 (12) %
Platinum 000 oz 428.5 489.4 266.0 391.2 457.2 (6) % (12) % 1,183.9 1,391.7 (15) %
Palladium 000 oz 285.5 352.6 230.5 278.5 317.1 (10) % (19) % 868.6 920.0 (6) %
Rhodium 000 oz 57.1 68.4 38.8 51.7 64.8 (12) % (17) % 164.3 197.5 (17) %
Minor PGMs and gold 000 oz 138.6 163.4 90.7 155.8 155.7 (11) % (15) % 392.7 444.7 (12) %
Base metal production - owned
Nickel tonnes 5,400 6,100 3,300 4,800 5,700 (5) % (11) % 14,800 16,500 (10) %
Copper tonnes 3,100 3,900 2,700 3,800 3,900 (21) % (21) % 9,700 11,100 (13) %
Chrome 000 t 265 232 211 213 235 13 % 14 % 708 618 15 %
Toll refined production
Total 4E toll refined production 000 oz 159.8 139.6 146.1 173.1 151.3 6 % 14 % 445.5 449.5 (1) %
Platinum 000 oz 94.7 83.8 85.5 102.5 89.5 6 % 13 % 264.0 266.6 (1) %
Palladium 000 oz 50.1 43.2 44.0 54.2 46.9 7 % 16 % 137.3 137.7 —%
PGM Sales volume from
production
PGM ounces 000 oz 951.8 1,108.7 698.6 883.4 933.5 2 % (14) % 2,759.1 2,977.9 (7) %
Platinum 000 oz 441.8 503.1 289.6 382.1 414.6 7 % (12) % 1,234.5 1,348.8 (8) %
Palladium 000 oz 296.3 358.4 237.4 282.2 302.0 (2) % (17) % 892.1 926.6 (4) %
Trading sales volume4
PGM ounces 000 oz 1,220.9 1,153.0 912.2 789.6 403.4 203 % 6 % 3,286.1 1,060.3 210 %
Platinum 000 oz 724.5 836.9 666.6 667.8 281.2 158 % (13) % 2,228.0 621.3 259 %
Palladium 000 oz 421.5 243.7 185.2 107.6 115.5 265 % 73 % 850.4 401.3 112 %
Realised prices and exchange rate
Platinum (US$/oz) 933 1,022 984 1,051 877 6 % (9) % 981 937 5 %
Palladium (US$/oz) 1,244 1,428 1,690 1,975 2,024 (39) % (13) % 1,437 2,107 (32) %
Rhodium (US$/oz) 4,453 7,427 11,671 13,373 14,215 (69) % (40) % 7,366 16,139 (54) %
Iridium (US$/oz) 4,347 4,435 4,298 3,564 3,885 12 % (2) % 4,361 4,057 7 %
Ruthenium (US$/oz) 400 419 426 413 485 (18) % (5) % 415 506 (18) %
Gold (US$/oz) 1,924 1,869 2,117 1,740 1,702 13 % 3 % 1,951 1,809 8 %
Average FX achieved on sales ZAR/US$ 18.54 18.75 17.84 17.60 17.15 8 % (1) % 18.41 15.91 16 %
US$ basket price per PGM ounce (US$/oz) 1,539 1,730 2,131 2,293 2,531 (39) % (11) % 1,766 2,627 (33) %
ZAR basket price per PGM ounce (ZAR/oz) 28,521 32,623 38,160 40,108 43,426 (34) % (13) % 32,610 41,851 (22) %
US$ basket price per Platinum ounce (US$/oz) 3,316 3,811 5,142 5,300 5,699 (42) % (13) % 3,946 5,800 (32) %
ZAR basket price per Platinum ounce (ZAR/oz) 61,457 71,878 92,066 92,717 97,780 (37) % (14) % 72,885 92,404 (21) %
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 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 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: 24-10-2023 08:00:00
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