Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!
| Mogalakwena mine, South Africa. Image credit: Anglo American. |
(Wallace Refiners) – Anglo American Platinum today provided an update on its operational outlook and guidance.
According to the company’s statement, despite the effects of the pandemic, metal in concentrate (M&C) production returned to close to normal operating capacity in the second half of 2020. As a result, M&C production for 2020 will be between 3.6 – 3.8 million PGM ounces.
2021 production guidance includes M&C output between 4.2 – 4.6 million PGM ounces, which is 19% higher than planned 2020 output.
Unit cost guidance for 2020 is unchanged at R11,800 – 12,200 per PGM ounce. Unit cost guidance for 2021 will be R11,000 – 11,500 per PGM ounce, which reflects the recovery in production as operations return to normalised levels of production, partially offset by inflationary increases.
Capital expenditure in 2020 is unchanged at R5.7 – 6.5 billion.
CEO Natascha Viljoen commented, “We have been able to bring production back to almost normal capacity levels despite the impact of Covid-19 on our operations and people this year. This shows the incredible way our people have adapted to new working environments and embraced new protocols that help protect the health and safety of our employees and host communities. As a result of embedding these protocols, we expect to return to normal production levels from 2021 onwards, barring any new restrictions in the event of further Covid-19 waves.”
Anglo American Platinum is a member of the Anglo American group and is a leading primary producer of platinum group metals. Its mining, smelting and refining operations are based in South Africa, as well as its two joint venture operations. Elsewhere in the world, the group owns Unki platinum mine in Zimbabwe.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
