Anglo Platinum, the world’s largest platinum producer, reported a marginal 0.7% increase year-on-year in group attributable platinum production in fiscal 2017 to 2.397 million ounces, up from 2.382 million ounces in the prior year. Total PGM production in the year ending December rose by a similar 0.7% to 5.01 million ounces. Total throughput at Anglo fell 26.8% in fiscal 2017 while purchases of platinum concentrates from third parties increased 57.4%, reflecting the sale of the company’s Rustenburg mines in 2017 to Sibanye-Stillwater and the contract to purchase back its outturn.Reading Time: 1 minute
Anglo’s large open pit mine, Mogalakwena, reported a 12.6% gain in platinum outturn for the year; smaller increases in platinum production were recorded at Union (+2.2%) and at Unki (+0.1%), with a loss reported at Amandelbult (-4.5%). In the fourth quarter to December, Anglo reported a 3.8% y/y drop in platinum production and a 5.6% decline m/m citing the closure of its unprofitable Bokoni mine and the temporary closing of the concentrator plant at its Mototolo joint venture. Production guidance for fiscal 2018 normally offered by management did not accompany the results.
Also in this week’s Platinum Market Review:
-Palladium prices traded either side of $1,100 an ounce last week -Rhodium prices have spiked higher once again with the JM Base Price reaching $1,775 an ounce, its highest value since September 2011 -Platinum prices saw a brief period of profit taking early last week as the metal fell back below the $1,000 an ounce mark -Gold prices continue to rally in the New Year with the metal rising to a fresh 17-month high of $1,365 an ounce last week Click HERE to read the January 29, 2018 Platinum Market Review
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