Anglo Platinum, the world’s largest platinum producer, reported a marginal 0.3% increase year-on-year in group attributable PGM + gold (6E) production in the second quarter of fiscal 2018 to 1.295 million ounces, up from 1.291 million ounces in the prior year. Production of 6E rose by a similar 0.4% q/q from the January period.
Platinum outturn increased to 619,600 ounces in Q2, up 0.4% y/y, while palladium was 406,000 ounces (+0.9% y/y). Overall production remained stable despite a 31% decline in concentrates supplied from associates due to the closure of the unprofitable Bokoni operation.
Production from Anglo’s own mines grew 11.0% y/y in the June period to 586,300 ounces of 6E with the largest contribution coming from its open pit Mogalakwena mine with a 15.0% y/y increase due to higher grades, throughput, and recoveries; increased outturn was also reported at Amandelbult (+6.2% y/y) from the increased mining at its Dishaba area; and Unki mines (+8.6% y/y) from better throughput and recoveries.
Joint venture production also rose in the second quarter, up by 7.3% y/y to 154,600 ounces of 6E. Total refined production of 6E at Anglo was marginally higher in Q2 at 1.16 million ounces despite a planned smelter rebuild and stock count losses in the period. PGM sales increased by a greater 8.6%, however, on the drawdown of refined inventory likely needed to meet contractual obligations.
Production at Anglo in the first half-year through June rose to 2.584 million ounces of 6E, up 4.0% from the comparable period of last year, while sales grew 3.1% to 2.509 million ounces. Production guidance at Anglo for fiscal 2018 was raised to 4.85 to 5.10 million ounces of PGMs with 2.40 to 2.45 million ounces of platinum and 1.5 to 1.6 million ounces of palladium. Total PGM production in the fiscal year ending December 2017 rose by 0.7% to 5.01 million ounces.
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