AA Platinum 3Q Production Fell 2%; Cuts 2020 Refined Production View
October 22 2020 - 3:24AM
Dow Jones News
By Jaime Llinares Taboada
Anglo American Platinum Ltd. on Thursday reported lower
third-quarter production compared with the same period in 2019, and
cut its full-year guidance for refined production and sales
volumes.
The South African miner, which is majority-owned by Anglo
American PLC, said that its production of platinum-group
metals--which includes platinum, palladium, rhodium, iridium,
ruthenium and gold--declined 2% to 1.11 million ounces for the
three months ended Sept. 30. This was largely driven by a 23%
decline in volumes at its joint operations, due to the impact of
the coronavirus pandemic and security stoppages at the Modikwa site
in South Africa--where Anglo American reported a fatality during
the period.
Sales volumes were up 6% at 1.22 million ounces. This was mainly
driven by a threefold increase in trading, which offset a 16%
decline in sales from operations.
AA Platinum improved its full-year production guidance to 3.6
million-3.8 million platinum group metal ounces from 3.1
million-3.6 million ounces previously.
However the group cut its expectations for refined production to
3.1 million-3.3 million ounces, the lower half of its previous
guidance range, due to operational issues at its Anglo Converter
Plant. Sales volumes expectations were also revised down to 3.1
million-3.3 million ounces from the previous view of 3.1
million-3.6 million ounces.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
October 22, 2020 03:09 ET (07:09 GMT)
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