At the rockface at an Impala Platinum Mine in Rustenburg. Implats production fell 2% in the year to June, according to the latest production report.
Image: Supplied
Impala Platinum Holdings’ sales volumes fell by 2% to 3.37 million ounces, including saleable production from Impala Canada and Impala Bafokeng, in the year to June 30, the mining and metal processing group said in a production report on Monday.
The report, released ahead of the financial results on August 28, said US dollar commodity pricing strengthened in the year, the impact of which was offset by rand appreciation. As a result, group sales revenue was stable at R25 170 per 6E (6 elements of platinum) ounce sold.
The share price fell 1.9% to R172.02 on the JSE Monday afternoon, a price that was still more than double the R83.01 it traded at a year before. Implats directors said a “commendable performance” had been delivered across its mining and processing assets.
Unit costs benefitted from easing input inflation and rand appreciation but faced headwinds from lower production volumes. Capital expenditure fell as projects were completed. The net cash position improved.
Gross group 6E production decreased by 3% to 3.55 million 6E ounces. Production from managed operations declined by 4% to 2.80 million 6E ounces:
Stock-adjusted production at Impala Rustenburg decreased by 1% to 1.28 million 6E ounces. Impala Bafokeng saw stable production of 481 300 6E ounces in concentrate, with the benefit of improved efficiencies at Styldrift offset by safety stoppages.
Performance at Marula was challenged by constrained mining flexibility and organisational restructuring. 6E concentrate production fell 10% to 201 900 ounces.
6E production at Zimplats decreased by 6% to 606 300 ounces, due primarily to poor fleet performance and compounded by the lock-up of concentrates during the commissioning of the expanded smelter complex.
At Impala Canada, 6E concentrate volumes were 15% lower at 237 400 ounces, reflecting the operation's revised operating parameters and lower underground grade.
Production from joint ventures ("JVs") fell 1% to 542 400 6E ounces: Two Rivers reported a 1% decrease in concentrate production to 288 500 ounces, with improved operational delivery at the UG2 operations offset by inclement weather and safety stoppages.
At Mimosa, 6E in concentrate volumes retraced by 1% to 253 900 ounces as operating momentum was impeded by intermittent regional power disruptions.
Refined 6E production was stable at 3.37 million 6E ounces. Processing capacity was impeded by required maintenance at South African smelters, while the base and precious metals refineries faced interruptions to both water and hydrogen supply.
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