Anglo announces its’ PGMs 2Q production result. At the point, Duncan Wanblad, Chief Executive of Anglo American, said: “We have delivered a strong second quarter performance overall as we continue to embed operational excellence across the asset base. Minas-Rio achieved record second quarter production.
We are focused on continuing to deliver our strategic priority of operational excellence – improving performance stability is driving increased confidence in operational plans, including production volumes and unit costs!”
At the Refined production front it increased by 7% to 1,153,500 ounces, reflecting a drawdown of work-in-progress inventory compared to the same period of last year. There was no Eskom load-curtailment on the operations during the quarter.
Sales volumes increased by 14% to 1,266,100 ounces, higher than refined production, due to a drawdown of finished goods compared to the same period of last year.
The H1 2024 average realised basket price of $1,442/PGM ounce was 24% lower, mainly due to a 49% decrease in rhodium prices and a 34% decrease in palladium prices. The H1 2024 unit cost is expected to be c. $975/PGM ounce, which is higher than the c.$920/PGM ounce full year unit cost guidance as the benefits of the cost-out programme will largely be realised in the second half of the year, as planned.
Production guidance for 2024 for metal in concentrate and refined production is unchanged at 3.3–3.7 million ounces. Production remains subject to the impact of Eskom load-curtailment. Unit cost guidance for 2024 is unchanged at c. $920/PGM ounce.
