AA Platinum 3Q Production Fell 2%; Cuts 2020 Refined Production View

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 [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

October 22, 2020 03:09 ET (07:09 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.