Amplats lowers refined production guidance on Polokwane smelter rebuild delays
Platinum group metals (PGMs) miner Anglo American Platinum (Amplats) has revised its full-year refined production guidance lower, as its quality assurance processes have detected the delivery of substandard materials for the Polokwane smelter rebuild.
Delivery of replacement materials will result in a two-month delay to the completion of the project.
As a result, there will be a build-up in work-in-progress inventory this year and a short-term timing impact to refined PGMs production.
The company has, therefore, lowered its full-year refined production guidance to between 3.7-million and 3.9-million ounces of PGMs, from the previous guidance of 4-million to 4.4-million ounces of PGMs.
Sales guidance will be revised in line with refined production.
There is no impact to metal-in-concentrate guidance which remains at between 3.9-million and 4.3-million ounces of PGMs and unit cost guidance remains at between R14 000 and R15 000 a PGM ounce.
“As we undergo our first full rebuild of the Polokwane smelter in 12 years, our quality assurance processes identified a defective consignment of materials required to complete the rebuild.
“We remain committed to ensuring the structural integrity of our Polokwane smelter, with high standards embedded into the rebuild to ensure asset integrity and the longevity of this operation.
“We will not compromise on safety or quality and, therefore, the defective materials will not be used, and a new consignment of materials is expected to be delivered by the end of October,” says Amplats CEO Natascha Viljoen.
“Work has commenced to find solutions to mitigate the impact on refined production this year,” she adds.
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