Amplats to delay major capital decisions till 2017
Anglo American Platinum (Amplats) has postponed all major capital decisions to at least 2017.
The miner last week stressed that disciplined capital allocation remained a priority for the company and that it had revised its project capital expenditure (capex) for the current year to R4-billion, at the lower end of its previous guidance of between R4-billion and R4.5-billion.
Amplats maintained its full-year production guidance at 2.3-million to 2.4-million ounces.
Meanwhile, platinum output for the three months ended September 30, increased 14% year-on-year to 614 000 oz, with production from its own mines and tailings retreatment operations up 25% year-on-year to 395 000 oz.
Ongoing optimisation at the Union mine resulted in an 11 000 oz quarter-on-quarter decrease in output, following the closure of the mine declines at the end of 2014.
Output at Mogalakwena rose 2% to 90 000 oz as a result of a higher head grade and improved recoveries at the concentrator. The mine was, however, impacted on by community disruption in the quarter, which led to a loss of production of 9 000 oz.
A pathway to resolve matters with communities was agreed and production had since recovered, with the mine on track to meet full-year production guidance of 380 000 oz.
Amplats’ Rustenburg operations increased platinum production from 101 000 oz to 122 000 oz, while the Union mine lifted output to 38 000 oz and Amandelbult to 126 000 oz.
The miner added that production at its Unki mine was flat at 16 000 oz for the quarter, despite a five-day shutdown for general plant maintenance.
Production from Amplats’ joint venture and associate operations was broadly unchanged at 209 000 oz.
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