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Eskom|Financial|Mining|Platinum|Operations
Eskom|Financial|Mining|Platinum|Operations
eskom|financial|mining|platinum|operations

Northam Platinum reports production uplift

Northam Platinum CEO Paul Dunne.

Northam Platinum CEO Paul Dunne.

14th July 2023

By: Martin Creamer

Creamer Media Editor

     

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JOHANNESBURG (miningweekly.com) – In a voluntary update, platinum group metals mining company Northam Platinum reports that a key feature of its financial year has been the strong production performance and contribution from all of its own operations.

In addition, metal purchased from third parties and refined by Northam was 94.3% higher at 120 407 oz.

In the 12 months to June 30, the Johannesburg Stock Exchange-listed company headed by CEO Paul Dunne is up 13% in total equivalent refined metal production from its own operations, and 19.5% up in total production, including purchased material, compared with the 2022 financial year, taking total output to 930 182 oz. The 13% higher refined metal production was 809 775 oz.

Percentage-wise, for own operations, the Eland mine led the pack with a 47.5% increase in concentrate production to 48 800 oz followed by Booysendal with a 21.5% increase in concentrate production to 452 903 oz. The flagship Zondereinde mine’s production marked time at 321 901 oz.

Northam puts the good production lift down to focussed execution of the group’s growth strategy, which the company says is continuing to deliver against set targets.

Challenges remain, particularly in respect of high mining inflation and the potential for further and possibly more severe Eskom load curtailment events, the company stated in a release to Mining Weekly.

“However, our growth and operational diversification programmes remain on-track and continue to demonstrate the value of our counter cyclical investments and execution capacity across the group, as well as our flexibility in dealing with these challenges,” the company added.

Earlier this month, Northam implemented an agreement to restructure its existing banking facilities. Its R2.445-billion term loan facility has been settled and cancelled, and its existing R7.155-billion five-year revolving credit facility has increased by R2.845-billion to R10-billion.

In May, it was reported that BlackRock had acquired a beneficial interest in the securities of Northam, such that the large global asset manager now holds 5.04% of the company’s total issued share capital.

In March, board committee changes resulted in independent nonexecutive chairperson Temba Mvusi being appointed chair of the investment and nomination committees, lead independent director Hester Hickey being appointed to the investment committee, independent nonexecutive director Mcebisi Jonas being appointed to the remuneration committee, and nonexecutive director Emily Kgosi being appointed to the nomination committee.

Edited by Creamer Media Reporter

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