JSE-listed Northam Platinum reports that each of its operations delivered a solid performance for the financial year ended June 30, while project development continues apace.

Key production metrics exceeded guidance.

Northam achieved record total equivalent refined metal production from own operations of 938 754 oz of platinum, palladium, rhodium and gold (4E), as well as bought a record 158 138 oz of 4E equivalent refined metal from third parties.

Total chrome concentrate produced and sold also reached a record 1.69-million tonnes. This represented an increase of 17.4% from the previous year, owing to improved upper group 2 (UG2) tonnage throughput, feed grades and concentrator yields, particularly at Eland, where yields have more than doubled during the past year.

Further, total 4E metal sold reached a record 1.09-million ounces.

All other production metrics were within guidance and all operations have performed well, the company says.

It notes that Zondereinde continues to benefit from focused Merensky stoping in the Western extension, together with logistical decongestion resulting from the shift of UG2 stoping to the higher-yielding eastern portions of the mine.

Booysendal’s production exceeds steady state and is continuing to focus on incremental sustainable productivity gains, while Eland continues to ramp up on schedule.

Strong production growth was recorded at Eland, with marginal improvements at Zondereinde ahead of the commissioning of 3 Shaft, and at Booysendal on the back of further productivity gains.

“This once again demonstrates the quality of these operations,” Northam avers.

Mining tonnages and grades across the group are expected to improve further over the coming two years as the company’s growth and innovation projects reach completion and deliver on their planned objectives.

This, together with an expected increase in mineable reserves, will provide important additional operational flexibility, the company points out.

Northam’s view remains that primary supply will continue to decline unabated well into the next decade, owing to the extended lead times for developing new mines, exacerbated by periodic fluctuations in platinum group metals (PGM) basket pricing.

The company’s operations are high-yielding, quality assets with long operating lives and its relative market share of primary PGM and chrome production is expected to continue to increase over time.