Anglo American Platinum Earnings Dropped on Low Prices, Higher Costs
By Christian Moess Laursen
Anglo American Platinum said earnings dropped in 2023, mainly due to plummeting palladium and rhodium prices, as well as higher mining and processing costs.
The world's biggest platinum miner said Thursday that earnings fell in 2023 due to a 35% drop in the prices received for platinum group metals compared with the prior year. The main contributors to this were declines in palladium and rhodium prices, which were 37% and 58% lower respectively.
The decrease in revenue was partially offset by a 2% increase in PGM sales volumes, the South African miner, which is majority owned by Anglo American, said.
Amplats said it produced 6% less PGMs in the fourth quarter at 932,200 ounces, while annual production was 3.81 million ounces, down from 4.02 million ounces.
It still expects to produced between 3.3 million and 3.7 million ounces in 2024, with costs per unit between 16,500 and 17.500 rand ($873-$926) an ounce.
"Looking ahead and in response to the prevailing weakness of the PGM basket price and persistent cost inflation, we reset our operational plans in December 2023 and are deploying a series of measures to improve our competitive position while preserving our long-term optionality," Chief Executive Craig Miller said.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
February 08, 2024 03:13 ET (08:13 GMT)
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