Market unimpressed

Source: Market unimpressed | Herald (Business)

Anglo American Platinum has reported platinum group metal (PGM) production of 1 141 200 ounces for the quarter to end-September — in line with prior year.

Platinum production fell 1 percent to 526 800 ounces and palladium production flat at 351 800 ounces. Yesterday morning, its share price fell by 3 percent following the production update. So far this year, its share price has doubled to around R1 070 — thanks in large part to a rally in palladium prices.

Higher production from the Mogalakwena and Unki mines partly offset by decreased production from Amandelbult and Mototolo. PGM sales volumes (excluding tolling) were marginally down 2 percent to 1 022 900 ounces due to lower minor metal sales.

Own-managed mines PGM production increased by 1 percent to 642 500 ounces due to increased production from Mogalakwena and Unki. Refined PGM production including tolling increased by 26 percent to almost 1 360 700 ounces due to improved   processing operational performance. — Fin24.

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