Wrap Text
PGMs production report for the first quarter ending 31 March 2025
Anglo American Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
Share Code: AMS
ISIN: ZAE000013181
("The Company" or "Anglo American Platinum")
24 April 2025
Anglo American Platinum Limited
PGMs production report for the first quarter ending 31 March 2025
Overview – Q1 2025 performance vs. prior period Q1 2024
• Safety performance - there were no work-related fatalities for the period and total recordable injury frequency rate
(TRIFR) improved by 7% to 1.70 per million hours at own operations.
• Own-managed mines Platinum Group Metals (PGMs) production (expressed as 5E+Au metal-in-concentrate)
(M&C) decreased by 8% to 462,000 ounces primarily due to the heavy rains in February that caused widespread
flooding that impacted Tumela mine at Amandelbult. Normalising for the Amandelbult impact, own-managed mines
M&C would have been in line with prior period.
• Purchase of PGM concentrate (POC) decreased by 29% to 234,300(1) ounces, mainly driven by Kroondal's transition
to a 4E tolling arrangement from September 2024, as well as lower receipts from other third parties.
• Refined PGMs production (owned production, excluding tolling) in the first quarter of every year is typically lower
than in the other quarters due to the annual stock count and associated planned maintenance at the processing assets.
Production decreased by 30% to 437,100 ounces, owing to, in addition to the annual processes in the first quarter, a
triennial stock count at the Precious Metals Refinery, the transition of Kroondal volumes to a 4E tolling arrangement
and lower M&C production.
• PGMs sales volumes (from production, excluding sales from trading) decreased by 30% to 493,700 ounces, in line
with lower refined production.
• Guidance for 2025 - M&C and refined production guidance of 3.0-3.4 million PGM ounces, cash operating unit cost
guidance of between R17,500-R18,500 per PGM ounce and targeted all-in sustaining cost (AISC) of between US$970-
1,000 per 3E ounce remains unchanged. Production remains subject to the impact of Eskom load-curtailment.
(1) Kroondal has transitioned to a 4E tolling arrangement effective September 2024, as outlined in the Kroondal sales announcement. Prior to this, it was reported as a 100%
third-party purchase of concentrate arrangement.
Craig Miller, CEO of Anglo American Platinum, said:
"Safety underpins everything that we do and our commitment to zero harm remains our top priority. We had no work-
related fatalities in the quarter and our injury frequency rates show further improvements.
"As a result of the widespread flooding in the northern part of South Africa in February, which impacted Tumela mine at
Amandelbult, quarterly own-mined M&C production decreased by 8% to 462,000 ounces.
"At Amandelbult, our team's emergency response ensured the safe evacuation of all our employees, contractors and together
with the authorities, ensured that support was provided to those in our surrounding host communities most affected by the
floods. Progress has been made to recover from the flooding event, with Dishaba mine, Tumela Upper and surface operations
back in production. The team has worked tirelessly to complete the pumping and dewatering activities at Tumela Lower
while also stabilising the rest of the mine. We anticipate production at Tumela Lower to commence around mid-year and we
expect to remain within our production and cost guidance.
"Looking ahead: I am excited about the next phase of our company's journey. As part of the work towards our demerger from
Anglo American, we have applied for a secondary listing on the London Stock Exchange (LSE) to make it easier for many
Anglo American's existing UK-based shareholders to continue to hold shares in our company after the demerger and indeed
for others to buy shares in our company, thereby further diversifying our shareholder base. Our primary listing will continue
to be on the Johannesburg Stock Exchange (JSE) under the ticker symbol "AMS" (to be changed to "VAL" on 28 May to
correspond to our proposed name of Valterra Platinum Limited, subject to shareholder approval), and we expect to start
trading on the LSE under the ticker symbol "VALT" on Monday, 2 June. Although our name and visual identity may be
changing, there are certain critical components of our DNA that will endure: we are a leading PGM producer, responsibly
and safely extracting precious metals and associated by-products from our exceptional mineral resource endowment. We
have the team, capabilities and scale to drive operational and functional excellence with plans to optimise the performance
of our assets in line with our portfolio strategy, including the objective of keeping all of our assets in the first half of the cost
curve."
Anglo American Platinum Q1 2025 Q1 2025
PGM Production Report - Q1 2025 Q1 Q4 Q3 Q2 Q1 vs vs
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
M&C PGM production1 696.3 875.7 922.3 921.0 834.1 (17) % (20) %
Own mined volume2 462.0 588.3 552.0 547.2 504.3 (8) % (21) %
Purchase of concentrate (POC)3 234.3 287.4 370.3 373.8 329.8 (29) % (18) %
Refined PGM production owned 4 437.1 1,027.9 1,106.9 1,153.5 628.0 (30) % (57) %
4E Toll refined production 208.2 182.8 153.8 132.9 160.2 30 % 14 %
Total refined production (owned and toll) 645.3 1,210.7 1,260.7 1,286.4 788.2 (18) % (47) %
PGM sales volume from production4 493.7 1,002.0 1,102.2 1,266.1 707.5 (30) % (51) %
Trading sales volume5 2,528.5 2,476.5 1,973.7 2,092.4 1,200.1 111 % 2 %
Total sales volume (production and trading) 3,022.2 3,478.5 3,075.9 3,358.5 1,907.6 58 % (13) %
Numbers are independently rounded and minor variances might be present when performing additions, subtractions and calculations.
1
M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium and iridium plus gold).
2
PGM production from Mogalakwena, Amandelbult, Mototolo, Unki and 50% attributable production from joint operation Modikwa.
3
PGM production from third parties and 50% purchased from joint operation Modikwa.
4
Refined and sales volumes owned by Anglo American Platinum referencing its annual guidance i.e. excluding toll refining volumes.
5
Trading sales volume - relates to sales of metal not produced by Anglo American Platinum operations.
Review of the quarter
Safety
There were no work-related fatalities for the period and the total recordable injury frequency rate (TRIFR) improved by
7% to 1.70 per million hours at own operations. We continue to focus not only on our own employee's safety, but on those
of our contractors too. There is no room for complacency and our commitment to safety is paramount.
Metal-in-concentrate (M&C) PGM production
Total PGM production
Total PGM production decreased by 17% against the prior period to 696,300 ounces, primarily due to lower third party
POC production, owing to Kroondal volumes (~61,000 ounces) having transitioned to a 4E tolling arrangement from
September 2024, as well as lower production from Amandelbult (~41,000 ounces). On a like-for-like basis to account for
the Kroondal transition and Amandelbult flooding impact, total PGM production decreased by 5% against the prior
period.
PGM production from own mines
Own-mined production decreased by 8% compared to the prior period, primarily reflecting lower production from
Amandelbult. On a like-for-like basis to account for the Amandelbult flooding impact, own-mined M&C would have been
in line with prior period.
PGM production at Amandelbult declined by 32% to 85,800 ounces, owing to the impact of heavy rains which caused
widespread flooding in the region. The significant rainfall and overflow of nearby river systems caused water ingress at
Tumela mine, which overwhelmed pumping capacity, flooding certain parts of the underground and main pump station.
All operations at Amandelbult have since restarted with the exception of Tumela Lower, where de-watering activities
were completed in mid-April and work has now shifted to infrastructure repairs, and mining operations are expected to
commence from mid-year and fully ramp up in the third quarter. The process to finalise the insurance claim for the
damage incurred is also well advanced.
Mogalakwena's PGM production at 227,000 ounces increased by 3%, reflecting higher throughput at the concentrators
and marginally higher grades. The 4E built-up head grade at 2.48g/t was in line with expectations for the first quarter and
the full-year blended grade remains on track to meet the 2.7–2.9g/t guidance. Four Jameson cells were commissioned at
the North Concentrator during the quarter as part of the mass pull and recovery optimisation strategy. Once fully
operational, this strategy is expected to produce a higher-grade concentrate enabling reduced concentrate volumes and
smelting requirements while improving energy efficiency and reducing emissions. Mogalakwena's production was,
however, 21% lower compared to the fourth quarter of 2024 due to heavy rainfall, temporarily lower grades in the mining
sequence and blending of lower-grade stockpiles. This was partially offset by efficiencies from loading and hauling and
the activation of the north waste rock dump which allows for shorter travelling distances for the dumping of waste rock.
Mototolo's production increased by 7% to 66,200 ounces, reflecting the benefits of the new seven-day mining shift cycle,
implemented in the second quarter of 2024. The development of the Der Brochen project, which will replace
infrastructure closures at Lebowa is progressing as planned, with production anticipated to ramp up in late 2025.
Unki's production decreased by 15% to 53,600 PGM ounces mainly as a result of the expected lower grades in the current
mining area, as well as a combination of slightly lower recoveries and the impact of a five-day planned plant maintenance
shutdown which impacted volumes milled. In the prior period, this maintenance was performed in the second quarter of
2024.
Modikwa PGM production (50% own-mined) decreased by 11% to 29,400 ounces primarily due to lower concentrator
plant recovery following the introduction of open pit material during the quarter. The open pit material, planned to be
fully ramped up from the second quarter of 2025, was introduced to replace the volumes from the high-cost South 1 shaft
infrastructure which is anticipated to be closed in the first half of the year.
Purchases of PGM concentrate
Purchase of concentrate volumes decreased by 29% to 234,300 (2) ounces, reflecting lower Kroondal volumes which had
transitioned to a 4E tolling arrangement in September 2024, as well as lower receipts from third parties due to the heavy
rainfall also impacting the other PGM miners. On a like-for-like basis, to account for the Kroondal transition in the
comparative period, purchase of concentrate volumes decreased by13%.
Refined PGM production
Refined production in the first quarter of every year is usually lower than in the other quarters, due to the annual stock
count and associated planned maintenance at processing assets. The impact in the current period was exacerbated by the
triennial stock count at the PMR and the transition of Kroondal volumes (2) to a 4E tolling arrangement (~66,000 ounces).
As a result of those factors and lower M&C production, refined production (excluding tolling) declined by 30% to 437,100
ounces. There were no Eskom load curtailment impacts.
Toll-refined PGM production increased by 30% to 208,200 PGM ounces, reflecting the inclusion of Kroondal volumes
following its transition to a 4E tolling arrangement, versus prior period where Kroondal volumes were reported as a
100% third party POC arrangement.
Base metal and chrome production
Nickel production decreased by 11% to 4,200 tonnes and copper production decreased by 6% to 3,100 tonnes, which is
consistent with lower first quarter production as a result of the annual stock count and planned maintenance at
processing assets.
Total chrome production decreased by 9% to 181,000 tonnes, mainly due to lower volumes from Amandelbult, partially
offset by chrome production 30,000 tonnes at Mototolo which would have previously accrued to Glencore.
PGM sales volumes
PGM sales volumes (excluding trading) decreased by 30% to 493,700 ounces in line with lower refined production.
The average realised basket price of $1,533/PGM ounce was 3% higher, driven by an 11% higher platinum realised price
and 36% higher ruthenium realised price, partially offset by an 8% lower palladium realised price. However, the average
ZAR realised basket price is 1% lower mainly due to the stronger ZAR/USD exchange rate.
2025 guidance
2025 M&C and refined production guidance of 3.0-3.4(3) million PGM ounces, cash operating unit cost guidance of
between R17,500-R18,500 per PGM ounce and targeted all-in sustaining cost (AISC) of between US$970-1,000 per 3E
ounce remains unchanged. The guidance factors in lower POC volumes, owing to the impact of Kroondal's transition to a
4E metals tolling arrangement from September 2024 and Siyanda's conversion from POC to a 4E tolling arrangement in
the first half of the year. Production remains subject to the impact of Eskom load-curtailment.
(2) Kroondal transitioned to a 4E tolling arrangement from September 2024. Prior to this, it was reported as a 100% third-party purchase of concentrate arrangement.
(3) The average M&C split by metal is Platinum: c.44%, Palladium: c.32% and Other: c.24%.
Anglo American Platinum Q1 2025 Q1 2025
PGM Production Report - Q1 2025 Q1 Q4 Q3 Q2 Q1 vs vs
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
Safety
Fatalities - own managed operations number 0 1 2 0 0 (100) % (100) %
Total recordable injury frequency rate (TRIFR) /million hrs 1.70 1.92 1.57 1.48 1.88 (10) % (11) %
Mined production
PGM ounces produced 000 ounces 462.0 588.3 552.0 547.2 504.3 (8) % (21) %
Platinum 000 ounces 207.1 267.5 249.8 250.3 229.9 (10) % (23) %
Palladium 000 ounces 175.4 218.0 198.4 197.1 185.2 (5) % (20) %
Rhodium 000 ounces 23.8 31.1 32.3 30.9 27.9 (14) % (23) %
Other PGMs 000 ounces 55.7 71.7 71.5 68.9 61.3 (9) % (22) %
Tonnes milled 000 tonnes 5,675 6,219 5,979 6,142 5,921 (4) % (9) %
4E built-up head grade1 g/t 2.91 3.34 3.22 3.17 3.05 (5) % (13) %
Mogalakwena
PGM ounces produced 000 ounces 227.0 283.5 217.8 232.6 219.5 3 % (20) %
Platinum 000 ounces 95.9 122.0 92.1 100.2 94.2 2 % (21) %
Palladium 000 ounces 105.2 129.8 101.2 106.1 100.4 5 % (19) %
Rhodium 000 ounces 6.3 7.6 6.1 6.3 6.2 2 % (17) %
Other PGMs 000 ounces 19.6 24.1 18.4 20.0 18.7 5 % (19) %
Tonnes milled 000 tonnes 3,583 3,701 3,167 3,483 3,515 2 % (3) %
4E built-up head grade1 g/t 2.48 3.00 2.68 2.60 2.45 1 % (17) %
Amandelbult
PGM ounces produced 000 ounces 85.8 136.9 158.2 157.6 127.1 (32) % (37) %
Platinum 000 ounces 43.3 69.0 79.5 80.5 65.4 (34) % (37) %
Palladium 000 ounces 20.0 31.8 37.0 36.9 30.0 (33) % (37) %
Rhodium 000 ounces 7.8 12.6 14.6 14.2 11.5 (32) % (38) %
Other PGMs 000 ounces 14.7 23.5 27.1 26.0 20.2 (27) % (37) %
Tonnes milled 000 tonnes 588 899 1,101 1,146 924 (36) % (35) %
4E built-up head grade1 g/t 4.40 4.49 4.44 4.48 4.53 (3) % (2) %
Mototolo
PGM ounces produced 000 ounces 66.2 74.2 74.1 66.3 61.9 7 % (11) %
Platinum 000 ounces 30.6 34.1 33.6 30.2 27.9 9 % (10) %
Palladium 000 ounces 19.0 21.5 21.7 19.6 18.5 2 % (12) %
Rhodium 000 ounces 5.4 6.0 5.9 5.4 5.0 7 % (10) %
Other PGMs 000 ounces 11.2 12.6 12.9 11.1 10.5 7 % (11) %
Tonnes milled 000 tonnes 602 666 697 617 559 8 % (10) %
4E built-up head grade1 g/t 3.34 3.41 3.35 3.42 3.52 (5) % (2) %
Unki
PGM ounces produced 000 ounces 53.6 60.3 62.2 54.7 62.8 (15) % (11) %
Platinum 000 ounces 24.6 27.7 28.1 24.7 28.6 (14) % (11) %
Palladium 000 ounces 20.6 23.1 24.0 21.1 24.3 (15) % (11) %
Rhodium 000 ounces 2.3 2.6 2.8 2.4 2.8 (17) % (13) %
Other PGMs 000 ounces 6.1 6.9 7.3 6.5 7.1 (14) % (12) %
Tonnes milled 000 tonnes 636 652 687 609 654 (3) % (3) %
4E built-up head grade1 g/t 3.21 3.43 3.30 3.30 3.49 (8) % (7) %
Modikwa joint operation (AAP share)2
PGM ounces produced 000 ounces 29.4 33.4 39.7 36.0 33.0 (11) % (12) %
Platinum 000 ounces 12.7 14.7 16.5 14.7 13.8 (8) % (14) %
Palladium 000 ounces 10.6 11.8 14.5 13.4 12.0 (12) % (10) %
Rhodium 000 ounces 2.0 2.3 2.9 2.6 2.4 (13) % (11) %
Other PGMs 000 ounces 4.1 4.6 5.8 5.3 4.8 (14) % (11) %
Tonnes milled 000 tonnes 266 301 327 287 269 (1) % (12) %
4E built-up head grade1 g/t 3.86 3.72 3.90 3.93 3.81 1 % 4 %
Purchase of concentrate
PGM ounces produced 000 ounces 234.3 287.4 370.3 373.8 329.8 (29) % (18) %
Platinum 000 ounces 102.0 130.0 171.2 173.9 154.0 (34) % (22) %
Palladium 000 ounces 51.4 63.7 86.5 89.3 79.5 (35) % (19) %
Rhodium 000 ounces 14.1 17.0 24.9 26.5 23.1 (39) % (17) %
Other PGMs 000 ounces 66.8 76.7 87.6 84.1 73.2 (9) % (13) %
Anglo American Platinum Q1 2025 Q1 2025
PGM Production Report - Q1 2025 Q1 Q4 Q3 Q2 Q1 vs vs
2025 2024 2024 2024 2024 Q1 2024 Q4 2024
Refined production owned
PGM ounces refined 000 ounces 437.1 1,027.9 1,106.9 1,153.5 628.0 (30) % (57) %
Platinum 000 ounces 170.2 482.1 536.9 554.0 272.7 (38) % (65) %
Palladium 000 ounces 141.3 327.9 341.7 372.5 206.4 (32) % (57) %
Rhodium 000 ounces 27.6 67.8 70.2 70.8 39.6 (30) % (59) %
Other PGMs 000 ounces 98.0 150.1 158.1 156.2 109.3 (10) % (35) %
Nickel tonnes 4,200 6,300 7,400 7,300 4,700 (11) % (33) %
Copper tonnes 3,100 4,600 4,600 4,600 3,300 (6) % (33) %
Chrome 000 tonnes 181 255 247 249 199 (9) % (29) %
Toll refining
PGM ounces refined 000 ounces 208.2 182.8 153.8 132.9 160.2 30 % 14 %
Platinum 000 ounces 123.6 108.6 90.8 78.0 93.5 32 % 14 %
Palladium 000 ounces 64.3 57.7 48.3 41.8 49.2 30 % 11 %
Rhodium 000 ounces 17.7 13.9 12.4 11.0 15.1 17 % 27 %
Gold 000 ounces 2.6 2.6 2.3 2.1 2.4 10 % 1 %
Sales volume from production
PGM ounces 000 ounces 493.7 1,002.0 1,102.2 1,266.1 707.5 (30) % (51) %
Platinum 000 ounces 148.4 477.7 527.4 583.8 282.0 (47) % (69) %
Palladium 000 ounces 171.2 334.6 325.2 404.4 229.7 (25) % (49) %
Rhodium 000 ounces 29.3 68.2 69.0 73.6 42.6 (31) % (57) %
Other PGMs 000 ounces 144.8 121.5 180.6 204.3 153.2 (5) % 19 %
Trading3
PGM ounces 000 ounces 2,528.5 2,476.5 1,973.7 2,092.4 1,200.1 111 % 2 %
Platinum 000 ounces 1,916.3 1,566.5 1,187.8 1,186.2 668.3 187 % 22 %
Palladium 000 ounces 566.8 830.6 685.9 728.5 450.7 26 % (32) %
Rhodium 000 ounces 20.3 19.3 25.0 49.9 6.1 232 % 5 %
Other PGMs 000 ounces 25.1 60.1 75.0 127.8 75.0 (67) % (58) %
Realised metal, Fx and realised basket prices
Platinum (US$/oz) 985 945 952 1,000 889 11 % 4 %
Palladium (US$/oz) 957 975 1,027 985 1,043 (8) % (2) %
Rhodium (US$/oz) 4,556 4,607 4,699 4,651 4,563 —% (1) %
Iridium (US$/oz) 4,029 4,457 4,484 4,573 4,841 (17) % (10) %
Ruthenium (US$/oz) 493 442 345 343 362 36 % 11 %
Gold (US$/oz) 2,731 2,895 2,800 2,510 2,182 25 % (6) %
Average Fx achieved on sales ZAR/US$ 18.51 17.90 17.84 18.54 18.94 (2) % 3 %
US$ realised basket price (/PGM oz) 1,533 1,509 1,477 1,419 1,483 3 % 2 %
ZAR realised basket price (/PGM oz) 28,005 27,371 25,888 26,011 28,218 (1) % 2 %
Numbers are independently rounded and minor variances might be present when performing additions, subtractions and calculations.
1
4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are excluded due to variability.
2
Modikwa is a 50% joint operation. The 50% equity share of production is presented under 'Own mined' production. Anglo American Platinum purchases the remaining 50% of
production, which is presented under 'Purchase of concentrate'.
3
Trading sales volume - relates to sales of metal not produced by Anglo American Platinum operations.
Sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
For further information, please contact:
Investors: Media:
Theto Maake Cindy Maneveld
(SA) +27 (0) 83 489 5215 (SA) +27 (0) 82 201 4779
theto.maake@angloamerican.com cindy.maneveld@angloamerican.com
PlatinumIR@angloamerican.com
Marcela Grochowina
(SA) +27 (0) 82 400 3222
marcela.grochowina@angloamerican.com
PlatinumIR@angloamerican.com
Notes to editors:
Anglo American Platinum Limited is a member of the Anglo American plc Group and is a leading primary producer of
platinum group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting, and
refining operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine in Zimbabwe.
Anglo American Platinum is committed to the highest standards of safety and continues to make a meaningful and
sustainable difference in the development of the communities around its operations.
www.angloamericanplatinum.com
Anglo American is a leading global mining company focused on the responsible production of copper, premium iron ore
and crop nutrients – future-enabling products that are essential for decarbonising the global economy, improving living
standards, and food security. Our portfolio of world-class operations and outstanding resource endowments offers value-
accretive growth potential across all three businesses, positioning us to deliver into structurally attractive major demand
growth trends.
Our integrated approach to sustainability and innovation drives our decision-making across the value chain, from how
we discover new resources to how we mine, process, move and market our products to our customers – safely, efficiently
and responsibly. Our Sustainable Mining Plan commits us to a series of stretching goals over different time horizons to
ensure we contribute to a healthy environment, create thriving communities and build trust as a corporate leader. We
work together with our business partners and diverse stakeholders to unlock enduring value from precious natural
resources for our shareholders, for the benefit of the communities and countries in which we operate, and for society as a
whole. Anglo American is re-imagining mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes to unlock the inherent value in its
portfolio and thereby accelerate delivery of its strategic priorities of Operational excellence, Portfolio simplification, and
Growth. This portfolio transformation will focus Anglo American on its world-class resource asset base in copper,
premium iron ore and crop nutrients, once the sale of our steelmaking coal and nickel businesses, the demerger of our
PGMs business (Anglo American Platinum), and the separation of our iconic diamond business (De Beers) have been
completed.
www.angloamerican.com
Date: 24-04-2025 08:00:00
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