Anglo American Platinum Reports 17% Drop in PGM Production for Q1 2025
Anglo American Platinum recorded a 17% year-on-year decline in platinum group metals (PGMs) production for the first quarter ending 31 March 2025, with output falling to 696,300 ounces compared to 834,000 ounces in Q1 2024. The decrease was primarily due to lower third-party concentrate purchases and operational disruptions caused by heavy rainfall and flooding at the Amandelbult complex in South Africa. The company confirmed it remains within its annual production and cost guidance despite these setbacks.
Safety performance improved during the quarter, with no work-related fatalities reported and a 7% reduction in the total recordable injury frequency rate to 1.70 per million hours worked at own operations.
Production from own-managed mines dropped 8% to 462,000 ounces, largely reflecting the impact of flooding at the Tumela mine. Excluding the flooding, own-managed production would have been in line with the previous year. The Amandelbult complex saw a 32% decline in output to 85,800 ounces, while Mogalakwena’s production rose 3% to 227,000 ounces due to higher concentrator throughput and grades. Mototolo and Unki mines saw mixed results, with Mototolo up 7% and Unki down 15% due to lower grades and a planned maintenance shutdown.
Purchases of PGM concentrate from third parties fell 29% to 234,300 ounces, mainly due to the transition of Kroondal to a 4E tolling arrangement and lower receipts from other suppliers, many of whom were also affected by adverse weather. Refined PGM production (excluding tolling) was down 30% to 437,100 ounces, reflecting the combination of lower mined and purchased volumes, as well as planned maintenance and stock counts.
PGM sales volumes from production decreased by 30% to 493,700 ounces, in line with lower refined output. The average realised basket price rose 3% year-on-year to $1,533 per PGM ounce, supported by higher platinum and ruthenium prices, though palladium prices fell 8%.
Looking ahead, Anglo American Platinum has maintained its 2025 guidance for metal-in-concentrate and refined PGM production at 3.0–3.4 million ounces, with a targeted all-in sustaining cost of $970–1,000 per 3E ounce. The company expects production at Tumela Lower to resume around mid-year, with a full ramp-up in the third quarter. The group is also preparing for a secondary listing on the London Stock Exchange and a name change to Valterra Platinum Limited, subject to shareholder approval.
CEO Craig Miller emphasized the company’s commitment to safety and operational recovery, noting the progress made in restoring production at Amandelbult and the continued focus on optimizing asset performance. The company’s primary listing will remain on the Johannesburg Stock Exchange, with trading on the LSE expected to begin under the ticker "VALT" on June 2.
