Anglo American Platinum Q1 production dips amidst flooding impact

Anglo American Platinum's first-quarter PGMs production decreased by 8% to 462,000 ounces, primarily impacted by severe flooding at the Tumela mine within the Amandelbult complex. Normalizing for the Amandelbult disruption, M&C production would have been in line with the prior period. Purchase of PGM concentrate also declined by 29% to 234,300 ounces, influenced by Kroondal's transition to a 4E tolling arrangement. Refined PGM production fell 30% to 437,100 ounces, attributed to annual stock counts and the triennial stock count at the Precious Metals Refinery. The company's total recordable injury frequency rate (TRIFR) improved by 7% to 1.70 per million hours at own operations. Guidance for 2025 remains unchanged, with M&C and refined production expected between 3.0-3.4 million PGM ounces, cash operating unit costs between R17,500-R18,500 per PGM ounce, and AISC between US$970-1,000 per 3E ounce. The company is pursuing a secondary listing on the London Stock Exchange.