Northam Platinum delivers strong operational results, revenue jumps by 52%
(Kitco News) - Northam Platinum, a major South African producer of platinum group metals, today announced that the group achieved a 15% increase in production from own operations at 352,741 oz 4E for the six months period ended 31 December 2020, compared to 306,738 oz 4E for the six months period ended 31 December 2019, notwithstanding the ongoing post-Covid phased restart of operations, particularly impacting the conventional Zondereinde mine, where only 90% of mining crews have returned to work.
The company added that despite the adverse pandemic related impact on sales volumes, sales revenue increased by 51.9%, from R7.8 billion (~USD530 million) in H1 F2020 to R11.9 billion (~USD809 million) for the period under review. This increase is attributable to a 49.7% increase in the average 4E basket price to USD2,160/oz (H1 F2020: USD1,443/oz), a 9.0% weaker ZAR/USD exchange rate realised and a 4.4% decrease in refined 4E ounces sold.
Northam Platinum is a primary integrated producer of platinum group metals. All operating mines and recycling operations are wholly owned. The company’s target is to produce 1 million oz 4E annually.