(Kitco News) - Northam Platinum, a major South African producer of platinum group metals (PGM), announced yesterday that for the year ended 30 June 2022 (FY2022), the group’s equivalent refined metal from own operations increased to 716 488 oz 4E (FY2021: 690 867 oz 4E).
The company said that the Zondereinde mine recorded improved production during the second half of FY2022, whilst production growth from the Booysendal mine was lower than forecast as a result of lower grade mined at Booysendal North.
Northam added that the company’s FY2022 unit cash costs per equivalent refined platinum ounce increased by 18.9% to R34 069/Pt oz (FY2021: R28 662/Pt oz) on the back of cost increases at all of the operations.
According to the company’s statement, its sales revenue for FY2022 amounted to R34.1 billion, an increase of 4.4% year on year (FY2021: R32.6 billion).
The company noted that despite growth in sales volumes, lower average metal prices and inflationary costs environment negatively impacted the annual financial results, with lower EBITDA at R16.5 billion (FY2021: R16.7 billion) and cash flows from operating activities of R11.4 billion (FY2021: R12.1 billion).
However, Northam pointed out it expects to deliver satisfactory financial results for FY2022, despite significant inflationary pressures and a decrease in the average PGM (4E) dollar price achieved, with expected basic earnings per share of 2,480.8 – 2,749.0 cents (FY2021: 2,681.8 cents).
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.
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