(Kitco News) - Northam Platinum, a major South African producer of platinum group metals (PGM), announced today 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.
"Notwithstanding the array of challenges faced during the year under review, our operations collectively achieved a steady increase in production and our growth projects remain on track,” the company said.
According to the company's statement, its sales revenue for FY2022 amounted to R34.1 billion (~$2 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).
Northam's operating profit was R14.9 billion (~$882 million) in FY2022, down 7% compared to FY2021 (R16.1 billion, or ~$953 million), while basic earnings per share were 2,614.9 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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