(Kitco News) - Anglo American Platinum announced today that as a result of the delay to the Polokwane smelter rebuild and the resultant work-in-progress inventory build, the company has revised its 2022 refined production guidance to between 3.7 - 3.9 million PGM ounces (previously 4.0 – 4.4 million ounces).
According to the company's statement, there is no impact to metal-in-concentrate guidance which remains at between 3.9 - 4.3 million PGM ounces and unit cost guidance remains at between R14,000 - R15,000 per PGM ounce.
Anglo American Platinum CEO Natascha Viljoen said, "As we undergo our first full rebuild of the Polokwane smelter in twelve years, our quality assurance processes identified a defective consignment of materials required to complete the rebuild. This has resulted in a two-month delay in recommissioning the Polokwane Smelter.
"This will result in a build-up in work-in-progress inventory, and a timing impact to our refined production. We therefore revise our 2022 refined production guidance to between 3.7 - 3.9 million PGM ounces (previously 4.0 - 4.4 million PGM ounces). Work has commenced to find solutions to mitigate the impact on refined production this year."
Anglo American Platinum is a part of Anglo American (LSE: AAL), which is a leading producer of diamonds (through De Beers), copper, platinum group metals, the steelmaking ingredients of iron ore and metallurgical coal, and nickel - with crop nutrients in development and thermal coal operations planned for divestment.
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