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(Kitco News) - Impala Platinum (JSE: IMP, Implats), a leading producer of platinum group metals (PGM), reported today that in the March quarter of 2023, its 6E PGM in concentrate production declined by 5% y-o-y to 735,000 ounces.
Moreover, the company said that its refined 6E PGM production, which includes saleable ounces from Impala Canada, declined by 10% y-o-y to 662,000 ounces.
Implats explained that refined production in the quarter was impacted by lower group production volumes and compounded by reduced available smelting capacity due to scheduled maintenance and the increased severity and frequency of load curtailment in the quarter.
"The scheduled rebuild of the Number 4 furnace, which began in November 2022, was completed as planned at the beginning of April, but experienced some delays in recommissioning due to constrained power availability," the company said in a press release.
"In addition to load curtailment at South African managed and JV operations, severe loadshedding was also experienced across the Zimbabwean national grid in March 2023 due to generation constraints at Hwange Power Stations and the curtailment of power imports following payment challenges," it added.
Implats pointed out it responds to load curtailment requirements through several operational interventions including reducing power to group smelters and adjusting milling, hoisting and re-mining rates.
"The estimated impact of Eskom load curtailment on group production in the quarter resulted in the deferral of circa 16,000 6E ounces. Implats finished the period with circa 190,000 6E ounces of excess inventory," Implats said.
Despite the challenging operating environment during the period under review, the elevated load curtailment requirements and the prevailing exchange rates, Implats noted it remains on track to deliver within the guided group parameters for FY2023, with volumes trending towards the lower and costs increasing towards the upper boundaries of the range, respectively.
Implats is a leading producer of platinum group metals. The group is structured around six mining operations and Impala Refining Services, a toll refining business.
The company's operations are located on the Bushveld Complex in South Africa, the Great Dyke in Zimbabwe – the two most significant PGM-bearing ore bodies in the world – and the Canadian Shield, a prominent layered igneous domain.
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