Unki’s 2019 platinum output up 2pc
Zimbabwean platinum producer, Unki Platinum’s 2019 platinum output, rose by 4 percent to 89 500 ounces (oz) from 89 400oz in 2018.
For the fourth quarter of 2019 platinum output declined 2 percent to 23 300 ounces (oz) from 23 700oz in the previous quarter.
But in terms of a year-on-year quarterly comparison, the local unit’s fourth quarter output was up 6 percent compared to the 22 000oz produced in the prior comparable period in 2018.
Unki Platinum is owned by South African-headquartered platinum producer Anglo American Platinum (AngloPlat).
Unki’s palladium output also jumped last year from 2018, rising 5 percent to 79 200oz from 75 500oz. However, the mine’s palladium output declined by 6 percent in the fourth quarter to 20 000oz from 21 300oz in the previous quarter.
On a year-on-year (quarterly basis) comparison, the local platinum producer’s palladium production rose 2 percent from 19,6 percent in the fourth quarter of 2018.
Meanwhile, at group level AngloPlat’s metal in concentrate platinum and palladium production both increased by 10 percent, to 531 700 ounces and 360 400 ounces, respectively.
The group said own mined platinum production increased by 18 percent to 361 900 ounces and palladium production increased by 17 percent to 275 000 ounces.
AngloPlat said refined platinum production decreased by 18 percent to 629 700 ounces and refined palladium production decreased by 20 percent to 396 600 ounces.
“Excluding the impact of the tolled volumes that were previously purchased as concentrate, refined platinum production was flat and palladium decreased by 6 percent as improved operational performance at the processing facilities was offset by the impact of Eskom power outages.
“These power outages in Q4 resulted in an inventory build-up of circa 45 000 platinum ounces and circa 27 000 palladium ounces. Platinum sales volumes decreased by 14 percent to 668 300 ounces and palladium sales volumes decreased by 4 percent to 435 800 ounces due to lower refined production in the period.
During the period under review, the full year price per platinum ounce for the basket of metals sold increased by 27 percent to $2,819/oz compared to 2018 due to 48 percent and 73 percent price increases in palladium and rhodium, respectively. For 2020, the group said its production guidance is unchanged at 2 to 2,2 million ounces of platinum and approximately 1,4 million ounces of palladium, “subject to Eskom power performance.”
Business Weekly