Press releases - 2025

Overview – Q4 2024 performance against prior period Q4 2023

• Safety performance - working safely is our number one value. We continue to make progress on resetting our safety performance, with the aim of achieving zero harm, although we suffered setbacks in 2024. Sadly, one of our colleagues, Mr. Basanda Langeni, lost his life at Amandelbult Dishaba mine, on 8 October 2024. In a separate incident, on 29 November 2024 Mr. Tshepo Tebele lost his life at the independently managed Modikwa joint venture.
• Own-managed mines Platinum Group Metals (PGMs) production (expressed as 5E+Au metal-in-concentrate) increased by 1%¹ to 588,300 ounces when compared to the prior period. On a quarter-on-quarter basis, own mined production increased by 7%, reflecting stability from the turnaround initiatives implemented during the year. Full year PGM production was 2,191,800 ounces, which is at the mid-point of the 2024 M&C production guidance.
• Purchase of PGM concentrate (POC) decreased by 18%¹ to 287,400 ounces, reflecting the transition of Kroondal to a 4E toll arrangement, effective from 1 September 2024². Full year POC PGM production was 1,361,300 ounces.
• Refined PGMs production (owned production, excluding tolling) decreased by 14% to 1,027,900 ounces as expected, as the work-in-progress inventory built-up from prior years has now been released. Full year refined PGM production was 3,916,300 ounces, which is at the upper end of the 2024 refined production guidance.
• PGMs sales volumes (from production, excluding sales from trading) decreased by 14% to 1,002,000 ounces, in line with lower refined production. Full year sales volume was 4,077,800 ounces, as a result of higher refined production and a draw down of finished goods.

Craig Miller, CEO of Anglo American Platinum, said:

“We are resolute in our commitment to eliminate fatalities from our workplace and we are redoubling our efforts to ensure that zero harm becomes a daily reality at our operations. Sadly, two of our colleagues lost their lives during the last quarter, Mr. Basanda Langeni, at Amandelbult, on 8 October 2024 and Mr. Tshepo Tebele, our colleague at the independently managed Modikwa joint venture on 29 November 2024. I wish to express our heartfelt condolences to the family, friends and colleagues of both Messrs Langeni and Tebele.

“Own-mined volume increased by 7% compared to Q3 2024, reflecting strong performance from Mogalakwena and Mototolo during the quarter, partially offset by lower production at both Amandelbult and Modikwa due to safety stoppages in the fourth quarter, following the two fatalities. Mogalakwena’s production increased by 30% compared to Q3 2024, demonstrating effective execution of our plans to recover lost production from the primary mill breakdown in July 2024. I am pleased that we have achieved our total M&C and refined production guidance for 2024, ending the year at 3,553,100 M&C PGM ounces and 3,916,300 refined PGM ounces, largely due to the improvements in our operating performance and the stability of our processing business throughout the period, and draw down of work-in-progress material.

“We continue to progress towards a responsible and orderly separation from Anglo American which we are aiming to complete by mid-2025. 

“More insights on our performance will be shared when we release our annual results on 17 February 2025.

Review of the quarter

Safety

As previously reported, we regrettably suffered the tragic loss of life of Mr. Basanda Langeni on 8 October 2024 at Dishaba Mine, Amandelbult. Additionally, we are deeply saddened by the loss of life of Mr. Tshepo Tebele, our colleague at the independently managed Modikwa joint venture on 29 November 2024. Operational activities were halted at both operations following these fatalities to ensure that all safety improvement efforts are fully deployed, ensuring the compliance to procedures and standards and resetting safe work expectations.

Following the fatalities at Amandelbult, lessons learnt were rolled out across our managed operations. Various measures have been taken to address unsafe working practices and other high risk activities in the workplace. We recognise that our safety journey is ongoing, and we remain committed to addressing embedded behaviours, cultures and practices that do not conform to our safety standards, to ensure each one of our colleagues returns home safely.

The total recordable injury frequency rate (TRIFR) increased to 1.92 per million hours at our operations, up from 1.88 per million hours, predominantly due to fewer hours worked as we embarked on safety stoppages across our operations, as well as a lower number of employees following the restructuring processes, compared to the prior period.

Metal-in-concentrate (M&C) PGM production

Total PGM production

Total PGM production in Q4 2024 decreased by 6% against the prior period (Q4 2023) to 875,700 ounces, mainly due to the Kroondal transition to a 4E toll arrangement.

PGM production from own mines

Own-mined production increased by 1%¹ compared to the prior period, primarily reflecting higher production from Mogalakwena and Mototolo, partially offset by lower production from Amandelbult and Modikwa. On a quarter-on-quarter basis, own-mined production increased by 7%, reflecting stability from the turnaround initiatives implemented during the year.

Mogalakwena’s production increased by 7% to 283,500 ounces, reflecting stable performance and efficiency improvements across both the mining activities and concentrators. As a result, Mogalakwena recovered ~75% of the lost production from the primary mill breakdown in July 2024, recording a 30% production uplift quarter-on-quarter. The 4E built-up head grade was flat at 3.0g/t for the quarter, due to processing of stockpiled high grade ore which was mined in Q3 2024. The full-year blended grade of 2.7g/t is in line with guidance. The full-year 2025 blended grade guidance remains unchanged at 2.7-2.9g/t, however, similarly to Q1 2024, the grades in Q1 2025 will be lower due to a combination of the mining sequence extraction plan, as well as the blending of the lower-grade stockpile.

Amandelbult PGM production declined by 9% to 136,900 ounces as a result of lower mining volumes, mainly from Dishaba, due to management’s decision to halt all production following the fatal incident on 8 October 2024 in order to conduct audits, remediate all workplace deviations and reset safety compliance. Some sections at Dishaba resumed production in December following self-imposed safety clearances, while most of the operations utilised the December period to address safety performance required to facilitate a safe start-up in 2025.

Mototolo’s production increased by 12% to 74,200 ounces, reflecting the implementation and stabilisation of the new seven-day mining shift cycle, which helped to mitigate the impact of difficult ground conditions as Lebowa shaft reaches its end of life. The development of the Der Brochen project, which will replace infrastructure closures at Lebowa, is progressing as planned, with production anticipated to ramp up in late 2025.

Unki production decreased by 2% to 60,300 ounces as the current quarter was impacted by a three-day national power outage.

Modikwa PGM production (50% own-mined) decreased by 8% to 33,400 ounces, due to lower mining volumes mainly from safety stoppages following the fatal incident on 29 November 2024. On 19 December 2024, the s54 was lifted and production resumed, however, heavy rains caused flooding which resulted in further disruptions to production.

Purchases of PGM concentrate

Purchase of concentrate volumes decreased by 18%² to 287,400 ounces, reflecting the transition of Kroondal to a 4E toll arrangement.

Refined PGM production

Refined PGM production (from owned production, excluding tolling) decreased by 14% to 1,027,900 ounces as expected, as the build-up in work-in-progress inventory from prior years has now been released. A return to normal stock levels has been driven by stable and consistent performance from our processing assets, in addition to no Eskom load curtailment in the year.

Toll-refined PGM production increased by 4% to 182,800 PGM ounces, reflecting the transition of Kroondal to a 4E toll arrangement

Base metal production

We achieved record full year nickel production in 2024 of 25,700 tonnes, 18% higher than in 2023, due to the processing of built-up furnace matte from prior years, enabled by the stability of our Base Metal Refinery. Copper production in the quarter increased by 15% to 4,600 tonnes compared to the prior period and outperformed 2023 by 25%. Nickel production in the quarter decreased by 10% to 6,300 tonnes, as the RBMR was impacted by potable water supply disruption during the water utility shut.

During this quarter, total chrome production amounted to 255,000 tonnes, with 34,700 tonnes attributed to the chrome plant at Mototolo.

PGM sales volumes

PGM sales volumes (excluding trading) decreased by 14% to 1,002,000 ounces in line with lower refined production.

The average Q4 2024 realised basket price of $1,509/PGM ounce was 8% (or 5% in ZAR terms) higher than Q4 2023, predominantly due to a 9% higher platinum price and 14% higher ruthenium price. The average 2024 realised basket price of $1,468/PGM ounce is 11% lower when compared to 2023, mainly due to a 30% lower rhodium realised price and 24% lower palladium realised price.

Production guidance for 2025-2027

Production guidance for 2025 for metal in concentrate and refined production is unchanged at 3.0–3.4 million ounces. In 2025, POC volumes will be lower than 2024 reflecting the impact of the Siyanda POC agreement transitioning to a 4E metals tolling arrangement early in the year, as well as Kroondal having transitioned to a 4E metals tolling arrangement in September 2024. In 2027, own mined production benefits from higher grades at Mogalakwena, Dishaba projects coming online at Amandelbult and the steady ramp up of Der Brochen, while POC is impacted by anticipated lower third-party receipts. Production remains subject to the impact of Eskom load-curtailment. Refined production is usually lower in the first quarter than the rest of the year due to the annual stock count and planned processing maintenance.

Sponsor:

Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities

View full PDF of this press release (334 KB, opens in a new window)

View Q4 2024 Production Report tables (22.7 KB, opens in a new window)