The concentrator plant at at Anglo American Platinum's Unki mine in Zimbabwe. Picture: SUPPLIED
With 38,000oz of PGMs left in the ground and based on the average received price for the year of R19,534 an ounce of the basket of metals Amplats produced and sold during the year, this worked out to R742m of unrealised revenue that cannot be recovered. Amplats could declare a special dividend on top of a forecast final dividend of R24 a share, said Rene Hochreiter, analyst with Noah Capital Markets.
“Fundamental shortages in the PGM package may be slightly modified by the corona outbreak, but the overwhelming deficits in rhodium and palladium in the coming years will likely see the virus impact fade into history quite quickly,” Hochreiter said.The palladium market, he forecast, would remain in deficit until 2029 as demand for the metal to make autocatalytic devices for petrol engines remained higher than supply out of Russia, SA and North America.
Eskom has been a major source of frustration for mining companies, with unprecedented levels of load-shedding late last year when six gigawatts were cut from supply due to faulty plants and a feeder belt for the coal-fired Kusile power station.
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