Amplats loses R742m worth of platinum to Eskom blackouts

Anglo American Platinum lost 38,000oz of platinum group metals to Eskom-related blackouts during 2019, costing the company more than R742m in lost production that cannot be recovered.

Some analysts point out that against production of 4.4-million ounces of PGMs that carried a value of R86.75bn, the losses were relatively small. Against the overall revenue line and group metal output, the loss of mined metal “pales into insignificance”, said Noah Capital Markets analyst Rene Hochreiter.

For the mining industry, the high cost of electricity, which has increased more than six-fold since 2006, and the erratic nature of supply, continues to be a concern for the market.“Although refining activities were strong in 2019, Eskom power cuts interrupted operational activities and has led to a build-up in 89,000 PGM ounces to be processed in financial year 2020,” it said.

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