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Eastplats CEO Ian Rozier said yesterday it would be an understatement to say the PGM sector was going through a difficult period. It was impossible to say how long conditions would persist, but he believed Eastplats was in good shape to survive.
Fortis Metals said in its latest White Book, a biannual survey of platinum and palladium markets, that the global car industry was facing a crisis which would have grave implications for PGMs in the short term. SA produces 80% of the world's platinum.
Car sales in developed and developing markets could drop about 8% compared with last year, implying 600000oz-700000oz less demand for PGMs in autocatalytic converters.
Aquarius said attributable production of PGMs rose to 131 843oz in December compared with 128 366oz in the September quarter. A drop in cash costs arose more from higher production than decreases in the price of mine consumables, although the cost of labour was reduced through restructuring. The prices of items like diesel and explosives also fell towards the end of the quarter.
It said the average price for its basket of metals fell 54% to $770/PGM ounce while the average exchange rate was R9,90/$. CEO Stuart Murray said the half-year after-tax loss would be $75m-$85m after a $20m write-down associated with the temporary closure of Everest mine because of subsidence. There could also be impairments of certain assets. Aquarius reports interim results on February 5.
Eastplats, which runs the Crocodile River Mine near Brits, said production fell slightly to 29015oz from 30755oz in September, partly because of fewer shifts in the Christmas holidays.
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