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有色金属：海外季报：英美铂业 2025Q1 自营矿山铂族金属产量同比下降 8% 至 14.37 吨，铂族金属平均实现价格同比上涨 3%至 1,533 美元/盎司
HUAXI Securities·2025-06-13 03:35

Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q1 2025, the production of platinum group metals (PGM) from self-operated mines decreased by 8% year-on-year to 46.2 million ounces (14.37 tons), with a quarter-on-quarter decline of 21% [2] - The average realized price for platinum group metals increased by 3% year-on-year to $1,533 per ounce [5] - The total production of platinum group metals fell by 17% compared to the previous period, primarily due to a decrease in third-party POC production [1] Production and Operational Performance - The total production of platinum group metals in Q1 2025 was 69.63 million ounces (21.66 tons), reflecting a 5% year-on-year decline when considering the impacts of the Kroondal mine transition and flooding at the Amandelbult mine [1] - The self-operated mine's platinum group metal production (M&C) saw a year-on-year decrease of 8% to 46.2 million ounces (14.37 tons) [2] - The refined platinum group metal production from self-owned facilities dropped by 30% year-on-year to 43.71 million ounces (13.60 tons) [3] - The sales volume of platinum group metals from production (excluding trade sales) decreased by 30% year-on-year to 49.37 million ounces (15.36 tons) [4] Price Trends - The average realized price for platinum increased by 11% year-on-year, while ruthenium saw a 36% increase, although palladium prices fell by 8%, partially offsetting the overall price increase [7] - The overall sales volume of platinum group metals, including both self-produced and traded, increased by 58% year-on-year to 302.22 million ounces (94.00 tons) [7] Future Guidance - For 2025, the company expects mining and refining metal production to be between 3 million to 3.4 million ounces (93.31-105.75 tons) of platinum group metals [9] - The expected unit cash operating cost for platinum group metals is projected to be between 17,500 to 18,500 Rand per ounce, with an AISC target of $970 to $1,000 per 3E ounce [9]