ARM Platinum headline earnings were 7% higher at R1.3 billion in the six months ended 31 December 2022 (H1 F2023) compared to R1.2 billion a year earlier.

It said its Two Rivers Mine in South Africa delivered a 27% increase in headline earnings to R920 million from the previous year’s R725 million, while Modikwa Mine headline earnings rose by 4% to R615 million from R594 million, a year earlier as both operations benefitted from the weaker rand/US dollar exchange rate and comparatively lower negative mark-to-market adjustments.

However, these benefits were partly offset by above-inflation unit cost increases at both mines.

Meanwhile, ARM said tonnes milled at Modikwa Mine improved by 7% in H1 F2023, however, an 8% decline in head grade resulted in production volumes decreasing by 4% to 146 921 6E PGM ounces compared to 152 379 6E PGM ounces, a year earlier.

The decline in head grade was mainly due to increased production from on-reef development at the North shaft.

PGM production volumes remained largely flat at 147 288 6E PGM ounces at the Two Rivers Mine compared to the previous year’s 146 524 6E PGM ounces despite an increase in both mined and milled tonnes.

It said the grade at Two Rivers Mine remains a constraint as various mining cuts are taken in the multi-split reef areas to optimise grade as far as possible.

The company said Nkomati Mine was placed on care and maintenance on 15 March 2021.