PRODUCTION COSTS: PLATINUM GROUP METALS

摘要

The cost curve below plots the projected cash operating costs of the world's 18 major primary platinum group metals (PGM) producers against each project's percentage of the group's total 2003 production. The four platinum metals included here are platinum, palladium, rhodium, and gold. The four minor PGMs - ruthinium, iridium, osmium, and silver-are not included, nor is byproduct PGM output, such as Norilsk's estimated 2.5 million oz/y of palladium and the PGM production at Inco's and Falconbridge's nickel-copper operations in Canada. In 2003, these 18 mines produced 9 million oz of PGM, about 99 percent of the world's primary PGM production. Not included for lack of cost data are about 125,000 oz of platinum produced annually by Koryakgeoldobycha's placer mines in Russia's Far East, and similar unreported production elsewhere. Also not included is the Marikana mine (Aquarius 75 percent, Impala 25 percent), which produced 28,146 oz of PGM in 2003. Impala capitalized Marikana's operating expenses to the end of the 2003 financial year. Where applicable, all cost figures are net of base metals byproduct credits and are for reported or estimated 2003 fiscal production.