NORTHAM PLATINUM HOLDINGS LIMITED 
Northam Holdings: Mining that matters
Summarised financial results 30 June 2023
Mine to market value chain
The production of Platinum Group Metals (PGMs) begins with the mining of ore deposits typically containing very low concentrations of the metals. Following this, the mined ore passes through five stages of physical and chemical beneficiation ultimately producing individual high purity saleable metals.
The first stage of beneficiation is primary concentration in which the concentration of PGMs and associated base metals is upgraded through a process of crushing, milling and froth flotation. The product of this process is primary concentrate. The flotation process upgrades the concentration of PGMs in the ore from between 2 and 5 grams per tonne to between 90 and 150 grams of PGMs per tonne.
The second stage of beneficiation is smelting, in which primary concentrate is dried and heated in a smelter furnace until molten, at which point PGMs and associated base metals concentrate into what is termed smelter matte containing between 1 500 and 2 500 grams of PGMs per tonne.
Smelter matte is then fed into the third stage of beneficiation, which is iron conversion, wherein the addition of a silica flux and air drives off iron and sulphur producing convertor matte containing between 3 500 and 5 000 grams of PGMs per tonne.
This is the feed for a base metal refinery, wherein associated base metals are extracted, leaving a high grade precious metal concentrate. This precious metal concentrate contains approximately 500 000 grams per tonne of PGMs. Base metals include nickel, which is extracted as a nickel sulphate salt, and copper which electrowon, produces pure copper plate.
Precious metal concentrate is treated through a precious metal refinery, the fifth and final stage of beneficiation, producing individual saleable metals of high purity. Final refined PGMs are produced in various forms for a multitude of applications, for example, ingot or sponge.
We sell most of our PGMs through offtake agreements with a limited number of large customers, with whom we have long-standing associations and relationships. Our buyers are mainly industrial companies, who, in the case of the automotive sector, are suppliers of catalysts and catalytic components as opposed to the car manufacturers themselves.
Our chrome product is sold through a single third party via a guaranteed offtake and security of supply contributions agreement. In addition, we have the ability to sell excess metal on the spot market.
The picture on the front cover is of bubbles containing PGMs produced during the flotation process at the concentrator, which is the first stage of the beneficiation process.
Contents
Introduction
Welcome to our report
Introduction and scope of report
Business overview Key features for the year (F2023) What investors need to know about the F2023 results Our strategic journey - unchanged from 2015 Our strategic journey to reduce operational risk through diversification A timeline of our operational diversification Our commitment to create value for shareholders The year at a glance Mineral Resources and Mineral Reserves Our investment in RBPlat CEO Q&A - A message from Paul Dunne Operational diversification through our projects We believe in our country, South Africa Our environmental contribution There is no excuse for abuse Five-year performance highlights Northam group performance Results commentary
Summarised financial results Consolidated statement of profit or loss and other comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flows Notes to the summarised financial results
Additional information Glossary Administration and contact information
Independent Non-Executives | Executives |
TI Mvusi (Independent non-executive chairman) | PA Dunne (Chief executive officer) |
HH Hickey (Lead independent director) | AH Coetzee (Chief financial officer) |
JG Smithies | Non-Executive |
NY Jekwa | |
MH Jonas | TE Kgosi |
GT Lewis |
Northam Holdings Summarised financial results 2023 1
Welcome to our report
We believe in the positive impact of mining - mining that benefits our employees, our communities, the environment and our investors
2 Northam Holdings Summarised financial results 2023
Monare Shati, Plant leader at Zondereinde
Northam Holdings Summarised financial results 2023 3
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Disclaimer
Northam Platinum Holdings Ltd. published this content on 25 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2023 05:21:03 UTC.
