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Russia can trade PGMs to Western customers   While Anglo American Platinum announced that nearly all of the semi-finished inventory ahead of the ACP converter plant was processed in 2021, their published data does not reflect that the full platinum content of that processed inventory was either sold or increased their refined metal inventory.   It is possible that the disruption associated with the outages and significantly higher processing rate in 2021 has resulted in approximately 150 koz of platinum remaining locked up in their process pipeline.   While this 150 koz is included in our published 2022 forecast for refined production, this flow of material may influence stock management decisions necessary in 2022 to support planned furnace rebuilds. Refined mine supply is projected to be stable given the additional work the producers have put into preventative maintenance and stope development.  Although wage negotiations start mid-year, and employees will certainly be consciou

Anglo American call for a rapid and peaceful resolution   Mark Cutifani, Chief Executive of Anglo American, said: “First and foremost, our thoughts are with the people of Ukraine and we all want a rapid and peaceful resolution and an immediate end to loss of life.   In recognition of the unfolding horror in Ukraine and in support of those amongst our employees who have family and friends affected, the Anglo American Foundation (AAF) will be making a donation of US$5 million to one or more charities involved in providing humanitarian relief in Ukraine.” The Anglo American Foundation will also match donations made by our employees, up to £1,000 per person per year, through our Employee Match Funding scheme which is open to all permanent employees across Anglo American.   The conflict in Ukraine does not currently have any direct impact on Anglo American’s business as we have no operations or offices in Ukraine or Russia. There is potential for broader markets and supply chains to be