Northam Platinum on Friday reported a 2.9% drop in full-year profit despite record production, citing lower metal prices and higher costs.

Northam’s headline earnings per share (HEPS) – South Africa’s main measure of earnings – came in at 26.11 rand for the year to June 30, down from 26.88 rand a year earlier.

The company’s production rose 3.7% to a record 716,488 ounces of platinum group metal (PGM) from 690,867 ounces previously, despite two mining fatalities, Covid-19-related absences and public unrest , which influenced Booysendal’s activities.

However, higher prices for chemicals, steel components, explosives, and fuel increased Northam’s production costs by 18.9%.

Northam, which is doing battle with its larger rival, the Impala Platinum to purchase a mid-level PGM Miner Royal Bafokeng Platinumhas not declared a dividend, saying it is at a “critical stage” in its growth.

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