REG - Anglo American PLC - Anglo American Production Report Q1 2024
23/04/2024 07:00
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RNS Number : 5910L Anglo American PLC 23 April 2024
http://www.rns-pdf.londonstockexchange.com/rns/5910L_1-2024-4-22.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5910L_1-2024-4-22.pdf)
23 April 2024
Anglo American plc
Production Report for the first quarter ended 31 March 2024
Duncan Wanblad, Chief Executive of Anglo American, said: "We were pleased with
the performance in the first quarter, with copper production increasing by 11%
as Quellaveco achieved its highest plant throughput rate, while Collahuasi and
El Soldado in Chile benefitted from higher grades. Steelmaking coal production
also increased by 7%, due to the performance at the Aquila longwall and
Capcoal open cut operations. De Beers implemented changes to lower its diamond
production for the year by c.3 million carats which, combined with lower
production from our PGMs operations, resulted in flat((1)) production overall
for the Group compared to the same period of last year.
"We are driving operational excellence across our assets, focusing on
stability and effective cost management as levers to deliver significant value
through the cycle. We are progressing through our asset review to optimise
value by simplifying and improving the overall quality of the portfolio. With
copper now representing 30% of our total production, and having the benefit of
several well-sequenced and value-accretive copper growth options within our
portfolio over the medium-term, we are also setting up the business to deliver
and grow into the major demand themes."
Q1 2024 highlights
• Copper production increased by 11% reflecting higher throughput at
Quellaveco, despite the impact of planned lower grades, as well as the benefit
of higher grades and throughput at Collahuasi and El Soldado.
• Steelmaking coal production increased by 7% driven by the Aquila and
Capcoal operations, partially offset by the Dawson open cut operation and
ongoing challenges with the strata conditions at Moranbah.
• Iron ore production was flat, with a strong performance from Minas-Rio, up
4%, offset by a planned decrease at Kumba to align with third-party logistics
constraints.
• Rough diamond production decreased by 23%, primarily due to changes
implemented to lower production in response to market inventory levels. Full
year 2024 production guidance has been lowered to 26-29 million carats, with
unit costs revised accordingly to c.$90/carat((2)).
• Production from our Platinum Group Metals (PGMs) operations was 7% lower,
reflecting expected lower volumes from Kroondal (which is reported as
third-party purchase of concentrate from November 2023) and lower production
at Amandelbult.
• Nickel production was broadly unchanged.
Production Q1 2024 Q1 2023 % vs. Q1 2023
Copper (kt)((3)) 198 178 11%
Nickel (kt)((4)) 9.5 9.7 (2)%
Platinum group metals (koz)((5)) 834 901 (7)%
Diamonds (Mct)((6)) 6.9 8.9 (23)%
Iron ore (Mt)((7)) 15.1 15.1 0%
Steelmaking coal (Mt) 3.8 3.5 7%
Manganese ore (kt) 784 841 (7)%
(1) Total production across Anglo American's products is calculated on
a copper equivalent basis, including the equity share of De Beers' production
and using long-term forecast prices.
(2) Production guidance was previously 29-32 million carats and unit
cost guidance was previously c.$80/carat.
(3) Contained metal basis. Reflects copper production from the Copper
operations in Chile and Peru only (excludes copper production from the
Platinum Group Metals business).
(4) Reflects nickel production from the Nickel operations in Brazil
only (excludes 4.7 kt of Q1 2024 nickel production from the Platinum Group
Metals business).
(5) Produced ounces of metal in concentrate. 5E + gold (platinum,
palladium, rhodium, ruthenium and iridium plus gold). Reflects own mined
production and purchase of concentrate.
(6) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(7) Wet basis.
Production and unit cost guidance summary
2024 production guidance 2024 unit cost guidance((1))
Copper((2)) 730-790 kt c.157 c/lb
Nickel((3)) 36-38 kt c.600 c/lb
Platinum Group Metals((4)) 3.3-3.7 Moz c.$920/oz
Diamonds((5)) 26-29 Mct c.$90/ct
(previously 29-32 Mct) (previously c.$80/ct)
Iron Ore((6)) 58-62 Mt c.$37/t
Steelmaking Coal((7)) 15-17 Mt c.$115/t
(1) Unit costs exclude royalties and depreciation and include direct
support costs only. FX rates used for 2024F unit costs: c.850 CLP:USD, c.3.7
PEN:USD, c.5.0 BRL:USD, c.19 ZAR:USD, c.1.5 AUD:USD.
(2) Copper business only. On a contained-metal basis. Total copper
production is the sum of Chile and Peru: Chile: 430-460 kt and Peru: 300-330
kt. Unit cost for Chile: c.190 c/lb and Peru: c.110 c/lb. The copper unit
costs are impacted by FX rates and pricing of by-products, such as molybdenum.
Production in Chile will be weighted to the first half of the year owing to
the closure of the Los Bronces plant from the middle of the year; production
is also subject to water availability. Production in Peru will be weighted to
the second half of the year, primarily as a result of the copper grades
temporarily declining to between 0.6-0.7% in the first half of the year.
(3) Nickel operations in Brazil only. The Group also produces
approximately 20 kt of nickel on an annual basis from the PGM operations.
(4) 5E + gold produced metal in concentrate (M&C) ounces. Includes
own mined production and purchased concentrate (POC) volumes. M&C
production by source is expected to be own mined of 2.1-2.3 million ounces and
purchase of concentrate of 1.2-1.4 million ounces. The average M&C split
by metal is Platinum: ~45%, Palladium: ~35% and Other: ~20%. Refined
production (5E + gold) is expected to be 3.3-3.7 million ounces. Production
remains subject to the impact of Eskom load-curtailment. Unit cost is per own
mined 5E + gold PGMs metal in concentrate ounce.
(5) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis. Production is lowered in
response to the higher than average levels of inventory in the market and the
expected gradual recovery in rough diamonds through the rest of the year, with
the unit cost, which is based on De Beers' share of production volume,
adjusted accordingly. Venetia continues to transition to underground
operations where production is expected to ramp-up over the next few years.
(6) Wet basis. Total iron ore is the sum of operations at Kumba in
South Africa and Minas-Rio in Brazil. Kumba: 35-37 Mt and Minas-Rio: 23-25 Mt.
Kumba production is subject to third-party rail and port availability and
performance. Unit cost for Kumba: c.$38/t and Minas-Rio: c.$35/t.
(7) Production excludes thermal coal by-product. FOB unit cost
comprises managed operations and excludes royalties. The next longwall moves
scheduled at Moranbah and Grosvenor are both in Q3 2024. A walk-on/walk-off
longwall move at Aquila, that will have a minimal production impact, has been
rescheduled from Q2 to Q3 2024 due to production delays from strata
conditions.
Realised prices
Q1 2024 Q1 2023 Q1 2024 vs. FY 2023
Q1 2023
Copper (USc/lb)((1)) 395 447 (12)% 384
Copper Chile (USc/lb)((2)) 396 455 (13)% 384
Copper Peru (USc/lb) 394 433 (9)% 384
Nickel (US$/lb)((3)) 6.43 10.16 (37)% 7.71
Platinum Group Metals
Platinum (US$/oz)((4)) 889 984 (10)% 946
Palladium (US$/oz)((4)) 1,043 1,690 (38)% 1,313
Rhodium (US$/oz)((4)) 4,563 11,671 (61)% 6,592
Basket price (US$/PGM oz)((5)) 1,483 2,131 (30)% 1,657
Diamonds
Consolidated average realised price ($/ct)((6)) 201 163 23% 147
Average price index((7)) 110 138 (20)% 133
Iron Ore - FOB prices((8)) 83 122 (32)% 114
Kumba Export (US$/wmt)((9)) 87 121 (28)% 117
Minas-Rio (US$/wmt)((10)) 77 125 (38)% 110
Steelmaking Coal - HCC (US$/t)((11)) 299 301 (1)% 269
Steelmaking Coal - PCI (US$/t)((11)) 214 278 (23)% 214
(1) Average realised total copper price is a weighted average of the
Copper Chile and Copper Peru realised prices.
(2) Realised price for Copper Chile excludes third-party sales
volumes.
(3) Nickel realised price reflects the market discount for
ferronickel (the product produced by the Nickel business).
(4) Realised price excludes trading.
(5) Price for a basket of goods per PGM oz. The dollar basket price
is the net sales revenue from all metals sold (PGMs, base metals and other
metals) excluding trading, per PGM 5E + gold ounces sold (own mined and
purchased concentrate) excluding trading.
(6) Consolidated average realised price based on 100% selling value
post-aggregation.
(7) Average of the De Beers price index for the Sights within the
12-month period. The De Beers price index is relative to 100 as at December
2006.
(8) Average realised total iron ore price is a weighted average of
the Kumba and Minas-Rio realised prices.
(9) Average realised export basket price (FOB Saldanha) (wet basis
as product is shipped with ~1.6% moisture). The realised prices could differ
to Kumba's stand-alone results due to sales to other Group companies. Average
realised export basket price (FOB Saldanha) on a dry basis is $89/t (Q1 2023:
$123/t), lower than the dry 62% Fe benchmark price of $105/t (FOB South
Africa, adjusted for freight).
(10) Average realised export basket price (FOB Açu) (wet basis as
product is shipped with ~9% moisture).
(11) Weighted average coal sales price achieved at managed operations.
The average realised price for thermal coal by-product for Q1 2024, decreased
by 39% to $118/t (Q1 2023: $194/t). FY 2023 was $145/t.
Summary of updates
ESG summary factsheets on a range of topics are available on our website
(https://www.angloamerican.com/investors/esg-summary-factsheets) . For more
information on Anglo American's announcements since our previous production
report, please find links to our Press Releases below.
- 22 April 2024 | Anglo American updates on progress towards sustainable
mining (https://www.angloamerican.com/media/press-releases/2024/22-04-2024a)
- 22 April 2024 |
(https://www.angloamerican.com/media/press-releases/2024/22-04-2024) Anglo
American to oppose any appeal relating to misconceived Kabwe claim
(https://www.angloamerican.com/media/press-releases/2024/22-04-2024)
- 17 April 2024 |
(https://www.angloamerican.com/media/press-releases/2024/17-04-2024) Anglo
American rough diamond sales value for De Beers' third sales cycle of 2024
(https://www.angloamerican.com/media/press-releases/2024/17-04-2024)
- 10 April 2024 | Anglo American secures additional organic certifications for
POLY4 fertiliser
(https://www.angloamerican.com/media/press-releases/2024/10-04-2024)
- 27 March 2024 | Sishen and Kolomela mines achieve IRMA 75 performance on
responsible mining standard
(https://www.angloamerican.com/media/press-releases/2024/27-03-2024)
- 13 March 2024 | Anglo American rough diamond sales value for De Beers'
second sales cycle of 2024
(https://www.angloamerican.com/media/press-releases/2024/13-03-2024)
- 29 February 2024 | Envusa Energy completes project finance for 520MW of wind
and solar projects in South Africa
(https://www.angloamerican.com/media/press-releases/2024/29-02-2024)
- 28 February 2024 | Anglo American completes 10-strong chartered fleet of
lower emission LNG dual-fuelled vessels
(https://www.angloamerican.com/media/press-releases/2024/28-02-2024)
- 22 February 2024 | Anglo American secures additional multi-billion tonne
high quality iron ore resource at Minas-Rio
(https://www.angloamerican.com/media/press-releases/2024/22-02-2024b)
- 22 February 2024 | Anglo American Preliminary Results for the year ended 31
December 2023
(https://www.angloamerican.com/media/press-releases/2024/22-02-2024)
- 22 February 2024 | Notice of Final Dividend
(https://www.angloamerican.com/media/press-releases/2024/22-02-2024a)
- 20 February 2024 | Kumba Iron Ore Limited year end results ended 31 December
2023 (https://www.angloamerican.com/media/press-releases/2024/20-02-2024)
- 19 February 2024 | Anglo American Platinum's annual results for the twelve
months ended 31 December 2023
(https://www.angloamerican.com/media/press-releases/2024/19-02-2024)
- 16 February 2024 | Mototolo and Amandelbult mines achieve IRMA 75 and IRMA
50 on responsible mining standard; Unki mine retains IRMA 75
(https://www.angloamerican.com/media/press-releases/2024/16-02-2024)
- 12 February 2024 | Anglo American and Finnish Minerals Group to explore
battery value chain opportunities
(https://www.angloamerican.com/media/press-releases/2024/12-02-2024)
Copper
Copper((1)) (tonnes) Q1 Q1 Q1 2024 vs. Q1 2023 Q4 Q1 2024 vs. Q4 2023
2024 2023 2023
Copper 198,100 178,100 11% 229,900 (14)%
Copper Chile 126,100 118,600 6% 136,200 (7)%
Copper Peru 72,000 59,500 21% 93,700 (23)%
(1) Copper production shown on a contained metal basis. Reflects
copper production from the Copper operations in Chile and Peru only (excludes
copper production from the Platinum Group Metals business).
Copper production increased by 11% to 198,100 tonnes, driven by a 21% increase
from Quellaveco in Peru and a 6% increase in Chile's production.
Chile - Copper production increased to 126,100 tonnes, driven by planned
higher grade and throughput at Collahuasi and El Soldado, partially offset by
planned lower grade at Los Bronces.
Production from Los Bronces decreased by 8% to 48,700 tonnes, primarily driven
by planned lower grade (0.47% vs. 0.52%) and ore hardness. The unfavourable
ore characteristics in the current mining area will continue to impact
operations until the next phase of the mine, where the grades are expected to
be higher and the ore softer. Development work for this phase is now under way
and it is expected to benefit production from early 2027. As previously
communicated and in line with our broader focus on improving cash generation,
the older, smaller (c.40% of plant capacity) and more costly Los Bronces
processing plant will be placed on care and maintenance from mid-2024, until
the economics improve, in light of the current unfavourable ore
characteristics in the mine.
At Collahuasi, attributable production increased by 13% to 64,700 tonnes,
driven by planned higher grades (1.20% vs. 1.05%).
Production from El Soldado increased by 44% to 12,700 tonnes, due to planned
higher grade (0.94% vs. 0.72%) and throughput.
The average realised price of 396 c/lb includes 70,400 tonnes of copper
provisionally priced as at 31 March 2024 at an average of 399 c/lb.
Peru - Quellaveco production increased by 21% to 72,000 tonnes, reflecting
record throughput as the plant reached commercial production levels in June
2023, despite the impact of planned lower grades (0.72% vs. 1.04%) from the
revised mine plan.
The average realised price of 394 c/lb includes 71,000 tonnes of copper
provisionally priced as at 31 March 2024 at an average of 402 c/lb.
2024 Guidance
Production guidance for 2024 is unchanged at 730,000-790,000 tonnes (Chile
430,000-460,000 tonnes; Peru 300,000-330,000 tonnes). Production in Chile will
be weighted to the first half of the year owing to the closure of the Los
Bronces plant from the middle of the year; production is also subject to water
availability. Production in Peru will be weighted to the second half of the
year, primarily as a result of the copper grades temporarily declining to
between 0.6-0.7% in the first half of the year.
Unit cost guidance for 2024 is unchanged at c.157 c/lb((1)) (Chile c.190
c/lb((1)); Peru c.110 c/lb((1))).
(1) The copper unit costs are impacted by FX rates and pricing of
by-products, such as molybdenum. FX rate assumption for 2024 unit costs of
c.850 CLP:USD and c.3.7 PEN:USD.
Copper((1)) (tonnes) Q1 Q4 Q3 Q2 Q1 Q1 2024 vs. Q1 2023 Q1 2024 vs. Q4 2023
2024 2023 2023 2023 2023
Total copper production 198,100 229,900 209,100 209,100 178,100 11% (14)%
Total copper sales volumes 177,300 242,600 211,700 203,100 185,900 (5)% (27)%
Copper Chile
Los Bronces mine((2))
Ore mined 11,974,700 13,365,200 11,209,200 13,729,100 12,126,800 (1)% (10)%
Ore processed - Sulphide 10,330,300 11,562,800 9,695,800 12,462,800 10,042,400 3% (11)%
Ore grade processed - 0.47 0.52 0.49 0.51 0.52 (10)% (10)%
Sulphide (% TCu)((3))
Production - Copper in concentrate 40,300 49,400 38,600 52,800 44,000 (8)% (18)%
Production - Copper cathode 8,400 7,800 7,200 7,000 8,700 (3)% 8%
Total production 48,700 57,200 45,800 59,800 52,700 (8)% (15)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 10,472,200 15,892,300 15,949,200 15,232,600 13,503,400 (22)% (34)%
Ore processed - Sulphide 14,350,000 14,943,300 14,502,000 13,814,300 14,092,200 2% (4)%
Ore grade processed - 1.20 1.33 1.19 1.09 1.05 14% (10)%
Sulphide (% TCu)((3))
Anglo American's 44% share of copper production for Collahuasi 64,700 71,700 66,100 57,300 57,100 13% (10)%
El Soldado mine((2))
Ore mined 1,857,400 2,190,000 633,000 2,930,200 1,903,000 (2)% (15)%
Ore processed - Sulphide 1,712,600 1,526,300 2,026,800 1,781,400 1,465,000 17% 12%
Ore grade processed - 0.94 0.62 0.60 0.94 0.72 31% 52%
Sulphide (% TCu)((3))
Production - Copper in concentrate 12,700 7,300 9,700 13,700 8,800 44% 74%
Chagres smelter((2))
Ore smelted((4)) 27,000 28,100 28,600 27,800 29,000 (7)% (4)%
Production 25,600 27,400 27,700 27,100 27,900 (8)% (7)%
Total copper production((5)) 126,100 136,200 121,600 130,800 118,600 6% (7)%
Total payable copper production 121,300 131,000 117,000 125,500 114,100 6% (7)%
Total copper sales volumes 109,400 146,900 120,300 120,700 116,900 (6)% (26)%
Total payable sales volumes 105,200 140,000 115,600 117,100 112,300 (6)% (25)%
Third-party sales((6)) 80,300 139,300 126,600 91,400 86,400 (7)% (42)%
Copper Peru
Quellaveco mine((7))
Ore mined 11,025,800 13,368,500 9,900,400 11,600,200 7,177,900 54% (18)%
Ore processed - Sulphide 12,206,700 11,821,300 11,240,600 9,660,800 7,042,200 73% 3%
Ore grade processed - 0.72 0.95 0.93 0.96 1.04 (31)% (24)%
Sulphide (% TCu)((3))
Total copper production 72,000 93,700 87,500 78,300 59,500 21% (23)%
Total payable copper production 69,600 90,600 84,600 75,700 57,500 21% (23)%
Total copper sales volumes 67,900 95,700 91,400 82,400 69,000 (2)% (29)%
Total payable sales volumes 65,500 92,500 88,300 79,500 66,700 (2)% (29)%
(1) Excludes copper production from the Platinum Group Metals
business.
(2) Anglo American ownership interest of Los Bronces, El Soldado and
the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American
consolidates these operations.
(3) TCu = total copper.
(4) Copper contained basis. Includes third-party concentrate.
(5) Total copper production includes Anglo American's 44% interest
in Collahuasi.
(6) Relates to sales of copper not produced by Anglo American
operations.
(7) Anglo American ownership interest of Quellaveco is
60%. Production is stated at 100% as Anglo American consolidates this
operation.
Nickel
Nickel((1)) (tonnes) Q1 Q1 Q1 2024 vs. Q1 2023 Q4 Q1 2024 vs. Q4 2023
2024 2023 2023
Nickel 9,500 9,700 (2)% 11,100 (14)%
(1) Excludes nickel production from the Platinum Group Metals
business.
Nickel production was broadly flat at 9,500 tonnes, as lower throughput at
Codemin was largely offset by the higher grades.
The average realised price of 643 c/lb was 15% lower than the average LME
nickel price of 753 c/lb, primarily reflecting the market discounts for
ferronickel (the product produced by the Nickel business).
2024 Guidance
Production guidance for 2024 is unchanged at 36,000-38,000 tonnes.
Unit cost guidance for 2024 is unchanged at c.600 c/lb((1)).
(1) FX rate assumption for 2024 unit costs of c.5.0 BRL:USD.
Nickel (tonnes) Q1 Q4 Q3 Q2 Q1 Q1 2024 vs. Q1 2023 Q1 2024 vs. Q4 2023
2024 2023 2023 2023 2023
Barro Alto
Ore mined 319,200 1,094,700 1,387,900 1,283,400 534,800 (40)% (71)%
Ore processed 636,500 634,000 559,800 650,700 631,900 1% 0%
Ore grade processed - %Ni 1.42 1.48 1.48 1.46 1.36 4% (4)%
Production 7,800 8,800 7,200 8,000 7,800 0% (11)%
Codemin
Ore mined - - - - 27,800 n/a n/a
Ore processed 136,300 152,500 153,200 146,900 146,900 (7)% (11)%
Ore grade processed - %Ni 1.43 1.46 1.44 1.42 1.34 7% (2)%
Production 1,700 2,300 2,100 1,900 1,900 (11)% (26)%
Total nickel production((1)) 9,500 11,100 9,300 9,900 9,700 (2)% (14)%
Sales volumes 7,700 11,400 9,300 10,600 8,500 (9)% (32)%
(1) Excludes nickel production from the Platinum Group Metals
business.
Platinum Group Metals (PGMs)
PGMs (000 oz)((1)) Q1 Q1 Q1 2024 vs. Q1 2023 Q4 Q1 2024 vs. Q4 2023
2024 2023 2023
Metal in concentrate production 834 901 (7)% 932 (11)%
Own mined((2)) 504 586 (14)% 596 (15)%
Purchase of concentrate (POC)((3)) 330 315 5% 337 (2)%
Refined production((4)) 628 626 0% 1,191 (47)%
(1) Ounces refer to troy ounces. PGMs consists of 5E + gold
(platinum, palladium, rhodium, ruthenium and iridium plus gold).
(2) Includes managed operations and 50% of joint operation
production.
(3) Includes the other 50% of joint operation production, as well as
the purchase of concentrate from third parties.
(4) Refined production excludes toll refined material.
Metal in concentrate production
Total PGM production decreased by 7%, reflecting expected lower volumes from
Kroondal (which is reported as third-party purchase of concentrate from
November 2023) and lower production at Amandelbult.
Own mined production decreased by 14% to 504,300 ounces, primarily due to the
disposal of Kroondal in Q4 2023((1)). Excluding Kroondal, production decreased
by 6% due to lower production from Amandelbult and Mototolo. Mogalakwena
produced 219,500 ounces, which was flat year-on-year.
Production at Amandelbult decreased by 16% to 127,100 ounces, driven by lower
recoveries and plant equipment breakdowns.
Production at Mototolo decreased by 10% to 61,900 ounces, as a result of lower
throughput reflecting mining equipment breakdowns and challenging ground
conditions as a section of the mine reaches its end of life.
Unki produced 62,800 ounces, in line with the same period of last year.
Purchase of concentrate increased by 5% to 329,800 ounces, reflecting the
transition of Kroondal to a 100% third-party purchase of concentrate
arrangement. Normalising the comparative period to include 100% of Kroondal,
results in a 10% decrease reflecting lower third-party receipts.
Refined production
Refined production was flat at 628,000 ounces. In the first quarter of every
year, refined production is typically at its lowest, due to the annual stock
count and planned maintenance at processing assets.
Eskom load-curtailment had no impact on production during the quarter.
Sales
Sales volumes were broadly flat at 707,500 ounces.
The average realised basket price of $1,483/PGM ounce was 30% lower, mainly
due to a 61% decrease in rhodium prices and a 38% decrease in palladium
prices.
2024 Guidance
Production guidance for 2024 for metal in concentrate((2)) and refined
production is unchanged at 3.3-3.7 million ounces. Production remains subject
to the impact of Eskom load-curtailment.
Unit cost guidance for 2024 is unchanged at c.$920/PGM ounce((3)).
(1) The disposal of our 50% interest in Kroondal was completed and
effective on 1 November 2023, resulting in Kroondal moving to a 100%
third-party purchase of concentrate arrangement. Kroondal is expected to
transition to a toll arrangement at the end of H1 2024.
(2) Metal in concentrate (M&C) production by source is expected
to be own mined of 2.1-2.3 million ounces and purchase of concentrate of
1.2-1.4 million ounces. The average M&C split by metal is Platinum: ~45%,
Palladium: ~35% and Other: ~20%.
(3) Unit cost is per own mined 5E + gold PGMs metal in concentrate
ounce. FX rate assumption for 2024 unit costs of c.19 ZAR:USD.
Q1 Q4 Q3 Q2 Q1 Q1 2024 vs. Q1 2023 Q1 2024 vs. Q4 2023
2024 2023 2023 2023 2023
M&C PGMs production (000 oz)((1)) 834.1 932.2 1,029.6 943.1 901.2 (7)% (11)%
Own mined 504.3 595.7 665.8 612.7 586.0 (14)% (15)%
Mogalakwena 219.5 265.3 246.8 242.4 219.0 0% (17)%
Amandelbult 127.1 149.9 184.9 147.9 151.5 (16)% (15)%
Unki 62.8 61.8 60.5 59.0 62.5 0% 2%
Mototolo 61.9 66.5 76.1 77.4 68.7 (10)% (7)%
Modikwa - joint operation((2)) 33.0 36.3 39.6 35.1 34.4 (4)% (9)%
Kroondal - joint operation((3)) - 15.9 57.9 50.9 49.9 n/a n/a
Purchase of concentrate 329.8 336.5 363.8 330.4 315.2 5% (2)%
Modikwa - joint operation((2)) 33.0 36.3 39.6 35.1 34.4 (4)% (9)%
Kroondal - joint operation((3)) - 15.9 57.9 50.9 49.9 n/a n/a
Third parties((3)) 296.8 284.3 266.3 244.4 230.9 29% 4%
Refined PGMs production (000 oz)((1)(4)) 628.0 1,191.1 909.7 1,073.8 626.0 0% (47)%
By metal:
Platinum 272.7 565.2 428.5 489.4 266.0 3% (52)%
Palladium 206.4 400.0 285.5 352.6 230.5 (10)% (48)%
Rhodium 39.6 61.3 57.1 68.4 38.8 2% (35)%
Other PGMs and gold 109.3 164.6 138.6 163.4 90.7 21% (34)%
Nickel (tonnes) 4,700 7,000 5,400 6,100 3,300 42% (33)%
Tolled material (000 oz)((5)) 160.2 175.1 159.8 139.6 146.1 10% (9)%
PGMs sales from production (000 oz)((1)) 707.5 1,166.2 951.8 1,108.7 698.6 1% (39)%
Third-party PGMs sales (000 oz)((1)(6)) 1,200.1 1,050.3 1,220.9 1,153.0 912.2 32% 14%
4E head grade (g/t milled)((7)) 3.05 3.35 3.29 3.15 3.11 (2)% (9)%
(1) M&C refers to metal in concentrate. Ounces refer to troy
ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium
and iridium plus gold).
(2) Modikwa is a 50% joint operation. The 50% equity share of
production is presented under 'Own mined' production. Anglo American Platinum
purchases the remaining 50% of production, which is presented under 'Purchase
of concentrate'.
(3) Kroondal was a 50% joint operation until 1 November 2023. Up
until this date, the 50% equity share of production was presented under 'Own
mined' production and the remaining 50% of production, that Anglo American
Platinum purchased, was presented under 'Purchase of concentrate'. Upon the
disposal of our 50% interest, Kroondal transitioned to a 100% third-party POC
arrangement, whereby 100% of production will be presented under 'Purchase of
concentrate: Third parties' until it transitions to a toll arrangement,
expected at the end of H1 2024.
(4) Refined production excludes toll material.
(5) Tolled volume measured as the combined content of: platinum,
palladium, rhodium and gold, reflecting the tolling agreements in place.
(6) Relates to sales of metal not produced by Anglo American
operations, and includes metal lending and borrowing activity.
(7) 4E: the grade measured as the combined content of: platinum,
palladium, rhodium and gold, excludes tolled material. Minor metals are
excluded due to variability.
De Beers - Diamonds
Diamonds((1)) (000 carats) Q1 Q1 Q1 2024 vs. Q1 2023 Q4 Q1 2024 vs. Q4 2023
2024 2023 2023
Botswana 4,987 6,899 (28)% 6,135 (19)%
Namibia 633 619 2% 566 12%
South Africa 598 739 (19)% 434 38%
Canada 645 673 (4)% 802 (20)%
Total carats recovered 6,863 8,930 (23)% 7,937 (14)%
(1) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
Rough diamond production decreased by 23% to 6.9 million carats, primarily due
to production configuration changes implemented in response to higher than
average levels of inventory in the market and the expectation for a gradual
recovery in rough diamond demand.
In Botswana, production decreased by 28% to 5.0 million carats, driven by
intentional lower production at Jwaneng and a short-term change in plant feed
mix at Orapa to process existing surface stockpiles.
Production in Namibia was broadly unchanged at 0.6 million carats.
In South Africa, production decreased by 19% to 0.6 million carats, due to the
continued depletion of lower grade surface stockpiles prior to the planned
ramp-up of underground operations at Venetia over the next few years.
Production in Canada decreased by 4% to 0.6 million carats, due to planned
treatment of lower grade ore.
Demand for rough diamonds began to recover during Q1 2024 following improved
demand for diamond jewellery in the United States over the year-end holiday
season. The flexibility for rough diamond allocations offered by De Beers in
2023, combined with the voluntary import moratorium on rough diamonds into
India in Q4 2023, has helped improve the industry's balance between wholesale
supply and demand. However, ongoing uncertainty around economic growth
prospects has led to a continued cautious purchasing approach by Sightholders
and the recovery in rough diamond demand is expected to be gradual through the
rest of the year. Consequently, rough diamond sales in Q1 2024 totalled 4.9
million carats (4.6 million carats on a consolidated basis)((1)) from two
Sights, compared with 9.7 million carats (8.9 million carats on a consolidated
basis)((1)) from three Sights in Q1 2023, and 2.8 million carats (2.6 million
carats on a consolidated basis)((1)) from two Sights in Q4 2023.
The consolidated average realised price increased by 23% to $201/ct,
reflecting a change in the sales mix towards higher value rough diamonds and
the benefit of the price adjustment in Sight 1 of 2024, which helped improve
demand in higher price categories.
2024 Guidance
Production guidance((2)) for 2024 is lowered to 26-29 million carats
(previously 29-32 million carats) in response to the higher than average
levels of inventory in the market and the expected gradual recovery in rough
diamonds through the rest of the year.
Unit cost guidance for 2024 is revised to c.$90/carat (previously
c.$80/carat((3))), reflecting the lower production.
(1) Consolidated sales volumes exclude De Beers Group's JV partners'
50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company,
which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(3) Unit cost is based on De Beers' share of production volume. FX
rate assumption for 2024 unit costs of c.19 ZAR:USD.
Diamonds((1)) Q1 Q4 Q3 Q2 Q1 Q1 2024 vs. Q1 2023 Q1 2024 vs. Q4 2023
2024 2023 2023 2023 2023
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 2,494 3,192 3,400 2,955 3,782 (34)% (22)%
Orapa((2)) 2,493 2,943 2,437 2,874 3,117 (20)% (15)%
Total Botswana 4,987 6,135 5,837 5,829 6,899 (28)% (19)%
Debmarine Namibia 505 435 423 503 498 1% 16%
Namdeb (land operations) 128 131 107 109 121 6% (2)%
Total Namibia 633 566 530 612 619 2% 12%
Venetia 598 434 365 466 739 (19)% 38%
Total South Africa 598 434 365 466 739 (19)% 38%
Gahcho Kué (51% basis) 645 802 676 683 673 (4)% (20)%
Total Canada 645 802 676 683 673 (4)% (20)%
Total carats recovered 6,863 7,937 7,408 7,590 8,930 (23)% (14)%
Sales volumes (000 carats)
Total sales volume (100%)((3)) 4,869 2,753 7,350 7,561 9,694 (50)% 77%
Consolidated sales volume((3)) 4,612 2,637 6,742 6,407 8,896 (48)% 75%
Number of Sights (sales cycles) 2 2 3 2 3
(1) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa,
Letlhakane and Damtshaa.
(3) Consolidated sales volumes exclude De Beers Group's JV partners'
50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company,
which are included in total sales volume (100% basis).
Iron Ore
Iron Ore (000 t) Q1 Q1 Q1 2024 vs. Q1 2023 Q4 Q1 2024 vs. Q4 2023
2024 2023 2023
Iron Ore 15,143 15,076 0% 13,806 10%
Kumba((1)) 9,275 9,425 (2)% 7,234 28%
Minas-Rio((2)) 5,868 5,651 4% 6,572 (11)%
(1) Volumes are reported as wet metric tonnes. Product is shipped
with ~1.6% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped
with ~9% moisture.
Iron ore production was flat at 15 million tonnes. Strong performance from
Minas-Rio, with production up 4%, was offset by an expected decrease at Kumba
of 2% due to the previously announced business reconfiguration to align with
third-party logistics constraints.
Kumba - Total production decreased to 9.3 million tonnes, driven by a 12%
decrease at Kolomela to 2.7 million tonnes due to the reconfiguration of the
mine to align production to lower third-party rail capacity and alleviate mine
stockpile constraints. Sishen's production increased by 4% to 6.6 million
tonnes, reflecting operational stability.
Total sales decreased by 12% to 8.4 million tonnes((1)), primarily as a result
of equipment reliability challenges at the Saldanha Bay port as well as
adverse weather conditions. Equipment maintenance is now being undertaken in
the second quarter by Transnet, with Kumba increasing alternative loading
approaches and also working to secure alternative loading options to help
mitigate the impact.
As a result of the logistics challenges on rail and at the port, total
finished stock increased to 8.6 million tonnes((1)), with stock at the mines
increasing to 6.9 million tonnes((1)), which remains considerably above
desired levels. Stock at the port increased to 1.7 million tonnes((1)).
Kumba's iron (Fe) content averaged 64.2% (Q1 2023: 63.1%), while the average
lump:fines ratio was 66:34 (Q1 2023: 67:33).
The average realised price of $87/tonne((1)) (FOB South Africa, wet basis) was
16% lower than the 62% Fe benchmark price of $103/tonne((1)) (FOB South
Africa, adjusted for freight and moisture), impacted by a significant
provisional pricing adjustment as benchmark prices moved lower in the quarter.
This impact more than offset the lump and Fe content quality premiums that the
Kumba products attract.
Minas-Rio - Production increased by 4% to 5.9 million tonnes, reflecting good
preparations at the mine at the end of 2023 with high stock levels available
to secure the ore feed for Q1 production, despite the highest rainfall in the
last six years. Production also benefitted from operational improvements at
the crushing circuit and plant, which increased recovery.
Sales decreased by 9% to 4.6 million tonnes, lower than production during the
quarter, primarily due to the timing of sales.
The average realised price of $77/tonne (FOB Brazil, wet basis) was 23% lower
than the Metal Bulletin 65 price of $100/tonne (FOB Brazil, adjusted for
freight and moisture), impacted by a significant provisional pricing
adjustment as benchmark prices moved lower in the quarter. This impact more
than offset the premium for our high quality product, including higher (~67%)
Fe content.
2024 Guidance
Production guidance for 2024 is unchanged at 58-62 million tonnes (Kumba 35-37
million tonnes; Minas-Rio 23-25 million tonnes). Kumba is subject to
third-party rail and port availability and performance.
Unit cost guidance for 2024 is unchanged at c.$37/tonne((2)) (Kumba
c.$38/tonne((2)); Minas-Rio c.$35/tonne((2))).
(1) Production and sales volumes, stock and realised price are
reported on a wet basis and could differ to Kumba's stand-alone results due to
sales to other Group companies. In Q4 2023, total finished stock was 7.1
million tonnes, stock at the mines was 6.5 million tonnes and stock at the
port was 0.6 million tonnes.
(2) FX rate assumption for 2024 unit costs of c.19 ZAR:USD for Kumba
and c.5.0 BRL:USD for Minas-Rio.
Iron Ore (000 t) Q1 Q4 Q3 Q2 Q1 Q1 2024 vs. Q1 2023 Q1 2024 vs. Q4 2023
2024 2023 2023 2023 2023
Iron Ore production((1)) 15,143 13,806 15,397 15,647 15,076 0% 10%
Iron Ore sales((1)) 12,997 16,413 14,748 15,781 14,546 (11)% (21)%
Kumba production 9,275 7,234 9,736 9,320 9,425 (2)% 28%
Sishen 6,563 5,958 6,680 6,442 6,341 4% 10%
Kolomela 2,712 1,276 3,056 2,878 3,084 (12)% 113%
Kumba sales volumes((2)) 8,383 9,344 8,873 9,456 9,499 (12)% (10)%
Lump((2)) 5,520 6,221 5,878 6,241 6,366 (13)% (11)%
Fines((2)) 2,863 3,123 2,995 3,215 3,133 (9)% (8)%
Minas-Rio production
Pellet feed 5,868 6,572 5,661 6,327 5,651 4% (11)%
Minas-Rio sales volumes
Export - pellet feed 4,614 7,069 5,875 6,325 5,047 (9)% (35)%
(1) Total iron ore is the sum of Kumba and Minas-Rio and reported in
wet metric tonnes. Kumba product is shipped with ~1.6% moisture and Minas-Rio
product is shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's stand-alone results due to
sales to other Group companies.
Steelmaking Coal
Steelmaking Coal((1)) (000 t) Q1 Q1 Q1 2024 vs. Q1 2023 Q4 Q1 2024 vs. Q4 2023
2024 2023 2023
Steelmaking Coal 3,780 3,533 7% 4,756 (21)%
(1) Anglo American's attributable share of saleable production.
Steelmaking coal production volumes may include some product sold as thermal
coal and includes production relating to third-party product purchased and
processed at Anglo American's operations.
Steelmaking coal production increased by 7% to 3.8 million tonnes, primarily
driven by the Aquila underground longwall operation and the Capcoal open cut
operation. This was partly offset by lower production at the Dawson open cut
operation.
During the quarter, Moranbah and Aquila underground longwall operations
experienced challenges with difficult strata conditions. Grosvenor underground
operation experienced some delays while managing gas levels.
During the quarter, the ratio of hard coking coal production to PCI/semi-soft
coking coal was 77:23, slightly lower than Q1 2023 (80:20) due to the
Capcoal operation producing more PCI coking coal.
The average realised price for hard coking coal was $299/tonne, this was
broadly in line with the benchmark price of $308/tonne and reflects an
increase in price realisation to 97% (Q1 2023: 88%), primarily as a result of
the timing of sales during this quarter.
2024 Guidance
Production guidance for 2024 is unchanged at 15-17 million tonnes. The next
longwall moves scheduled at Moranbah and Grosvenor are both in Q3 2024. A
walk-on/walk-off longwall move at Aquila, that will have a minimal production
impact, has been rescheduled from Q2 to Q3 2024 due to production delays from
strata conditions.
Unit cost guidance for 2024 is unchanged at c.$115/tonne((2)).
(1) Steelmaking coal production volumes may include some product
sold as thermal coal.
(2) FX rate assumption for 2024 unit costs of c.1.5 AUD:USD.
Coal, by product (000 t)((1)) Q1 Q4 Q3 Q2 Q1 Q1 2024 vs. Q1 2023 Q1 2024 vs. Q4 2023
2024 2023 2023 2023 2023
Production volumes
Steelmaking Coal((2)(3)(4)) 3,780 4,756 4,356 3,356 3,533 7% (21)%
Hard coking coal((2)) 2,921 3,804 3,235 2,358 2,842 3% (23)%
PCI / SSCC 859 952 1,121 998 691 24% (10)%
Export thermal coal((4)) 324 34 284 481 284 14% 853%
Sales volumes
Steelmaking Coal((2)) 3,827 3,795 4,226 3,585 3,334 15% 1%
Hard coking coal((2)) 2,974 2,987 3,199 2,681 2,699 10% 0%
PCI / SSCC 853 808 1,027 904 635 34% 6%
Export thermal coal 429 494 387 390 402 7% (13)%
Steelmaking coal, by operation (000 t)((1)) Q1 Q4 Q3 Q2 Q1 Q1 2024 vs. Q1 2023 Q1 2024 vs. Q4 2023
2024 2023 2023 2023 2023
Steelmaking Coal((2)(3)(4)) 3,780 4,756 4,356 3,356 3,533 7% (21)%
Moranbah((2)) 561 662 946 948 576 (3)% (15)%
Grosvenor 967 1,021 560 240 976 (1)% (5)%
Aquila (incl. Capcoal)((2)) 977 1,181 1,338 874 745 31% (17)%
Dawson((4)) 487 1,118 688 576 520 (6)% (56)%
Jellinbah 788 774 824 718 716 10% 2%
(1) Anglo American's attributable share of saleable production.
(2) Includes production relating to third-party product purchased
and processed at Anglo American's operations.
(3) Steelmaking coal production volumes may include some product
sold as thermal coal.
(4) Q4 2023 includes an adjustment for the 2023 year for some
steelmaking coal produced at Dawson that had previously been reported as
thermal coal.
Manganese
Manganese (000 t) Q1 Q1 Q1 2024 vs. Q1 2023 Q4 Q1 2024 vs. Q4 2023
2024 2023 2023
Manganese ore((1)) 784 841 (7)% 848 (8)%
(1) Anglo American's 40% attributable share of saleable production.
Manganese ore production decreased by 7% to 783,800 tonnes, primarily due to
the impact of tropical cyclone Megan in mid-March, which has temporarily
suspended the Australian operations. The tropical cyclone caused widespread
flooding and significant damage to critical infrastructure. The operational
recovery has focused on re-establishing critical services and dewatering
targeted mining pits, and studies are underway on the infrastructure
restoration.
Manganese (tonnes) Q1 Q4 Q3 Q2 Q1 Q1 2024 vs. Q1 2023 Q1 2024 vs. Q4 2023
2024 2023 2023 2023 2023
Samancor production
Manganese ore((1)) 783,800 847,800 1,012,100 969,800 840,900 (7)% (8)%
Samancor sales volumes
Manganese ore 796,800 992,000 971,500 937,900 823,600 (3)% (20)%
(1) Anglo American's 40% attributable share of saleable production.
Exploration and evaluation
Exploration and evaluation expenditure for the quarter of $66 million was
broadly in line with the same period last year (Q1 2023: $68 million).
Exploration expenditure decreased by 10% to $27 million, and evaluation
expenditure was broadly flat at $39 million.
Notes
• This Production Report for the first quarter ended 31 March 2024 is
unaudited.
• Production figures are sometimes more precise than the rounded numbers
shown in this Production Report.
• Copper equivalent production shows changes in underlying production
volume, and includes the equity share of De Beers' production. It is
calculated by expressing each product's volume as revenue, subsequently
converting the revenue into copper equivalent units by dividing by the copper
price (per tonne). Long-term forecast prices are used, in order that
period-on-period comparisons exclude any impact for movements in price.
• Please refer to page 17 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group",
the "Group", "we", "us", and "our" are to refer to either Anglo American plc
and its subsidiaries and/or those who work for them generally, or where it is
not necessary to refer to a particular entity, entities or persons. The use of
those generic terms herein is for convenience only, and is in no way
indicative of how the Anglo American Group or any entity within it is
structured, managed or controlled. Anglo American subsidiaries, and their
management, are responsible for their own day-to-day operations, including but
not limited to securing and maintaining all relevant licences and permits,
operational adaptation and implementation of Group policies, management,
training and any applicable local grievance mechanisms. Anglo American
produces Group-wide policies and procedures to ensure best uniform practices
and standardisation across the Anglo American Group but is not responsible for
the day to day implementation of such policies. Such policies and procedures
constitute prescribed minimum standards only. Group operating subsidiaries are
responsible for adapting those policies and procedures to reflect local
conditions where appropriate, and for implementation, oversight and monitoring
within their specific businesses.
This document is for information purposes only and does not constitute, nor is
to be construed as, an offer to sell or the recommendation, solicitation,
inducement or offer to buy, subscribe for or sell shares in Anglo American or
any other securities by Anglo American or any other party. Further, it should
not be treated as giving investment, legal, accounting, regulatory, taxation
or other advice and has no regard to the specific investment or other
objectives, financial situation or particular needs of any recipient.
For further information, please contact:
Media Investors
UK UK
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Marcelo Esquivel Tyler Broda
marcelo.esquivel@angloamerican.com tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 1470
Rebecca Meeson-Frizelle Emma Waterworth
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Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 8574
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nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 8830
Tel: +27 (0)11 638 3189
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Sibusiso Tshabalala michelle.jarman@angloamerican.com
sibusiso.tshabalala@angloamerican.com Tel: +44 (0)20 7968 1494
Tel: +27 (0)11 638 2175
Notes:
Anglo American is a leading global mining company and our products are the
essential ingredients in almost every aspect of modern life. Our portfolio of
world-class competitive operations, with a broad range of future development
options, provides many of the future-enabling metals and minerals for a
cleaner, greener, more sustainable world and that meet the fast growing every
day demands of billions of consumers. With our people at the heart of our
business, we use innovative practices and the latest technologies to discover
new resources and to mine, process, move and market our products to our
customers - safely and sustainably.
As a responsible producer of copper, nickel, platinum group metals, diamonds
(through De Beers), and premium quality iron ore and steelmaking coal - with
crop nutrients in development - we are committed to being carbon neutral
across our operations by 2040. More broadly, our Sustainable Mining Plan
commits us to a series of stretching goals to ensure we work towards a healthy
environment, creating thriving communities and building trust as a corporate
leader. We work together with our business partners and diverse stakeholders
to unlock enduring value from precious natural resources for the benefit of
the communities and countries in which we operate, for society as a whole, and
for our shareholders. Anglo American is re-imagining mining to improve
people's lives.
www.angloamerican.com
Forward-looking statements and third-party information:
This announcement includes forward-looking statements. All statements other
than statements of historical facts included in this announcement, including,
without limitation, those regarding Anglo American's financial position,
business, acquisition and divestment strategy, dividend policy, plans and
objectives of management for future operations, prospects and projects
(including development plans and objectives relating to Anglo American's
products, production forecasts and Ore Reserve and Mineral Resource positions)
and sustainability performance related (including environmental, social and
governance) goals, ambitions, targets, visions, milestones and aspirations,
are forward-looking statements. By their nature, such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Anglo
American or industry results to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding
Anglo American's present and future business strategies and the environment in
which Anglo American will operate in the future. Important factors that could
cause Anglo American's actual results, performance or achievements to differ
materially from those in the forward-looking statements include, among others,
levels of actual production during any period, levels of global demand and
commodity market prices, unanticipated downturns in business relationships
with customers or their purchases from Anglo American, mineral resource
exploration and project development capabilities and delivery, recovery rates
and other operational capabilities, safety, health or environmental incidents,
the effects of global pandemics and outbreaks of infectious diseases, the
impact of attacks from third parties on our information systems, natural
catastrophes or adverse geological conditions, climate change and extreme
weather events, the outcome of litigation or regulatory proceedings, the
availability of mining and processing equipment, the ability to obtain key
inputs in a timely manner, the ability to produce and transport products
profitably, the availability of necessary infrastructure (including
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forcing closure of mines and ceasing of operations or maintenance of Anglo
American's assets and changes in taxation or safety, health, environmental or
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conflicts over land and resource ownership rights and such other risk factors
identified in Anglo American's most recent Annual Report. Forward-looking
statements should, therefore, be construed in light of such risk factors and
undue reliance should not be placed on forward-looking statements.
These forward-looking statements speak only as of the date of this
announcement. Anglo American expressly disclaims any obligation or undertaking
(except as required by applicable law, the City Code on Takeovers and Mergers,
the UK Listing Rules, the Disclosure and Transparency Rules of the Financial
Conduct Authority, the Listings Requirements of the securities exchange of the
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to release publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in Anglo American's expectations with
regard thereto or any change in events, conditions or circumstances on which
any such statement is based.
Nothing in this announcement should be interpreted to mean that future
earnings per share of Anglo American will necessarily match or exceed its
historical published earnings per share. Certain statistical and other
information included in this announcement is sourced from third-party sources
(including, but not limited to, externally conducted studies and trials). As
such it has not been independently verified and presents the views of those
third parties, but may not necessarily correspond to the views held by Anglo
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