REG - Anglo American PLC - Anglo American Production Report Q2 2022
21/07/2022 07:00
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RNS Number : 2106T Anglo American PLC 21 July 2022
http://www.rns-pdf.londonstockexchange.com/rns/2106T_1-2022-7-20.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2106T_1-2022-7-20.pdf)
21 July 2022
Anglo American plc
Production Report for the second quarter ended 30 June 2022
Duncan Wanblad, Chief Executive of Anglo American, said: "Our production
performance started to pick up in the second quarter of 2022, with operational
momentum and our focus on asset resilience positioning us well for a stronger
second half of the year. Full year production guidance is unchanged for PGMs,
copper and iron ore, increased for diamonds and decreased for steelmaking coal
due to longwall ramp-up timing. Overall for the second quarter, production was
9%((1)) lower compared with the same quarter in 2021, primarily due to
expected lower grades and water availability in Copper, ramp-up of the Aquila
longwall in Steelmaking Coal and planned maintenance at the Minas-Rio iron ore
operation.
"Our newly commissioned Quellaveco project in Peru delivered first copper
concentrate at the start of July and will contribute to our copper production
in the second half. This marks a major milestone in our delivery of this
world-class long life asset, on time and on budget - testament to the
incredible efforts of our workforce and wider stakeholders through the effects
of a global pandemic. Quellaveco is expected to add around 10% to our global
output once fully operational, central to the margin-enhancing organic growth
we are delivering in future-enabling metals and minerals over the next decade.
"As we strive to further enhance Anglo American's investment case, we are
committed to delivering many of the raw materials that are critical to the
decarbonisation of global energy and transport systems and to do so
sustainably, in line with the evolving expectations of our stakeholders. We
are progressing towards our stretching sustainability targets on all fronts.
During the quarter, we unveiled the world's largest hydrogen-powered haul
truck, part of our nuGen™ Zero Emission Haulage Solution. This world-first
technology at such scale is a vital step towards our commitment to carbon
neutrality across our operations by 2040. Our agreement to combine nuGen(TM)
with our engineering partner, First Mode, is designed to accelerate the
commercialisation and deployment of this technology across the mining industry
and other transport applications."
Q2 2022 highlights
• Rough diamond production decreased by 4%, reflecting lower grades in
Canada and Botswana. Production guidance is increased to 32-34 million carats
(previously 30-33 million carats) due to robust demand and strong year-to-date
operational performance.
• Metal in concentrate production from our Platinum Group Metals (PGMs)
operations was broadly flat, with strong performances at Unki and Mototolo
offsetting planned lower grades at Mogalakwena. Unit cost guidance is reduced
to c.$950/PGM ounce (previously c.$970/PGM ounce), reflecting the weaker South
African rand.
• Copper production decreased by 21% due to planned lower grades and water
availability.
• Iron ore production decreased by 8% after a safety intervention at Kumba's
Kolomela mine, as well as planned maintenance at Minas-Rio.
• Steelmaking coal production decreased by 12% as the replacement Aquila
longwall ramped up following the planned end of production from Grasstree, as
well as high rainfall impacting the open pit operations. Full year guidance is
revised to 15-17 million tonnes (previously 17-19 million tonnes) and unit
cost revised to c.$110/tonne (previously c.$105/tonne).
Production Q2 2022 Q2 2021 % vs. Q2 2021 H1 2022 H1 2021 % vs. H1 2021
Diamonds (Mct)((2)) 7.9 8.2 (4)% 16.9 15.4 10%
Copper (kt)((3)) 134 170 (21)% 273 330 (17)%
Nickel (kt)((4)) 10.3 10.6 (3)% 19.6 20.7 (5)%
Platinum group metals (koz)((5)) 1,032 1,058 (2)% 1,988 2,079 (4)%
Iron ore (Mt)((6)) 14.4 15.7 (8)% 27.5 31.9 (14)%
Steelmaking coal (Mt) 2.6 3.0 (12)% 4.8 6.2 (22)%
Manganese ore (kt) 980 941 4% 1,783 1,845 (3)%
(1) Copper equivalent production is normalised to reflect the
demerger of the South Africa thermal coal operations and the sale of our
shareholding in Cerrejón.
(2) De Beers Group production is on a 100% basis, except for the
Gahcho Kué joint venture which is on an attributable 51% basis.
(3) Contained metal basis. Reflects copper production from the
Copper operations in Chile only (excludes copper production from the Platinum
Group Metals business unit).
(4) Reflects nickel production from the Nickel operations in Brazil
only (excludes nickel production from the Platinum Group Metals business
unit).
(5) Produced ounces of metal in concentrate. 5E+Au (platinum,
palladium, rhodium, ruthenium and iridium plus gold). Reflects own mine
production and purchase of concentrate.
(6) Wet basis.
Production and unit cost guidance summary
2022 production guidance((1)) 2022 unit cost guidance((1))
Diamonds((2)) 32-34 Mct c.$65/ct
(previously 30-33 Mct)
Copper((3)) 660-750 kt c.147c/lb
Nickel((4)) 40-42 kt c.495c/lb
Platinum Group Metals((5)) 3.9-4.3 Moz c.$950/oz
(previously c.$970/PGM oz)
Iron Ore((6)) 60-64 Mt c.$40/t
Steelmaking Coal((7)) 15-17 Mt c.$110/t
(previously 17-19 Mt) (previously c.$105/t)
(1) Subject to the extent of further Covid-19 related disruption. Unit
costs exclude royalties, depreciation and include direct support costs only.
FX rates for H2 2022 unit costs: ~17 ZAR:USD, ~1.5 AUD:USD, ~5.5 BRL:USD,
~1,000 CLP:USD, ~4 PEN:USD (previously ~15 ZAR:USD, ~1.3 AUD:USD, ~5.0
BRL:USD, ~800 CLP:USD, ~4 PEN:USD).
(2) Production on a 100% basis, except for the Gahcho Kué joint
venture, which is on an attributable 51% basis, subject to trading conditions.
Venetia continues to transition to underground operations during 2022, with
ramp-up expected from 2023. Unit cost is based on De Beers' share of
production.
(3) Copper business unit only. On a contained-metal basis. Total
copper production is the sum of Chile and Peru: Chile: 560-600 kt and Peru:
100-150 kt. Copper Chile subject to water availability. Peru subject to
progress on ramp-up of operations. Unit cost total is a weighted average based
on the mid-point of production guidance. Chile: c.150c/lb, subject to the
impact of water availability on production volumes. Peru: c.135c/lb, based on
progressing the ramp-up of production volumes.
(4) Nickel operations in Brazil only. The Group also produces
approximately 20 kt of nickel on an annual basis as a co-product from the PGM
operations.
(5) 5E + gold produced metal in concentrate ounces. Includes own mined
production (~65%) and purchased concentrate volumes (~35%). The split of
metals differs for own mined and purchased concentrate, refer to FY2021
results presentation slide 38 for indicative split of own mined volumes. 2022
metal in concentrate production is expected to be 1.8-2.0 Moz of platinum,
1.2-1.3 Moz of palladium and 0.9-1.0 Moz of other PGMs and gold. 5E + gold
refined production is expected to be 4.0-4.4 Moz, subject to the potential
impact of Eskom load-shedding. Unit cost is per own mined 5E + gold PGMs metal
in concentrate ounce.
(6) Wet basis. Total iron ore is the sum of operations at Minas-Rio in
Brazil and Kumba in South Africa. Minas-Rio: 22-24 Mt and Kumba: 38-40 Mt.
Kumba is subject to the third party rail and port performance, as well as
weather-related disruptions. Unit cost total is a weighted average based on
the mid-point of production guidance. Minas-Rio: c.$32/t and Kumba: c.$44/t.
(7) Production excludes thermal coal by-product from Australia. FOB
unit cost comprises managed operations and excludes royalties and study costs.
Realised prices
H1 2022 H1 2021 H1 2022 vs H1 2021
De Beers
Consolidated average realised price ($/ct)((1)) 213 135 58 %
Average price index((2)) 140 109 28 %
Copper (USc/lb)((3)) 401 460 (13) %
Nickel (USc/lb) 1,159 721 61 %
Platinum Group Metals
Platinum (US$/oz)((4)) 964 1,170 (18) %
Palladium (US$/oz)((4)) 2,147 2,641 (19) %
Rhodium (US$/oz)((4)) 17,131 24,377 (30) %
Basket price (US$/PGM oz)((5)) 2,671 2,884 (7) %
Iron Ore - FOB prices((6)) 135 210 (36) %
Kumba Export (US$/wmt)((7)) 135 216 (38) %
Minas-Rio (US$/wmt)((8)) 134 200 (33) %
Steelmaking Coal - HCC (US$/t)((9)) 407 117 248 %
Steelmaking Coal - PCI (US$/t)((9)) 322 103 213 %
(1) Consolidated average realised price based on 100% selling value
post-aggregation.
(2) Average of the De Beers price index for the Sights within the
6-month period. The De Beers price index is relative to 100 as at December
2006.
(3) The realised price for Copper excludes third party sales volumes.
(4) The 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 (PGMs, base metals and other metals),
excluding trading, per 5E + gold sold ounces (own mined and purchased
concentrate).
(6) Average realised total iron ore price is a weighted average of the
Kumba and Minas-Rio realised prices.
(7) Average realised export basket price (FOB Saldanha) (wet basis as
product is shipped with ~1.6% moisture). The realised prices differ to Kumba's
standalone results due to sales to other Group companies. Average realised
export basket price (FOB Saldanha) on a dry basis is $137/t (H1 2021: $220/t)
and this was higher than the dry 62% Fe benchmark price of $120/t (FOB South
Africa, adjusted for freight).
(8) Average realised export basket price (FOB Açu) (wet basis as
product is shipped with ~9% moisture).
(9) Weighted average coal sales price achieved at managed operations.
Australian thermal coal by-product is US$280/t and H1 2021 was US$87/t,
resulting in a 222% increase.
De Beers
De Beers((1)) (000 carats) Q2 Q2 Q2 2022 vs. Q2 2021 Q1 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2021 2022 2022 2021
Botswana 5,521 5,727 (4) % 6,184 (11) % 11,705 10,687 10 %
Namibia 565 338 67 % 451 25 % 1,016 676 50 %
South Africa 1,220 1,276 (4) % 1,696 (28) % 2,916 2,437 20 %
Canada 643 899 (28) % 604 6 % 1,247 1,609 (22) %
Total carats recovered 7,949 8,240 (4) % 8,935 (11) % 16,884 15,409 10 %
Rough diamond production decreased by 4% to 7.9 million carats, primarily due
to the treatment of lower grade ore at operations in both Canada and Botswana.
In Botswana, production decreased by 4% to 5.5 million carats due to lower
grade ore being processed at both Jwaneng and Orapa.
Namibia production increased by 67% to 0.6 million carats, primarily driven by
continued strong performance from the Benguela Gem since the early delivery of
the new diamond recovery vessel in Q1 2022.
South Africa production decreased by 4% to 1.2 million carats due to lower
tonnes treated.
Production in Canada decreased by 28% to 0.6 million carats due to treating
lower grade ore, unscheduled plant maintenance and the impact of Covid-19
related absenteeism.
Strong demand for rough diamonds continued into the second quarter, with rough
diamond sales totalling 9.4 million carats (8.3 million carats on a
consolidated basis)((2)) from three Sights, compared with 7.3 million carats
(6.5 million carats on a consolidated basis)((2)) from two Sights in Q2 2021
and 7.9 million carats (7.0 million carats on a consolidated basis)((2)) from
two Sights in Q1 2022, both of which benefited from strong demand recovery
following the impact of Covid-19 in 2020. While consumer demand for natural
diamonds continued to be robust in the first half, a deterioration of global
macro-economic conditions and reduced consumer spending could impact demand
for diamond jewellery. Despite this, the combination of ongoing sanctions
against Russia, decisions from a number of US-based jewellery businesses to
apply their own restrictions on purchases of Russian diamonds, and continued
development of provenance initiatives (such as the Tracr(TM) blockchain
platform) has the potential to underpin continued robust demand for De Beers'
rough diamonds.
The H1 2022 consolidated average realised price increased by 58% to $213/ct
(H1 2021: $135/ct), driven by a larger proportion of higher value rough
diamonds sold, as well as higher prices. The rough price index increased by
28% compared to H1 2021, reflecting positive consumer demand for diamond
jewellery as well as tightness in inventories across the diamond value chain.
2022 Guidance
Production guidance((1)) for 2022 is increased to 32-34 million carats
(previously 30-33 million carats) (100% basis), subject to trading conditions
and the extent of further Covid-19 related disruptions.
Unit cost guidance for 2022 is unchanged at c.$65/ct.
(1) De Beers Group production is on a 100% basis, except for the
Gahcho Kué joint venture which is on an attributable 51% basis.
(2) 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).
De Beers((1)) Q2 Q1 Q4 Q3 Q2 Q2 2022 vs. Q2 2021 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2022 2021 2021 2021 2022 2021
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 3,120 3,632 2,679 3,954 3,169 (2) % (14) % 6,752 6,260 8 %
Orapa((2)) 2,401 2,552 2,557 2,449 2,558 (6) % (6) % 4,953 4,427 12 %
Total Botswana 5,521 6,184 5,236 6,403 5,727 (4) % (11) % 11,705 10,687 10 %
Debmarine Namibia 488 375 330 309 249 96 % 30 % 863 498 73 %
Namdeb (land operations) 77 76 62 90 89 (13) % 1 % 153 178 (14) %
Total Namibia 565 451 392 399 338 67 % 25 % 1,016 676 50 %
Venetia 1,220 1,696 1,292 1,577 1,276 (4) % (28) % 2,916 2,437 20 %
Total South Africa 1,220 1,696 1,292 1,577 1,276 (4) % (28) % 2,916 2,437 20 %
Gahcho Kué (51% basis) 643 604 771 797 899 (28) % 6 % 1,247 1,609 (22) %
Total Canada 643 604 771 797 899 (28) % 6 % 1,247 1,609 (22) %
Total carats recovered 7,949 8,935 7,691 9,176 8,240 (4) % (11) % 16,884 15,409 10 %
Sales volumes
Total sales volume (100)% (Mct)((3)) 9.4((4)) 7.9((4)) 7.7 7.8 7.3 29 % 19 % 17.3 20.8 (17) %
Consolidated sales volume (Mct)((3)) 8.3((4)) 7.0((4)) 7.2 7.0 6.5 28 % 19 % 15.3 19.2 (20) %
Number of Sights (sales cycles) 3((4)) 2((4)) 3 2 2 5 5
(1) De Beers Group production is on a 100% basis, except for the
Gahcho Kué joint venture 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).
(4) Due to the completion of Sight 3 in April 2022, the sales were
recognised in Q2 2022.
Copper
Copper((1)) (tonnes) Q2 Q2 Q2 2022 vs. Q2 2021 Q1 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2021 2022 2022 2021
Los Bronces 64,300 84,400 (24) % 65,400 (2) % 129,700 163,200 (21) %
Collahuasi (44% share) 62,100 74,300 (16) % 65,700 (5) % 127,800 145,900 (12) %
El Soldado 7,500 11,000 (32) % 8,400 (11) % 15,900 20,900 (24) %
Total Copper 133,900 169,700 (21) % 139,500 (4) % 273,400 330,000 (17) %
(1) Copper production shown on a contained metal basis. Reflects
copper production from the Copper operations in Chile only (excludes copper
production from the Platinum Group Metals business unit).
Chile - Copper production decreased by 21% to 133,900 tonnes due to planned
lower grades and lower water availability.
Production from Los Bronces decreased by 24% to 64,300 tonnes due to planned
lower grades (0.57% vs 0.68%) as well as lower ore processed (12.0 million
tonnes vs 13.2 million tonnes) due to the impact of expected low water
availability.
At Collahuasi, attributable production decreased by 16% to 62,100 tonnes
driven by planned lower grades (1.10% vs 1.29%).
Production from El Soldado decreased by 32% to 7,500 tonnes due to planned
lower grades (0.50% vs 0.75%).
Chile's central zone continues to face severe drought conditions, with the two
years to June 2022 being the driest since records began, and the outlook
continues to remain very dry. Various management initiatives to improve water
efficiency and secure alternative sources of water continue to partly mitigate
the impact on production.
The H1 2022 average realised price of 401c/lb, includes 145,900 tonnes of
copper provisionally priced on 30 June at an average of 374 c/lb.
Peru - First production of copper concentrate from the Quellaveco project was
achieved at the start of Q3 2022, marking a major milestone ahead of receiving
final regulatory clearance for commercial operations to begin.
2022 Guidance
Production guidance for 2022 is unchanged at 660,000-750,000 tonnes (Chile
560,000-600,000 tonnes; Peru 100,000-150,000 tonnes). Production is subject to
the extent of further Covid-19 related disruptions, water availability in
Chile and, in Peru, progress on ramp-up of operations.
Unit cost guidance for 2022 is unchanged at c.147c/lb (Chile c.150c/lb; Peru
c.135c/lb). This guidance is subject to the impact of water availability on
production volumes in Chile, and progressing the ramp-up of production volumes
in Peru.
Copper((1)) Q2 Q1 Q4 Q3 Q2 Q2 2022 vs. Q2 2021 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2022 2021 2021 2021 2022 2021
Los Bronces mine((2))
Ore mined 13,256,600 8,976,100 11,056,800 10,512,600 11,403,100 16 % 48 % 22,232,700 22,215,500 0 %
Ore processed - Sulphide 11,992,800 11,142,600 13,293,500 12,715,400 13,168,200 (9) % 8 % 23,135,400 24,688,600 (6) %
Ore grade processed - 0.57 0.62 0.70 0.70 0.68 (16) % (8) % 0.59 0.70 (15) %
Sulphide (% TCu)((3))
Production - Copper cathode 8,600 10,100 10,400 9,800 9,800 (12) % (15) % 18,700 19,700 (5) %
Production - Copper in concentrate 55,700 55,300 74,500 69,800 74,600 (25) % 1 % 111,000 143,500 (23) %
Total production 64,300 65,400 84,900 79,600 84,400 (24) % (2) % 129,700 163,200 (21) %
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 22,025,700 22,004,800 23,940,600 30,327,200 26,943,000 (18) % 0 % 44,030,500 48,163,300 (9) %
Ore processed - Sulphide 14,337,800 13,841,700 13,979,000 12,926,400 14,334,300 0 % 4 % 28,179,500 28,775,900 (2) %
Ore grade processed - 1.10 1.18 1.18 1.28 1.29 (14) % (6) % 1.14 1.27 (10) %
Sulphide (% TCu)((3))
Production - Copper in concentrate 141,000 149,400 150,100 148,300 168,800 (16) % (6) % 290,400 331,600 (12) %
Anglo American's 44% share of copper production for Collahuasi 62,100 65,700 66,000 65,300 74,300 (16) % (5) % 127,800 145,900 (12) %
El Soldado mine((2))
Ore mined 948,700 611,100 975,500 1,697,800 1,796,600 (47) % 55 % 1,559,800 3,505,200 (56) %
Ore processed - Sulphide 1,914,100 1,809,700 1,909,400 1,952,000 1,834,800 4 % 6 % 3,723,800 3,589,900 4 %
Ore grade processed - 0.50 0.57 0.63 0.73 0.75 (33) % (12) % 0.54 0.73 (27) %
Sulphide (% TCu)((3))
Production - Copper in concentrate 7,500 8,400 9,800 11,600 11,000 (32) % (11) % 15,900 20,900 (24) %
Chagres Smelter((2))
Ore smelted((4)) 20,600 30,900 29,200 30,200 25,400 (19) % (33) % 51,500 48,600 6 %
Production 24,900 25,100 28,400 29,200 24,600 1 % (1) % 50,000 47,200 6 %
Total copper production((5)) 133,900 139,500 160,700 156,500 169,700 (21) % (4) % 273,400 330,000 (17) %
Total payable copper production 128,500 134,100 154,100 150,100 162,600 (21) % (4) % 262,600 316,900 (17) %
Total sales volumes 132,800 132,100 173,400 162,300 157,700 (16) % 1 % 264,900 305,400 (13) %
Total payable sales volumes 127,500 126,900 166,200 153,900 149,200 (15) % 0 % 254,400 292,400 (13) %
Third party sales((6)) 150,900 65,300 138,500 136,200 82,800 82 % 131 % 216,200 156,800 38 %
(1) Excludes copper production from the Platinum Group Metals
business unit. Units shown are tonnes unless stated otherwise.
(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.
(5) Total copper production includes Anglo American's 44% interest
in Collahuasi.
(6) Relates to sales of copper not produced by Anglo American
operations.
Nickel
Nickel (tonnes) Q2 Q2 Q2 2022 vs. Q2 2021 Q1 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2021 2022 2022 2021
Nickel 10,300 10,600 (3) % 9,300 11 % 19,600 20,700 (5) %
Nickel production decreased by 3% to 10,300 tonnes, primarily due to expected
lower ore grades, as a result of licensing delays that are now resolved.
2022 Guidance
Production guidance for 2022 is unchanged at 40,000-42,000 tonnes, subject to
the extent of further Covid-19 related disruptions.
2022 unit cost guidance is unchanged at c.495c/lb.
Nickel (tonnes) Q2 Q1 Q4 Q3 Q2 Q2 2022 vs. Q2 2021 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2022 2021 2021 2021 2022 2021
Barro Alto
Ore mined 758,300 343,700 719,300 1,190,900 976,200 (22) % 121 % 1,102,000 1,604,700 (31) %
Ore processed 618,100 643,900 654,400 564,400 641,500 (4) % (4) % 1,262,000 1,258,200 - %
Ore grade processed - %Ni 1.52 1.42 1.50 1.64 1.56 (3) % 7 % 1.47 1.55 (5) %
Production 8,600 7,900 8,600 8,300 8,800 (2) % 9 % 16,500 17,000 (3) %
Codemin
Ore processed 134,000 115,100 141,700 146,800 136,400 (2) % 16 % 249,100 273,000 (9) %
Ore grade processed - %Ni 1.42 1.41 1.57 1.60 1.52 (7) % 1 % 1.41 1.52 (7) %
Production 1,700 1,400 2,000 2,100 1,800 (6) % 21 % 3,100 3,700 (16) %
Total Nickel production((1)) 10,300 9,300 10,600 10,400 10,600 (3) % 11 % 19,600 20,700 (5) %
Sales volumes 7,800 9,000 10,400 11,700 9,800 (20) % (13) % 16,800 20,000 (16) %
(1) Excludes nickel production from the Platinum Group Metals
business unit.
Platinum Group Metals (PGMs)
PGMs (000 oz)((1)) Q2 Q2 Q2 2022 vs. Q2 2021 Q1 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2021 2022 2022 2021
Metal in concentrate production 1,032 1,058 (2) % 956 8 % 1,988 2,079 (4) %
Own mined((2)) 686 709 (3) % 623 10 % 1,309 1,404 (7) %
Purchase of concentrate (POC)((3)) 345 349 (1) % 333 4 % 678 675 - %
Refined production((4)) 1,241 1,354 (8) % 719 73 % 1,959 2,327 (16) %
(1) Ounces refer to troy ounces. PGMs consists of 5E+Au (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
Own mined production decreased by 3% to 686,300 ounces, primarily due to lower
production at Mogalakwena, which was nearly offset by strong performances at
Unki and Mototolo. Production at Mogalakwena decreased by 15% to 261,400
ounces as a result of mining in a lower grade area in line with the mine plan,
leading to an 11% reduction in grade. This was partially offset by a 38%
increase in production at Unki to 66,300 ounces following the debottlenecking
project at the concentrator, completed in Q4 2021, as well as higher grade.
Production at Mototolo increased by 26%, also reflecting the benefit of a
concentrator debottlenecking project completed in Q2 2021, as well as higher
grade. Amandelbult production was broadly flat at 183,400 ounces. Joint
operations decreased by 8% to 99,600 ounces, due to areas of Kroondal coming
to the end of life and lower grade, partially offset by higher production from
Modikwa.
Purchase of concentrate was broadly flat at 345,200 ounces.
Refined production
Refined production decreased by 8% to 1,240,600 ounces, due to more normalised
throughput, as Q2 2021 benefited from processing higher than normal
work-in-progress inventory following the ACP Phase A rebuild and commissioning
in Q4 2020.
Sales
Sales volumes decreased by 16%, in line with refined production.
The H1 2022 average realised basket price of $2,671/PGM ounce reflects lower
market prices, largely offset by a more normal sales mix compared to H1 2021
which saw elevated sales volumes of lower priced ruthenium.
2022 Guidance
Production guidance (metal in concentrate) for 2022 is unchanged at 3.9-4.3
million ounces((1)). Refined production guidance for 2022 is unchanged at
4.0-4.4 million ounces, subject to the potential impact of Eskom
load-shedding. Both are subject to the extent of further Covid-19 related
disruption.
2022 unit cost guidance is revised to c.$950/PGM ounce (previously c.$970/PGM
ounce), reflecting the weaker South African rand.
(1) Metal in concentrate production is expected to be 1.8-2.0
million ounces of platinum, 1.2-1.3 million ounces of palladium and 0.9-1.0
million ounces of other PGMs and gold. With own-mined output accounting for
~65%.
Q2 Q1 Q4 Q3 Q2 Q2 2022 vs. Q2 2021 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2022 2021 2021 2021 2022 2021
M&C PGMs production (000 oz)((1)) 1,031.5 956.0 1,103.4 1,116.2 1,057.9 (2) % 8 % 1,987.5 2,079.1 (4) %
Own mined 686.3 623.1 734.2 720.0 709.2 (3) % 10 % 1,309.4 1,404.1 (7) %
Mogalakwena 261.4 248.8 300.8 276.4 308.3 (15) % 5 % 510.2 637.4 (20) %
Amandelbult 183.4 159.9 213.6 218.3 185.3 (1) % 15 % 343.3 341.3 1 %
Unki 66.3 53.3 63.2 42.6 47.9 38 % 24 % 119.6 98.8 21 %
Mototolo 75.6 67.2 56.9 69.0 59.9 26 % 13 % 142.8 118.5 21 %
Joint operations((2)) 99.6 93.9 99.7 113.7 107.8 (8) % 6 % 193.5 208.1 (7) %
Purchase of concentrate 345.2 332.9 369.2 396.2 348.7 (1) % 4 % 678.1 675.0 0 %
Joint operations((2)) 99.6 93.9 99.7 113.7 107.8 (8) % 6 % 193.5 208.1 (7) %
Third parties 245.6 239.0 269.5 282.5 240.9 2 % 3 % 484.6 466.9 4 %
Refined PGMs production (000 oz)((1)(3)) 1,240.6 718.5 1,391.3 1,420.4 1,353.7 (8) % 73 % 1,959.1 2,326.7 (16) %
By metal:
Platinum 600.4 334.1 653.5 662.9 625.7 (4) % 80 % 934.5 1,083.5 (14) %
Palladium 374.8 228.1 423.2 459.8 427.5 (12) % 64 % 602.9 744.5 (19) %
Rhodium 86.4 46.3 97.7 92.2 94.3 (8) % 87 % 132.7 157.3 (16) %
Other PGMs and gold 179.0 110.0 216.9 205.5 206.2 (13) % 63 % 289.0 341.4 (15) %
Nickel (tonnes) 6,200 4,600 5,700 6,000 5,800 7 % 35 % 10,800 10,600 2 %
Tolled material (000 oz)((4)) 143.4 154.8 179.5 164.5 153.8 (7) % (7) % 298.2 329.7 (10) %
PGMs sales from production (000 oz)((1)(5)) 1,206.2 838.2 1,285.2 1,361.0 1,437.1 (16) % 44 % 2,044.4 2,568.2 (20) %
Third party PGMs sales (000 oz)((1)(6)) 256.0 400.9 272.9 160.1 116.1 120 % (36) % 656.9 337.6 95 %
4E head grade (g/t milled)((7)) 3.33 3.24 3.49 3.47 3.48 (4) % 3 % 3.29 3.51 (6) %
(1) M&C refers to metal in concentrate. Ounces refer to troy
ounces. PGMs consists of 5E+Au (platinum, palladium, rhodium, ruthenium and
iridium plus gold).
(2) The joint operations are Modikwa and Kroondal. Platinum owns 50%
of these operations, which is presented under 'Own mined' production, and
purchases the remaining 50% of production, which is presented under 'Purchase
of concentrate'.
(3) Refined production excludes toll material.
(4) Ounces refer to troy ounces. Tolled volume measured as the
combined content of: platinum, palladium, rhodium and gold, reflecting the
tolling agreements in place.
(5) PGMs sales volumes from production are generally ~65% own mined
and ~35% purchases of concentrate though this may vary from quarter to
quarter.
(6) Relates to sales of metal not produced by Anglo American
operations.
(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.
Iron Ore
Iron Ore (000 t) Q2 Q2 Q2 2022 vs. Q2 2021 Q1 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2021 2022 2022 2021
Iron Ore((1)) 14,374 15,695 (8) % 13,165 9 % 27,539 31,869 (14) %
Kumba((2)) 9,469 9,818 (4) % 8,292 14 % 17,761 20,372 (13) %
Minas-Rio((3)) 4,905 5,878 (17) % 4,873 1 % 9,778 11,496 (15) %
(1) Total iron ore is the sum of Kumba and Minas-Rio.
(2) Volumes are reported as wet metric tonnes. Product is shipped
with ~1.6% moisture.
(3) Volumes are reported as wet metric tonnes. Product is shipped with
~9% moisture.
Iron ore production decreased by 8% to 14.4 million tonnes, due to a 4%
decrease at Kumba and a 17% decrease at Minas-Rio.
Kumba - Total production decreased by 4% to 9.5 million tonnes, as a 3%
increase at Sishen to 7.1 million tonnes was more than offset by a 20%
decrease at Kolomela to 2.4 million tonnes, reflecting the impact of a safety
intervention.
Total sales increased by 10% to 10.3 million tonnes((1)), reflecting improved
logistics performance and the drawdown of finished stock to 4.5 million
tonnes((1)) to supplement lower production.
Kumba's iron (Fe) content averaged 64.0% (H1 2021: 64.1%), while the average
lump:fines ratio was 66:34 (H1 2021: 69:31).
The H1 2022 average realised price of $135/tonne((1)) (FOB South Africa, wet
basis), was 14% higher than the 62% Fe benchmark price of $118/tonne (FOB
South Africa, adjusted for freight and moisture), reflecting the lump and Fe
content quality premiums that the Kumba products attract, partly offset by
timing on provisionally priced volumes.
Minas-Rio - Production decreased by 17% to 4.9 million tonnes, principally due
to a 20-day planned maintenance carried out in Q2 2022.
The H1 2022 average realised price of $134/tonne (FOB Brazil, wet basis) was
higher than the Metal Bulletin 66 price of $133/tonne (FOB Brazil, adjusted
for freight and moisture), principally reflecting the premium quality of the
product, including higher (~67%) Fe content, partly offset by timing on
provisionally priced volumes.
2022 Guidance
Production guidance (wet basis) for 2022 is unchanged at 60-64 million tonnes
(Kumba 38-40 million tonnes; Minas-Rio 22-24 million tonnes). Both are subject
to the extent of further Covid-19 related disruption and Kumba is subject to
third party rail and port performance as well as weather related disruptions.
Unit cost guidance (wet basis) for 2022 is unchanged at c.$40/tonne (Kumba
c.$44/tonne; Minas-Rio c.$32/tonne).
(1) Sales volumes, stock and realised price are reported on a wet
basis and differ to Kumba's standalone results due to sales to other Group
companies.
Iron Ore (tonnes) Q2 Q1 Q4 Q3 Q2 Q2 2022 vs. Q2 2021 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2022 2021 2021 2021 2022 2021
Iron Ore production((1)) 14,373,900 13,164,900 15,050,800 16,888,100 15,695,300 (8) % 9 % 27,538,800 31,868,700 (14) %
Iron Ore sales((1)) 14,470,800 13,828,700 16,775,700 15,818,800 14,973,600 (3) % 5 % 28,299,500 30,690,000 (8) %
Kumba production 9,468,800 8,292,000 9,701,300 10,788,600 9,817,600 (4) % 14 % 17,760,800 20,372,300 (13) %
Lump 6,229,900 5,387,700 6,419,900 7,252,800 6,723,700 (7) % 16 % 11,617,600 13,879,800 (16) %
Fines 3,238,900 2,904,300 3,281,400 3,535,800 3,093,900 5 % 12 % 6,143,200 6,492,500 (5) %
Kumba production by mine
Sishen 7,105,500 5,816,100 6,538,200 7,528,300 6,876,800 3 % 22 % 12,921,600 13,948,000 (7) %
Kolomela 2,363,300 2,475,900 3,163,100 3,260,300 2,940,800 (20) % (5) % 4,839,200 6,424,300 (25) %
Kumba sales volumes((2)) 10,302,700 9,332,000 10,690,300 9,965,700 9,406,000 10 % 10 % 19,634,700 19,636,200 0 %
Export iron ore((2)) 10,302,700 9,332,000 10,690,300 9,965,700 9,406,000 10 % 10 % 19,634,700 19,529,100 1 %
Domestic iron ore - - - - - n/a n/a - 107,100 n/a
Minas-Rio production
Pellet feed (wet basis) 4,905,100 4,872,900 5,349,500 6,099,500 5,877,700 (17) % 1 % 9,778,000 11,496,400 (15) %
Minas-Rio sales volumes
Export - pellet feed (wet basis) 4,168,100 4,496,700 6,085,400 5,853,100 5,567,600 (25) % (7) % 8,664,800 11,053,800 (22) %
(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 differ to Kumba's standalone results due to sales
to other Group companies.
Steelmaking Coal
Steelmaking Coal((1)) (000 t) Q2 Q2 Q2 2022 vs. Q2 2021 Q1 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2021 2022 2022 2021
Steelmaking Coal 2,621 2,969 (12) % 2,226 18 % 4,847 6,247 (22) %
(1) Anglo American's attributable share of production.
Export steelmaking coal production decreased by 12% to 2.6 million tonnes,
primarily due to the planned end of production at the Grasstree operation in
January 2022 and record unseasonal rainfall in May 2022 at the open pit
operations. This was partly offset by the ramp-up of the new Aquila longwall
operation, which replaces Grasstree, following commencement of operations in
February 2022, as well as the ramp-up of the Grosvenor longwall operation
following its restart in February 2022. Covid-19 related absenteeism and tight
labour markets also continued to weigh on production.
Longwall mining restarted at Moranbah in the next longwall panel on 28 May
2022, following a fatal incident on 25 March 2022 and an extended longwall
move.
The ratio of hard coking coal production to PCI/semi-soft coking coal was
81:19, higher than in Q2 2021 (78:22), primarily due to the restart of
operations at Grosvenor, which produces premium quality hard coking coal.
The H1 2022 average realised price for hard coking coal was $407/tonne, and
the index price was $467/tonne. The price realisation decreased to 87% (H1
2021: 89%) due to a lower contribution of premium hard coking coal from the
Grasstree operation.
2022 Guidance
Production guidance for 2022 is revised to 15-17 million tonnes (previously
17-19 million tonnes), subject to the extent of further unseasonal wet
weather, continued tight labour markets and Covid-19 related disruptions.
2022 unit cost guidance is revised to c.$110/tonne (previously c.$105/tonne),
reflecting the impact of lower volumes.
Coal, by product (tonnes)((1)) Q2 Q1 Q4 Q3 Q2 Q2 2022 vs. Q2 2021 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2022 2021 2021 2021 2022 2021
Production volumes
Steelmaking Coal 2,620,600 2,226,400 4,372,100 4,288,500 2,968,600 (12) % 18 % 4,847,000 6,247,100 (22) %
Hard coking coal 2,125,600 1,753,000 2,922,400 3,567,400 2,319,500 (8) % 21 % 3,878,600 4,830,700 (20) %
PCI / SSCC 495,000 473,400 1,449,700 721,100 649,100 (24) % 5 % 968,400 1,416,400 (32) %
Export thermal Coal 365,900 427,400 341,800 443,800 519,000 (29) % (14) % 793,300 891,400 (11) %
Sales volumes
Steelmaking Coal 2,776,100 2,429,700 4,182,400 3,985,800 2,856,300 (3) % 14 % 5,205,800 5,968,600 (13) %
Hard coking coal 1,987,200 1,812,000 2,793,500 3,293,600 2,246,200 (12) % 10 % 3,799,200 4,708,300 (19) %
PCI / SSCC 679,500 617,700 1,388,900 692,200 610,100 11 % 10 % 1,297,200 1,260,300 3 %
Processed third party coal((2)) 109,400 - - - - n/a n/a 109,400 - n/a
Export thermal coal 390,000 337,900 483,800 560,400 572,000 (32) % 15 % 727,900 1,064,000 (32) %
(1) Anglo American's attributable share of production.
(2) Relates to steelmaking coal mined by third parties and processed by Anglo
American.
Steelmaking coal, by operation (tonnes)((1)) Q2 Q1 Q4 Q3 Q2 Q2 2022 vs. Q2 2021 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2022 2021 2021 2021 2022 2021
Steelmaking Coal 2,620,600 2,226,400 4,372,100 4,288,500 2,968,600 (12) % 18 % 4,847,000 6,247,100 (22) %
Moranbah 209,700 172,800 1,084,300 1,314,700 56,600 270 % 21 % 382,500 651,700 (41) %
Grosvenor 856,300 125,200 52,100 19,500 - n/a 584 % 981,500 - n/a
Aquila (incl. Capcoal)((2)) 527,100 746,400 1,588,700 1,503,500 1,554,100 (66) % (29) % 1,273,500 2,900,700 (56) %
Dawson 317,400 444,900 654,100 659,200 569,800 (44) % (29) % 762,300 1,170,400 (35) %
Jellinbah 710,100 737,100 802,200 791,600 788,100 (10) % (4) % 1,447,200 1,524,300 (5) %
Other - - 190,700 - - n/a n/a - - n/a
(1) Anglo American's attributable share of production.
(2) Including production from the Aquila longwall operation from February
2022. Prior to then, including production from the Grasstree longwall
operation.
Manganese
Manganese (000 t) Q2 Q2 Q2 2022 vs. Q2 2021 Q1 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2021 2022 2022 2021
Manganese ore((1)) 980 941 4 % 804 22 % 1,783 1,845 (3) %
(1) Saleable production.
Manganese ore production increased by 4% to 979,600 tonnes, primarily due to
scheduled maintenance at the South African operations during 2021, partially
offset by wet weather related impacts at the Australian operation in Q2 2022.
Manganese (tonnes) Q2 Q1 Q4 Q3 Q2 Q2 2022 vs. Q2 2021 Q2 2022 vs. Q1 2022 H1 H1 H1 2022 vs. H1 2021
2022 2022 2021 2021 2021 2022 2021
Samancor production
Manganese ore((1)) 979,600 803,500 834,600 1,003,600 940,500 4 % 22 % 1,783,100 1,845,000 (3) %
Samancor sales volumes
Manganese ore 960,200 846,900 940,200 947,200 980,200 (2) % 13 % 1,807,100 1,858,400 (3) %
(1) Saleable production.
Exploration and evaluation
Exploration and evaluation expenditure increased by 30% to $87 million.
Exploration expenditure increased by 68% to $42 million, principally
reflecting timing of drilling schedules and the recovery from the Covid-19
disruptions in 2021 impacting greenfield base metals exploration and near-mine
iron ore exploration. Evaluation expenditure increased by 7% to $45 million,
driven by continued easing of Covid-19 restrictions.
Corporate and other activities
During the first half of 2022, the Group finalised the Grosvenor gas ignition
insurance claim, resulting in a one-off benefit of $0.3 billion to the
Steelmaking Coal EBITDA and an offsetting expense within the Corporate and
other segment.
For more information on Anglo American's announcements during the period
(excluding our Q1 production), please find links to our Press Releases:
• 14 July 2022 | Anglo American partners with Nippon Steel to advance
steelmaking decarbonisation
(https://www.angloamerican.com/media/press-releases/2022/14-07-2022)
• 12 July 2022 | Anglo American announces first copper production from
Quellaveco project in Peru
(https://www.angloamerican.com/media/press-releases/2022/12-07-2022)
• 4 July 2022 | Anglo American appoints Helena Nonka as Group Director of
Strategy and Business Development
(https://www.angloamerican.com/media/press-releases/2022/04-07-2022)
• 30 Jun 2022 | Anglo American agrees to combine nuGen™ with First Mode to
accelerate Zero Emissions Haulage Solution
(https://www.angloamerican.com/media/press-releases/2022/30-06-2022)
• 28 Jun 2022 | Anglo American invests in Sanergy organic waste upcycling
(https://www.angloamerican.com/media/press-releases/2022/28-06-2022)
• 22 Jun 2022 | Anglo American rough diamond sales value for De Beers' fifth
sales cycle of 2022
(https://www.angloamerican.com/media/press-releases/2022/22-06-2022)
• 9 Jun 2022 | Anglo American agrees sustainability-linked loan with
International Finance Corporation
(https://www.angloamerican.com/media/press-releases/2022/09-06-2022)
• 18 May 2022 | Anglo American rough diamond sales value for De Beers'
fourth sales cycle of 2022
(https://www.angloamerican.com/media/press-releases/2022/18-05-2022)
• 6 May 2022 | Anglo American unveils a prototype of the world's largest
hydrogen-powered mine haul truck - a vital step towards reducing carbon
emissions over time
(https://www.angloamerican.com/media/press-releases/2022/06-05-2022)
• 3 May 2022 | Update on Los Bronces integrated project permitting process
(https://www.angloamerican.com/media/press-releases/2022/03-05-2022)
• 23 April 2022 | Anglo American statement re. Los Bronces project
permitting
(https://www.angloamerican.com/media/press-releases/2022/23-04-2022)
•
Notes
• This Production Report for the quarter ended 30 June 2022 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. 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 16 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.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Paul Galloway
james.wyatt-tilby@angloamerican.com paul.galloway@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 8718
Marcelo Esquivel Emma Waterworth
marcelo.esquivel@angloamerican.com emma.waterwoth@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8574
Katie Ryall Michelle Jarman
katie.ryall@angloamerican.com michelle.jarman@angloamerican.com
Tel: +44 (0)20 7968 8935 Tel: +44 (0)20 7968 1494
South Africa
Nevashnee Naicker
nevashnee.naicker@angloamerican.com
Tel: +27 (0)11 638 3189
Sibusiso Tshabalala
sibusiso.tshabalala@angloamerican.com
Tel: +27 (0)11 638 2175
Notes to editors:
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 diamonds (through De Beers), copper, platinum
group metals, premium quality iron ore and steelmaking coal, and nickel - 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, 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 transportation) services, the development,
efficacy and adoption of new technology, challenges in realising resource
estimates or discovering new economic mineralisation, the impact of foreign
currency exchange rates on market prices and operating costs, the availability
of sufficient credit, liquidity and counterparty risks, the effects of
inflation, political uncertainty, tensions and disputes and economic
conditions in relevant areas of the world, evolving societal and stakeholder
requirements and expectations, shortages of skilled employees, the actions of
competitors, activities by courts, regulators and governmental authorities
such as in relation to permitting or forcing closure of mines and ceasing of
operations or maintenance of Anglo American's assets and changes in taxation
or safety, health, environmental or other types of regulation in the countries
where Anglo American operates, 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
JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock
Exchange and the Namibian Stock Exchange and any other applicable regulations)
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 about Anglo American included in this announcement is sourced from
publicly available third party sources. 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 American and Anglo American
expressly disclaims any responsibility for, or liability in respect of, such
information.
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