REG - Anglo American PLC - Anglo American Production Report Q3 2022
27/10/2022 07:01
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RNS Number : 2533E Anglo American PLC 27 October 2022
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27 October 2022
Anglo American plc
Production Report for the third quarter ended 30 September 2022
Duncan Wanblad, Chief Executive of Anglo American, said: "Our performance
stepped up 16%(1) quarter-on-quarter amid a challenging operating environment,
driven by the ongoing ramp-up of our Steelmaking Coal longwall operations and
continued strong performance at De Beers. Our new world-class copper mine in
Peru, Quellaveco, continues to ramp-up production with shipments to customers
now under way. Production in the third quarter was broadly flat(1) compared to
the same period in 2021, as higher production from Quellaveco, Steelmaking
Coal and De Beers was offset primarily by expected lower copper ore grades in
Chile and some operational challenges at our Kumba iron ore business.
"As we move through the final quarter, we are focused on maintaining this
operational momentum to deliver our full year guidance. The continued safe
ramp-up of our steelmaking coal operations, as well as further performance
improvements at our iron ore businesses, are priorities to set the platform
for delivery into next year. We do continue to feel the effects of
dislocations in the global economy on our business - in energy and across
supply chains and labour markets - and are planning accordingly for 2023,
confident in the strategic position of our business.
"We continue to make important progress towards our holistic sustainability
commitments. With renewable electricity supply secured for all our South
America operations, we have now formed our renewable energy partnership with
EDF Renewables in South Africa. Our new jointly owned company, Envusa Energy,
is developing its first phase of more than 600 MW of wind and solar projects,
a major step towards our vision of a 3-5 GW renewable energy ecosystem in the
region by 2030. The issuance of our first sustainability-linked bond, a first
of its kind from a major diversified mining company, re-affirms our commitment
to our targets to reduce greenhouse gas emissions and fresh water abstraction
and to support job creation in the communities where we operate."
Q3 2022 highlights
•Rough diamond production increased by 4%, principally reflecting the
treatment of higher grade ore at Orapa (Botswana) as well as continued strong
performance in Namibia.
•Steelmaking coal production increased by 28%, reflecting the ongoing
ramp-up of the longwall operations. Continuing to do so in a safe and stable
way is our first priority.
•Copper production decreased by 6%, due to planned lower grades at all our
operations in Chile, as well as unfavourable ore characteristics at Los
Bronces, partly offset by the first production of copper from Quellaveco in
Peru.
•Metal in concentrate production from our Platinum Group Metals (PGMs)
operations decreased by 6%, due to the impact of Eskom load-shedding (power
outages) primarily in September, infrastructure closures at Amandelbult and
lower grade at Mogalakwena.
•Iron ore production decreased by 5% primarily due to Kumba, which was
impacted by the slow ramp-up after the safety intervention in the second
quarter and Eskom load-shedding, primarily in September, while production at
Minas-Rio was flat.
•Nickel production decreased by 4%, primarily due to lower grades.
Production Q3 2022 Q3 2021 % vs. Q3 2021 YTD 2022 YTD 2021 % vs. YTD 2021
Diamonds (Mct)(2) 9.6 9.2 4% 26.5 24.6 8%
Copper (kt)(3) 147 157 (6)% 420 487 (14)%
Nickel (kt)(4) 10.0 10.4 (4)% 29.6 31.1 (5)%
Platinum group metals (koz)(5) 1,046 1,116 (6)% 3,034 3,195 (5)%
Iron ore (Mt)(6) 16.1 16.9 (5)% 43.6 48.8 (11)%
Steelmaking coal (Mt) 5.5 4.3 28% 10.4 10.5 (2)%
Manganese ore (kt) 973 1,004 (3)% 2,756 2,849 (3)%
(1)Copper equivalent production basis. Copper equivalent production decreased
by 1% compared to Q3 2021.
(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 and Peru 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
Copper(3) 640-680 kt c.159c/lb
Nickel(4) 40-42 kt c.495c/lb
Platinum Group Metals(5) 3.9-4.3 Moz c.$950/oz
Iron Ore(6) 60-64 Mt c.$40/t
Steelmaking Coal(7) 15-17 Mt c.$110/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 costs: ~17 ZAR:USD, ~1.5 AUD:USD, ~5.5 BRL:USD, ~950
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: 560-580 kt and Peru: 80-100
kt. 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.160c/lb. Peru: c.150c/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.
Production is subject to weather related disruptions.
(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 3.7-3.9 Moz, subject to the 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. Minas-Rio
is subject to weather related disruptions. Kumba is subject to the third party
rail and port performance, weather related disruptions as well as the impact
of Eskom load-shedding. Unit cost total is a weighted average based on the
mid-point of production guidance. Minas-Rio: c.$32/t and Kumba: c.$44/t.
(7)Production excludes thermal coal by-product from Australia and is subject
to the extent of further unseasonal wet weather and continued tight labour
markets. FOB unit cost comprises managed operations and excludes royalties and
study costs.
Realised prices
Q3 YTD 2022 Q3 YTD 2021 Q3 YTD 2022 vs Q3 YTD
2021
Copper (USc/lb)(1) 377 434 (13)%
Copper Chile (USc/lb)(2) 377 434 (13)%
Copper Peru (USc/lb) 341 - n/a
Nickel (US$/lb) 10.68 7.48 43%
Platinum Group Metals
Platinum (US$/oz)(3) 937 1,118 (16)%
Palladium (US$/oz)(3) 2,107 2,582 (18)%
Rhodium (US$/oz)(3) 16,139 22,009 (27)%
Basket price (US$/PGM oz)(4) 2,627 2,868 (8)%
Iron Ore - FOB prices(5) 115 176 (35)%
Kumba Export (US$/wmt)(6) 115 181 (36)%
Minas-Rio (US$/wmt)(7) 114 167 (32)%
Steelmaking Coal - HCC (US$/t)(8) 324 149 117%
Steelmaking Coal - PCI (US$/t)(8) 279 138 102%
(1)Average realised total copper price is a weighted average of the Copper
Chile and Copper Peru realised prices.
(2)The realised price for Copper excludes third party sales volumes.
(3)The realised price excludes trading.
(4)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).
(5)Average realised total iron ore price is a weighted average of the Kumba
and Minas-Rio realised prices.
(6)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 $117/t (Q3 YTD 2021:
$184/t) and this was higher than the dry 62% Fe benchmark price of $108/t (FOB
South Africa, adjusted for freight).
(7)Average realised export basket price (FOB Açu) (wet basis as product is
shipped with ~9% moisture).
(8)Weighted average coal sales price achieved at managed operations.
Australian thermal coal by-product is US$309/t and Q3 YTD 2021 was US$105/t,
resulting in a 194% increase.
De Beers
De Beers(1) (000 carats) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021
Q2 2022
vs.
YTD 2021
2022 2021 2022 2022 2021
Botswana 6,647 6,403 4% 5,521 20% 18,352 17,090 7%
Namibia 531 399 33% 565 (6)% 1,547 1,075 44%
South Africa 1,651 1,577 5% 1,220 35% 4,567 4,014 14%
Canada 741 797 (7)% 643 15% 1,988 2,406 (17)%
Total carats recovered 9,570 9,176 4% 7,949 20% 26,454 24,585 8%
Rough diamond production increased by 4% to 9.6 million carats, primarily due
to the treatment of higher grade ore at both Orapa (Botswana) and in South
Africa, and continued strong performance in Namibia.
In Botswana, production increased by 4% to 6.6 million carats, primarily
driven by treatment of higher grade ore at Orapa, partly offset by processing
lower grade ore at Jwaneng.
Namibia production increased by 33% to 0.5 million carats, primarily driven by
continued strong performance from the Benguela Gem vessel.
South Africa production increased by 5% to 1.7 million carats, driven by the
treatment of higher grade ore and the benefit of plant upgrades.
Production in Canada decreased by 7% to 0.7 million carats, due to the
treatment of lower grade ore and the impact of tight labour markets.
Demand for rough diamonds remained steady, with rough diamond sales totalling
9.1 million carats (8.5 million carats on a consolidated basis)(2) from three
Sights, compared with 7.8 million carats (7.0 million carats on a consolidated
basis)(2) from two Sights in Q3 2021 and 9.4 million carats (8.3 million
carats on a consolidated basis)(2) from three Sights in Q2 2022. While
consumer demand for natural diamonds continues to be robust, a deterioration
of global economic conditions, reduced consumer spending and continued Chinese
Covid-19 lockdowns have the potential to impact demand for diamond jewellery.
2022 Guidance
Production guidance(1) for 2022 is unchanged at 32-34 million carats (100%
basis), subject to trading conditions and the extent of further Covid-19
related disruptions.
In line with normal seasonal trends, we anticipate that sales in the final
quarter of the year will be affected by the normal temporary closure of
cutting and polishing factories for the religious holidays in India.
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) Q3 Q2 Q1 Q4 Q3 Q3 2022 Q3 2022 YTD YTD YTD 2022
vs.
vs.
vs.
Q3 2021
Q2 2022
YTD 2021
2022 2022 2022 2021 2021 2022 2021
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 3,567 3,120 3,632 2,679 3,954 (10)% 14% 10,319 10,214 1%
Orapa(2) 3,080 2,401 2,552 2,557 2,449 26% 28% 8,033 6,876 17%
Total Botswana 6,647 5,521 6,184 5,236 6,403 4% 20% 18,352 17,090 7%
Debmarine Namibia 423 488 375 330 309 37% (13)% 1,286 807 59%
Namdeb (land operations) 108 77 76 62 90 20% 40% 261 268 (3)%
Total Namibia 531 565 451 392 399 33% (6)% 1,547 1,075 44%
Venetia 1,651 1,220 1,696 1,292 1,577 5% 35% 4,567 4,014 14%
Total South Africa 1,651 1,220 1,696 1,292 1,577 5% 35% 4,567 4,014 14%
Gahcho Kué (51% basis) 741 643 604 771 797 (7)% 15% 1,988 2,406 (17)%
Total Canada 741 643 604 771 797 (7)% 15% 1,988 2,406 (17)%
Total carats recovered 9,570 7,949 8,935 7,691 9,176 4% 20% 26,454 24,585 8%
Sales volumes
Total sales volume (100)% (Mct)(3) 9.1 9.4(4) 7.9(4) 7.7 7.8 17% (3)% 26.4 28.6 (8)%
Consolidated sales volume (Mct)(3) 8.5 8.3(4) 7.0(4) 7.2 7.0 21% 2% 23.8 26.2 (9)%
Number of Sights (sales cycles) 3 3(4) 2(4) 3 2 8 7
(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) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021
Q2 2022
vs.
YTD 2021
2022 2021 2022 2022 2021
Copper 147 157 (6)% 134 10% 420 487 (14)%
Copper Chile 127 157 (19)% 134 (6)% 400 487 (18)%
Copper Peru 20 - n/a n/a n/a 20 n/a n/a
(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 unit).
Copper production decreased by 6% to 147,000 tonnes, primarily due to a
decrease of 19% in Chile, partly offset by the first production of copper in
concentrate from Quellaveco in Peru.
Chile - Copper production decreased by 19% to 126,500 tonnes due to planned
lower grades at all operations, and unfavourable ore characteristics and
unplanned stoppages at Los Bronces.
Production from Los Bronces decreased by 29% to 56,900 tonnes, primarily due
to lower ore processed as a result of the impact of increased ore hardness and
unplanned stoppages, as well as planned lower grades (0.58% vs 0.70%).
At Collahuasi, attributable production decreased by 8% to 60,400 tonnes driven
by planned lower grades (1.08% vs 1.28%).
Production from El Soldado decreased by 21% to 9,200 tonnes due to planned
lower grades (0.59% vs 0.73%).
Chile´s central zone continues to face severe drought conditions, with the
last two years up to June 2022 being the driest years since records began.
While the rain and snowfall deficit decreased during the third quarter, the
outlook remains very dry and these conditions place pressure on water
availability in 2023. In the short term, various management initiatives to
improve water efficiency and secure alternative sources of water continue to
partly mitigate the impact on production.
The average realised price of 377 c/lb, includes 135,000 tonnes of copper
provisionally priced on 30 September at an average of 346 c/lb.
Peru - First production of copper in concentrate from the Quellaveco mine was
on 12 July 2022, with 20,300 tonnes successfully produced by the end of the
third quarter. On 26 September 2022, we announced the start of commercial
operations following receipt of final regulatory clearance, with sales
commencing in the subsequent days. Quellaveco is expected to ramp-up fully
over the next 9-12 months.
5,100 tonnes of copper from Quellaveco were provisionally priced on 30
September at an average realised price of 341 c/lb.
2022 Guidance
Production guidance for 2022 is unchanged at 640,000-680,000 tonnes
(Chile 560,000-580,000 tonnes; Peru 80,000-100,000 tonnes). Production is
subject to the extent of further Covid-19 related disruptions and, in Peru,
progress on ramp-up of operations.
Unit cost guidance for 2022 is unchanged at c.159c/lb (Chile c.160c/lb; Peru
c.150c/lb).
Copper(1) Q3 Q2 Q1 Q4 Q3 Q3 2022 Q3 2022 YTD YTD YTD 2022
vs.
vs.
vs.
Q3 2021
Q2 2022
YTD 2021
2022 2022 2022 2021 2021 2022 2021
Total copper production 146,800 133,900 139,500 160,700 156,500 (6)% 10% 420,200 486,500 (14)%
Total copper sales volumes 132,900 132,800 132,100 173,400 162,300 (18)% 0% 397,800 467,700 (15)%
Copper Chile
Los Bronces mine(2)
Ore mined 11,389,900 13,256,600 8,976,100 11,056,800 10,512,600 8% (14)% 33,622,600 32,728,100 3%
Ore processed - Sulphide 9,848,900 11,992,800 11,142,600 13,293,500 12,715,400 (23)% (18)% 32,984,300 37,404,000 (12)%
Ore grade processed - 0.58 0.57 0.62 0.70 0.70 (18)% 1% 0.59 0.70 (16)%
Sulphide (% TCu)(3)
Production - Copper cathode 10,500 8,600 10,100 10,400 9,800 7% 22% 29,200 29,500 (1)%
Production - Copper in 46,400 55,700 55,300 74,500 69,800 (34)% (17)% 157,400 213,300 (26)%
concentrate
Total production 56,900 64,300 65,400 84,900 79,600 (29)% (12)% 186,600 242,800 (23)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 20,217,100 22,025,700 22,004,800 23,940,600 30,327,200 (33)% (8)% 64,247,600 78,490,500 (18)%
Ore processed - Sulphide 14,339,600 14,337,800 13,841,700 13,979,000 12,926,400 11% 0% 42,519,100 41,702,300 2%
Ore grade processed - 1.08 1.10 1.18 1.18 1.28 (16)% (3)% 1.12 1.27 (12)%
Sulphide (% TCu)(3)
Production - Copper in 137,400 141,000 149,400 150,100 148,300 (7)% (3)% 427,800 479,900 (11)%
concentrate
Anglo American's 44% share of 60,400 62,100 65,700 66,000 65,300 (8)% (3)% 188,200 211,200 (11)%
copper production for Collahuasi
El Soldado mine(2)
Ore mined 1,942,400 948,700 611,100 975,500 1,697,800 14% 105% 3,502,200 5,203,000 (33)%
Ore processed - Sulphide 1,926,500 1,914,100 1,809,700 1,909,400 1,952,000 (1)% 1% 5,650,300 5,541,900 2%
Ore grade processed - 0.59 0.50 0.57 0.63 0.73 (20)% 17% 0.55 0.73 (24)%
Sulphide (% TCu)(3)
Production - Copper in 9,200 7,500 8,400 9,800 11,600 (21)% 23% 25,100 32,500 (23)%
concentrate
Chagres Smelter(2)
Ore smelted(4) 25,700 20,600 30,900 29,200 30,200 (15)% 25% 77,200 78,800 (2)%
Production 25,000 24,900 25,100 28,400 29,200 (14)% 0% 75,000 76,400 (2)%
Total copper production(5) 126,500 133,900 139,500 160,700 156,500 (19)% (6)% 399,900 486,500 (18)%
Total payable copper production 121,600 128,500 134,100 154,100 150,100 (19)% (5)% 384,200 467,000 (18)%
Total copper sales volumes 127,600 132,800 132,100 173,400 162,300 (21)% (4)% 392,500 467,700 (16)%
Total payable sales volumes 122,200 127,500 126,900 166,200 153,900 (21)% (4)% 376,600 446,300 (16)%
Third party sales(6) 126,600 150,900 65,300 138,500 136,200 (7)% (16)% 342,800 293,000 17%
Copper Peru
Quellaveco mine(7)
Ore mined 8,487,000 4,645,400 3,235,300 1,127,100 - n/a 83% 16,367,700 - n/a
Ore processed - Sulphide 2,867,600 - - - - n/a n/a 2,867,600 - n/a
Ore grade processed - 0.96 - - - - n/a n/a 0.96 - n/a
Sulphide (% TCu)(3)
Production - Copper in 20,300 - - - - n/a n/a 20,300 - n/a
concentrate
Total copper production 20,300 - - - - n/a n/a 20,300 - n/a
Total payable copper production 19,600 - - - - n/a n/a 19,600 - n/a
Total copper sales volumes 5,300 - - - - n/a n/a 5,300 - n/a
Total payable sales volumes 5,100 - - - - n/a n/a 5,100 - n/a
(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.
(7)Anglo American ownership interest of Quellaveco is 60%. Production is
stated at 100% as Anglo American consolidates this operation.
Nickel
Nickel (tonnes) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021
Q2 2022
vs.
YTD 2021
2022 2021 2022 2022 2021
Nickel 10,000 10,400 (4)% 10,300 (3)% 29,600 31,100 (5)%
Nickel production decreased by 4% to 10,000 tonnes, primarily due to planned
lower ore grades, partly offset by the deferral of planned annual maintenance
to the fourth quarter of 2022.
The year to date average realised price for nickel of $10.68/lb was 9% lower
than the market price, primarily reflecting the ferronickel discount to LME
grade nickel.
2022 Guidance
Production for 2022 is expected to be towards the lower end of the guidance
range of 40,000-42,000 tonnes, subject to the extent of further Covid-19
related disruptions and weather related impacts.
Unit cost guidance for 2022 is unchanged at c.495c/lb.
Nickel (tonnes) Q3 Q2 Q1 Q4 Q3 Q3 2022 Q3 2022 YTD YTD YTD 2022
vs.
vs.
vs.
Q3 2021
Q2 2022
YTD 2021
2022 2022 2022 2021 2021 2022 2021
Barro Alto
Ore mined 1,349,100 758,300 343,700 719,300 1,190,900 13% 78% 2,451,100 2,795,600 (12)%
Ore processed 589,000 618,100 643,900 654,400 564,400 4% (5)% 1,851,000 1,822,600 2%
Ore grade processed - %Ni 1.52 1.52 1.42 1.50 1.64 (7)% 0% 1.49 1.57 (5)%
Production 8,200 8,600 7,900 8,600 8,300 (1)% (5)% 24,700 25,300 (2)%
Codemin
Ore processed 133,500 134,000 115,100 141,700 146,800 (9)% 0% 382,600 419,800 (9)%
Ore grade processed - %Ni 1.46 1.42 1.41 1.57 1.60 (9)% 3% 1.43 1.55 (8)%
Production 1,800 1,700 1,400 2,000 2,100 (14)% 6% 4,900 5,800 (16)%
Total Nickel production(1) 10,000 10,300 9,300 10,600 10,400 (4)% (3)% 29,600 31,100 (5)%
Sales volumes 10,400 7,800 9,000 10,400 11,700 (11)% 33% 27,200 31,700 (14)%
(1)Excludes nickel production from the Platinum Group Metals business unit.
Platinum Group Metals (PGMs)
PGMs (000 oz)(1) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021
Q2 2022
vs.
YTD 2021
2022 2021 2022 2022 2021
Metal in concentrate production 1,046 1,116 (6)% 1,032 1% 3,034 3,195 (5)%
Own mined(2) 683 720 (5)% 686 0% 1,993 2,124 (6)%
Purchase of concentrate (POC)(3) 363 396 (8)% 345 5% 1,041 1,071 (3)%
Refined production(4) 995 1,420 (30)% 1,241 (20)% 2,954 3,747 (21)%
(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 5% to 683,200 ounces, due to Eskom
load-shedding (power outages) primarily in September, infrastructure closures
at Amandelbult during Q4 2021 and lower grade at Mogalakwena, partially offset
by strong performances at Unki and Mototolo.
Production at Amandelbult decreased by 12% to 192,600, primarily due to
infrastructure closures during Q4 2021 as well as the impact of Eskom
load-shedding. Mogalakwena production decreased by 6% to 259,300 ounces as a
result of mining in a lower grade area. Joint operations decreased by 16% to
96,000 ounces due to areas of Kroondal coming to the end of life and the
impact of Eskom load-shedding, as well as planned lower grade at Modikwa.
These were partially offset by a 41% increase in production at Unki to 59,900
ounces, following the debottlenecking project at the concentrator, completed
in Q4 2021. Production at Mototolo increased by 9%, reflecting the benefit of
higher grade.
Purchase of concentrate was 8% lower at 362,900 ounces, due to the lower
production from joint operations as well as lower third party receipts.
Refined production
Refined production decreased by 30% to 994,800 ounces, as the Polokwane
smelter was decommissioned for its first full structural rebuild in twelve
years. The rebuild is expected to be completed towards the end of Q4 2022.
Eskom load-shedding also impacted the smelters, leading to an inventory
build-up of 40,400 ounces.
Sales
Sales volumes decreased by 31%, in line with refined production.
The year to date average realised basket price of $2,627/PGM ounce reflects
lower market prices, partially offset by a more normal sales mix compared with
the same period in 2021, which had 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
3.7-3.9 million ounces, subject to the impact of Eskom load-shedding. Both are
subject to the extent of further Covid-19 related disruption.
Unit cost guidance for 2022 is unchanged at c.$950/PGM ounce.
(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%.
Q3 Q2 Q1 Q4 Q3 Q3 2022 Q3 2022 YTD YTD YTD 2022
vs.
vs.
vs.
Q3 2021
Q2 2022
YTD 2021
2022 2022 2022 2021 2021 2022 2021
M&C PGMs production (000 oz)(1) 1,046.1 1,031.5 956.0 1,103.4 1,116.2 (6)% 1% 3,033.6 3,195.3 (5)%
Own mined 683.2 686.3 623.1 734.2 720.0 (5)% 0% 1,992.6 2,124.1 (6)%
Mogalakwena 259.3 261.4 248.8 300.8 276.4 (6)% (1)% 769.5 913.8 (16)%
Amandelbult 192.6 183.4 159.9 213.6 218.3 (12)% 5% 535.9 559.6 (4)%
Unki 59.9 66.3 53.3 63.2 42.6 41% (10)% 179.5 141.4 27%
Mototolo 75.4 75.6 67.2 56.9 69.0 9% 0% 218.2 187.5 16%
Joint operations(2) 96.0 99.6 93.9 99.7 113.7 (16)% (4)% 289.5 321.8 (10)%
Purchase of concentrate 362.9 345.2 332.9 369.2 396.2 (8)% 5% 1,041.0 1,071.2 (3)%
Joint operations(2) 96.0 99.6 93.9 99.7 113.7 (16)% (4)% 289.5 321.8 (10)%
Third parties 266.9 245.6 239.0 269.5 282.5 (6)% 9% 751.5 749.4 0%
Refined PGMs production (000 oz)(1)(3) 994.8 1,240.6 718.5 1,391.3 1,420.4 (30)% (20)% 2,953.9 3,747.1 (21)%
By metal:
Platinum 457.2 600.4 334.1 653.5 662.9 (31)% (24)% 1,391.7 1,746.4 (20)%
Palladium 317.1 374.8 228.1 423.2 459.8 (31)% (15)% 920.0 1,204.3 (24)%
Rhodium 64.8 86.4 46.3 97.7 92.2 (30)% (25)% 197.5 249.5 (21)%
Other PGMs and gold 155.7 179.0 110.0 216.9 205.5 (24)% (13)% 444.7 546.9 (19)%
Nickel (tonnes) 5,700 6,200 4,600 5,700 6,000 (5)% (8)% 16,500 16,600 (1)%
Tolled material (000 oz)(4) 151.3 143.4 154.8 179.5 164.5 (8)% 6% 449.5 494.2 (9)%
PGMs sales from production (000 oz)(1)(5) 933.5 1,206.2 838.2 1,285.2 1,361.0 (31)% (23)% 2,977.9 3,929.2 (24)%
Third party PGMs sales (000 oz)(1)(6) 403.4 256.0 400.9 272.9 160.1 152% 58% 1,060.3 497.7 113%
4E head grade (g/t milled)(7) 3.33 3.33 3.24 3.49 3.47 (4)% 0% 3.30 3.50 (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) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021
Q2 2022
vs.
YTD 2021
2022 2021 2022 2022 2021
Iron Ore(1) 16,060 16,888 (5)% 14,374 12% 43,599 48,757 (11)%
Kumba(2) 9,977 10,789 (8)% 9,469 5% 27,738 31,161 (11)%
Minas-Rio(3) 6,083 6,100 0% 4,905 24% 15,861 17,596 (10)%
(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 5% to 16.1 million tonnes, due to an 8%
decrease at Kumba, while production at Minas-Rio was flat.
Kumba - Total production decreased by 8% to 10.0 million tonnes, primarily
driven by a decrease at Sishen of 6% to 7.1 million tonnes due to Eskom
load-shedding (power outages), which had a 0.3 million tonne impact, and
plant reliability. Kolomela's production decreased by 11% to 2.9 million
tonnes, due to the slow ramp-up following the safety intervention in the
second quarter.
Total sales were flat at 10.0 million tonnes(1), due to poor rail performance,
offset by a drawdown of finished stock at the Saldanha port. This has resulted
in low finished stock levels at the port.
Kumba's iron (Fe) content averaged 63.9% (YTD 2021: 64.1%), while the average
lump:fines ratio was 66:34 (YTD 2021: 69:31).
The year to date average realised price of $115/tonne(1) (FOB South Africa,
wet basis), was 8% higher than the 62% Fe benchmark price of $106/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 sales volumes, as our products are generally
priced in the month after arrival (M+2).
Minas-Rio - Production was flat at 6.1 million tonnes.
The year to date average realised price of $114/tonne (FOB Brazil, wet basis)
was lower than the Metal Bulletin 66 price of $117/tonne (FOB Brazil, adjusted
for freight and moisture), primarily due to timing on provisionally priced
sales volumes (our products are generally priced in the month after arrival
(M+2)), which more than offset the premiums for our high quality product,
including higher (~67%) Fe content.
2022 Guidance
Production (wet basis) for 2022 is expected to be towards the lower end of the
guidance range, which is unchanged at 60-64 million tonnes. Production for
Kumba is expected to be towards the lower end of the 38-40 million tonnes
guidance range. Production guidance for Minas-Rio is also expected to be
towards the lower end of the 22-24 million tonnes guidance range. Both are
subject to the extent of further Covid-19 related disruption and weather
related impacts, and Kumba is subject to third party rail and port
performance, as well as the impact of Eskom load-shedding.
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 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) Q3 Q2 Q1 Q4 Q3 Q3 2022 vs. Q3 2022 vs. YTD YTD YTD 2022
Q3 2021
Q2 2022
vs.
YTD 2021
2022 2022 2022 2021 2021 2022 2021
Iron Ore production(1) 16,060,000 14,373,900 13,164,900 15,050,800 16,888,100 (5)% 12% 43,598,800 48,756,800 (11)%
Iron Ore sales(1) 15,799,200 14,470,800 13,828,700 16,775,700 15,818,800 0% 9% 44,098,700 46,508,800 (5)%
Kumba production 9,977,300 9,468,800 8,292,000 9,701,300 10,788,600 (8)% 5% 27,738,100 31,160,900 (11)%
Lump 6,530,300 6,229,900 5,387,700 6,419,900 7,252,800 (10)% 5% 18,147,900 21,132,600 (14)%
Fines 3,447,000 3,238,900 2,904,300 3,281,400 3,535,800 (3)% 6% 9,590,200 10,028,300 (4)%
Kumba production by mine
Sishen 7,085,600 7,105,500 5,816,100 6,538,200 7,528,300 (6)% 0% 20,007,200 21,476,300 (7)%
Kolomela 2,891,700 2,363,300 2,475,900 3,163,100 3,260,300 (11)% 22% 7,730,900 9,684,600 (20)%
Kumba sales volumes(2) 9,982,000 10,302,700 9,332,000 10,690,300 9,965,700 0% (3)% 29,616,700 29,601,900 0%
Export iron ore(2) 9,982,000 10,302,700 9,332,000 10,690,300 9,965,700 0% (3)% 29,616,700 29,494,800 0%
Domestic iron ore - - - - - n/a n/a - 107,100 n/a
Minas-Rio production
Pellet feed (wet basis) 6,082,700 4,905,100 4,872,900 5,349,500 6,099,500 0% 24% 15,860,700 17,595,900 (10)%
Minas-Rio sales volumes
Export - pellet feed (wet basis) 5,817,200 4,168,100 4,496,700 6,085,400 5,853,100 (1)% 40% 14,482,000 16,906,900 (14)%
(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) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021
Q2 2022
vs.
YTD 2021
2022 2021 2022 2022 2021
Steelmaking Coal 5,510 4,289 28% 2,621 110% 10,357 10,536 (2)%
(1)Anglo American's attributable share of production. Includes production
relating to processing of third party product.
All three underground longwall operations (Moranbah, Grosvenor and Aquila)
were operating in Q3 2022 with the focus on safety and increasing longwall
performance through stability; however, Covid-19 related absenteeism, tight
labour markets and unseasonal wet weather at the open pits, continue to impact
production.
Steelmaking coal production increased by 28% to 5.5 million tonnes, primarily
due to the ramp-up of the Grosvenor longwall operation following its restart
in February 2022 and the new Aquila longwall operation which began operations
in February 2022. Aquila's production was more than offset by the planned end
of production at the Grasstree operation in January 2022.
The ratio of hard coking coal production to PCI/semi-soft coking coal was
83:17, in line with Q3 2021 (83:17).
The year to date average realised price for hard coking coal was $324/tonne,
which was lower than the benchmark price of $393/tonne. The price realisation
was broadly flat at 82% (YTD 2021: 84%) as the contribution of premium hard
coking coal from the Grosvenor operation was offset by the end of production
at Grasstree.
2022 Guidance
Production for 2022 is expected to be towards the lower end of the guidance
range of 15-17 million tonnes, subject to the extent of further unseasonal wet
weather, continued tight labour markets and Covid-19 related disruptions.
Unit cost guidance for 2022 is unchanged at c.$110/tonne.
Coal, by product (tonnes)(1) Q3 Q2 Q1 Q4 Q3 Q3 2022 Q3 2022 YTD YTD YTD 2022
vs.
vs.
vs.
Q3 2021
Q2 2022
YTD 2021
2022 2022 2022 2021 2021 2022 2021
Production volumes
Steelmaking Coal(2) 5,510,200 2,620,600 2,226,400 4,372,100 4,288,500 28% 110% 10,357,200 10,535,600 (2)%
Hard coking coal(2) 4,562,200 2,125,600 1,753,000 2,922,400 3,567,400 28% 115% 8,440,800 8,398,100 1%
PCI / SSCC 948,000 495,000 473,400 1,449,700 721,100 31% 92% 1,916,400 2,137,500 (10)%
Export thermal coal 424,000 365,900 427,400 341,800 443,800 (4)% 16% 1,217,300 1,335,200 (9)%
Sales volumes
Steelmaking Coal(2) 5,245,100 2,776,100 2,429,700 4,182,400 3,985,800 32% 89% 10,450,900 9,954,400 5%
Hard coking coal(2) 4,289,200 2,096,600 1,812,000 2,793,500 3,293,600 30% 105% 8,197,800 8,001,900 2%
PCI / SSCC 955,900 679,500 617,700 1,388,900 692,200 38% 41% 2,253,100 1,952,500 15%
Export thermal coal 479,900 390,000 337,900 483,800 560,400 (14)% 23% 1,207,800 1,624,400 (26)%
(1) Anglo American's attributable share of production.
(2) Includes production relating to processing of third party product.
Steelmaking coal, by operation (tonnes)(1) Q3 Q2 Q1 Q4 Q3 Q3 2022 Q3 2022 YTD YTD YTD 2022
vs.
vs.
vs.
Q3 2021
Q2 2022
YTD 2021
2022 2022 2022 2021 2021 2022 2021
Steelmaking Coal(2) 5,510,200 2,620,600 2,226,400 4,372,100 4,288,500 28% 110% 10,357,200 10,535,600 (2)%
Moranbah(2) 1,522,900 209,700 172,800 1,084,300 1,314,700 16% 626% 1,905,400 1,966,400 (3)%
Grosvenor 1,277,400 856,300 125,200 52,100 19,500 n/a 49% 2,258,900 19,500 n/a
Aquila (incl. Capcoal)(2)(3) 1,149,400 527,100 746,400 1,588,700 1,503,500 (24)% 118% 2,422,900 4,404,200 (45)%
Dawson 741,300 317,400 444,900 654,100 659,200 12% 134% 1,503,600 1,829,600 (18)%
Jellinbah 819,200 710,100 737,100 802,200 791,600 3% 15% 2,266,400 2,315,900 (2)%
Other - - - 190,700 - n/a n/a - - n/a
(1) Anglo American's attributable share of production.
(2) Includes production relating to processing of third party product.
(3) Including production from the Aquila longwall operation from February
2022. Prior to then, including production from the Grasstree longwall
operation.
Manganese
Manganese (000 t) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021
Q2 2022
vs.
YTD 2021
2022 2021 2022 2022 2021
Manganese ore(1) 973 1,004 (3)% 980 (1)% 2,756 2,849 (3)%
(1)Saleable production.
Manganese ore production decreased by 3% to 973,300 tonnes, driven by Covid-19
related absenteeism and some equipment reliability issues at the South
African operations.
Manganese (tonnes) Q3 Q2 Q1 Q4 Q3 Q3 2022 Q3 2022 YTD YTD YTD 2022
vs.
vs.
vs.
Q3 2021
Q2 2022
YTD 2021
2022 2022 2022 2021 2021 2022 2021
Samancor production
Manganese ore(1) 973,300 979,600 803,500 834,600 1,003,600 (3)% (1)% 2,756,400 2,848,600 (3)%
Samancor sales volumes
Manganese ore 834,400 960,200 846,900 940,200 947,200 (12)% (13)% 2,641,500 2,805,600 (6)%
(1)Saleable production.
Exploration and evaluation
Exploration and evaluation expenditure increased by 21% to $87 million.
Exploration expenditure increased by 8% to $40 million, principally in
platinum group metals and base metals, generally reflecting increased access
following the recovery from previous Covid-19 disruptions. Evaluation
expenditure increased by 34% to $47 million, driven by higher spend in base
metals and iron ore.
Corporate and other activities
Due to the previously announced delay in the Polokwane smelter rebuild at
PGMs, which impacts refined production, there will be a build-up in
work-in-progress inventory.
Working capital will also increase at Quellaveco (Copper Peru) reflecting the
ongoing ramp-up.
For more information on Anglo American's announcements during the period
(including our 2022 interim results), please find links to our Press Releases:
•20 October 2022 | Anglo American and Thyssenkrupp Steel to collaborate on
greener steelmaking technologies
(https://www.angloamerican.com/media/press-releases/2022/20-10-2022)
•10 October 2022 | Anglo American leadership changes - De Beers
(https://www.angloamerican.com/media/press-releases/2022/10-10-2022)
•10 October 2022 | Kumba - Force Majeure declared by Transnet due to strike
action (https://www.angloamerican.com/media/press-releases/2022/10-10-2022a)
•5 October 2022 | Anglo American rough diamond sales value for De Beers'
eighth sales cycle of 2022
(https://www.angloamerican.com/media/press-releases/2022/05-10-2022)
•4 October 2022 | Anglo American and EDF Renewables agree to renewable
energy partnership in South Africa to form Envusa Energy - launching 600MW of
wind and solar projects in first phase
(https://www.angloamerican.com/media/press-releases/2022/04-10-2022)
•26 September 2022 | Anglo American to begin copper shipments from
Quellaveco
(https://www.angloamerican.com/media/press-releases/2022/26-09-2022)
•23 September 2022 | Anglo American non-executive director change
(https://www.angloamerican.com/media/press-releases/2022/23-09-2022)
•14 September 2022 | Anglo American launches €745 million
sustainability-linked bond
(https://www.angloamerican.com/media/press-releases/2022/14-09-2022)
•8 September 2022 | Anglo American Platinum revises refined production
guidance as quality assurance processes detect sub-standard materials received
for the Polokwane smelter rebuild
(https://www.angloamerican.com/media/press-releases/2022/08-09-2022)
•31 August 2022 | Anglo American rough diamond sales value for De Beers'
seventh sales cycle of 2022
(https://www.angloamerican.com/media/press-releases/2022/31-08-2022)
•28 July 2022 | Anglo American Interim Results 2022
(https://www.angloamerican.com/media/press-releases/2022/28-07-2022)
•27 July 2022 | Anglo American rough diamond sales value for De Beers' sixth
sales cycle of 2022
(https://www.angloamerican.com/media/press-releases/2022/27-07-2022)
•21 July 2022 | Q2 2022 Production Report
(https://www.angloamerican.com/media/press-releases/2022/21-07-2022)
•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)
Notes
•This Production Report for the quarter ended 30 September 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.waterworth@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8574
South Africa Michelle Jarman
Nevashnee Naicker michelle.jarman@angloamerican.com
nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 1494
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
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any such statement is based.
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earnings per share of Anglo American will necessarily match or exceed its
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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
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