REG - Anglo American PLC - Anglo American Production Report Q3 2024
24/10/2024 07:00
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RNS Number : 3876J Anglo American PLC 24 October 2024
http://www.rns-pdf.londonstockexchange.com/rns/3876J_1-2024-10-23.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3876J_1-2024-10-23.pdf)
24 October 2024
Anglo American plc
Production Report for the third quarter ended 30 September 2024
Duncan Wanblad, Chief Executive of Anglo American, said: "Our consistent focus
on operational excellence continues to deliver stable production in line with
our expectations. Our Minas-Rio iron ore operation in Brazil achieved a second
successive record quarter while the reshaping of our copper operations
continues to progress, with the older of the two Los Bronces plants placed on
care and maintenance. Ongoing stability at the PGM processing assets allows us
to increase full year refined PGM production guidance to 3.7-3.9 million
ounces(1), and strong operational performance at Nickel increases production
guidance to 38,000-39,000 tonnes(1), lowering the unit cost guidance to c.530
c/lb(1). All other production and unit cost(2) guidance is unchanged.
"Our accelerated portfolio simplification to unlock the inherent value in
Anglo American is well under way. The PGMs demerger is on track to complete by
the middle of 2025. Our Steelmaking Coal sale process continues to see
significant competition for this world-class set of assets, with a final round
of bidders in place, and we expect to announce execution of a sale agreement
in the coming months. We are also encouraged by recent imagery that shows that
the fire damage in the underground area of the Grosvenor mine appears limited,
further supporting the sale process.
"As previously announced, we reduced rough diamond production from De Beers in
response to market conditions. The diamond market remains challenging as the
midstream continues to hold higher than normal levels of inventory and the
expectation remains for a protracted recovery. As a result and together with
our partners, we will continue to assess the options to reduce production
going forward.
"We are making excellent progress with our portfolio simplification to create
an exciting and differentiated investment proposition focused on our
world-class copper, premium iron ore and crop nutrients assets - all
future-enabling products. This highly cash generative and much higher margin
portfolio will offer greater resilience through cycles with the benefit of
significant high quality and well sequenced growth options, including a clear
path to increase annual copper production to more than one million tonnes by
the early 2030's."
Q3 2024 highlights
• Copper production is on track to meet full year guidance, decreasing 13%
in the quarter as expected versus the comparative period, due to the planned
closure of the smaller and more costly Los Bronces plant, partially offset by
higher grades at El Soldado. Production at Quellaveco in Peru is expected to
increase in the fourth quarter as grades and recoveries improve.
• In Iron Ore, production was 2% higher as Minas-Rio achieved a record third
quarter performance, reflecting enhanced operational stability, partially
offset by a planned decrease at Kumba to align with third-party logistics
constraints. In October, the Brazilian anti-trust regulator approved the
Serpentina transaction with Vale, and this is on track to close in the fourth
quarter.
• Steelmaking coal production decreased by 6%, primarily driven by the
cessation of mining at Grosvenor following the underground fire in June 2024.
Excluding the impacts of Grosvenor, steelmaking coal production increased by
3%, reflecting higher production from the Dawson open cut operation and
Moranbah longwall operation.
• Production from our Platinum Group Metals (PGMs) operations decreased 10%
versus the comparative period, primarily reflecting the expected lower metal
in concentrate production in line with 2024 guidance. On a quarter-on-quarter
basis, production was flat.
• Nickel production increased by 6% largely due to operational improvements
at Barro Alto.
• Rough diamond production decreased by 25%, reflecting a production
response to the prolonged period of lower demand, higher than normal levels of
inventory in the midstream and a continued focus on managing working capital.
Production Q3 2024 Q3 2023 % vs. Q3 2023 YTD 2024 YTD 2023 % vs. YTD 2023
Copper (kt)((3)) 181 209 (13)% 575 596 (4)%
Iron ore (Mt)((4)) 15.7 15.4 2% 46.5 46.1 1%
Platinum group metals (koz)((5)) 922 1,030 (10)% 2,677 2,874 (7)%
Diamonds (Mct)((6)) 5.6 7.4 (25)% 18.9 23.9 (21)%
Steelmaking coal (Mt) 4.1 4.4 (6)% 12.1 11.2 8%
Nickel (kt)((7)) 9.9 9.3 6% 29.4 28.9 2%
Manganese ore (kt) 406 1,012 (60)% 1,545 2,823 (45)%
(1) Refined PGM production was previously 3.3-3.7 million ounces.
Nickel production was previously 36,000-38,000 tonnes and the unit cost was
c.550 c/lb.
(2) FX rates in 2024 unit cost guidance: c.850 CLP:USD, c.3.7 PEN:USD,
c.5.0 BRL:USD, c.19 ZAR:USD, c.1.5 AUD:USD.
(3) Contained metal basis. Reflects copper production from the Copper
operations in Chile and Peru only (excludes copper production from the
Platinum Group Metals business).
(4) Wet basis.
(5) Produced ounces of metal in concentrate. 5E + gold (platinum,
palladium, rhodium, ruthenium and iridium plus gold). Reflects own mined
production and purchase of concentrate.
(6) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(7) Reflects nickel production from the Nickel operations in Brazil
only (excludes 7.4 kt of Q3 2024 nickel production from the Platinum Group
Metals business).
Production and unit cost guidance summary
2024 production guidance 2024 unit cost guidance((1))
Copper((2)) 730-790 kt c.157 c/lb
Iron Ore((3)) 58-62 Mt c.$37/t
Platinum Group Metals((4)) 3.3-3.7 Moz c.$920/oz
Diamonds((5)) 23-26 Mct c.$95/ct
Steelmaking Coal((6)) 14-15.5 Mt c.$130-140/t
Nickel((7)) 38-39 kt c.530 c/lb
(previously 36-38 kt) (previously c.550 c/lb)
(1) Unit costs exclude royalties and depreciation and include direct
support costs only. 2024 unit cost guidance was set at: c.850 CLP:USD, c.3.7
PEN:USD, c.5.0 BRL:USD, c.19 ZAR:USD, c.1.5 AUD:USD.
(2) Copper business only. On a contained-metal basis. Total copper
production is the sum of Chile and Peru: Chile: 430-460 kt and Peru: 300-330
kt. 2024 unit cost guidance for Chile: c.190 c/lb and Peru: c.110 c/lb. The
copper unit costs are impacted by FX rates and pricing of by-products, such as
molybdenum. Production in Chile is weighted to the first half of the year due
to the planned closure of the Los Bronces plant at the end of July; production
is also subject to water availability. Production in Peru is weighted to the
second half of the year as a higher grade area of the mine is accessed.
(3) Wet basis. Total iron ore is the sum of operations at Kumba in
South Africa and Minas-Rio in Brazil. Kumba: 35-37 Mt and Minas-Rio: 23-25 Mt.
Kumba production is subject to third-party rail and port availability and
performance. 2024 unit cost guidance for Kumba: c.$38/t and Minas-Rio:
c.$35/t.
(4) 5E + gold produced metal in concentrate (M&C) ounces. Includes
own mined production and purchased concentrate (POC) volumes. M&C
production by source is expected to be own mined of 2.1-2.3 million ounces and
purchase of concentrate of 1.2-1.4 million ounces. The average M&C split
by metal is Platinum: c.45%, Palladium: c.35% and Other: c.20%. Refined
production (5E + gold) is revised up to 3.7-3.9 million ounces (previously
3.3-3.7 million ounces) reflecting the benefit of no Eskom load-curtailment
this year and good stability at the processing assets which has enabled a
release of built-up work-in-progress inventory. Production remains subject to
the impact of Eskom load-curtailment. Unit cost is per own mined 5E + gold
PGMs metal in concentrate ounce.
(5) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis. As the midstream continues to
hold higher than normal levels of inventory and the expectation for a recovery
remains protracted, De Beers is actively assessing options with our partners
to reduce production going forward. Unit cost is based on De Beers' share of
production.
(6) Production excludes thermal coal by-product. FOB unit cost
comprises managed operations and excludes royalties. A planned longwall move
at Moranbah is taking place during Q4 2024. A walk-on/walk-off longwall move
at Aquila, that will have a minimal production impact, started initial
commissioning in late Q3 and will occur during mid-Q4 2024.
(7) Nickel operations in Brazil only. The Group also produces
approximately 20 kt of nickel on an annual basis from the PGM operations.
Nickel production has been revised up reflecting strong operational
performance and consequently, unit costs have been revised down.
Realised prices
Q3 YTD 2024 Q3 YTD 2023 Q3 YTD 2024 vs.
Q3 YTD 2023
Copper (USc/lb)((1)) 421 387 9%
Copper Chile (USc/lb)((2)) 426 388 10%
Copper Peru (USc/lb) 414 386 7%
Iron Ore - FOB prices((3)) 90 108 (17)%
Kumba Export (US$/wmt)((4)) 94 110 (15)%
Minas-Rio (US$/wmt)((5)) 85 106 (20)%
Platinum Group Metals
Platinum (US$/oz)((6)) 959 981 (2)%
Palladium (US$/oz)((6)) 1,013 1,437 (30)%
Rhodium (US$/oz)((6)) 4,649 7,366 (37)%
Basket price (US$/PGM oz)((7)) 1,455 1,766 (18)%
Diamonds
Consolidated average realised price (US$/ct)((8)) 160 154 4%
Average price index((9)) 109 133 (18)%
Steelmaking Coal - HCC (US$/t)((10)) 253 264 (4)%
Steelmaking Coal - PCI (US$/t)((10)) 187 215 (13)%
Nickel (US$/lb)((11)) 6.93 8.29 (16)%
(1) Average realised total copper price is a weighted average of the
Copper Chile and Copper Peru realised prices.
(2) Realised price for Copper Chile excludes third-party sales
volumes.
(3) Average realised total iron ore price is a weighted average of the
Kumba and Minas-Rio realised prices.
(4) Average realised export basket price (FOB Saldanha) (wet basis as
product is shipped with ~1.6% moisture). The realised prices could differ to
Kumba's stand-alone results due to sales to other Group companies. Average
realised export basket price (FOB Saldanha) on a dry basis is $96/t (Q3 YTD
2023: $112/t), higher than the dry 62% Fe benchmark price of $92/t (FOB South
Africa, adjusted for freight).
(5) Average realised export basket price (FOB Açu) (wet basis as
product is shipped with ~9% moisture).
(6) Realised price excludes trading.
(7) Price for a basket of goods per PGM oz. The dollar basket price is
the net sales revenue from all metals sold (PGMs, base metals and other
metals) excluding trading, per PGM 5E + gold ounces sold (own mined and
purchased concentrate) excluding trading.
(8) Consolidated average realised price based on 100% selling value
post-aggregation.
(9) Average of the De Beers price index for the Sights within the
period. The De Beers price index is relative to 100 as at December 2006.
(10) Weighted average coal sales price achieved at managed operations. The
average realised price for thermal coal by-product for Q3 YTD 2024, decreased
by 24% to $118/t (Q3 YTD 2023: $156/t).
(11) Nickel realised price reflects the market discount for ferronickel
(the product produced by the Nickel business).
Summary of updates during the quarter
ESG summary factsheets on a range of topics are available on our website
(https://www.angloamerican.com/investors/esg-summary-factsheets) . For more
information on Anglo American's announcements since our previous production
report, please find links to our Press Releases below.
- 11 September 2024 |
(https://www.angloamerican.com/media/press-releases/2024/11-09-2024) Results
of accelerated bookbuild offering of Anglo American Platinum Limited ("Anglo
American Platinum") shares
(https://www.angloamerican.com/media/press-releases/2024/11-09-2024)
- 10 September 2024 |
(https://www.angloamerican.com/media/press-releases/2024/10-09-2024) Anglo
American launches accelerated bookbuild offering of shares in Anglo American
Platinum (https://www.angloamerican.com/media/press-releases/2024/10-09-2024)
- 30 August
(https://www.angloamerican.com/media/press-releases/2024/30-08-2024) 2024 |
(https://www.angloamerican.com/media/press-releases/2024/30-08-2024) Anglo
American agrees polyhalite fertiliser partnership with Chinese market leaders
(https://www.angloamerican.com/media/press-releases/2024/30-08-2024)
- 25 July 2024 |
(https://www.angloamerican.com/media/press-releases/2024/25-07-2024) Anglo
American Interim Results 2024
(https://www.angloamerican.com/media/press-releases/2024/25-07-2024)
- 25 July 2024 |
(https://www.angloamerican.com/media/press-releases/2024/25-07-2024a) Notice
of Interim Dividend
(https://www.angloamerican.com/media/press-releases/2024/25-07-2024a)
- 23 July 2024 |
(https://www.angloamerican.com/media/press-releases/2024/23-07-2024) Kumba
Iron Ore Limited interim results 2024
(https://www.angloamerican.com/media/press-releases/2024/23-07-2024)
- 22 July 2024 |
(https://www.angloamerican.com/media/press-releases/2024/22-07-2024a) Anglo
American agrees sale of two royalty assets for cash proceeds of up to US$195
million (https://www.angloamerican.com/media/press-releases/2024/22-07-2024a)
- 22 (https://www.angloamerican.com/media/press-releases/2024/22-07-2024) July
2024 (https://www.angloamerican.com/media/press-releases/2024/22-07-2024) |
(https://www.angloamerican.com/media/press-releases/2024/22-07-2024) Anglo
American Platinum Limited interim results 2024
(https://www.angloamerican.com/media/press-releases/2024/22-07-2024)
Copper
Copper((1)) (tonnes) Q3 Q3 Q3 2024 vs. Q3 2023 Q2 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2023 2024 2024 2023
Copper 181,300 209,100 (13)% 195,700 (7)% 575,100 596,300 (4)%
Copper Chile 112,600 121,600 (7)% 120,400 (6)% 359,100 371,000 (3)%
Copper Peru 68,700 87,500 (21)% 75,300 (9)% 216,000 225,300 (4)%
(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).
Group copper production continues to track to guidance in both Chile and Peru,
with the operations progressing on the reset mine plans implemented at the end
of 2023. Total production of 181,300 tonnes reflects the reconfiguration of
the Los Bronces mine and lower grades and recoveries at Quellaveco.
Chile - Copper production was primarily impacted by the planned closure of the
Los Bronces plant, which has been put on care and maintenance, resulting in a
7% decrease to 112,600 tonnes.
At Collahuasi, Anglo American's attributable share of copper production was
broadly flat at 64,700 tonnes, as higher grades and throughput were offset by
lower recoveries. As the mine transitions between different phases, the
processing of lower grade stockpiles is expected to continue into 2025.
Production from Los Bronces decreased by 20% to 36,600 tonnes, due to placing
the smaller and more costly Los Bronces plant (c.40% of total plant capacity)
on care and maintenance, as planned and previously reported, at the end of
July. The ongoing characteristics of lower grade and ore hardness as a result
of the current mine phase will continue to impact operations until the next
phase of the mine, where grades are expected to be higher and the ore softer.
As previously disclosed, development work for this phase is under way and is
expected to benefit production from early 2027.
Production from El Soldado increased by 16% to 11,300 tonnes, reflecting
planned higher grades (0.95% vs 0.60%), partially offset by lower throughput,
which was in part due to an unplanned stoppage at the plant.
The year to date average realised price of 426 c/lb includes 56,400 tonnes of
copper provisionally priced as at 30 September 2024 at an average of 443 c/lb.
Peru - Quellaveco production was 68,700 tonnes, down on the comparative
period, owing to lower recoveries and grades as the mine moves through a lower
grade area (0.70% vs. 0.93%), partially offset by record throughput in the
quarter. Grades are expected to increase in the fourth quarter as previously
planned. Recoveries are also expected to increase sequentially as improvements
continue to optimise the coarse particle recovery plant.
The year to date average realised price of 414 c/lb includes 53,000 tonnes of
copper provisionally priced as at 30 September 2024 at an average of 427 c/lb.
2024 Guidance
Production guidance for 2024 is unchanged at 730,000-790,000 tonnes (Chile
430,000-460,000 tonnes; Peru 300,000-330,000 tonnes). Production in Chile is
weighted to the first half of the year due to the planned closure of the Los
Bronces plant at the end of July; production is also subject to water
availability. Production in Peru is weighted to the second half of the year as
a higher grade area of the mine is accessed.
Unit cost guidance for 2024 is unchanged at c.157 c/lb((1)) (Chile c.190
c/lb((1)); Peru c.110 c/lb((1))), although the weaker Chilean peso has
provided a tailwind year-to-date.
(1) The copper unit costs are impacted by FX rates and pricing of
by-products, such as molybdenum. 2024 unit cost guidance was set at c.850
CLP:USD for Chile and c.3.7 PEN:USD for Peru.
Copper((1)) (tonnes) Q3 Q2 Q1 Q4 Q3 Q3 2024 vs. Q3 2023 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2024 2024 2023 2023 2024 2023
Total copper production 181,300 195,700 198,100 229,900 209,100 (13)% (7)% 575,100 596,300 (4)%
Total copper sales volumes 173,200 213,600 177,300 242,600 211,700 (18)% (19)% 564,100 600,700 (6)%
Copper Chile
Los Bronces mine((2))
Ore mined 9,462,100 12,688,000 11,974,700 13,365,200 11,209,200 (16)% (25)% 34,124,800 37,065,100 (8)%
Ore processed - Sulphide 7,944,900 10,566,600 10,330,300 11,562,800 9,695,800 (18)% (25)% 28,841,800 32,201,000 (10)%
Ore grade processed - 0.44 0.48 0.47 0.52 0.49 (10)% (8)% 0.47 0.51 (8)%
Sulphide (% TCu)((3))
Production - Copper in concentrate 30,200 40,900 40,300 49,400 38,600 (22)% (26)% 111,400 135,400 (18)%
Production - Copper cathode 6,400 7,500 8,400 7,800 7,200 (11)% (15)% 22,300 22,900 (3)%
Total production 36,600 48,400 48,700 57,200 45,800 (20)% (24)% 133,700 158,300 (16)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 12,803,800 10,336,300 10,472,200 15,892,300 15,949,200 (20)% 24% 33,612,300 44,685,200 (25)%
Ore processed - Sulphide 14,975,700 15,781,200 14,350,000 14,943,300 14,502,000 3% (5)% 45,106,900 42,408,500 6%
Ore grade processed - 1.20 1.08 1.20 1.33 1.19 1% 11% 1.16 1.11 5%
Sulphide (% TCu)((3))
Anglo American's 44% share of copper production for Collahuasi 64,700 60,300 64,700 71,700 66,100 (2)% 7% 189,700 180,500 5%
El Soldado mine((2))
Ore mined 2,255,700 1,805,600 1,857,400 2,190,000 633,000 256% 25% 5,918,700 5,466,200 8%
Ore processed - Sulphide 1,505,800 1,568,700 1,712,600 1,526,300 2,026,800 (26)% (4)% 4,787,100 5,273,200 (9)%
Ore grade processed - 0.95 0.94 0.94 0.62 0.60 58% 1% 0.94 0.75 25%
Sulphide (% TCu)((3))
Production - Copper in concentrate 11,300 11,700 12,700 7,300 9,700 16% (3)% 35,700 32,200 11%
Chagres smelter((2))
Ore smelted((4)) 24,400 26,100 27,000 28,100 28,600 (15)% (7)% 77,500 85,400 (9)%
Production 23,300 25,400 25,600 27,400 27,700 (16)% (8)% 74,300 82,700 (10)%
Total copper production((5)) 112,600 120,400 126,100 136,200 121,600 (7)% (6)% 359,100 371,000 (3)%
Total payable copper production 108,000 115,700 121,300 131,000 117,000 (8)% (7)% 345,000 356,600 (3)%
Total copper sales volumes 107,800 132,900 109,400 146,900 120,300 (10)% (19)% 350,100 357,900 (2)%
Total payable sales volumes 103,400 127,600 105,200 140,000 115,600 (11)% (19)% 336,200 345,000 (3)%
Third-party sales((6)) 123,500 87,600 80,300 139,300 126,600 (2)% 41% 291,400 304,400 (4)%
Copper Peru
Quellaveco mine((7))
Ore mined 8,730,500 9,486,400 11,025,800 13,368,500 9,900,400 (12)% (8)% 29,242,700 28,678,500 2%
Ore processed - Sulphide 12,431,300 12,397,000 12,206,700 11,821,300 11,240,600 11% 0% 37,035,000 27,943,600 33%
Ore grade processed - 0.70 0.74 0.72 0.95 0.93 (25)% (5)% 0.72 0.97 (26)%
Sulphide (% TCu)((3))
Total copper production 68,700 75,300 72,000 93,700 87,500 (21)% (9)% 216,000 225,300 (4)%
Total payable copper production 66,400 72,800 69,600 90,600 84,600 (22)% (9)% 208,800 217,800 (4)%
Total copper sales volumes 65,400 80,700 67,900 95,700 91,400 (28)% (19)% 214,000 242,800 (12)%
Total payable sales volumes 62,900 77,700 65,500 92,500 88,300 (29)% (19)% 206,100 234,500 (12)%
(1) Excludes copper production from the Platinum Group Metals
business.
(2) Anglo American ownership interest of Los Bronces, El Soldado and
the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American
consolidates these operations.
(3) TCu = total copper.
(4) Copper contained basis. Includes third-party concentrate.
(5) Total copper production includes Anglo American's 44% interest in
Collahuasi.
(6) Relates to sales of copper not produced by Anglo American
operations.
(7) Anglo American ownership interest of Quellaveco is
60%. Production is stated at 100% as Anglo American consolidates this
operation.
Iron Ore
Iron Ore (000 t) Q3 Q3 Q3 2024 vs. Q3 2023 Q2 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2023 2024 2024 2023
Iron Ore 15,746 15,397 2% 15,580 1% 46,469 46,120 1%
Kumba((1)) 9,446 9,736 (3)% 9,184 3% 27,905 28,481 (2)%
Minas-Rio((2)) 6,300 5,661 11% 6,396 (2)% 18,564 17,639 5%
(1) Volumes are reported as wet metric tonnes. Product is shipped with
~1.6% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped with
~9% moisture.
Group iron ore production was 15.7 million tonnes, as Minas-Rio achieved a
record third quarter performance and Kumba achieved its highest production
over the last 12 months.
Kumba - Total production was 9.4 million tonnes, down 3%, which reflects the
reconfiguration to align production to third-party logistics performance. On a
quarter-on-quarter basis, production was up 3%, reflecting operational
stability.
Total sales were broadly flat 8.8 million tonnes((1)), as inclement weather
conditions impacted the port in July; however, the third-party rail and port
performance has continued to constrain sales. The Transnet annual shutdown for
rail and port maintenance that began in early October has been completed.
Total finished stock was 8.6 million tonnes((1)), with stock at the mines at
7.5 million tonnes((1)) and stock at the port of 1.1 million tonnes((1)).
Additional investment in the ultra-high-dense-media-separation (UHDMS) project
at Sishen was announced by Kumba in August 2024 and over the next few years,
mine stock levels will remain elevated to assist with the tie-in of the UHDMS
modules.
Kumba's iron (Fe) content averaged 64.1% (YTD 2023: 63.5%), while the average
lump:fines ratio was 64:36 (YTD 2023: 66:34).
The year to date average realised price of $94/tonne((1)) (FOB South Africa,
wet basis) was 4% higher than the 62% Fe benchmark price of $90/tonne((1))
(FOB South Africa, adjusted for freight and moisture). The premiums for higher
iron content and lump product were partially offset by the impact of
provisionally priced sales volumes.
Minas-Rio - Production increased 11% to 6.3 million tonnes, reflecting a
record third quarter performance due to actions taken to secure the volume and
quality of the ore feed, combined with operational improvements at the
beneficiation plant leading to higher mass recovery.
The year to date average realised price of $85/tonne (FOB Brazil, wet basis)
was 3% lower than the Metal Bulletin 65 price of $88/tonne (FOB Brazil,
adjusted for freight and moisture), impacted by provisionally priced sales
volumes which more than offset the premium for our high quality product,
including higher (~67%) Fe content.
2024 Guidance
Production guidance for 2024 is unchanged at 58-62 million tonnes (Kumba 35-37
million tonnes; Minas-Rio 23-25 million tonnes). Kumba is subject to
third-party rail and port availability and performance.
Unit cost guidance for 2024 is unchanged at c.$37/tonne((2)) (Kumba
c.$38/tonne((2)); Minas-Rio c.$35/tonne((2))).
(1) Production and sales volumes, stock and realised price are
reported on a wet basis and could differ to Kumba's stand-alone results due to
sales to other Group companies. At Q3 2023, total finished stock was 9.0
million tonnes; stock at the mines was 7.2 million tonnes and stock at the
port was 1.8 million tonnes. At H1 2024, total finished stock was 8.2 million
tonnes; stock at the mines was 7.4 million tonnes and stock at the port was
0.8 million tonnes.
(2) 2024 unit cost guidance was set at c.19 ZAR:USD for Kumba and
c.5.0 BRL:USD for Minas-Rio.
Iron Ore (000 t) Q3 Q2 Q1 Q4 Q3 Q3 2024 vs. Q3 2023 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2024 2024 2023 2023 2024 2023
Iron Ore production((1)) 15,746 15,580 15,143 13,806 15,397 2% 1% 46,469 46,120 1%
Iron Ore sales((1)) 15,181 16,508 12,997 16,413 14,748 3% (8)% 44,686 45,075 (1)%
Kumba production 9,446 9,184 9,275 7,234 9,736 (3)% 3% 27,905 28,481 (2)%
Sishen 6,767 6,644 6,563 5,958 6,680 1% 2% 19,974 19,463 3%
Kolomela 2,679 2,540 2,712 1,276 3,056 (12)% 5% 7,931 9,018 (12)%
Kumba sales volumes((2)) 8,822 9,705 8,383 9,344 8,873 (1)% (9)% 26,910 27,828 (3)%
Lump((2)) 5,734 5,981 5,520 6,221 5,878 (2)% (4)% 17,235 18,485 (7)%
Fines((2)) 3,088 3,724 2,863 3,123 2,995 3% (17)% 9,675 9,343 4%
Minas-Rio production
Pellet feed 6,300 6,396 5,868 6,572 5,661 11% (2)% 18,564 17,639 5%
Minas-Rio sales volumes
Export - pellet feed 6,359 6,803 4,614 7,069 5,875 8% (7)% 17,776 17,247 3%
(1) Total iron ore is the sum of Kumba and Minas-Rio and reported in
wet metric tonnes. Kumba product is shipped with ~1.6% moisture and Minas-Rio
product is shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's stand-alone results due to
sales to other Group companies.
Platinum Group Metals (PGMs)
PGMs (000 oz)((1)) Q3 Q3 Q3 2024 vs. Q3 2023 Q2 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2023 2024 2024 2023
Metal in concentrate production 922 1,030 (10)% 921 0% 2,677 2,874 (7)%
Own mined((2)) 552 666 (17)% 547 1% 1,604 1,865 (14)%
Purchase of concentrate (POC)((3)) 370 364 2% 374 (1)% 1,074 1,009 6%
Refined production((4)) 1,107 910 22% 1,154 (4)% 2,888 2,610 11%
(1) Ounces refer to troy ounces. PGMs consists of 5E + gold (platinum,
palladium, rhodium, ruthenium and iridium plus gold).
(2) Includes managed operations and 50% of joint operation production.
(3) Includes the other 50% of joint operation production, as well as
the purchase of concentrate from third parties.
(4) Refined production excludes toll refined material.
Metal in concentrate production
Own mined production decreased by 17% to 552,000 ounces, mainly due to the
disposal of Kroondal in Q4 2023((1)). Excluding Kroondal, production decreased
by 9% due to lower production from Mogalakwena and Amandelbult, partially
offset by higher production from Unki. On a quarter-on-quarter basis, own
mined production was broadly flat, reflecting stability from the turnaround
initiatives.
As flagged in the half year results, Mogalakwena's production of 217,800
ounces was impacted in July by downtime and repairs caused by an electrical
failure in the North Concentrator's primary mill (c.45,000 ounces). The mill
has returned to normal operating levels as at the end of July. This impact was
partially offset in the period by improved performance at the South
Concentrator.
In response to the double fatality that occurred at Amandelbult in June,
production decreased by 14% to 158,200 ounces due to operational safety
stoppages in July aimed at resetting safety performance, which negatively
impacted production by c.20,000 ounces.
Purchase of concentrate increased by 2% to 370,300 ounces, reflecting the
transition of Kroondal to a 100% third-party purchase of concentrate
arrangement from November 2023. Normalising the comparative period to include
100% of Kroondal results in a 12% decrease, reflecting lower third-party
receipts. In addition, on 1 September 2024, Kroondal transitioned from a 100%
purchase of concentrate agreement to a 4E tolling arrangement, as outlined in
the Kroondal sales announcement.
Refined production
Refined production increased by 22% to 1,106,900 ounces as a result of the
impact of unplanned municipal water stoppages at the processing operations in
the comparative period, as well as a draw down of work-in-progress inventory
during the quarter. There was no Eskom load-curtailment on the operations.
Sales
Sales volumes increased by 16% to 1,102,200 ounces, supported by higher
refined production compared to the same period of last year.
The year to date average realised basket price of $1,455/PGM ounce was 18%
lower, mainly due to a 37% decrease in rhodium prices and a 30% decrease in
palladium prices.
2024 Guidance
Production guidance for 2024 for metal in concentrate((2)) is unchanged at
3.3-3.7 million ounces. However, refined production is revised up to 3.7-3.9
million ounces (previously 3.3-3.7 million ounces), reflecting the benefit of
no Eskom load-curtailment this year and good stability at the processing
assets which has enabled a release of built-up work-in-progress inventory.
Production remains subject to the impact of Eskom load-curtailment.
Unit cost guidance for 2024 is unchanged at c.$920/PGM ounce((3)).
(1) The disposal of our 50% interest in Kroondal was completed and
effective on 1 November 2023, this resulted in Kroondal moving to a 100%
third-party purchase of concentrate arrangement until it transferred to a toll
arrangement. As expected, from 1 September 2024, Kroondal transitioned to a 4E
toll arrangement on the same terms as other Sibanye-Stillwater tolled volumes.
(2) Metal in concentrate (M&C) production by source is expected to
be own mined of 2.1-2.3 million ounces and purchase of concentrate of 1.2-1.4
million ounces. The average M&C split by metal is Platinum: c.45%,
Palladium: c.35% and Other: c.20%.
(3) Unit cost is per own mined 5E + gold PGMs metal in concentrate
ounce. 2024 unit cost guidance was set at c.19 ZAR:USD.
Q3 Q2 Q1 Q4 Q3 Q3 2024 vs. Q3 2023 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2024 2024 2023 2023 2024 2023
M&C PGMs production (000 oz)((1)) 922.3 921.0 834.1 932.2 1,029.6 (10)% 0% 2,677.4 2,873.9 (7)%
Own mined 552.0 547.2 504.3 595.7 665.8 (17)% 1% 1,603.5 1,864.5 (14)%
Mogalakwena 217.8 232.6 219.5 265.3 246.8 (12)% (6)% 669.9 708.2 (5)%
Amandelbult 158.2 157.6 127.1 149.9 184.9 (14)% 0% 442.9 484.3 (9)%
Mototolo 74.1 66.3 61.9 66.5 76.1 (3)% 12% 202.3 222.2 (9)%
Unki 62.2 54.7 62.8 61.8 60.5 3% 14% 179.7 182.0 (1)%
Modikwa - joint operation((2)) 39.7 36.0 33.0 36.3 39.6 0% 10% 108.7 109.1 0%
Kroondal - joint operation((3)) - - - 15.9 57.9 n/a n/a - 158.7 n/a
Purchase of concentrate 370.3 373.8 329.8 336.5 363.8 2% (1)% 1,073.9 1,009.4 6%
Modikwa - joint operation((2)) 39.7 36.0 33.0 36.3 39.6 0% 10% 108.7 109.1 0%
Kroondal - joint operation((3)) - - - 15.9 57.9 n/a n/a - 158.7 n/a
Third parties((3)) 330.6 337.8 296.8 284.3 266.3 24% (2)% 965.2 741.6 30%
Refined PGMs production (000 oz)((1)(4)) 1,106.9 1,153.5 628.0 1,191.1 909.7 22% (4)% 2,888.4 2,609.5 11%
By metal:
Platinum 536.9 554.0 272.7 565.2 428.5 25% (3)% 1,363.6 1,183.9 15%
Palladium 341.7 372.5 206.4 400.0 285.5 20% (8)% 920.6 868.6 6%
Rhodium 70.2 70.8 39.6 61.3 57.1 23% (1)% 180.6 164.3 10%
Other PGMs and gold 158.1 156.2 109.3 164.6 138.6 14% 1% 423.6 392.7 8%
Nickel (tonnes) 7,400 7,300 4,700 7,000 5,400 37% 1% 19,400 14,800 31%
Tolled material (000 oz)((5)) 153.8 132.9 160.2 175.1 159.8 (4)% 16% 446.9 445.5 0%
PGMs sales from production (000 oz)((1)) 1,102.2 1,266.1 707.5 1,166.2 951.8 16% (13)% 3,075.8 2,759.1 11%
Third-party PGMs sales (000 oz)((1)(6)) 1,973.7 2,092.4 1,200.1 1,050.3 1,220.9 62% (6)% 5,266.2 3,286.1 60%
4E head grade (g/t milled)((7)) 3.22 3.17 3.05 3.35 3.29 (2)% 2% 3.15 3.18 (1)%
(1) M&C refers to metal in concentrate. Ounces refer to troy
ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium
and iridium plus gold).
(2) Modikwa is a 50% joint operation. The 50% equity share of
production is presented under 'Own mined' production. Anglo American Platinum
purchases the remaining 50% of production, which is presented under 'Purchase
of concentrate'.
(3) Kroondal was a 50% joint operation until 1 November 2023. Up until
this date, the 50% equity share of production was presented under 'Own mined'
production and the remaining 50% of production, that Anglo American Platinum
purchased, was presented under 'Purchase of concentrate'. Upon the disposal of
our 50% interest, Kroondal transitioned to a 100% third-party purchase of
concentrate arrangement, whereby 100% of production is presented under
'Purchase of concentrate: Third parties' until it transitioned to a toll
arrangement. As expected, from 1 September 2024, Kroondal transitioned to a 4E
toll arrangement on the same terms as other Sibanye-Stillwater tolled volumes.
(4) Refined production excludes toll material.
(5) Tolled volume measured as the combined content of: platinum,
palladium, rhodium and gold, reflecting the tolling agreements in place.
(6) Relates to sales of metal not produced by Anglo American
operations, and includes metal lending and borrowing activity.
(7) 4E: the grade measured as the combined content of: platinum,
palladium, rhodium and gold, excludes tolled material. Minor metals are
excluded due to variability.
De Beers - Diamonds
Diamonds((1)) (000 carats) Q3 Q3 Q3 2024 vs. Q3 2023 Q2 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2023 2024 2024 2023
Botswana 3,994 5,837 (32)% 4,710 (15)% 13,691 18,565 (26)%
Namibia 456 530 (14)% 561 (19)% 1,650 1,761 (6)%
South Africa 513 365 41% 505 2% 1,616 1,570 3%
Canada 603 676 (11)% 673 (10)% 1,921 2,032 (5)%
Total carats recovered 5,566 7,408 (25)% 6,449 (14)% 18,878 23,928 (21)%
(1) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
Operational Performance
Rough diamond production decreased by 25% to 5.6 million carats, reflecting a
production response to the prolonged period of lower demand, higher than
normal levels of inventory in the midstream and a continued focus on managing
working capital.
In Botswana, production decreased by 32% to 4.0 million carats, as actions to
lower production at Jwaneng were delivered.
Production in Namibia decreased by 14% to 0.5 million carats, reflecting
intentional action to lower production at Debmarine Namibia, partially offset
by planned higher grade mining and better recoveries at Namdeb.
In South Africa, production increased by 41% to 0.5 million carats, as Venetia
underground ramps up.
Production in Canada decreased by 11% to 0.6 million carats due to the planned
treatment of lower grade ore.
Trading Performance
Trading conditions during the quarter continued to be challenging in light of
higher than normal midstream inventory levels and the prolonged period of
depressed consumer demand in China. In response, Sights 7 and 8 were merged
into a single selling event. In addition, in Q4, the dates for Sights 9 and 10
were brought forward, all with a focus on supporting Sightholders in
navigating midstream trading conditions as they head towards the end-of-year
retail selling season.
Rough diamond sales in the combined Sight 7 and 8 will be reflected in the Q4
production report, as sales from the event continued beyond the end of the
third quarter. Consequently, rough diamond sales in Q3 2024 totalled 2.1
million carats((1)) from one Sight, generating $213m in revenue, compared with
7.4 million carats((1)) from three Sights in Q3 2023, generating $899m in
revenue, and 7.8 million carats((1)) from three Sights in Q2 2024, generating
$1,039m in revenue.
The year to date consolidated average realised price increased by 4% to
$160/ct, reflecting a larger proportion of higher value rough diamonds being
sold, partially offset by an 18% decrease in the average rough price index. In
Q3, the average rough price index was largely flat compared to Q2 2024.
De Beers Jewellers delivered consistent performance with growth in design-led
pieces, while bridal and solitaire demand remained challenged by
macro-economic headwinds and slower Chinese recovery. Forevermark's global
operations ramped down, consistent with the strategy to focus the brand on
India.
New natural diamond marketing collaborations were established with
world-leading diamond jewellery retailers: Signet in the US and Chow Tai Fook
in China, with further opportunities planned. The collaborations focus on
driving long term desirability for natural diamonds in two of the world's
leading consumer countries for natural diamonds. The collaborations will also
benefit from promotional messages being amplified through the wide reach of
these leading retail businesses.
De Beers also announced the introduction of DiamondProof™, a new device to
be used on the jewellery retail counter for rapidly distinguishing between
natural diamonds and lab-grown diamonds, supporting retailers in communicating
the attributes of natural diamonds, providing customers with enhanced
confidence in the authenticity of their natural diamond purchase and deterring
undisclosed lab-grown diamonds from entering the natural supply chain.
2024 Guidance
Production guidance((2)) for 2024 is unchanged at 23-26 million carats;
however, as the midstream continues to hold higher than normal levels of
inventory and the expectation for a recovery remains protracted, De Beers is
actively assessing options with our partners to reduce production going
forward.
Unit cost guidance for 2024 is unchanged at c.$95/carat((3)).
(1) On a consolidated basis, sales volumes in Q3 2024 were 1.7 million
carats, Q3 2023 were 6.7 million carats and Q2 2024 were 7.3 million carats.
Consolidated sales volumes exclude De Beers Group's JV partners' 50%
proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company,
which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(3) Unit cost is based on De Beers' share of production. 2024 unit
cost guidance was set at c.19 ZAR:USD.
Diamonds((1)) Q3 Q2 Q1 Q4 Q3 Q3 2024 vs. Q3 2023 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2024 2024 2023 2023 2024 2023
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 1,402 1,881 2,494 3,192 3,400 (59)% (25)% 5,777 10,137 (43)%
Orapa((2)) 2,592 2,829 2,493 2,943 2,437 6% (8)% 7,914 8,428 (6)%
Total Botswana 3,994 4,710 4,987 6,135 5,837 (32)% (15)% 13,691 18,565 (26)%
Debmarine Namibia 298 427 505 435 423 (30)% (30)% 1,230 1,424 (14)%
Namdeb (land operations) 158 134 128 131 107 48% 18% 420 337 25%
Total Namibia 456 561 633 566 530 (14)% (19)% 1,650 1,761 (6)%
Venetia 513 505 598 434 365 41% 2% 1,616 1,570 3%
Total South Africa 513 505 598 434 365 41% 2% 1,616 1,570 3%
Gahcho Kué (51% basis) 603 673 645 802 676 (11)% (10)% 1,921 2,032 (5)%
Total Canada 603 673 645 802 676 (11)% (10)% 1,921 2,032 (5)%
Total carats recovered 5,566 6,449 6,863 7,937 7,408 (25)% (14)% 18,878 23,928 (21)%
Total sales volume (100%) (000 carats)((3)) 2,077 7,819 4,869 2,753 7,350 (72)% (73)% 14,765 24,605 (40)%
Consolidated sales volume (000 carats)((3)) 1,665 7,333 4,612 2,637 6,742 (75)% (77)% 13,610 22,045 (38)%
Consolidated sales value ($m)((4)) 213 1,039 925 230 899 (76)% (79)% 2,177 3,398 (36)%
Average price ($/ct)((5)) 128 142 201 87 133 (4)% (10)% 160 154 4%
Average price index((6)) 107 108 110 125 125 (14)% (1)% 109 133 (18)%
Number of Sights (sales cycles) 1 3 2 2 3 6 8
(1) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa,
Letlhakane and Damtshaa.
(3) Consolidated sales volumes exclude De Beers Group's JV partners'
50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company,
which are included in total sales volume (100% basis).
(4) Consolidated sales value includes De Beers Group's 50%
proportionate share of sales to entities outside De Beers Group from Diamond
Trading Company Botswana and the Namibia Diamond Trading Company.
(5) Consolidated average realised price based on 100% selling value
post-aggregation.
(6) Average of the De Beers price index for the Sights within the
period. The De Beers price index is relative to 100 as at December 2006. The
previously reported quarterly figures have been amended from year to date to
discreet quarter to date figures.
Steelmaking Coal
Steelmaking Coal((1)) (000 t) Q3 Q3 Q3 2024 vs. Q3 2023 Q2 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2023 2024 2024 2023
Steelmaking Coal 4,102 4,356 (6)% 4,238 (3)% 12,120 11,245 8%
(1) Anglo American's attributable share of saleable production.
Steelmaking coal production volumes may include some product sold as thermal
coal and includes production relating to third-party product purchased and
processed at Anglo American's operations.
Steelmaking coal production decreased by 6% to 4.1 million tonnes, primarily
impacted by the cessation of mining at the Grosvenor underground longwall
operation since the underground fire on 29 June 2024. Excluding the impact of
Grosvenor, the rest of the portfolio has seen a 3% increase in production,
with lower production at the Aquila longwall operation due to difficult strata
conditions being more than offset by increased production at the Dawson open
cut operation and the Moranbah longwall operation.
During the quarter, the ratio of hard coking coal production to PCI/semi-soft
coking coal was 74:26, in line with Q3 2023 (74:26).
Sales volumes were down 7% in line with lower production.
The year to date average realised price for hard coking coal was $253/tonne,
compared to the benchmark price of $253/tonne. This reflects an increase in
the price realisation to 100% (YTD 2023: 90%). This higher realisation is
primarily as a result of the timing of sales during the year when prices were
decreasing.
Significant progress has been made at Grosvenor, focusing on impact assessment
and re-entry planning. Initial camera footage indicates the impact of the
underground fire may have been relatively concentrated.
2024 Guidance
Production guidance for 2024 is unchanged at 14-15.5 million tonnes. A planned
longwall move at Moranbah is taking place during Q4 2024. A walk-on/walk-off
longwall move at Aquila, that will have a minimal production impact, started
initial commissioning in late Q3 and will occur during mid-Q4 2024.
Unit cost guidance for 2024 is unchanged at c.$130-140/t((1).)
(1) 2024 unit cost guidance was set at c.1.5 AUD:USD.
Coal, by product (000 t)((1)) Q3 Q2 Q1 Q4 Q3 Q3 2024 vs. Q3 2023 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2024 2024 2023 2023 2024 2023
Production volumes
Steelmaking Coal((2)(3)(4)) 4,102 4,238 3,780 4,756 4,356 (6)% (3)% 12,120 11,245 8%
Hard coking coal((2)) 3,019 3,321 2,921 3,804 3,235 (7)% (9)% 9,261 8,435 10%
PCI / SSCC 1,083 917 859 952 1,121 (3)% 18% 2,859 2,810 2%
Export thermal coal((4)) 249 142 324 34 284 (12)% 75% 715 1,049 (32)%
Sales volumes
Steelmaking Coal((2)) 3,921 4,105 3,827 3,795 4,226 (7)% (4)% 11,853 11,145 6%
Hard coking coal((2)) 3,027 3,212 2,974 2,987 3,199 (5)% (6)% 9,213 8,579 7%
PCI / SSCC 894 893 853 808 1,027 (13)% 0% 2,640 2,566 3%
Export thermal coal 579 311 429 494 387 50% 86% 1,319 1,179 12%
Steelmaking coal, by operation (000 t)((1)) Q3 Q2 Q1 Q4 Q3 Q3 2024 vs. Q3 2023 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2024 2024 2023 2023 2024 2023
Steelmaking Coal((2)(3)(4)) 4,102 4,238 3,780 4,756 4,356 (6)% (3)% 12,120 11,245 8%
Moranbah((2)) 1,117 923 561 662 946 18% 21% 2,601 2,470 5%
Grosvenor 191 1,215 967 1,021 560 (66)% (84)% 2,373 1,776 34%
Aquila (incl. Capcoal)((2)) 1,068 626 977 1,181 1,338 (20)% 71% 2,671 2,957 (10)%
Dawson((4)) 928 647 487 1,118 688 35% 43% 2,062 1,784 16%
Jellinbah 798 827 788 774 824 (3)% (4)% 2,413 2,258 7%
(1) Anglo American's attributable share of saleable production.
(2) Includes production relating to third-party product purchased and
processed at Anglo American's operations.
(3) Steelmaking coal production volumes may include some product sold
as thermal coal.
(4) Q4 2023 includes an adjustment for the 2023 year for some
steelmaking coal produced at Dawson that had previously been reported as
thermal coal.
Nickel
Nickel((1)) (tonnes) Q3 Q3 Q3 2024 vs. Q3 2023 Q2 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2023 2024 2024 2023
Nickel 9,900 9,300 6% 10,000 (1)% 29,400 28,900 2%
(1) Excludes nickel production from the Platinum Group Metals
business.
Production increased by 6% to 9,900 tonnes, due to operational improvements
and higher stability at the Barro Alto plant as well as longer planned
maintenance in the comparative period. This performance was partially offset
by lower production from Codemin, which was impacted by an unplanned stoppage
at the refinery during the quarter.
2024 Guidance
Production guidance for 2024 has been revised up to 38,000-39,000 tonnes
(previously 36,000-38,000 tonnes), reflecting strong operational performance.
Unit cost guidance for 2024 has been revised down to c.530 c/lb((1))
(previously c.550 c/lb), due to higher production volumes.
(1) 2024 unit cost guidance was set at c.5.0 BRL:USD.
Nickel (tonnes) Q3 Q2 Q1 Q4 Q3 Q3 2024 vs. Q3 2023 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2024 2024 2023 2023 2024 2023
Barro Alto
Ore mined 1,166,800 1,275,400 319,200 1,094,700 1,387,900 (16)% (9)% 2,761,400 3,206,100 (14)%
Ore processed 617,700 616,800 636,500 634,000 559,800 10% 0% 1,871,000 1,842,400 2%
Ore grade processed - %Ni 1.50 1.51 1.42 1.48 1.48 1% (1)% 1.48 1.43 3%
Production 8,200 8,200 7,800 8,800 7,200 14% 0% 24,200 23,000 5%
Codemin
Ore mined - - - - - n/a n/a - 27,800 n/a
Ore processed 140,800 139,700 136,300 152,500 153,200 (8)% 1% 416,800 447,000 (7)%
Ore grade processed - %Ni 1.42 1.45 1.43 1.46 1.44 (1)% (2)% 1.43 1.40 2%
Production 1,700 1,800 1,700 2,300 2,100 (19)% (6)% 5,200 5,900 (12)%
Total nickel production((1)) 9,900 10,000 9,500 11,100 9,300 6% (1)% 29,400 28,900 2%
Sales volumes 9,200 11,300 7,700 11,400 9,300 (1)% (19)% 28,200 28,400 (1)%
(1) Excludes nickel production from the Platinum Group Metals
business.
Manganese
Manganese (000 t) Q3 Q3 Q3 2024 vs. Q3 2023 Q2 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2023 2024 2024 2023
Manganese ore((1)) 406 1,012 (60)% 356 14% 1,545 2,823 (45)%
(1) Anglo American's 40% attributable share of saleable production.
Manganese ore production decreased by 60% to 405,500 tonnes, primarily due to
the ongoing temporary suspension of the Australian operations due to the
impact of tropical cyclone Megan in March 2024. The weather event caused
widespread flooding and significant damage to critical infrastructure.
Operational recovery focused on re-establishing critical services and
undertaking a substantial dewatering program which enabled a phased return to
mining activities in June 2024. Investment in crucial infrastructure, which
included a critical bridge connecting the northern mining pits and the primary
concentrator, as well as the wharf infrastructure, continued in September
2024.
Manganese (tonnes) Q3 Q2 Q1 Q4 Q3 Q3 2024 vs. Q3 2023 Q3 2024 vs. Q2 2024 YTD YTD YTD 2024 vs. YTD 2023
2024 2024 2024 2023 2023 2024 2023
Samancor production
Manganese ore((1)) 405,500 356,000 783,800 847,800 1,012,100 (60)% 14% 1,545,300 2,822,800 (45)%
Samancor sales volumes
Manganese ore 393,500 365,800 796,800 992,000 971,500 (59)% 8% 1,556,100 2,733,000 (43)%
(1) Anglo American's 40% attributable share of saleable production.
Exploration and evaluation
Exploration and evaluation expenditure in Q3 2024 decreased by 21% to $71
million compared to the same period last year. Exploration expenditure
decreased by 24% to $29 million primarily due to a decrease in spend in iron
ore and diamonds. Evaluation expenditure decreased by 19% to $42 million,
mainly due to a decrease in spend in PGMs, steelmaking coal and diamonds.
Notes
• This Production Report for the third quarter ended 30 September 2024 is
unaudited.
• Production figures are sometimes more precise than the rounded numbers
shown in this Production Report.
• Copper equivalent production shows changes in underlying production
volume, and includes the equity share of De Beers' production. It is
calculated by expressing each product's volume as revenue, subsequently
converting the revenue into copper equivalent units by dividing by the copper
price (per tonne). Long-term forecast prices are used, in order that
period-on-period comparisons exclude any impact for movements in price.
• Please refer to page 17 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group",
the "Group", "we", "us", and "our" are to refer to either Anglo American plc
and its subsidiaries and/or those who work for them generally, or where it is
not necessary to refer to a particular entity, entities or persons. The use of
those generic terms herein is for convenience only, and is in no way
indicative of how the Anglo American Group or any entity within it is
structured, managed or controlled. Anglo American subsidiaries, and their
management, are responsible for their own day-to-day operations, including but
not limited to securing and maintaining all relevant licences and permits,
operational adaptation and implementation of Group policies, management,
training and any applicable local grievance mechanisms. Anglo American
produces Group-wide policies and procedures to ensure best uniform practices
and standardisation across the Anglo American Group but is not responsible for
the day to day implementation of such policies. Such policies and procedures
constitute prescribed minimum standards only. Group operating subsidiaries are
responsible for adapting those policies and procedures to reflect local
conditions where appropriate, and for implementation, oversight and monitoring
within their specific businesses.
This document is for information purposes only and does not constitute, nor is
to be construed as, an offer to sell or the recommendation, solicitation,
inducement or offer to buy, subscribe for or sell shares in Anglo American or
any other securities by Anglo American or any other party. Further, it should
not be treated as giving investment, legal, accounting, regulatory, taxation
or other advice and has no regard to the specific investment or other
objectives, financial situation or particular needs of any recipient.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Tyler Broda
james.wyatt-tilby@angloamerican.com tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 1470
Marcelo Esquivel Michelle West-Russell
marcelo.esquivel@angloamerican.com michelle.west-russell@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 1494
Rebecca Meeson-Frizelle Asanda Malimba
rebecca.meeson-frizelle@angloamerican.com asanda.malimba@angloamerican.com
Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 8480
South Africa
Nevashnee Naicker
nevashnee.naicker@angloamerican.com
Tel: +27 (0)11 638 3189
Notes:
Anglo American is a leading global mining company focused on the responsible
production of copper, premium iron ore and crop nutrients - future-enabling
products that are essential for decarbonising the global economy, improving
living standards, and food security. Our portfolio of world-class operations
and outstanding resource endowments offers value-accretive growth potential
across all three businesses, positioning us to deliver into structurally
attractive major demand growth trends.
Our integrated approach to sustainability and innovation drives our
decision-making across the value chain, from how we discover new resources to
how we mine, process, move and market our products to our customers - safely,
efficiently and responsibly. Our Sustainable Mining Plan commits us to a
series of stretching goals over different time horizons to ensure we
contribute to a healthy environment, create thriving communities and build
trust as a corporate leader. We work together with our business partners and
diverse stakeholders to unlock enduring value from precious natural resources
for our shareholders, for the benefit of the communities and countries in
which we operate, and for society as a whole. Anglo American is re-imagining
mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes
to unlock the inherent value in its portfolio and thereby accelerate delivery
of its strategic priorities of Operational excellence, Portfolio
simplification, and Growth. This portfolio transformation will focus Anglo
American on its world-class resource asset base in copper, premium iron ore
and crop nutrients, once the sale of our steelmaking coal and nickel
businesses, the demerger of our PGMs business (Anglo American Platinum), and
the separation of our iconic diamond business (De Beers) have been completed.
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 document, 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
product prices, unanticipated downturns in business relationships with
customers or their purchases from Anglo American, mineral resource exploration
and project development capabilities and delivery, recovery rates and other
operational capabilities, safety, health or environmental incidents, the
effects of global pandemics and outbreaks of infectious diseases, the impact
of attacks from third parties on our information systems, natural catastrophes
or adverse geological conditions, climate change and extreme weather events,
the outcome of litigation or regulatory proceedings, the availability of
mining and processing equipment, the ability to obtain key inputs in a timely
manner, the ability to produce and transport products profitably, the
availability of necessary infrastructure (including transportation) services,
the development, efficacy and adoption of new or competing 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, terrorism, war, conflict,
political or civil unrest, uncertainty, tensions and disputes and economic and
financial conditions around the world, evolving societal and stakeholder
requirements and expectations, shortages of skilled employees, unexpected
difficulties relating to acquisitions or divestitures, competitive pressures
and 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 document.
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 Guidance 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 document should be interpreted to mean that future earnings
per share of Anglo American will necessarily match or exceed its historical
published earnings per share. Certain statistical and other information
included in this document is sourced from third-party sources (including, but
not limited to, externally conducted studies and trials). As such it has not
been independently verified and presents the views of those third parties, but
may not necessarily correspond to the views held by Anglo American and Anglo
American expressly disclaims any responsibility for, or liability in respect
of, such information.
©Anglo American Services (UK) Ltd 2024. (TM) and (TM) are trade marks of
Anglo American Services (UK) Ltd.
Legal Entity Identifier: 549300S9XF92D1X8ME43
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