REG - Anglo American PLC - Anglo American Production Report Q4 2022
02/02/2023 07:00
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RNS Number : 6585O Anglo American PLC 02 February 2023
2 February 2023
http://www.rns-pdf.londonstockexchange.com/rns/6585O_1-2023-2-1.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6585O_1-2023-2-1.pdf)
Anglo American plc
Production Report for the fourth quarter ended 31 December 2022
Duncan Wanblad, Chief Executive of Anglo American, said: "Our production
increased by 10%((1)) in the fourth quarter compared to the same period in
2021, driven by the ongoing ramp-up at Quellaveco which produced more than
80,000 tonnes of copper. Our Steelmaking Coal operations also contributed by
having all three of the longwall operations running, while we saw higher rough
diamond production from De Beers and improved operational performance at
Minas-Rio and Kumba, our iron ore businesses. Our strong quarterly improvement
was tempered by weaker performance at our PGMs operations.
"In 2023, our unwavering focus remains on ensuring a safe and stable platform
for strengthened and repeatable operational performance, while progressing
towards our sustainability ambitions and advancing our organic growth options.
The completion of the transaction in January to combine First Mode and
nuGen(TM) - our zero emissions haulage system - is designed to accelerate the
development and commercialisation of this innovative decarbonisation
technology as we work towards carbon neutral operations by 2040."
Q4 2022 highlights
• Secured 100% renewable electricity supply for our operations in Australia
from 2025, effectively removing all Scope 2 emissions from our Steelmaking
Coal business.
• Completed phase one of an integrated water project for Los Bronces copper
operation in Chile: secures desalinated water for more than 45% of Los
Bronces' needs from 2025, while also providing clean water for local
communities.
• Copper production increased by 52%, due to the ramp-up of production from
our new Quellaveco copper mine in Peru, while production from our operations
in Chile was broadly flat.
• Rough diamond production increased by 6%, reflecting strong operational
performance, particularly at Jwaneng, which was partially offset by the
planned completion of the final cut at Venetia's open pit.
• Steelmaking coal production increased by 6%, primarily due to all three
underground longwall operations operating in Q4 2022, partially offset by the
planned end of production at the Grasstree operation in January 2022.
• Iron ore production increased by 4%, reflecting higher plant availability
at Minas-Rio, and improved operational performance at Kumba's Sishen mine,
which more than offset the constraints on Kolomela's production that resulted
from disappointing third party logistics performance.
• Metal in concentrate production from our Platinum Group Metals (PGMs)
operations decreased by 10%, due to the impact of lower grades at Mogalakwena
and planned infrastructure closures at Amandelbult.
• Nickel production decreased by 4%, primarily due to planned annual
maintenance.
Production Q4 2022 Q4 2021 % vs. Q4 2021 2022 2021 % vs. 2021
Diamonds (Mct)((2)) 8.2 7.7 6% 34.6 32.3 7%
Copper (kt)((3)) 244 161 52% 664 647 3%
Nickel (kt)((4)) 10.2 10.6 (4)% 39.8 41.7 (5)%
Platinum group metals (koz)((5)) 990 1,103 (10)% 4,024 4,299 (6)%
Iron ore (Mt)((6)) 15.7 15.1 4% 59.3 63.8 (7)%
Steelmaking coal (Mt) 4.6 4.4 6% 15.0 14.9 1%
Manganese ore (kt) 984 835 18% 3,741 3,683 2%
(1) Copper equivalent production basis.
(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 21.3 kt of full year 2022 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
2023 production guidance((1)) 2023 unit cost guidance((1))
Diamonds((2)) 30-33 Mct c.$80/ct
Copper((3)) 840-930 kt c.156c/lb
Nickel((4)) 38-40 kt c.515c/lb
Platinum Group Metals((5)) 3.6-4.0 Moz c.$1,025/oz
Iron Ore((6)) 57-61 Mt c.$39/t
Steelmaking Coal((7)) 16-19 Mt c.$105/t
(1) Unit costs exclude royalties, depreciation and include direct support
costs only. FX rates used for 2023 costs: ~17 ZAR:USD, ~1.5 AUD:USD, ~5.3
BRL:USD, ~900 CLP:USD, ~3.8 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 - first production is
expected in 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: 530-580 kt and Peru: 310-350
kt. Production in Chile is subject to water availability, and in Peru is
subject to any socio-political effects. Unit cost total is a weighted average
based on the mid-point of production guidance. Chile: c.190c/lb. Peru:
c.100c/lb.
(4) Nickel operations in Brazil only. The Group also produces approximately 20
kt of nickel on an annual basis as a co-product from the PGM operations.
(5) 5E + gold produced metal in concentrate ounces. Includes own mined
production (~65%) and purchased concentrate volumes (~35%). The split of
metals differs for own mined and purchased concentrate, refer to FY2021
results presentation slide 38 for indicative split of own mined volumes. 2023
metal in concentrate production is expected to be 1.6-1.8 Moz of platinum,
1.2-1.3 Moz of palladium and 0.8-0.9 Moz of other PGMs and gold. 5E + gold
refined production is expected to be 3.6-4.0 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. Kumba: 35-37 Mt and Minas-Rio: 22-24 Mt. Kumba
production is subject to the third party rail and port performance. Unit cost
total is a weighted average based on the mid-point of production guidance.
Kumba: c.$44/t and Minas-Rio: c.$32/t .
(7) Production excludes thermal coal by-product from Australia. FOB unit cost
comprises managed operations and excludes royalties and study costs.
Realised prices
FY 2022 FY 2021 H2 2022 H1 2022 FY 2022 vs. H2 2022 vs. H1 2022
FY 2021
De Beers
Consolidated average realised price ($/ct)((1)) 197 146 179 213 35 % (16) %
Average price index((2)) 142 115 145 140 23 % 4 %
Copper (USc/lb)((3)) 385 453 369 401 (15) % (8) %
Copper Chile (USc/lb)((4)) 386 453 366 401 (15) % (9) %
Copper Peru (USc/lb) 379 n/a 379 n/a n/a n/a
Nickel (US$/lb) 10.26 7.73 9.27 11.59 33 % (20) %
Platinum Group Metals
Platinum (US$/oz)((5)) 962 1,083 960 964 (11) % 0 %
Palladium (US$/oz)((5)) 2,076 2,439 2,000 2,147 (15) % (7) %
Rhodium (US$/oz)((5)) 15,600 19,613 13,865 17,131 (20) % (19) %
Basket price (US$/PGM oz)((6)) 2,551 2,761 2,415 2,671 (8) % (10) %
Iron Ore - FOB prices((7)) 111 157 88 135 (29) % (35) %
Kumba Export (US$/wmt)((8)) 113 161 87 135 (30) % (36) %
Minas-Rio (US$/wmt)((9)) 108 150 89 134 (28) % (34) %
Steelmaking Coal - HCC (US$/t)((10)) 310 211 263 407 47 % (35) %
Steelmaking Coal - PCI (US$/t)((10)) 271 138 255 322 96 % (21) %
(1) Consolidated average realised price based on 100% selling value
post-aggregation.
(2) Average of the De Beers price index for the Sights within the 12-month
period. The De Beers price index is relative to 100 as at December 2006.
(3) Average realised total copper price is a weighted average of the Copper
Chile and Copper Peru realised prices.
(4) The realised price for Copper Chile excludes third party sales volumes.
(5) The realised price excludes trading.
(6) 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).
(7) Average realised total iron ore price is a weighted average of the Kumba
and Minas-Rio realised prices.
(8) 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 $115/t (FY 2021: $164/t),
higher than the dry 62% Fe benchmark price of $102/t (FOB South Africa,
adjusted for freight).
(9) Average realised export basket price (FOB Açu) (wet basis as product is
shipped with ~9% moisture).
(10) Weighted average coal sales price achieved at managed
operations. Australian thermal coal by-product FY 2022 was US$310/t and FY
2021 was US$120/t, a 158% increase. H2 2022 was $329/t and H1 2022 was
$280/t, a 18% increase.
De Beers
De Beers((1)) (000 carats) Q4 Q4 Q4 2022 vs. Q4 2021 Q3 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2021 2022 2022 2021
Botswana 5,790 5,236 11 % 6,647 (13) % 24,142 22,326 8 %
Namibia 590 392 51 % 531 11 % 2,137 1,467 46 %
South Africa 948 1,292 (27) % 1,651 (43) % 5,515 5,306 4 %
Canada 827 771 7 % 741 12 % 2,815 3,177 (11) %
Total carats recovered 8,155 7,691 6 % 9,570 (15) % 34,609 32,276 7 %
Rough diamond production increased by 6% to 8.2 million carats, reflecting
strong operational performance across the assets, partially offset by the
planned completion of the final cut at Venetia's open pit.
In Botswana, production increased by 11% to 5.8 million carats, primarily
driven by strong plant performance, particularly at Jwaneng.
Namibia production increased by 51% to 0.6 million carats, primarily driven by
the continued strong performance from the Benguela Gem vessel and the
treatment of higher grade ore at the land operations.
South Africa production decreased by 27% to 0.9 million carats, due to the
planned completion of the final cut at Venetia's open pit. The mining of the
open pit was completed in December and the mine will transition to underground
operations in 2023.
Production in Canada increased by 7% to 0.8 million carats, primarily driven
by the treatment of higher grade ore.
Midstream polished diamond inventories continued to build in the fourth
quarter, as retailers restocked more cautiously amidst the growing economic
uncertainty. This led to downward pressure on wholesale polished prices.
However, demand for De Beers' rough diamonds remained steady, with rough
diamond sales totalling 7.3 million carats (6.6 million carats on a
consolidated basis)((2)) from two Sights, compared with 7.7 million carats
(7.2 million carats on a consolidated basis)((2)) from three Sights in Q4
2021, and 9.1 million carats (8.5 million carats on a consolidated basis)((2))
from three Sights in Q3 2022.
The full year consolidated average realised price increased by 35% to $197/ct
(2021: $146/ct), driven by a 23% increase in the rough diamond price index, as
well as selling a larger proportion of higher value rough diamonds in the
first half of the year. The increase in the rough price index reflected
overall positive consumer demand for diamond jewellery and was supported by De
Beers' proposition of provenance-assured diamonds.
2023 Guidance
Production guidance((1)) for 2023 is 30-33 million carats (100% basis),
subject to trading conditions.
Unit cost guidance for 2023 is c.$80/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)) Q4 Q3 Q2 Q1 Q4 Q4 2022 vs. Q4 2021 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2022 2022 2022 2021 2022 2021
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 3,126 3,567 3,120 3,632 2,679 17 % (12) % 13,445 12,893 4 %
Orapa((2)) 2,664 3,080 2,401 2,552 2,557 4 % (14) % 10,697 9,433 13 %
Total Botswana 5,790 6,647 5,521 6,184 5,236 11 % (13) % 24,142 22,326 8 %
Debmarine Namibia 439 423 488 375 330 33 % 4 % 1,725 1,137 52 %
Namdeb (land operations) 151 108 77 76 62 144 % 40 % 412 330 25 %
Total Namibia 590 531 565 451 392 51 % 11 % 2,137 1,467 46 %
Venetia 948 1,651 1,220 1,696 1,292 (27) % (43) % 5,515 5,306 4 %
Total South Africa 948 1,651 1,220 1,696 1,292 (27) % (43) % 5,515 5,306 4 %
Gahcho Kué (51% basis) 827 741 643 604 771 7 % 12 % 2,815 3,177 (11) %
Total Canada 827 741 643 604 771 7 % 12 % 2,815 3,177 (11) %
Total carats recovered 8,155 9,570 7,949 8,935 7,691 6 % (15) % 34,609 32,276 7 %
Sales volumes
Total sales volume (100%) (Mct)((3)) 7.3 9.1 9.4((4)) 7.9((4)) 7.7 (5) % (20) % 33.7 36.3 (7) %
Consolidated sales volume (Mct)((3)) 6.6 8.5 8.3((4)) 7.0((4)) 7.2 (8) % (22) % 30.4 33.4 (9) %
Number of Sights (sales cycles) 2 3 3((4)) 2((4)) 3 10 10
(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) Q4 Q4 Q4 2022 vs. Q4 2021 Q3 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2021 2022 2022 2021
Copper 244,300 160,700 52 % 146,800 66 % 664,500 647,200 3 %
Copper Chile 162,300 160,700 1 % 126,500 28 % 562,200 647,200 (13) %
Copper Peru 82,000 n/a n/a 20,300 304 % 102,300 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 increased by 52% to 244,300 tonnes, due to the ramp-up of
production from Quellaveco in Peru, while Chile's production was broadly flat.
Chile - Copper production increased by 1% to 162,300 tonnes, primarily due to
higher grade at El Soldado, partially offset by planned lower grades at
Collahuasi.
Production from Los Bronces was broadly flat at 84,300 tonnes. Copper grade,
recovery and plant stability improved in Q4 vs. Q3, however, the impact from
ore hardness remains an ongoing challenge.
At Collahuasi, attributable production decreased by 5% to 62,900 tonnes, as
higher throughput from strong plant performance was offset by planned lower
ore grades (1.08% vs 1.18%).
Production from El Soldado increased by 54% to 15,100 tonnes, driven by
planned higher grades (0.95% vs 0.63%), reflecting production from a new phase
of the mine.
Chile´s central zone continues to face severe drought conditions. While the
rain and snowfall deficit decreased during the second half of 2022, the
outlook for 2023 remains very dry and these conditions place pressure on water
availability. In the short term, various management initiatives to improve
water efficiency and secure alternative sources of water continue to mitigate
the impact on production. An agreement to secure desalinated water supply for
more than 45% of Los Bronces' water needs from 2025 was completed in Q4 2022.
This is the first step of an integrated plan to eliminate the use of fresh
water at the Los Bronces operation.
2022 sales volumes were 563,000 tonnes at an average realised price of
386c/lb, which is lower than the average LME price of 400c/lb, reflecting the
impact of provisional pricing adjustments and the timing of sales across the
period. At 31 December 2022, 166,900 tonnes of copper were provisionally
priced at 379c/lb.
Los Bronces sales of copper concentrate in the first half of 2023, and in
particular the first quarter, will be lower as a result of the fire at the
Ventanas port. Alternative export routes are being secured and any reduction
in sales in the first half is expected to be fully recovered in the second
half of the year.
Peru - Following first production from the Quellaveco mine in July 2022, the
operational ramp-up continued during the fourth quarter, with 82,000 tonnes
produced, taking the full year production to 102,300 tonnes. The second
processing line started up in September, with regulatory clearances received
in early December. Quellaveco is expected to ramp-up fully around mid-2023.
2022 sales volumes were 77,500 tonnes at an average realised price of 379c/lb,
higher than the average LME price of 362c/lb((1)), reflecting the benefit of
provisional pricing adjustments since shipments commenced. At 31 December
2022, 74,800 tonnes of copper were provisionally priced at 380c/lb.
2023 Guidance
Production guidance for 2023 is 840,000-930,000 tonnes (Chile 530,000-580,000
tonnes; Peru 310,000-350,000 tonnes). Production in Chile is subject to water
availability, and in Peru is subject to any socio-political effects.
Unit cost guidance for 2023 is c.156c/lb (Chile c.190c/lb; Peru c.100c/lb).
(1) Average LME price calculated from 26 September 2022 onwards, reflecting
the commencement of sales for Copper Peru.
Copper((1)) Q4 Q3 Q2 Q1 Q4 Q4 2022 vs. Q4 2021 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2022 2022 2022 2021 2022 2021
Total copper production 244,300 146,800 133,900 139,500 160,700 52 % 66 % 664,500 647,200 3 %
Total copper sales volumes 242,700 132,900 132,800 132,100 173,400 40 % 83 % 640,500 641,100 0 %
Copper Chile
Los Bronces mine((2))
Ore mined 13,133,900 11,389,900 13,256,600 8,976,100 11,056,800 19 % 15 % 46,756,500 43,784,900 7 %
Ore processed - Sulphide 12,959,300 9,848,900 11,992,800 11,142,600 13,293,500 (3) % 32 % 45,943,600 50,697,500 (9) %
Ore grade processed - 0.69 0.58 0.57 0.62 0.70 (2) % 19 % 0.62 0.70 (12) %
Sulphide (% TCu)((3))
Production - Copper cathode 10,200 10,500 8,600 10,100 10,400 (2) % (3) % 39,400 39,900 (1) %
Production - Copper in concentrate 74,100 46,400 55,700 55,300 74,500 (1) % 60 % 231,500 287,800 (20) %
Total production 84,300 56,900 64,300 65,400 84,900 (1) % 48 % 270,900 327,700 (17) %
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 17,975,000 20,217,100 22,025,700 22,004,800 23,940,600 (25) % (11) % 82,222,600 102,431,100 (20) %
Ore processed - Sulphide 14,797,300 14,339,600 14,337,800 13,841,700 13,979,000 6 % 3 % 57,316,400 55,681,300 3 %
Ore grade processed - 1.08 1.08 1.10 1.18 1.18 (8) % 1 % 1.11 1.25 (11) %
Sulphide (% TCu)((3))
Production - Copper in concentrate 142,900 137,400 141,000 149,400 150,100 (5) % 4 % 570,700 630,000 (9) %
Anglo American's 44% share of copper production for Collahuasi 62,900 60,400 62,100 65,700 66,000 (5) % 4 % 251,100 277,200 (9) %
El Soldado mine((2))
Ore mined 3,277,100 1,942,400 948,700 611,100 975,500 236 % 69 % 6,779,300 6,178,500 10 %
Ore processed - Sulphide 1,898,200 1,926,500 1,914,100 1,809,700 1,909,400 (1) % (1) % 7,548,500 7,451,300 1 %
Ore grade processed - 0.95 0.59 0.50 0.57 0.63 50 % 61 % 0.65 0.73 (11) %
Sulphide (% TCu)((3))
Production - Copper in concentrate 15,100 9,200 7,500 8,400 9,800 54 % 64 % 40,200 42,300 (5) %
Chagres Smelter((2))
Ore smelted((4)) 23,400 25,700 20,600 30,900 29,200 (20) % (9) % 100,600 108,000 (7) %
Production 22,500 25,000 24,900 25,100 28,400 (21) % (10) % 97,500 104,800 (7) %
Total copper production((5)) 162,300 126,500 133,900 139,500 160,700 1 % 28 % 562,200 647,200 (13) %
Total payable copper production 156,000 121,600 128,500 134,100 154,100 1 % 28 % 540,200 621,100 (13) %
Total copper sales volumes 170,500 127,600 132,800 132,100 173,400 (2) % 34 % 563,000 641,100 (12) %
Total payable sales volumes 164,000 122,200 127,500 126,900 166,200 (1) % 34 % 540,600 612,500 (12) %
Third party sales((6)) 79,500 126,600 150,900 65,300 138,500 (43) % (37) % 422,300 431,500 (2) %
Copper Peru
Quellaveco mine((7))
Ore mined 11,063,300 8,487,000 4,645,400 3,235,300 1,127,100 882 % 30 % 27,431,000 1,127,100 n/a
Ore processed - Sulphide 8,851,800 2,867,600 - - - n/a 209 % 11,719,400 - n/a
Ore grade processed - 1.17 0.96 - - - n/a 22 % 1.12 - n/a
Sulphide (% TCu)((3))
Total copper production 82,000 20,300 - - - n/a 304 % 102,300 - n/a
Total payable copper production 79,300 19,600 - - - n/a 305 % 98,900 - n/a
Total copper sales volumes 72,200 5,300 - - - n/a n/a 77,500 - n/a
Total payable sales volumes 69,700 5,100 - - - n/a n/a 74,800 - 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) Q4 Q4 Q4 2022 vs. Q4 2021 Q3 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2021 2022 2022 2021
Nickel 10,200 10,600 (4) % 10,000 2 % 39,800 41,700 (5) %
Nickel production decreased by 4% to 10,200 tonnes, primarily due to planned
annual maintenance at Barro Alto as well as the impact of high rainfall in
December.
The full year average realised price for nickel of $10.26/lb was 12% lower
than the market price, primarily reflecting the ferronickel discount to LME
grade nickel.
2023 Guidance
Production guidance for 2023 is 38,000-40,000 tonnes.
Unit cost guidance for 2023 is c.515c/lb.
Nickel (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2022 vs. Q4 2021 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2022 2022 2022 2021 2022 2021
Barro Alto
Ore mined 973,700 1,349,100 758,300 343,700 719,300 35 % (28) % 3,424,800 3,514,900 (3) %
Ore processed 570,600 589,000 618,100 643,900 654,400 (13) % (3) % 2,421,600 2,477,000 (2) %
Ore grade processed - %Ni 1.51 1.52 1.52 1.42 1.50 1 % (1) % 1.49 1.55 (4) %
Production 8,000 8,200 8,600 7,900 8,600 (7) % (2) % 32,700 33,900 (4) %
Codemin
Ore mined((1)) 800 - - - - n/a n/a 800 6,800 (88) %
Ore processed 148,500 133,500 134,000 115,100 141,700 5 % 11 % 531,100 561,500 (5) %
Ore grade processed - %Ni 1.48 1.46 1.42 1.41 1.57 (6) % 1 % 1.44 1.55 (7) %
Production 2,200 1,800 1,700 1,400 2,000 10 % 22 % 7,100 7,800 (9) %
Total nickel production((2)) 10,200 10,000 10,300 9,300 10,600 (4) % 2 % 39,800 41,700 (5) %
Sales volumes 11,800 10,400 7,800 9,000 10,400 13 % 13 % 39,000 42,100 (7) %
(1) The prior period ore mined for Codemin has been restated. 6,800 tonnes ore
mined in Q3 2021.
(2) Excludes nickel production from the Platinum Group Metals business unit.
Platinum Group Metals (PGMs)
PGMs (000 oz)((1)) Q4 Q4 Q4 2022 vs. Q4 2021 Q3 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2021 2022 2022 2021
Metal in concentrate production 990 1,103 (10) % 1,046 (5) % 4,024 4,299 (6) %
Own mined((2)) 657 734 (11) % 683 (4) % 2,649 2,858 (7) %
Purchase of concentrate (POC)((3)) 334 369 (10) % 363 (8) % 1,375 1,440 (5) %
Refined production((4)) 877 1,391 (37) % 995 (12) % 3,831 5,138 (25) %
(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 11% to 656,600 ounces, primarily due to
lower grades at Mogalakwena, as well as planned infrastructure closures at
Amandelbult, partially offset by a strong performance at Mototolo.
Mogalakwena production decreased by 15% to 256,700 ounces as a result of
mining in a lower grade area. Production at Amandelbult decreased by 17% to
176,600 ounces, primarily due to planned infrastructure closures and the
closure of the Merensky Concentrator. Unki was impacted by maintenance at the
concentrator and lower grade leading to a 17% decrease in production to 52,600
ounces. These were partially offset by a 26% increase in production from
Mototolo, reflecting a strong mining performance, that benefited from higher
grade and recovery. Joint operations were broadly flat at 99,000 ounces.
Purchase of concentrate was 10% lower at 333,800 ounces, due to lower third
party receipts.
Refined production
Refined production decreased by 37% to 877,200 ounces, as the Polokwane
smelter was decommissioned for its first full structural rebuild in twelve
years. The rebuild was completed at the end of Q4 2022 and by the end of
January 2023, the ramp-up was largely completed.
Sales
Sales volumes decreased by 31%, in line with refined production.
The full year average realised basket price was $2,551/PGM ounce, reflecting
lower market prices.
2023 Guidance
Production guidance (metal in concentrate) for 2023 is 3.6-4.0 million
ounces((1)). Refined production guidance for 2023 is 3.6-4.0 million ounces,
subject to the impact of Eskom load-shedding.
Unit cost guidance for 2023 is c.$1,025/PGM ounce.
(1) Metal in concentrate production is expected to be 1.6-1.8 million ounces
of platinum, 1.2-1.3 million ounces of palladium and 0.8-0.9 million ounces of
other PGMs and gold; with own mined output accounting for ~65%.
Q4 Q3 Q2 Q1 Q4 Q4 2022 vs. Q4 2021 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2022 2022 2022 2021 2022 2021
M&C PGMs production (000 oz)((1)) 990.4 1,046.1 1,031.5 956.0 1,103.4 (10) % (5) % 4,024.0 4,298.7 (6) %
Own mined 656.6 683.2 686.3 623.1 734.2 (11) % (4) % 2,649.2 2,858.3 (7) %
Mogalakwena 256.7 259.3 261.4 248.8 300.8 (15) % (1) % 1,026.2 1,214.6 (16) %
Amandelbult 176.6 192.6 183.4 159.9 213.6 (17) % (8) % 712.5 773.2 (8) %
Unki 52.6 59.9 66.3 53.3 63.2 (17) % (12) % 232.1 204.6 13 %
Mototolo 71.7 75.4 75.6 67.2 56.9 26 % (5) % 289.9 244.4 19 %
Joint operations((2)) 99.0 96.0 99.6 93.9 99.7 (1) % 3 % 388.5 421.5 (8) %
Purchase of concentrate 333.8 362.9 345.2 332.9 369.2 (10) % (8) % 1,374.8 1,440.4 (5) %
Joint operations((2)) 99.0 96.0 99.6 93.9 99.7 (1) % 3 % 388.5 421.5 (8) %
Third parties 234.8 266.9 245.6 239.0 269.5 (13) % (12) % 986.3 1,018.9 (3) %
Refined PGMs production (000 oz)((1)(3)) 877.2 994.8 1,240.6 718.5 1,391.3 (37) % (12) % 3,831.1 5,138.4 (25) %
By metal:
Platinum 391.2 457.2 600.4 334.1 653.5 (40) % (14) % 1,782.9 2,399.9 (26) %
Palladium 278.5 317.1 374.8 228.1 423.2 (34) % (12) % 1,198.5 1,627.5 (26) %
Rhodium 51.7 64.8 86.4 46.3 97.7 (47) % (20) % 249.2 347.2 (28) %
Other PGMs and gold 155.8 155.7 179.0 110.0 216.9 (28) % 0 % 600.5 763.8 (21) %
Nickel (tonnes) 4,800 5,700 6,200 4,600 5,700 (16) % (16) % 21,300 22,300 (4) %
Tolled material (000 oz)((4)) 173.1 151.3 143.4 154.8 179.5 (4) % 14 % 622.6 673.7 (8) %
PGMs sales from production (000 oz)((1)(5)) 883.4 933.5 1,206.2 838.2 1,285.2 (31) % (5) % 3,861.3 5,214.4 (26) %
Third party PGMs sales (000 oz)((1)(6)) 789.6 403.4 256.0 400.9 272.9 189 % 96 % 1,849.9 770.6 140 %
4E head grade (g/t milled)((7)) 3.19 3.33 3.33 3.24 3.49 (9) % (4) % 3.27 3.50 (7) %
(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) 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) Q4 Q4 Q4 2022 vs. Q4 2021 Q3 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2021 2022 2022 2021
Iron Ore((1)) 15,682 15,051 4 % 16,060 (2) % 59,281 63,808 (7) %
Kumba((2)) 9,961 9,701 3 % 9,977 0 % 37,700 40,862 (8) %
Minas-Rio((3)) 5,721 5,350 7 % 6,083 (6) % 21,582 22,945 (6) %
(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 increased by 4% to 15.7 million tonnes, reflecting a 7%
increase at Minas-Rio and a 3% increase at Kumba.
Kumba - Total production increased to 10.0 million tonnes, primarily driven by
a 7% increase at Sishen to 7.0 million tonnes, reflecting an improved
operational performance. Kolomela decreased by 7% to 3.0 million tonnes, as
production was constrained by high stock levels at the mine due to the
industrial action at Transnet (the third party rail and port operator), as
well as sub-optimal rail performance following their Q4 annual shut-down for
rail and port maintenance.
Total sales decreased by 34% to 7.1 million tonnes((1)), in light of the
disappointing third party logistics performance, resulting in low levels of
finished stock at the port.
For the full year, Kumba's iron (Fe) content averaged 63.8% (2021: 64.1%),
while the average lump:fines ratio was 67:33 (2021: 69:31).
The full year average realised price of $113/tonne((1)) (FOB South Africa, wet
basis) was 13% higher than the 62% Fe benchmark price of $100/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 the impact
of provisionally priced sales volumes.
Minas-Rio - Production increased by 7% to 5.7 million tonnes, primarily due to
higher plant and mining equipment availability, despite particularly high
rainfall in December that has continued into early 2023.
The full year average realised price of $108/tonne (FOB Brazil, wet basis) was
in line with the Metal Bulletin 66 price of $108/tonne (FOB Brazil, adjusted
for freight and moisture), which reflects the premium for our high quality
product, including higher (~67%) Fe content, but was offset by the impact of
provisionally priced volumes.
2023 Guidance
Production guidance (wet basis) for 2023 is 57-61 million tonnes (Kumba 35-37
million tonnes; Minas-Rio 22-24 million tonnes). Kumba is subject to third
party rail and port performance.
Unit cost guidance (wet basis) for 2023 is c.$39/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) Q4 Q3 Q2 Q1 Q4 Q4 2022 vs. Q4 2021 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2022 2022 2022 2021 2022 2021
Iron Ore production((1)) 15,682,400 16,060,000 14,373,900 13,164,900 15,050,800 4 % (2) % 59,281,200 63,807,600 (7) %
Iron Ore sales((1)) 13,886,700 15,799,200 14,470,800 13,828,700 16,775,700 (17) % (12) % 57,985,400 63,284,500 (8) %
Kumba production 9,961,400 9,977,300 9,468,800 8,292,000 9,701,300 3 % 0 % 37,699,500 40,862,200 (8) %
Lump 6,523,000 6,530,300 6,229,900 5,387,700 6,419,900 2 % 0 % 24,670,900 27,552,500 (10) %
Fines 3,438,400 3,447,000 3,238,900 2,904,300 3,281,400 5 % 0 % 13,028,600 13,309,700 (2) %
Kumba production by mine
Sishen 7,010,500 7,085,600 7,105,500 5,816,100 6,538,200 7 % (1) % 27,017,700 28,014,500 (4) %
Kolomela 2,950,900 2,891,700 2,363,300 2,475,900 3,163,100 (7) % 2 % 10,681,800 12,847,700 (17) %
Kumba sales volumes((2)) 7,053,900 9,982,000 10,302,700 9,332,000 10,690,300 (34) % (29) % 36,670,600 40,292,200 (9) %
Export iron ore((2)) 7,053,900 9,982,000 10,302,700 9,332,000 10,690,300 (34) % (29) % 36,670,600 40,185,100 (9) %
Domestic iron ore - - - - - n/a n/a - 107,100 n/a
Minas-Rio production
Pellet feed 5,721,000 6,082,700 4,905,100 4,872,900 5,349,500 7 % (6) % 21,581,700 22,945,400 (6) %
Minas-Rio sales volumes
Export - pellet feed 6,832,800 5,817,200 4,168,100 4,496,700 6,085,400 12 % 17 % 21,314,800 22,992,300 (7) %
(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) Q4 Q4 Q4 2022 vs. Q4 2021 Q3 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2021 2022 2022 2021
Steelmaking Coal 4,650 4,372 6 % 5,510 (16) % 15,007 14,908 1 %
(1) Anglo American's attributable share of production. Includes production
relating to processing of third party product.
Steelmaking coal production increased by 6% to 4.6 million tonnes, primarily
due to the ramp-up of the Grosvenor longwall operation following its restart
in February 2022. Production from the new Aquila longwall operation, which
began operations in February 2022, was offset by the planned end of production
at the Grasstree operation in January 2022. Tight labour markets, as well as
unseasonal wet weather at the open pits, continued to impact production
through the fourth quarter and into early 2023.
The focus at the underground longwall operations (Moranbah, Grosvenor and
Aquila) remains on safety and increasing longwall performance through
stability.
The ratio of hard coking coal production to PCI/semi-soft coking coal was
78:22, higher than Q4 2021 (67:33), reflecting the higher contribution of
premium hard coking coal from the Grosvenor and Moranbah longwall operations.
The full year average realised price for hard coking coal was $310/tonne,
which was lower than the benchmark price of $364/tonne. The price realisation
was lower at 85% (2021: 93%) driven by a higher volume of premium hard coking
coal being produced and sold in the second half of 2022 when the benchmark
price was lower.
2023 Guidance
Production guidance for 2023 is 16-19 million tonnes.
Unit cost guidance for 2023 is c.$105/tonne.
Coal, by product (tonnes)((1)) Q4 Q3 Q2 Q1 Q4 Q4 2022 vs. Q4 2021 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2022 2022 2022 2021 2022 2021
Production volumes
Steelmaking Coal((2)) 4,649,800 5,510,200 2,620,600 2,226,400 4,372,100 6 % (16) % 15,007,000 14,907,700 1 %
Hard coking coal((2)) 3,647,300 4,562,200 2,125,600 1,753,000 2,922,400 25 % (20) % 12,088,100 11,320,500 7 %
PCI / SSCC 1,002,500 948,000 495,000 473,400 1,449,700 (31) % 6 % 2,918,900 3,587,200 (19) %
Export thermal coal 427,500 424,000 365,900 427,400 341,800 25 % 1 % 1,644,800 1,677,000 (2) %
Sales volumes
Steelmaking Coal((2)) 4,232,500 5,245,100 2,776,100 2,429,700 4,182,400 1 % (19) % 14,683,400 14,136,800 4 %
Hard coking coal((2)) 3,113,800 4,289,200 2,096,600 1,812,000 2,793,500 11 % (27) % 11,311,600 10,795,400 5 %
PCI / SSCC 1,118,700 955,900 679,500 617,700 1,388,900 (19) % 17 % 3,371,800 3,341,400 1 %
Export thermal coal 473,100 479,900 390,000 337,900 483,800 (2) % (1) % 1,680,900 2,108,200 (20) %
(1) Anglo American's attributable share of production.
(2) Includes production relating to processing of third party product.
Steelmaking coal, by operation (tonnes)((1)) Q4 Q3 Q2 Q1 Q4 Q4 2022 vs. Q4 2021 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2022 2022 2022 2021 2022 2021
Steelmaking Coal((2)) 4,649,800 5,510,200 2,620,600 2,226,400 4,372,100 6 % (16) % 15,007,000 14,907,700 1 %
Moranbah((2)) 1,489,800 1,522,900 209,700 172,800 1,084,300 37 % (2) % 3,395,200 3,050,700 11 %
Grosvenor 777,600 1,277,400 856,300 125,200 52,100 n/a (39) % 3,036,500 71,600 n/a
Aquila (incl. Capcoal)((2)(3)) 1,023,000 1,149,400 527,100 746,400 1,588,700 (36) % (11) % 3,445,900 5,992,900 (43) %
Dawson 583,700 741,300 317,400 444,900 654,100 (11) % (21) % 2,087,300 2,483,700 (16) %
Jellinbah 775,700 819,200 710,100 737,100 802,200 (3) % (5) % 3,042,100 3,118,100 (2) %
Other - - - - 190,700 n/a n/a - 190,700 n/a
(1) Anglo American's attributable share of production.
(2) Includes production relating to processing of third party product.
(3) Includes production from the Aquila longwall operation from February
2022. Prior to then, includes production from the Grasstree longwall
operation.
Manganese
Manganese (000 t) Q4 Q4 Q4 2022 vs. Q4 2021 Q3 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2021 2022 2022 2021
Manganese ore((1)) 984 835 18 % 973 1 % 3,741 3,683 2 %
(1) Saleable production.
Manganese ore production increased by 18% to 984,300 tonnes, driven by
improved yield and plant reliability at the Australia operations and improved
mining performance and equipment reliability at the South Africa operations.
Manganese (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2022 vs. Q4 2021 Q4 2022 vs. Q3 2022 2022 vs. 2021
2022 2022 2022 2022 2021 2022 2021
Samancor production
Manganese ore((1)) 984,300 973,300 979,600 803,500 834,600 18 % 1 % 3,740,700 3,683,200 2 %
Samancor sales volumes
Manganese ore 954,700 834,400 960,200 846,900 940,200 2 % 14 % 3,596,200 3,745,800 (4) %
(1) Saleable production.
Exploration and evaluation
Exploration and evaluation expenditure increased by 10% to $112 million.
Exploration expenditure increased by 4% to $49 million, principally in copper.
Evaluation expenditure increased by 15% to $63 million, driven by higher spend
in iron ore and platinum group metals.
Corporate and other activities
During the quarter, the Group finalised the insurance claim for the
overpressure event at Moranbah, resulting in a one-off expense of $0.1 billion
within the Corporate and other segment, with an offsetting one-off benefit in
the Steelmaking Coal segment. This is in addition to amounts settled in the
first half of 2022. Furthermore, charges recognised within EBITDA relating to
rehabilitation provisions are currently estimated to be $0.2 billion at Copper
and $0.1 billion at De Beers.
For more information on Anglo American's announcements since our previous
production report, please find links to our Press Releases below:
• 1 February 2023 | Anglo American rough diamond sales value for De Beers'
first sales cycle of 2023
(https://www.angloamerican.com/media/press-releases/2023/01-02-2023)
• 26 January 2023 | Anglo American loads first LNG dual-fuelled vessel in
chartered fleet, cutting emissions by up to 35%
(https://www.angloamerican.com/media/press-releases/2023/26-01-2023)
• 17 January 2023 | Anglo American appoints Alison Atkinson as Group
Director - Projects & Development
(https://www.angloamerican.com/media/press-releases/2023/17-01-2023)
• 21 December 2022 | Anglo American rough diamond sales value for De Beers'
tenth sales cycle of 2022
(https://www.angloamerican.com/media/press-releases/2022/21-12-2022)
• 9 December 2022 | Anglo American builds operational momentum for next
phase of value-driven growth
(https://www.angloamerican.com/media/press-releases/2022/09-12-2022)
• 7 December 2022 | Anglo American combines nuGen™ with First Mode and
invests $200m to accelerate Zero Emissions Haulage Solution
(https://www.angloamerican.com/media/press-releases/2022/07-12-2022)
• 30 November 2022 | Anglo American senior leadership changes following Tony
O'Neill's decision to retire
(https://www.angloamerican.com/media/press-releases/2022/30-11-2022)
• 24 November 2022 | Anglo American collaborates with Aurubis on sustainable
copper value chain
(https://www.angloamerican.com/media/press-releases/2022/24-11-2022a)
• 23 November 2022 | Anglo American secures desalinated water supply for Los
Bronces copper mine in Chile
(https://www.angloamerican.com/media/press-releases/2022/23-11-2022)
• 16 November 2022 | Anglo American rough diamond sales value for De Beers'
ninth sales cycle of 2022
(https://www.angloamerican.com/media/press-releases/2022/16-11-2022a)
• 16 November 2022 | Anglo American sources 100% renewable electricity
supply for Australia operations
(https://www.angloamerican.com/media/press-releases/2022/16-11-2022)
• 31 October 2022 | Anglo American updates on carbon neutrality,
biodiversity and responsible mining assurance
(https://www.angloamerican.com/media/press-releases/2022/31-10-2022)
Notes
• This Production Report for the quarter ended 31 December 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
Rebecca Meeson-Frizelle Michelle Jarman
rebecca.meeson-frizelle@angloamerican.com michelle.jarman@angloamerican.com
Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 1494
South Africa
Nevashnee Naicker
nevashnee.naicker@angloamerican.com
Tel: +27 (0)11 638 3189
Sibusiso Tshabalala
sibusiso.tshabalala@angloamerican.com
Tel: +27 (0)11 638 2175
Notes to editors:
Anglo American is a leading global mining company and our products are the
essential ingredients in almost every aspect of modern life. Our portfolio of
world-class competitive operations, with a broad range of future development
options, provides many of the future-enabling metals and minerals for a
cleaner, greener, more sustainable world and that meet the fast growing every
day demands of billions of consumers. With our people at the heart of our
business, we use innovative practices and the latest technologies to discover
new resources and to mine, process, move and market our products to our
customers - safely and sustainably.
As a responsible producer of diamonds (through De Beers), copper, platinum
group metals, premium quality iron ore and steelmaking coal, and nickel - with
crop nutrients in development - we are committed to being carbon neutral
across our operations by 2040. More broadly, our Sustainable Mining Plan
commits us to a series of stretching goals to ensure we work towards a healthy
environment, creating thriving communities and building trust as a corporate
leader. We work together with our business partners and diverse stakeholders
to unlock enduring value from precious natural resources for the benefit of
the communities and countries in which we operate, for society as a whole, and
for our shareholders. Anglo American is re-imagining mining to improve
people's lives.
www.angloamerican.com
Forward-looking statements and third-party information:
This announcement includes forward-looking statements. All statements other
than statements of historical facts included in this announcement, including,
without limitation, those regarding Anglo American's financial position,
business, acquisition and divestment strategy, dividend policy, plans and
objectives of management for future operations, prospects and projects
(including development plans and objectives relating to Anglo American's
products, production forecasts and Ore Reserve and Mineral Resource positions)
and sustainability performance related (including environmental, social and
governance) goals, ambitions, targets, visions, milestones and aspirations,
are forward-looking statements. By their nature, such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Anglo
American or industry results to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding
Anglo American's present and future business strategies and the environment in
which Anglo American will operate in the future. Important factors that could
cause Anglo American's actual results, performance or achievements to differ
materially from those in the forward-looking statements include, among others,
levels of actual production during any period, levels of global demand and
commodity market prices, unanticipated downturns in business relationships
with customers or their purchase 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
technology or competing, challenges in realising resource estimates or
discovering new economic mineralisation, the impact of foreign currency
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disputes and economic and financial conditions around the world, evolving
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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
announcement. Anglo American expressly disclaims any obligation or undertaking
(except as required by applicable law, the City Code on Takeovers and Mergers,
the UK Listing Rules, the Disclosure and Transparency Rules of the Financial
Conduct Authority, the Listings Requirements of the securities exchange of the
JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock
Exchange and the Namibian Stock Exchange and any other applicable regulations)
to release publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in Anglo American's expectations with
regard thereto or any change in events, conditions or circumstances on which
any such statement is based.
Nothing in this announcement should be interpreted to mean that future
earnings per share of Anglo American will necessarily match or exceed its
historical published earnings per share. Certain statistical and other
information about Anglo American included in this announcement is sourced from
publicly available third party sources. As such it has not been independently
verified and presents the views of those third parties, but may not
necessarily correspond to the views held by Anglo American and Anglo American
expressly disclaims any responsibility for, or liability in respect of, such
information.
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Anglo American Services (UK) Ltd. nuGen(TM) is a trade mark of Anglo American
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. END DRLUPURCPUPWGBGRecent news on Anglo American
See all newsREG - Morgan Stanley & Co. Anglo American PLC - Form 8.5 (EPT/RI)- Replacement of Anglo
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AnnouncementREG - State Street Global Anglo American PLC BHP Group Limited - Form 8.3 - BHP Group Limited
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Announcement