REG - Anglo American PLC - Anglo American Production Report Q4 2023
08/02/2024 07:15
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RNS Number : 4064C Anglo American PLC 08 February 2024
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8 February 2024
Anglo American plc
Production Report for the fourth quarter ended 31 December 2023
Duncan Wanblad, Chief Executive of Anglo American, said: "Our fourth quarter
production was in line with our expectations and in line with the third
quarter, despite the deliberate slowdown at Kumba to help draw down stock
levels caused by poor third-party rail performance. Our Quellaveco mine in
Peru delivered its strongest quarter yet of 93,700 tonnes of copper, while
Minas-Rio also delivered its highest ever quarterly volume of 6.6 million
tonnes of premium high-grade iron ore. Compared to the same period in 2022,
fourth quarter volumes reduced by 7%((1)), primarily due to the planned Kumba
reduction and the current unfavourable ore phase at Los Bronces.
"Looking ahead, our deliberate prioritisation of value over volume is designed
to improve margins and returns. We are committed to safely delivering a
consistent production performance in a streamlined and more effective
organisation with significantly lower costs and capital requirements and that
is more resilient through the cycle.
"We are implementing the right actions to enhance value now and for the longer
term, and will continue to do so. We see significant value upside from
operational resilience, reducing complexity, and from the growth opportunities
presented by the high quality of our resource endowments and the major demand
trends."
Q4 2023 highlights
• Minas-Rio had a record quarterly performance, increasing production by 15%
compared to Q4 2022. However, this was more than offset by a planned slowdown
in Kumba's production to align with third-party logistics constraints,
resulting in an overall decrease in iron ore production of 12%.
• Nickel production increased by 9%, reflecting improved operational
stability.
• Steelmaking coal production increased by 2%, reflecting steady performance
at the Aquila operation and improved performance at Grosvenor, partly offset
by ongoing challenging strata conditions at Moranbah.
• Copper production decreased by 6%: a 16% decrease in Chile's production
was primarily driven by Los Bronces (expected lower grade and harder ore),
which more than offset higher production from Quellaveco in Peru.
• Production from our Platinum Group Metals (PGMs) operations was 6% lower,
mainly due to the planned ramp-down of operations at Kroondal (now sold) and
lower production at Amandelbult due to planned infrastructure closures.
• Rough diamond production decreased by 3%, primarily due to the planned
reduction as Venetia transitions to underground operations, partly offset by
higher production from Botswana.
• The Steelmaking Coal full year 2023 unit cost of $121/t was $6/t above
guidance due to lower than expected production from the higher fixed cost
underground operation at Moranbah.
• 2023 production was 2%((1)) higher than prior year, reflecting the 24%
increase in copper volumes primarily from Quellaveco, a strong performance
from Minas-Rio and a steady increase from the Steelmaking Coal operations.
• All 2024 guidance is unchanged from the December investor update.
Production Q4 2023 Q4 2022 % vs. Q4 2022 2023 2022 % vs. 2022
Copper (kt)((2)) 230 244 (6)% 826 664 24%
Nickel (kt)((3)) 11.1 10.2 9% 40.0 39.8 1%
Platinum group metals (koz)((4)) 932 990 (6)% 3,806 4,024 (5)%
Diamonds (Mct)((5)) 7.9 8.2 (3)% 31.9 34.6 (8)%
Iron ore (Mt)((6)) 13.8 15.7 (12)% 59.9 59.3 1%
Steelmaking coal (Mt) 4.8 4.6 2% 16.0 15.0 7%
Manganese ore (kt) 848 984 (14)% 3,671 3,741 (2)%
(1) Total production across Anglo American's products is calculated on
a copper equivalent basis, including the equity share of De Beers' production
and using long-term forecast prices.
(2) Contained metal basis. Reflects copper production from the Copper
operations in Chile and Peru only (excludes copper production from the
Platinum Group Metals business).
(3) Reflects nickel production from the Nickel operations in Brazil
only (excludes 7.0 kt of Q4 2023 nickel production from the Platinum Group
Metals business).
(4) Produced ounces of metal in concentrate. 5E + gold (platinum,
palladium, rhodium, ruthenium and iridium plus gold). Reflects own mined
production and purchase of concentrate.
(5) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(6) Wet basis.
Production and unit cost guidance summary
2024 production guidance 2024 unit cost guidance((1))
Copper((2)) 730-790 kt c.157 c/lb
Nickel((3)) 36-38 kt c.600 c/lb
Platinum Group Metals((4)) 3.3-3.7 Moz c.$920/oz
Diamonds((5)) 29-32 Mct c.$80/ct
Iron Ore((6)) 58-62 Mt c.$37/t
Steelmaking Coal((7)) 15-17 Mt c.$115/t
(1) Unit costs exclude royalties and depreciation and include direct
support costs only. FX rates used for 2024F unit costs: ~850 CLP:USD, ~3.7
PEN:USD, ~5.0 BRL:USD, ~19 ZAR:USD, ~1.5 AUD:USD.
(2) Copper business only. On a contained-metal basis. Total copper
production is the sum of Chile and Peru: Chile: 430-460 kt and Peru: 300-330
kt. Unit cost for Chile: c.190 c/lb and Peru: c.110 c/lb. Production in Chile
is subject to water availability. Production in Peru will be weighted to the
second half of the year, primarily as a result of the grades temporarily
declining to between 0.6-0.7% TCu in the first half of the year as the
geotechnical fault requires changes to be made to the angle of the slope in
the mining pit wall.
(3) Nickel operations in Brazil only. The Group also produces
approximately 20 kt of nickel on an annual basis from the PGM operations.
(4) 5E + gold produced metal in concentrate (M&C) ounces. Includes
own mined production and purchased concentrate (POC) volumes. M&C
production by source is expected to be own mined of 2.1-2.3 million ounces and
purchase of concentrate of 1.2-1.4 million ounces. The average M&C split
by metal is Platinum: ~45%, Palladium: ~35% and Other: ~20%. Refined
production (5E + gold) is expected to be 3.3-3.7 million ounces. Refined
production is usually lower in the first quarter than the rest of the year,
due to the annual stock count and planned processing maintenance. 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 on a 100% basis, except for the Gahcho Kué joint
operation, which is on an attributable 51% basis. De Beers will assess options
to reduce production in response to prevailing market conditions. Venetia
continues to transition to underground operations where production is expected
to ramp-up over the next few years. Unit cost is based on De Beers' share of
production.
(6) Wet basis. Total iron ore is the sum of operations at Kumba in
South Africa and Minas-Rio in Brazil. Kumba: 35-37 Mt and Minas-Rio: 23-25 Mt.
Kumba production is subject to the third-party rail and port performance. Unit
cost for Kumba: c.$38/t and Minas-Rio: c.$35/t.
(7) Production excludes thermal coal by-product. FOB unit cost
comprises managed operations and excludes royalties.
Realised prices
FY 2023 FY 2022 H2 2023 H1 2023 FY 2023 vs. H2 2023 vs. H1 2023
FY 2022
Copper (USc/lb)((1)) 384 385 377 393 0% (4)%
Copper Chile (USc/lb)((2)) 384 386 377 393 (1)% (4)%
Copper Peru (USc/lb) 384 379 376 394 1% (5)%
Nickel (US$/lb) 7.71 10.26 6.50 9.04 (25)% (28)%
Platinum Group Metals
Platinum (US$/oz)((3)) 946 962 896 1,008 (2)% (11)%
Palladium (US$/oz)((3)) 1,313 2,076 1,124 1,532 (37)% (27)%
Rhodium (US$/oz)((3)) 6,592 15,600 4,475 9,034 (58)% (50)%
Basket price (US$/PGM oz)((4)) 1,657 2,551 1,463 1,885 (35)% (22)%
Diamonds
Consolidated average realised price ($/ct)((5)) 147 197 120 163 (25)% (26)%
Average price index((6)) 133 142 125 137 (6)% (9)%
Iron Ore - FOB prices((7)) 114 111 123 105 3% 17%
Kumba Export (US$/wmt)((8)) 117 113 129 106 4% 22%
Minas-Rio (US$/wmt)((9)) 110 108 115 104 2% 11%
Steelmaking Coal - HCC (US$/t)((10)) 269 310 258 280 (13)% (8)%
Steelmaking Coal - PCI (US$/t)((10)) 214 271 197 236 (21)% (17)%
(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) Realised price excludes trading.
(4) Price for a basket of goods per PGM oz. The dollar basket price is
the net sales revenue from all metals sold (PGMs, base metals and other
metals) excluding trading, per PGM 5E + gold ounces sold (own mined and
purchased concentrate) excluding trading.
(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
12-month period. The De Beers price index is relative to 100 as at December
2006.
(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 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 $119/t (FY 2022:
$115/t), higher than the dry 62% Fe benchmark price of $104/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. The
average realised price for thermal coal by-product for 2023, decreased by 53%
to $145/t (FY 2022: $310/t). H2 2023 was $123/t and H1 2023 was $169/t, a 27%
decrease.
Preliminary H2 financial update on FY2023 results
As highlighted in the December update call, De Beers was loss-making in the
second half of 2023 owing to the subdued Sight sale results reflecting
conditions at cyclical lows driven by the prevailing macroeconomic
environment. Whilst there has been some improvement coming into 2024, the
prospects for economic growth in many major economies remain uncertain and it
may take some time for rough diamond demand to fully recover, which has led to
the Group currently assessing its carrying value of De Beers.
In addition, the carrying value of Barro Alto is under review, primarily due
to the sharp adverse change to the short- and medium-term nickel price
outlook. It is expected that any adjustments to the carrying values of these
assets will be reported within 'Special items' in the 2023 financial
statements.
The Group also expects to recognise charges within EBITDA in the second half
of 2023 - at Copper Chile an increase in the rehabilitation provisions is
currently estimated to be $0.1 billion, and at De Beers an inventory
adjustment is currently estimated to be $0.1 billion.
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.
- 7 February 2024 | Minas-Rio and Barro Alto mines achieve IRMA 75 on
responsible mining standard
(https://www.angloamerican.com/media/press-releases/2024/07-02-2024)
- 31 January 2024 | Anglo American rough diamond sales value for De Beers'
first sales cycle of 2024
(https://www.angloamerican.com/media/press-releases/2024/31-01-2024)
- 26 January 2024 | Anglo American to partner with GEM on electric vehicle
battery technologies
(https://www.angloamerican.com/media/press-releases/2024/26-01-2024)
- 20 December 2023 | Anglo American rough diamond sales value for De Beers'
tenth sales cycle of 2023
(https://www.angloamerican.com/media/press-releases/2023/20-12-2023)
- 18 December 2023 | Anglo American statement: Kabwe class action
certification application dismissed
(https://www.angloamerican.com/media/press-releases/2023/18-12-2023)
- 8 December 2023 | Anglo American 2023 Investor Update call
(https://www.angloamerican.com/media/press-releases/2023/08-12-2023)
- 14 November 2023 | Anglo American launches Valutrax
(https://www.angloamerican.com/media/press-releases/2023/14-11-2023) (TM
(https://www.angloamerican.com/media/press-releases/2023/14-11-2023) ) digital
traceability to increase value chain transparency
(https://www.angloamerican.com/media/press-releases/2023/14-11-2023)
- 8 November 2023 | Anglo American rough diamond sales value for De Beers'
ninth sales cycle of 2023
(https://www.angloamerican.com/media/press-releases/2023/08-11-2023)
- 25 October 2023 | Anglo American updates on progress towards sustainable
mining (https://www.angloamerican.com/media/press-releases/2023/25-10-2023)
Copper
Copper((1)) (tonnes) Q4 Q4 Q4 2023 vs. Q4 2022 Q3 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2022 2023 2023 2022
Copper 229,900 244,300 (6)% 209,100 10% 826,200 664,500 24%
Copper Chile 136,200 162,300 (16)% 121,600 12% 507,200 562,200 (10)%
Copper Peru 93,700 82,000 14% 87,500 7% 319,000 102,300 212%
(1) Copper production shown on a contained metal basis. Reflects
copper production from the Copper operations in Chile and Peru only (excludes
copper production from the Platinum Group Metals business).
Copper production decreased by 6% to 229,900 tonnes, driven by a 16% decrease
in Chile's production that more than offset higher production from Quellaveco
in Peru.
Chile - Copper production decreased by 16% to 136,200 tonnes, driven by
expected lower grade and throughput due to ore hardness in the current phase
of the mine plan at Los Bronces, as well as expected lower grade and
throughput at El Soldado, partially offset by expected higher grades at
Collahuasi.
Production from Los Bronces decreased by 32% to 57,200 tonnes, primarily
driven by expected lower grades (0.52% vs. 0.69%) and throughput due to
continued ore hardness. These unfavourable ore characteristics in the current
mining area will continue to impact operations until the next phase of the
mine, where the grades are expected to be higher and the ore softer.
Development work for this phase is now under way and is expected to benefit
production from early 2027.
At Collahuasi, attributable production increased by 14% to 71,700 tonnes,
driven by expected higher grades (1.33% vs. 1.08%) and slightly higher
throughput following the ongoing commissioning of the fifth ball mill that
started at the end of October 2023.
Production from El Soldado decreased by 52% to 7,300 tonnes, due to expected
lower grade and throughput as a result of the revised mine plan that was
implemented towards the end of Q3 2023 to mitigate the effect of the
geotechnical fault line.
The increase in precipitation during the year and the decision to place the
smaller and less efficient of the two plants at the Los Bronces operation (the
"Los Bronces plant") on care and maintenance during 2024 has significantly
reduced the risk in relation to water availability for Los Bronces and El
Soldado in 2024. For Collahuasi, which is located in the north of the country,
the outlook for 2024 remains dry; a desalination water solution is expected to
be operational from 2026.
The full year average realised price of 384 c/lb includes 114,500 tonnes of
copper provisionally priced on 31 December 2023 at an average of 386 c/lb.
Peru - Quellaveco production increased by 14% to 93,700 tonnes, the highest
production in a quarter, reflecting higher throughput and production levels
since the plant reached commercial production in June 2023. Commissioning of
the coarse particle recovery plant, which will treat flotation tails and lead
to improved metal recoveries, began in November 2023.
The full year average realised price of 384 c/lb includes 39,000 tonnes of
copper provisionally priced on 31 December 2023 at an average of 385 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
subject to water availability. Production in Peru will be weighted to the
second half of the year, primarily as a result of the grades temporarily
declining to between 0.6-0.7% TCu in the first half of the year as the
geotechnical fault requires changes to be made to the angle of the slope in
the mining pit wall.
Unit cost guidance for 2024 is c.157 c/lb((1)) (Chile c.190 c/lb((1)); Peru
c.110 c/lb((1))).
(1) FX rate assumption for 2024 unit costs of ~850 CLP:USD and ~3.7
PEN:USD.
Copper((1)) (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2022 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2023 2023 2023 2022 2023 2022
Total copper production 229,900 209,100 209,100 178,100 244,300 (6)% 10% 826,200 664,500 24%
Total copper sales volumes 242,600 211,700 203,100 185,900 242,700 0% 15% 843,300 640,500 32%
Copper Chile
Los Bronces mine((2))
Ore mined 13,365,200 11,209,200 13,729,100 12,126,800 13,133,900 2% 19% 50,430,300 46,756,500 8%
Ore processed - Sulphide 11,562,800 9,695,800 12,462,800 10,042,400 12,959,300 (11)% 19% 43,763,800 45,943,600 (5)%
Ore grade processed - 0.52 0.49 0.51 0.52 0.69 (25)% 6% 0.51 0.62 (18)%
Sulphide (% TCu)((3))
Production - Copper in concentrate 49,400 38,600 52,800 44,000 74,100 (33)% 28% 184,800 231,500 (20)%
Production - Copper cathode 7,800 7,200 7,000 8,700 10,200 (24)% 8% 30,700 39,400 (22)%
Total production 57,200 45,800 59,800 52,700 84,300 (32)% 25% 215,500 270,900 (20)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 15,892,300 15,949,200 15,232,600 13,503,400 17,975,000 (12)% 0% 60,577,500 82,222,600 (26)%
Ore processed - Sulphide 14,943,300 14,502,000 13,814,300 14,092,200 14,797,300 1% 3% 57,351,800 57,316,400 0%
Ore grade processed - 1.33 1.19 1.09 1.05 1.08 23% 12% 1.17 1.11 5%
Sulphide (% TCu)((3))
Production - Copper in concentrate 163,100 150,100 130,200 129,800 142,900 14% 9% 573,200 570,700 0%
Anglo American's 44% share of copper production for Collahuasi 71,700 66,100 57,300 57,100 62,900 14% 8% 252,200 251,100 0%
El Soldado mine((2))
Ore mined 2,190,000 633,000 2,930,200 1,903,000 3,277,100 (33)% 246% 7,656,200 6,779,300 13%
Ore processed - Sulphide 1,526,300 2,026,800 1,781,400 1,465,000 1,898,200 (20)% (25)% 6,799,500 7,548,500 (10)%
Ore grade processed - 0.62 0.60 0.94 0.72 0.95 (35)% 3% 0.72 0.65 11%
Sulphide (% TCu)((3))
Production - Copper in concentrate 7,300 9,700 13,700 8,800 15,100 (52)% (25)% 39,500 40,200 (2)%
Chagres smelter((2))
Ore smelted((4)) 28,100 28,600 27,800 29,000 23,400 20% (2)% 113,500 100,600 13%
Production 27,400 27,700 27,100 27,900 22,500 22% (1)% 110,100 97,500 13%
Total copper production((5)) 136,200 121,600 130,800 118,600 162,300 (16)% 12% 507,200 562,200 (10)%
Total payable copper production 131,000 117,000 125,500 114,100 156,000 (16)% 12% 487,600 540,200 (10)%
Total copper sales volumes 146,900 120,300 120,700 116,900 170,500 (14)% 22% 504,800 563,000 (10)%
Total payable sales volumes 140,000 115,600 117,100 112,300 164,000 (15)% 21% 485,000 540,600 (10)%
Third-party sales((6)) 139,300 126,600 91,400 86,400 79,500 75% 10% 443,700 422,300 5%
Copper Peru
Quellaveco mine((7))
Ore mined 13,368,500 9,900,400 11,600,200 7,177,900 11,063,300 21% 35% 42,047,000 27,431,000 53%
Ore processed - Sulphide 11,821,300 11,240,600 9,660,800 7,042,200 8,851,800 34% 5% 39,764,900 11,719,400 239%
Ore grade processed - 0.95 0.93 0.96 1.04 1.17 (19)% 2% 0.96 1.12 (14)%
Sulphide (% TCu)((3))
Total copper production 93,700 87,500 78,300 59,500 82,000 14% 7% 319,000 102,300 212%
Total payable copper production 90,600 84,600 75,700 57,500 79,300 14% 7% 308,400 98,900 212%
Total copper sales volumes 95,700 91,400 82,400 69,000 72,200 33% 5% 338,500 77,500 337%
Total payable sales volumes 92,500 88,300 79,500 66,700 69,700 33% 5% 327,000 74,800 337%
(1) Excludes copper production from the Platinum Group Metals
business.
(2) Anglo American ownership interest of Los Bronces, El Soldado and
the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American
consolidates these operations.
(3) TCu = total copper.
(4) Copper contained basis. Includes third-party concentrate.
(5) Total copper production includes Anglo American's 44% interest in
Collahuasi.
(6) Relates to sales of copper not produced by Anglo American
operations.
(7) Anglo American ownership interest of Quellaveco is
60%. Production is stated at 100% as Anglo American consolidates this
operation.
Nickel
Nickel (tonnes) Q4 Q4 Q4 2023 vs. Q4 2022 Q3 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2022 2023 2023 2022
Nickel 11,100 10,200 9% 9,300 19% 40,000 39,800 1%
Nickel production increased by 9% to 11,100 tonnes, reflecting improved
operational stability.
The full year average realised price of 771 c/lb was 21% lower than the
average LME nickel price of 974 c/lb, primarily reflecting the widening market
discounts for ferronickel (the product produced by the Nickel business).
2024 Guidance
Production guidance for 2024 is unchanged at 36,000-38,000 tonnes.
Unit cost guidance for 2024 is c.600 c/lb((1)).
(1) FX rate assumption for 2024 unit costs of ~5.0 BRL:USD.
Nickel (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2022 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2023 2023 2023 2022 2023 2022
Barro Alto
Ore mined 1,094,700 1,387,900 1,283,400 534,800 973,700 12% (21)% 4,300,800 3,424,800 26%
Ore processed 634,000 559,800 650,700 631,900 570,600 11% 13% 2,476,400 2,421,600 2%
Ore grade processed - %Ni 1.48 1.48 1.46 1.36 1.51 (2)% 0% 1.45 1.49 (3)%
Production 8,800 7,200 8,000 7,800 8,000 10% 22% 31,800 32,700 (3)%
Codemin
Ore mined - - - 27,800 800 n/a n/a 27,800 800 n/a
Ore processed 152,500 153,200 146,900 146,900 148,500 3% 0% 599,500 531,100 13%
Ore grade processed - %Ni 1.46 1.44 1.42 1.34 1.48 (1)% 1% 1.41 1.44 (2)%
Production 2,300 2,100 1,900 1,900 2,200 5% 10% 8,200 7,100 15%
Total nickel production((1)) 11,100 9,300 9,900 9,700 10,200 9% 19% 40,000 39,800 1%
Sales volumes 11,400 9,300 10,600 8,500 11,800 (3)% 23% 39,800 39,000 2%
(1) Excludes nickel production from the Platinum Group Metals
business.
Platinum Group Metals (PGMs)
PGMs (000 oz)((1)) Q4 Q4 Q4 2023 vs. Q4 2022 Q3 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2022 2023 2023 2022
Metal in concentrate production 932 990 (6)% 1,030 (9)% 3,806 4,024 (5)%
Own mined((2)) 596 657 (9)% 666 (11)% 2,460 2,649 (7)%
Purchase of concentrate (POC)((3)) 337 334 1% 364 (8)% 1,346 1,375 (2)%
Refined production((4)) 1,191 877 36% 910 31% 3,801 3,831 (1)%
(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 9% to 595,700 ounces, mainly due to the
disposal of Kroondal and lower production from Amandelbult, partially offset
by higher production from Unki and Mogalakwena.
The disposal of our 50% interest in Kroondal was completed and effective on 1
November 2023, resulting in Kroondal moving to a 100% third-party purchase of
concentrate arrangement. As a result, our share of Kroondal's own mined
production decreased by 75% to 15,900 ounces. Kroondal is expected to
transition to a toll arrangement at the end of H1 2024.
Production at Amandelbult decreased by 15% to 149,900 ounces, due to planned
infrastructure closures and poor ground conditions at the Dishaba mine.
These were partly offset by a 17% increase in production at Unki to 61,800
ounces, driven by increased throughput and higher grade, as well as a 3%
increase at Mogalakwena to 265,300 ounces, as mining moved into a higher
grade, lower waste area.
Purchase of concentrate was broadly flat at 336,500 ounces, inclusive of the
Kroondal transition.
Refined production
Refined production increased by 36% to 1,191,100 ounces, as Q4 2022 was
affected by the Polokwane smelter rebuild.
Eskom load-curtailment had a negligible impact on production during the
quarter.
Sales
Sales volumes increased by 32% to 1,166,200 ounces, reflecting higher refined
production.
The full year average realised basket price of $1,657/PGM ounce was 35% lower,
following the 58% decrease in rhodium prices and 37% decrease in palladium
prices.
2024 Guidance
Production guidance for 2024 for metal in concentrate((1)) and refined
production is unchanged at 3.3-3.7 million ounces. Production remains subject
to the impact of Eskom load-curtailment. Refined production is usually lower
in the first quarter than the rest of the year, due to the annual stock count
and planned processing maintenance.
Unit cost guidance for 2024 is c.$920/PGM ounce((2)).
(1) Metal in concentrate (M&C) production by source is expected to
be own mined of 2.1-2.3 million ounces and purchase of concentrate of 1.2-1.4
million ounces. The average M&C split by metal is Platinum: ~45%,
Palladium: ~35% and Other: ~20%.
(2) FX rate assumption for 2024 unit costs of ~19 ZAR:USD.
Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2022 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2023 2023 2023 2022 2023 2022
M&C PGMs production (000 oz)((1)) 932.2 1,029.6 943.1 901.2 990.4 (6)% (9)% 3,806.1 4,024.0 (5)%
Own mined 595.7 665.8 612.7 586.0 656.6 (9)% (11)% 2,460.2 2,649.2 (7)%
Mogalakwena 265.3 246.8 242.4 219.0 256.7 3% 7% 973.5 1,026.2 (5)%
Amandelbult 149.9 184.9 147.9 151.5 176.6 (15)% (19)% 634.2 712.5 (11)%
Unki 61.8 60.5 59.0 62.5 52.6 17% 2% 243.8 232.1 5%
Mototolo 66.5 76.1 77.4 68.7 71.7 (7)% (13)% 288.7 289.9 0%
Modikwa - joint operation((2)) 36.3 39.6 35.1 34.4 35.8 1% (8)% 145.4 144.5 1%
Kroondal - joint operation((3)) 15.9 57.9 50.9 49.9 63.2 (75)% (73)% 174.6 244.0 (28)%
Purchase of concentrate 336.5 363.8 330.4 315.2 333.8 1% (8)% 1,345.9 1,374.8 (2)%
Modikwa - joint operation((2)) 36.3 39.6 35.1 34.4 35.8 1% (8)% 145.4 144.5 1%
Kroondal - joint operation((3)) 15.9 57.9 50.9 49.9 63.2 (75)% (73)% 174.6 244.0 (28)%
Third parties((3)) 284.3 266.3 244.4 230.9 234.8 21% 7% 1,025.9 986.3 4%
Refined PGMs production (000 oz)((1)(4)) 1,191.1 909.7 1,073.8 626.0 877.2 36% 31% 3,800.6 3,831.1 (1)%
By metal:
Platinum 565.2 428.5 489.4 266.0 391.2 44% 32% 1,749.1 1,782.9 (2)%
Palladium 400.0 285.5 352.6 230.5 278.5 44% 40% 1,268.6 1,198.5 6%
Rhodium 61.3 57.1 68.4 38.8 51.7 19% 7% 225.6 249.2 (9)%
Other PGMs and gold 164.6 138.6 163.4 90.7 155.8 6% 19% 557.3 600.5 (7)%
Nickel (tonnes) 7,000 5,400 6,100 3,300 4,800 46% 30% 21,800 21,300 2%
Tolled material (000 oz)((5)) 175.1 159.8 139.6 146.1 173.1 1% 10% 620.6 622.6 0%
PGMs sales from production (000 oz)((1)) 1,166.2 951.8 1,108.7 698.6 883.4 32% 23% 3,925.3 3,861.3 2%
Third-party PGMs sales (000 oz)((1)(6)) 1,050.3 1,220.9 1,153.0 912.2 789.6 33% (14)% 4,336.4 1,849.9 134%
4E head grade (g/t milled)((7)) 3.35 3.29 3.15 3.11 3.19 5% 2% 3.22 3.27 (2)%
(1) M&C refers to metal in concentrate. Ounces refer to troy
ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium
and iridium plus gold).
(2) Modikwa is a 50% joint operation. The 50% equity share of
production is presented under 'Own mined' production. Anglo American Platinum
purchases the remaining 50% of production, which is presented under 'Purchase
of concentrate'.
(3) Kroondal was a 50% joint operation until 1 November 2023. Up until
this date, the 50% equity share of production was presented under 'Own mined'
production and the remaining 50% of production, that Anglo American Platinum
purchased, was presented under 'Purchase of concentrate'. Upon the disposal of
our 50% interest, Kroondal transitioned to a 100% third-party POC arrangement,
whereby 100% of production will be presented under 'Purchase of concentrate:
Third parties' until it transitions to a toll arrangement, expected at the end
of H1 2024.
(4) Refined production excludes toll material.
(5) Tolled volume measured as the combined content of: platinum,
palladium, rhodium and gold, reflecting the tolling agreements in place.
(6) Relates to sales of metal not produced by Anglo American
operations, and includes metal lending and borrowing activity.
(7) 4E: the grade measured as the combined content of: platinum,
palladium, rhodium and gold, excludes tolled material. Minor metals are
excluded due to variability.
De Beers - Diamonds
Diamonds((1)) (000 carats) Q4 Q4 Q4 2023 vs. Q4 2022 Q3 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2022 2023 2023 2022
Botswana 6,135 5,790 6% 5,837 5% 24,700 24,142 2%
Namibia 566 590 (4)% 530 7% 2,327 2,137 9%
South Africa 434 948 (54)% 365 19% 2,004 5,515 (64)%
Canada 802 827 (3)% 676 19% 2,834 2,815 1%
Total carats recovered 7,937 8,155 (3)% 7,408 7% 31,865 34,609 (8)%
(1) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
Rough diamond production decreased by 3% to 7.9 million carats, primarily due
to the planned reduction in South Africa as Venetia transitions to underground
operations, partly offset by higher production from Botswana.
In Botswana, production increased by 6% to 6.1 million carats, principally
driven by increased plant throughput at Orapa due to planned lower
maintenance.
Production in Namibia decreased by 4% to 0.6 million carats, due to marginally
lower grades at the land operations.
In South Africa, production decreased by 54% to 0.4 million carats, due to the
planned end of Venetia's open pit operations in December 2022. Venetia will
continue to process lower grade surface stockpiles as the underground
operations ramp-up production over the next few years.
Production in Canada decreased by 3% to 0.8 million carats, due to planned
treatment of lower grade ore.
De Beers offered full flexibility for rough diamond allocations in Sights 9
and 10, as Sightholders continued to take a cautious approach to their
purchasing during the quarter as a result of the prevailing market conditions
and extended cutting and polishing factory closures in India; this followed a
two month voluntary import moratorium on rough diamonds into India during the
period. Consequently, rough diamond sales totalled 2.7 million carats (2.7
million carats on a consolidated basis)((1)) from two Sights, compared with
7.3 million carats (6.6 million carats on a consolidated basis)((1)) from two
Sights in Q4 2022, and 7.4 million carats (6.7 million carats on a
consolidated basis)((1)) from three Sights in Q3 2023.
The full year consolidated average realised price decreased by 25% to $147/ct
(2022: $197/ct), reflecting a larger proportion of lower value rough diamonds
being sold, as well as a 6% decrease in the average rough price index.
2024 Guidance
Production guidance((2)) for 2024 is unchanged at 29-32 million carats (100%
basis). However, De Beers will assess options to reduce production in response
to prevailing market conditions.
Unit cost guidance for 2024 is c.$80/carat((3)).
(1) Consolidated sales volumes exclude De Beers Group's JV partners'
50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company,
which are included in total sales volume (100% basis).
(2) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(3) FX rate assumption for 2024 unit costs of ~19 ZAR:USD.
Diamonds((1)) Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2022 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2023 2023 2023 2022 2023 2022
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 3,192 3,400 2,955 3,782 3,126 2% (6)% 13,329 13,445 (1)%
Orapa((2)) 2,943 2,437 2,874 3,117 2,664 10% 21% 11,371 10,697 6%
Total Botswana 6,135 5,837 5,829 6,899 5,790 6% 5% 24,700 24,142 2%
Debmarine Namibia 435 423 503 498 439 (1)% 3% 1,859 1,725 8%
Namdeb (land operations) 131 107 109 121 151 (13)% 22% 468 412 14%
Total Namibia 566 530 612 619 590 (4)% 7% 2,327 2,137 9%
Venetia 434 365 466 739 948 (54)% 19% 2,004 5,515 (64)%
Total South Africa 434 365 466 739 948 (54)% 19% 2,004 5,515 (64)%
Gahcho Kué (51% basis) 802 676 683 673 827 (3)% 19% 2,834 2,815 1%
Total Canada 802 676 683 673 827 (3)% 19% 2,834 2,815 1%
Total carats recovered 7,937 7,408 7,590 8,930 8,155 (3)% 7% 31,865 34,609 (8)%
Sales volumes
Total sales volume (100%) (Mct)((3)) 2.7 7.4 7.6 9.7 7.3 (63)% (64)% 27.4 33.7 (19)%
Consolidated sales volume (Mct)((3)) 2.7 6.7 6.4 8.9 6.6 (59)% (60)% 24.7 30.4 (19)%
Number of Sights (sales cycles) 2 3 2 3 2 10 10
(1) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa,
Letlhakane and Damtshaa.
(3) Consolidated sales volumes exclude De Beers Group's JV partners'
50% proportionate share of sales to entities outside De Beers Group from the
Diamond Trading Company Botswana and the Namibia Diamond Trading Company,
which are included in total sales volume (100% basis).
Iron Ore
Iron Ore (000 t) Q4 Q4 Q4 2023 vs. Q4 2022 Q3 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2022 2023 2023 2022
Iron Ore 13,806 15,682 (12)% 15,397 (10)% 59,926 59,281 1%
Kumba((1)) 7,234 9,961 (27)% 9,736 (26)% 35,715 37,699 (5)%
Minas-Rio((2)) 6,572 5,721 15% 5,661 16% 24,211 21,582 12%
(1) Volumes are reported as wet metric tonnes. Product is shipped with
~1.6% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped with
~9% moisture.
Iron ore production decreased by 12% to 13.8 million tonnes, reflecting a 27%
decrease at Kumba due to a planned slowdown in production to align with
third-party logistics constraints, partly offset by a 15% increase at
Minas-Rio due to a record quarterly performance.
Kumba - Total production decreased by 27% to 7.2 million tonnes, due to a 57%
decrease at Kolomela to 1.3 million tonnes and a 15% decrease in Sishen's
production to 6.0 million tonnes, reflecting the decision to reduce production
to align to lower third-party rail capacity and alleviate mine stockpile
constraints.
Total sales increased by 32% to 9.3 million tonnes((1)), primarily due to
industrial action by trade unions at Transnet in Q4 2022, as well as improved
performance at Saldanha Bay port in Q4 2023 following the completion of the
annual maintenance shut-down during October.
As a result of actively managing inventory, total finished stock decreased to
7.1 million tonnes((1)), with stock at the mines decreasing to 6.5 million
tonnes((1)), which remains considerably above desired levels. However, due to
third-party rail under-performance, stock at the port is very low having
decreased to 0.6 million tonnes((1)) (Q3 2023: 1.8 million tonnes((1))).
For the full year, Kumba's iron (Fe) content averaged 63.7% (2022: 63.8%),
while the average lump:fines ratio was 66:34 (2022: 67:33).
The full year average realised price of $117/tonne((1)) (FOB South Africa, wet
basis) was 15% higher than the 62% Fe benchmark price of $102/tonne((1)) (FOB
South Africa, adjusted for freight and moisture), driven by the lump and Fe
content quality premiums that the Kumba products attract, as well as the
benefit of provisionally priced sales volumes.
Minas-Rio - Production increased by 15% to 6.6 million tonnes, which is the
operation's best ever quarterly performance. A strong mining performance from
improved mine access and equipment availability led to higher mine movement,
which enabled an improved performance at the plant, driven by the quality of
ore feed as well as increased crushing circuit availability.
The full year average realised price of $110/tonne (FOB Brazil, wet basis) was
11% higher than the Metal Bulletin 65 price of $99/tonne (FOB Brazil, adjusted
for freight and moisture), driven by the premium for our high quality product,
including higher (~67%) Fe content as well as the benefit of provisionally
priced sales volumes.
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 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. Total finished stock in Q3 2023 was 9.0
million tonnes.
(2) FX rate assumption for 2024 unit costs of ~19 ZAR:USD for Kumba
and ~5.0 BRL:USD for Minas-Rio.
Iron Ore (000 t) Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2022 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2023 2023 2023 2022 2023 2022
Iron Ore production((1)) 13,806 15,397 15,647 15,076 15,682 (12)% (10)% 59,926 59,281 1%
Iron Ore sales((1)) 16,413 14,748 15,781 14,546 13,887 18% 11% 61,488 57,985 6%
Kumba production 7,234 9,736 9,320 9,425 9,961 (27)% (26)% 35,715 37,699 (5)%
Lump 4,770 6,288 6,086 6,146 6,523 (27)% (24)% 23,290 24,671 (6)%
Fines 2,464 3,448 3,234 3,279 3,438 (28)% (29)% 12,425 13,028 (5)%
Kumba production by mine
Sishen 5,958 6,680 6,442 6,341 7,010 (15)% (11)% 25,421 27,017 (6)%
Kolomela 1,276 3,056 2,878 3,084 2,951 (57)% (58)% 10,294 10,682 (4)%
Kumba sales volumes((2))
Export iron ore((2)) 9,344 8,873 9,456 9,499 7,054 32% 5% 37,172 36,670 1%
Minas-Rio production
Pellet feed 6,572 5,661 6,327 5,651 5,721 15% 16% 24,211 21,582 12%
Minas-Rio sales volumes
Export - pellet feed 7,069 5,875 6,325 5,047 6,833 3% 20% 24,316 21,315 14%
(1) Total iron ore is the sum of Kumba and Minas-Rio and reported in
wet metric tonnes. Kumba product is shipped with ~1.6% moisture and Minas-Rio
product is shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's standalone results due to
sales to other Group companies.
Steelmaking Coal
Steelmaking Coal((1)) (000 t) Q4 Q4 Q4 2023 vs. Q4 2022 Q3 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2022 2023 2023 2022
Steelmaking Coal 4,756 4,650 2% 4,356 9% 16,001 15,007 7%
(1) Anglo American's attributable share of saleable production.
Steelmaking coal production volumes may include some product sold as thermal
coal and includes production relating to third-party product purchased and
processed at Anglo American's operations.
Steelmaking coal production increased by 2% to 4.8 million tonnes((1)),
primarily driven by steady performance at the Aquila underground longwall
operation and improved performance at Grosvenor amid difficult operating
conditions, partly offset by ongoing challenging strata conditions at
Moranbah. At Dawson, a reclassification based on coal qualities resulted in an
adjustment for the year of c.0.3 million tonnes to steelmaking coal from
thermal coal.
During the quarter, the ratio of hard coking coal production to PCI/semi-soft
coking coal((1)) was broadly in line with Q4 2022 (78:22).
Steelmaking coal sales of 3.8 million tonnes during the quarter were lower
than production primarily due to the timing of sales.
The realised price will differ from the average market price due to
differences in material grade and timing of shipments. The full year average
realised price for hard coking coal was $269/tonne, compared to the benchmark
price of $296/tonne, reflecting an increase in price realisation to 91% (2022:
85%), as a result of the timing of sales.
The full year 2023 unit cost of $121/t was $6/t above guidance due to lower
than expected production from the higher fixed cost underground operation at
Moranbah.
2024 Guidance
Production guidance for 2024 is unchanged at 15-17 million tonnes. The next
longwall moves scheduled at Moranbah and Grosvenor are both in Q3 2024. A
walk-on/walk-off longwall move is scheduled at Aquila during Q2 2024 with the
impact on production expected to be minimal.
Unit cost guidance for 2024 is c.$115/tonne((2)).
(1) Steelmaking coal production volumes may include some product sold
as thermal coal. Q4 includes an adjustment for the year for some steelmaking
coal produced at Dawson that had previously been reported as thermal coal.
(2) FX rate assumption for 2024 unit costs of ~1.5 AUD:USD.
Coal, by product (000 t)((1)) Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2022 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2023 2023 2023 2022 2023 2022
Production volumes
Steelmaking Coal((2)(3)(4)) 4,756 4,356 3,356 3,533 4,650 2% 9% 16,001 15,007 7%
Hard coking coal((2)) 3,804 3,235 2,358 2,842 3,647 4% 18% 12,239 12,088 1%
PCI / SSCC 952 1,121 998 691 1,003 (5)% (15)% 3,762 2,919 29%
Export thermal coal((4)) 34 284 481 284 428 (92)% (88)% 1,083 1,645 (34)%
Sales volumes
Steelmaking Coal((2)) 3,795 4,226 3,585 3,334 4,233 (10)% (10)% 14,940 14,683 2%
Hard coking coal((2)) 2,987 3,199 2,681 2,699 3,114 (4)% (7)% 11,566 11,311 2%
PCI / SSCC 808 1,027 904 635 1,119 (28)% (21)% 3,374 3,372 0%
Export thermal coal 494 387 390 402 473 4% 28% 1,673 1,681 0%
Steelmaking coal, by operation (000 t)((1)) Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2022 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2023 2023 2023 2022 2023 2022
Steelmaking Coal((2)(3)(4)) 4,756 4,356 3,356 3,533 4,650 2% 9% 16,001 15,007 7%
Moranbah((2)) 662 946 948 576 1,490 (56)% (30)% 3,132 3,395 (8)%
Grosvenor 1,021 560 240 976 777 31% 82% 2,797 3,037 (8)%
Aquila (incl. Capcoal)((2)) 1,181 1,338 874 745 1,023 15% (12)% 4,138 3,446 20%
Dawson((4)) 1,118 688 576 520 584 91% 63% 2,902 2,087 39%
Jellinbah 774 824 718 716 776 0% (6)% 3,032 3,042 0%
(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 includes an adjustment for the year for some steelmaking coal
produced at Dawson that had previously been reported as thermal coal.
Manganese
Manganese (000 t) Q4 Q4 Q4 2023 vs. Q4 2022 Q3 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2022 2023 2023 2022
Manganese ore((1)) 848 984 (14)% 1,012 (16)% 3,671 3,741 (2)%
(1) Anglo American's 40% attributable share of saleable production.
Manganese ore production decreased by 14% to 847,800 tonnes, driven by lower
yields at the Australian operation, and lower productivity at the South
African operations.
Manganese (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2022 Q4 2023 vs. Q3 2023 2023 vs. 2022
2023 2023 2023 2023 2022 2023 2022
Samancor production
Manganese ore((1)) 847,800 1,012,100 969,800 840,900 984,300 (14)% (16)% 3,670,600 3,740,700 (2)%
Samancor sales volumes
Manganese ore 992,000 971,500 937,900 823,600 954,700 4% 2% 3,725,000 3,596,200 4%
(1) Anglo American's 40% attributable share of saleable production.
Exploration and evaluation
Exploration and evaluation expenditure decreased by 17% to $93 million (Q4
2022: $112 million). Exploration expenditure decreased by 16% to $41 million,
mostly driven by reduced activity in copper. Evaluation expenditure decreased
by 17% to $52 million, primarily driven by lower spend in PGMs.
Notes
• This Production Report for the fourth quarter ended 31 December 2023 is
unaudited.
• Production figures are sometimes more precise than the rounded numbers
shown in this Production Report.
• Copper equivalent production shows changes in underlying production
volume, and includes the equity share of De Beers' production. It is
calculated by expressing each product's volume as revenue, subsequently
converting the revenue into copper equivalent units by dividing by the copper
price (per tonne). Long-term forecast prices are used, in order that
period-on-period comparisons exclude any impact for movements in price.
• Please refer to page 17 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group",
the "Group", "we", "us", and "our" are to refer to either Anglo American plc
and its subsidiaries and/or those who work for them generally, or where it is
not necessary to refer to a particular entity, entities or persons. The use of
those generic terms herein is for convenience only, and is in no way
indicative of how the Anglo American Group or any entity within it is
structured, managed or controlled. Anglo American subsidiaries, and their
management, are responsible for their own day-to-day operations, including but
not limited to securing and maintaining all relevant licences and permits,
operational adaptation and implementation of Group policies, management,
training and any applicable local grievance mechanisms. Anglo American
produces Group-wide policies and procedures to ensure best uniform practices
and standardisation across the Anglo American Group but is not responsible for
the day to day implementation of such policies. Such policies and procedures
constitute prescribed minimum standards only. Group operating subsidiaries are
responsible for adapting those policies and procedures to reflect local
conditions where appropriate, and for implementation, oversight and monitoring
within their specific businesses.
This document is for information purposes only and does not constitute, nor is
to be construed as, an offer to sell or the recommendation, solicitation,
inducement or offer to buy, subscribe for or sell shares in Anglo American or
any other securities by Anglo American or any other party. Further, it should
not be treated as giving investment, legal, accounting, regulatory, taxation
or other advice and has no regard to the specific investment or other
objectives, financial situation or particular needs of any recipient.
For further information, please contact:
Media Investors
UK UK
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Marcelo Esquivel Emma Waterworth
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Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8574
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Tel: +27 (0)11 638 3189
Sibusiso Tshabalala
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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 copper, nickel, platinum group metals, diamonds
(through De Beers), and premium quality iron ore and steelmaking coal - with
crop nutrients in development - we are committed to being carbon neutral
across our operations by 2040. More broadly, our Sustainable Mining Plan
commits us to a series of stretching goals to ensure we work towards a healthy
environment, creating thriving communities and building trust as a corporate
leader. We work together with our business partners and diverse stakeholders
to unlock enduring value from precious natural resources for the benefit of
the communities and countries in which we operate, for society as a whole, and
for our shareholders. Anglo American is re-imagining mining to improve
people's lives.
www.angloamerican.com
Forward-looking statements and third-party information:
This announcement includes forward-looking statements. All statements other
than statements of historical facts included in this announcement, including,
without limitation, those regarding Anglo American's financial position,
business, acquisition and divestment strategy, dividend policy, plans and
objectives of management for future operations, prospects and projects
(including development plans and objectives relating to Anglo American's
products, production forecasts and Ore Reserve and Mineral Resource positions)
and sustainability performance related (including environmental, social and
governance) goals, ambitions, targets, visions, milestones and aspirations,
are forward-looking statements. By their nature, such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Anglo
American or industry results to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding
Anglo American's present and future business strategies and the environment in
which Anglo American will operate in the future. Important factors that could
cause Anglo American's actual results, performance or achievements to differ
materially from those in the forward-looking statements include, among others,
levels of actual production during any period, levels of global demand and
commodity market prices, unanticipated downturns in business relationships
with customers or their purchases from Anglo American, mineral resource
exploration and project development capabilities and delivery, recovery rates
and other operational capabilities, safety, health or environmental incidents,
the effects of global pandemics and outbreaks of infectious diseases, the
impact of attacks from third parties on our information systems, natural
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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
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 included in this announcement is sourced from third-party sources
(including, but not limited to, externally conducted studies and trials). As
such it has not been independently verified and presents the views of those
third parties, but may not necessarily correspond to the views held by Anglo
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.
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