REG - Anglo American PLC - Anglo American Production Report Q4 2024
06/02/2025 07:00
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RNS Number : 0951W Anglo American PLC 06 February 2025
http://www.rns-pdf.londonstockexchange.com/rns/0951W_1-2025-2-5.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0951W_1-2025-2-5.pdf)
6 February 2025
Anglo American plc
Production Report for the fourth quarter ended 31 December 2024
Duncan Wanblad, Chief Executive of Anglo American, said: "All of our
businesses delivered their full year production guidance following another
solid operational performance in the fourth quarter. At our Copper operations,
Quellaveco delivered its strongest quarter of the year, and the reshaped Los
Bronces mine continues to perform well. Our Minas-Rio iron ore operation in
Brazil produced a record 25 million tonnes for the year.
"Our forward production guidance is unchanged in copper with growth in 2026
driven by higher grades in Chile, with this production level then maintained
in 2027. We continue to set up the Copper business for growth in subsequent
years with the resumption of the smaller plant at Los Bronces and through
debottlenecking at Collahuasi. Iron ore guidance is unchanged except for the
impact of the tie in of the previously announced UHDMS project at Kumba in
2026. At De Beers, difficult rough diamond trading conditions mean that we
have reduced production guidance in 2025 and 2026 to reflect our focus on
value, working capital efficiency and cash generation.
"We are making excellent progress with our portfolio simplification. In
November we announced agreements to sell our Steelmaking Coal business for up
to $4.9 billion in aggregate gross cash proceeds, with the Peabody transaction
expected to complete by the third quarter of 2025. We also completed a second
bookbuild offering of our Anglo American Platinum ("AAP") shares, which in
combination with the prior placing generated c.$0.9bn. This has increased the
free float of AAP by more than 50%, helping to mitigate flowback when we
demerge the business, expected by the middle of 2025. The sales process of our
Nickel business is well progressed and we continue to prepare the De Beers
business for separation.
"Our focus on operational excellence is bringing far greater efficiency,
underpinning our solid production performance in 2024. We are simplifying our
portfolio at pace to focus on copper, premium iron ore and crop nutrients,
offering a highly attractive and differentiated investment proposition with a
structurally lower cost base. This higher margin and more cash generative
Anglo American will offer greater resilience through the cycle and possesses
outstanding value-accretive growth optionality in each of our businesses."
Q4 2024 highlights
Production Q4 2024 Q4 2023 % vs. Q4 2023 2024 2024 guidance((1)) 2023 % vs. 2023
Copper (kt)((2)) 198 230 (14)% 773 730-790 826 (6)%
Iron ore (Mt)((3)) 14.3 13.8 4% 60.8 58-62 59.9 1%
Platinum group metals (koz)((4)) 876 932 (6)% 3,553 3,300-3,700 3,806 (7)%
Diamonds (Mct)((5)) 5.8 7.9 (26)% 24.7 23-26 31.9 (22)%
Steelmaking coal (Mt)((6)) 2.4 4.8 (49)% 14.5 14-15.5 16.0 (9)%
Nickel (kt)((7)) 10.0 11.1 (10)% 39.4 38-39 40.0 (2)%
Manganese ore (kt) 742 848 (12)% 2,288 n/a 3,671 (38)%
• Copper production increased by 9% quarter-on-quarter, with Quellaveco
achieving its strongest quarter of the year. Production is 14% lower compared
to the same quarter of 2023, primarily due to the planned shut down of the
smaller and more costly Los Bronces plant and anticipated lower grades at
Collahuasi.
• Iron ore production increased by 4% largely due to Kumba's production in
the comparative period being reduced to align with third-party logistics
constraints. Minas-Rio production was broadly flat year-on-year despite
significantly higher rainfall levels in the quarter, and the operation
achieved its strongest quarter of the year, reflecting enhanced operational
stability. In December, we also announced the completion of the Serpentina
transaction with Vale, providing significant growth and synergy options for
Minas-Rio.
• Production from our Platinum Group Metals (PGMs) operations decreased by
6%, primarily reflecting expected lower purchase of concentrate (POC) volumes,
as a result of lower Kroondal volumes following its transition from 100% POC
to a 4E tolling arrangement effective 1 September 2024.
• Steelmaking coal production was 49% lower primarily due to the underground
fire at Grosvenor in June 2024, planned lower production from Moranbah due to
the longwall move, and the sale of Jellinbah(8), as the benefits of production
from 1 November 2024 no longer accrued to Anglo American.
• Nickel production decreased by 10% due to planned lower grades. On a
quarter-on-quarter basis, production was flat.
• Rough diamond production decreased by 26%, reflecting the proactive
production response to the prolonged period of lower demand, higher than
normal levels of inventory in the midstream and a continued focus on working
capital.
(1) Refined PGMs and Nickel met the higher guidance revision from
Q3, after strong operational performance. Diamond and Steelmaking coal
production met the revised lower guidance - diamond production guidance was
revised lower by c.6Mct during the year in response to the diamond market
trading conditions, this revision was not reflective of the operations, and
the production guidance for Steelmaking Coal was revised lower to exclude
Grosvenor, which was suspended following an underground fire in June.
(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) Wet basis.
(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) Steelmaking coal production guidance for 2024 includes our
attributable share of Jellinbah's production for 12 months.
(7) Reflects nickel production from the Nickel operations in Brazil
only (excludes 6.3 kt of Q4 2024 nickel production from the Platinum Group
Metals business).
(8) Anglo American's attributable share of Jellinbah is 23.3%. Anglo
American agreed the sale of its 33.3% stake in Jellinbah in November 2024, and
this transaction completed on 29 January 2025. Production and sale volumes
from Jellinbah post 1 November 2024, after the sale was agreed, have been
excluded from the Group's production report. Jellinbah production in November
and December 2024 (not disclosed within the reported numbers) was 0.6Mt.
Production guidance for 2025 to 2027
2025 2026 2027(new)
Copper((1)) 690-750 kt 760-820 kt 760-820 kt
Chile 380-410 kt 440-470 kt 450-480 kt
Peru 310-340 kt 320-350 kt 310-340 kt
Iron Ore((2)) 57-61 Mt 54-58 Mt 59-63 Mt
(previously 58-62 Mt)
Kumba 35-37 Mt 31-33 Mt 35-37 Mt
(previously 35-37 Mt)
Minas-Rio 22-24 Mt 23-25 Mt 24-26 Mt
Platinum Group Metals - M&C((3)) 3.0-3.4 Moz 3.0-3.4 Moz 3.0-3.5 Moz
Own mined 2.1-2.3 Moz 2.1-2.3 Moz 2.3-2.5 Moz
POC 0.9-1.1 Moz 0.9-1.1 Moz 0.7-1.0 Moz
Platinum Group Metals - Refined((4)) 3.0-3.4 Moz 3.0-3.4 Moz 3.0-3.5 Moz
Diamonds((5)) 20-23 Mct 26-29 Mct 28-31 Mct
(previously 30-33 Mct) (previously 32-35 Mct)
Steelmaking Coal((6)) 10-12 Mt n/a n/a
(previously 17-19 Mt)
Nickel((7)) 37-39 kt 37-39 kt 36-38 kt
(previously 35-37 kt) (previously 35-37 kt)
(1) Copper business only. On a contained-metal basis. In 2025,
production is impacted by lower grades at most operations in Chile and from
the smaller Los Bronces processing plant being on care and maintenance. . In
2026, production benefits from improved grades at Collahuasi in Chile and
higher plant throughput in Peru. In 2027, production benefits from higher
grades at Los Bronces and higher throughput at Collahuasi in Chile, partially
offset by slightly lower production in Peru due to planned plant maintenance,
including mills and conveyors. Chile production is subject to water
availability, and is expected to be weighted to the second half of 2025 given
the impact from lower grades in the first half, particularly in Q1 at
Collahuasi.
(2) Wet basis. In 2025, Minas-Rio production reflects a pipeline
inspection (that occurs every five years), planned for the second half of the
year. In 2026, Kumba production has been revised lower by c.4Mt due to tie in
activities required for the ultra-high-dense-media-separation (UHDMS) project
which was announced by Kumba in August 2024. Kumba production is subject to
third-party rail and port availability and performance.
(3) 5E + gold produced metal in concentrate (M&C) ounces.
Includes own mined production and purchase of concentrate (POC) volumes. The
average M&C split by metal is Platinum: c.44%, Palladium: c.32% and Other:
c.24%. In 2025, POC volumes will be lower than 2024 reflecting the impact of
the Siyanda POC agreement transitioning to a 4E metals tolling arrangement
early in the year, as well as Kroondal having transitioned to a 4E metals
tolling arrangement in September 2024. In 2027, own mined production benefits
from higher grades at Mogalakwena, Dishaba projects coming online at
Amandelbult and the steady ramp-up of Der Brochen, while POC is impacted by
anticipated lower third-party receipts. Production remains subject to the
impact of Eskom load-curtailment.
(4) Refined production excludes toll refined material. 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.
(5) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis. Production has been revised
lower for 2025 and 2026 reflecting the challenging rough diamond trading
conditions. De Beers continues to monitor rough diamond trading conditions and
will respond accordingly.
(6) Production excludes thermal coal by-product. Production guidance
in 2025 excludes Grosvenor (~4Mt) given the operation remains suspended
following an underground fire in June 2024, and production from Jellinbah.
Definitive agreements to sell the entirety of the Steelmaking Coal business
were announced in November 2024. Anglo American has sold its interest in
Jellinbah to Zashvin Pty Limited, and this transaction completed on 29 January
2025. The remaining Steelmaking Coal portfolio will be sold to Peabody Energy,
subject to relevant approvals, and this transaction is expected to complete by
the third quarter of 2025. Production guidance remains subject to the
completion of the agreed sale and guidance from 2026 onwards has been removed
as the assets are anticipated to be under new ownership at that stage. There
are no planned longwall moves at Moranbah in 2025. A walk-on/walk-off longwall
move at Aquila, that will have a minimal production impact is planned for late
Q3 2025.
(7) Nickel operations in Brazil only. The Group also produces
approximately 20kt of nickel on an annual basis from the PGM operations.
Production guidance in 2025 and 2026 has been revised higher reflecting the
benefit of strong operational performance and process stability demonstrated
in 2024. In 2027, production is impacted by lower grades.
Realised prices
FY 2024 FY 2023 H2 2024 H1 2024 FY 2024 vs. FY 2023 H2 2024 vs. H1 2024
Copper (USc/lb)((1)) 416 384 404 429 8% (6)%
Copper Chile (USc/lb)((2)) 416 384 396 437 8% (9)%
Copper Peru (USc/lb) 415 384 415 415 8% 0%
Iron Ore - FOB prices((3)) 89 114 85 93 (22)% (9)%
Kumba Export (US$/wmt)((4)) 92 117 88 97 (21)% (9)%
Minas-Rio (US$/wmt)((5)) 84 110 82 86 (24)% (5)%
Platinum Group Metals
Platinum (US$/oz)((6)) 955 946 948 964 1% (2)%
Palladium (US$/oz)((6)) 1,003 1,313 1,001 1,006 (24)% 0%
Rhodium (US$/oz)((6)) 4,637 6,592 4,653 4,619 (30)% 1%
Basket price (US$/PGM oz)((7)) 1,468 1,657 1,492 1,442 (11)% 3%
Diamonds
Consolidated average realised price (US$/ct)((8)) 152 147 127 164 3% (23)%
Average price index((9)) 107 133 102 109 (20)% (6)%
Steelmaking Coal - HCC (US$/t)((10)) 241 269 201 274 (10)% (27)%
Steelmaking Coal - PCI (US$/t)((10)) 177 214 159 200 (17)% (21)%
Nickel (US$/lb)((11)) 6.82 7.71 6.79 6.85 (12)% (1)%
(1) Average realised total copper price is a weighted average of the
Copper Chile and Copper Peru realised prices.
(2) Realised price for Copper Chile excludes third-party sales
volumes.
(3) Average realised total iron ore price is a weighted average of
the Kumba and Minas-Rio realised prices.
(4) Average realised export basket price (FOB Saldanha) (wet basis
as product is shipped with ~1.6% moisture). The realised prices could differ
to Kumba's stand-alone results due to sales to other Group companies. Average
realised export basket price (FOB Saldanha) on a dry basis is $94/t (FY 2023:
$119/t), higher than the dry 62% Fe benchmark price of $91/t (FOB South
Africa, adjusted for freight).
(5) Average realised export basket price (FOB Açu) (wet basis as
product is shipped with ~9% moisture).
(6) Realised price excludes trading.
(7) Price for a basket of goods per PGM oz. The dollar basket price
is the net sales revenue from all metals sold (PGMs, base metals and other
metals) excluding trading and foreign exchange translation impacts, per PGM 5E
+ gold ounces sold (own mined and purchase of concentrate) excluding trading.
(8) Consolidated average realised price based on 100% selling value
post-aggregation.
(9) Average of the De Beers price index for the Sights within the
period. The De Beers price index is relative to 100 as at December 2006.
(10) Weighted average coal sales price achieved at managed operations.
The average realised price for thermal coal by-product for FY 2024 decreased
by 18% to $119/t (FY 2023: $145/t). H2 2024 was $121/t and H1 2024 was $117/t,
representing a 3% increase.
(11) Nickel realised price reflects the market discount for ferronickel
(the product produced by the Nickel business).
Preliminary H2 financial update on FY2024 results
The Group is undertaking an impairment review of De Beers' carrying value,
assessing the impact of diamond market conditions and general fall in demand
in China which is likely to lead to an impairment at the full year results. We
expect full year 2024 EBITDA for De Beers to be marginally negative.
The agreed sale of the Steelmaking Coal business will likely see an eventual
gain on sale at the Group level in 2025 but fair value assessments for the
individual assets based on the agreed sale value allocation will likely result
in an impairment on some of these assets at the full year 2024 results.
Depreciation and amortisation for the Group is currently estimated to be
towards the upper end of guidance of $3.0-3.2 billion.
The underlying effective tax rate is currently estimated to be around the
upper end of guidance of 40-42%.
Anglo American agreed the sale of its 33.3% stake in Jellinbah in November
2024, and this transaction completed on 29 January 2025. Production and sale
volumes from Jellinbah post 1 November 2024, after the sale was agreed, have
been excluded from the Group's production report.
For more information on Anglo American's announcements since our previous
production report, please find links to our Press Releases below.
- 29 (https://www.angloamerican.com/media/press-releases/2025/29-01-2025)
January 2025 |
(https://www.angloamerican.com/media/press-releases/2025/29-01-2025) Anglo
American completes sale of minority interest in Jellinbah for A$1.6 billion
(https://www.angloamerican.com/media/press-releases/2025/29-01-2025)
- 2 (https://www.angloamerican.com/media/press-releases/2025/23-01-2025) 3
January 2025
(https://www.angloamerican.com/media/press-releases/2025/23-01-2025) |
(https://www.angloamerican.com/media/press-releases/2025/23-01-2025) Anglo
American partners with University of Birmingham to commercialise carbon
recycling technology for lower emission steelmaking
(https://www.angloamerican.com/media/press-releases/2025/23-01-2025)
- 10 December 2024 |
(https://www.angloamerican.com/media/press-releases/2024/10-12-2024) Anglo
American appoints Anne Wade as non-executive director
(https://www.angloamerican.com/media/press-releases/2024/10-12-2024)
- 03 December 2024 |
(https://www.angloamerican.com/media/press-releases/2024/03-12-2024) Anglo
American completes transaction to add multi-billion tonne Serpentina premium
iron ore resource at Minas-Rio
(https://www.angloamerican.com/media/press-releases/2024/03-12-2024)
- 27 November 2024 |
(https://www.angloamerican.com/media/press-releases/2024/27-11-2024a) Anglo
American and IAEA partner to research benefits of polyhalite for food security
(https://www.angloamerican.com/media/press-releases/2024/27-11-2024a)
- 27 November 2024 |
(https://www.angloamerican.com/media/press-releases/2024/27-11-2024) Results
of Anglo American's accelerated bookbuild offering of shares in Anglo American
Platinum Limited
(https://www.angloamerican.com/media/press-releases/2024/27-11-2024)
- 26 (https://www.angloamerican.com/media/press-releases/2024/26-11-2024a)
November 2024 |
(https://www.angloamerican.com/media/press-releases/2024/26-11-2024a) Anglo
American launches accelerated bookbuild offering of shares in Anglo American
Platinum (https://www.angloamerican.com/media/press-releases/2024/26-11-2024a)
- 25 November 2024 |
(https://www.angloamerican.com/media/press-releases/2024/25-11-2024) Anglo
American to generate up to US$4.9 billion of total cash proceeds from sale of
steelmaking coal business: agrees sale of remaining steelmaking coal portfolio
to Peabody Energy for up to US$3.8 billion
(https://www.angloamerican.com/media/press-releases/2024/25-11-2024)
- 14 November 2024 |
(https://www.angloamerican.com/media/press-releases/2024/14-11-2024) Anglo
American and Cefetra reinforce their European fertiliser partnership
(https://www.angloamerican.com/media/press-releases/2024/14-11-2024)
- 04 Novem
(https://www.angloamerican.com/media/press-releases/2024/04-11-2024) ber 2024
| (https://www.angloamerican.com/media/press-releases/2024/04-11-2024) Anglo
American agrees sale of its minority interest in Jellinbah for A$1.6 billion
(https://www.angloamerican.com/media/press-releases/2024/04-11-2024)
- 29 Oct (https://www.angloamerican.com/media/press-releases/2024/29-10-2024)
o (https://www.angloamerican.com/media/press-releases/2024/29-10-2024) ber
(https://www.angloamerican.com/media/press-releases/2024/29-10-2024) 2024
(https://www.angloamerican.com/media/press-releases/2024/29-10-2024)
(https://www.angloamerican.com/media/press-releases/2024/29-10-2024) |
(https://www.angloamerican.com/media/press-releases/2024/29-10-2024) Anglo
American highlights role of sustainability and innovation to unlock copper
growth (https://www.angloamerican.com/media/press-releases/2024/29-10-2024)
Copper
Copper((1)) (tonnes) Q4 Q4 Q4 2024 vs. Q4 2023 Q3 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2023 2024 2024 2023
Copper 197,500 229,900 (14)% 181,300 9% 772,700 826,200 (6)%
Copper Chile 107,300 136,200 (21)% 112,600 (5)% 466,400 507,200 (8)%
Copper Peru 90,200 93,700 (4)% 68,700 31% 306,300 319,000 (4)%
(1) Copper production shown on a contained metal basis. Reflects
copper production from the Copper operations in Chile and Peru only (excludes
copper production from the Platinum Group Metals business).
Total copper production for 2024 was 772,700 tonnes, towards the top-end of
our guidance range. Total production of 197,500 tonnes during the fourth
quarter reflects the reconfiguration of the Los Bronces mine and anticipated
lower grades at Collahuasi.
Chile - Despite the fourth quarter production being impacted by the planned
shut down of the Los Bronces plant, which was put on care and maintenance in
July 2024, and anticipated lower grades at Collahuasi, which resulted in a 21%
decrease year-on-year to 107,300 tonnes, production for the full year of
466,400 tonnes was higher than market guidance of 430,000-460,000 tonnes.
At Collahuasi, Anglo American's attributable share of copper production
decreased by 22% to 56,100 tonnes, due to anticipated lower ore grades as well
as lower copper recovery. As the mine transitions between different phases,
the processing of lower grade stockpiles is expected to continue into 2025.
Production from Los Bronces decreased by 32% to 38,700 tonnes, due to placing
the smaller and more costly Los Bronces plant (c.40% of total plant capacity)
on care and maintenance, as planned and previously reported, at the end of
July 2024. The ongoing characteristics of lower grade and ore hardness as a
result of the current mine phase will continue to impact operations until the
next phase of the mine, where grades are expected to be higher and the ore
softer. As previously stated, development work for this phase is under way and
is expected to benefit production from 2027.
Production from El Soldado increased by 71% to 12,500 tonnes, reflecting
planned higher grades (0.94% vs 0.62%), higher throughput from increased
utilisation of conventional mill lines and higher copper recovery (79% vs
77%).
The full year average realised price of 416 c/lb includes 64,200 tonnes of
copper provisionally priced as at 31 December 2024 at an average of 395 c/lb.
Peru - Quellaveco production was 90,200 tonnes, down 4% on the comparative
period, owing to lower recoveries (79% vs 84%) and anticipated lower grades
(0.89% vs 0.95%), but up 31% quarter-on-quarter, meeting the full year
guidance range. In 2025, the mine is expected, as planned, to average similar
grades as in 2024, while opening up and developing the next phases which will
enable more flexibility in the medium/longer term. Optimising the coarse
particle recovery plant remains a priority going into 2025 and a continued
improvement in recoveries is expected progressively through the year.
The full year average realised price of 415 c/lb includes 69,072 tonnes of
copper provisionally priced as at 31 December 2024 at an average of 415 c/lb.
2025 Guidance
Production guidance for 2025 is unchanged at 690,000-750,000 tonnes (Chile
380,000-410,000 tonnes; Peru 310,000-340,000 tonnes). Production in 2025 is
impacted by lower grades at most operations in Chile and from the smaller Los
Bronces processing plant being on care and maintenance. Chile production is
subject to water availability, and is expected to be weighted to the second
half of 2025 given the impact from lower grades in the first half,
particularly in Q1 at Collahuasi.
Copper((1)) (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2024 vs. Q4 2023 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2024 2024 2024 2023 2024 2023
Total copper production 197,500 181,300 195,700 198,100 229,900 (14)% 9% 772,700 826,200 (6)%
Total copper sales volumes 204,800 173,200 213,600 177,300 242,600 (16)% 18% 768,900 843,300 (9)%
Copper Chile
Los Bronces mine((2))
Ore mined 9,372,900 9,462,100 12,688,000 11,974,700 13,365,200 (30)% (1)% 43,497,700 50,430,300 (14)%
Ore processed - Sulphide 8,178,700 7,944,900 10,566,600 10,330,300 11,562,800 (29)% 3% 37,020,500 43,763,800 (15)%
Ore grade processed - 0.49 0.44 0.48 0.47 0.52 (6)% 11% 0.47 0.51 (8)%
Sulphide (% TCu)((3))
Production - Copper in concentrate 33,800 30,200 40,900 40,300 49,400 (32)% 12% 145,200 184,800 (21)%
Production - Copper cathode 4,900 6,400 7,500 8,400 7,800 (37)% (23)% 27,200 30,700 (11)%
Total production 38,700 36,600 48,400 48,700 57,200 (32)% 6% 172,400 215,500 (20)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 14,801,500 12,803,800 10,336,300 10,472,200 15,892,300 (7)% 16% 48,413,800 60,577,500 (20)%
Ore processed - Sulphide 14,940,700 14,975,700 15,781,200 14,350,000 14,943,300 0% 0% 60,047,600 57,351,800 5%
Ore grade processed - 1.14 1.20 1.08 1.20 1.33 (14)% (5)% 1.15 1.17 (2)%
Sulphide (% TCu)((3))
Anglo American's 44% share of copper production for Collahuasi 56,100 64,700 60,300 64,700 71,700 (22)% (13)% 245,800 252,200 (3)%
El Soldado mine((2))
Ore mined 2,315,600 2,255,700 1,805,600 1,857,400 2,190,000 6% 3% 8,234,300 7,656,200 8%
Ore processed - Sulphide 1,689,100 1,505,800 1,568,700 1,712,600 1,526,300 11% 12% 6,476,200 6,799,500 (5)%
Ore grade processed - 0.94 0.95 0.94 0.94 0.62 52% (1)% 0.94 0.72 31%
Sulphide (% TCu)((3))
Production - Copper in concentrate 12,500 11,300 11,700 12,700 7,300 71% 11% 48,200 39,500 22%
Chagres smelter((2))
Ore smelted((4)) 28,200 24,400 26,100 27,000 28,100 0% 16% 105,700 113,500 (7)%
Production 27,400 23,300 25,400 25,600 27,400 0% 18% 101,700 110,100 (8)%
Total copper production((5)) 107,300 112,600 120,400 126,100 136,200 (21)% (5)% 466,400 507,200 (8)%
Total payable copper production 103,000 108,000 115,700 121,300 131,000 (21)% (5)% 448,000 487,600 (8)%
Total copper sales volumes 113,000 107,800 132,900 109,400 146,900 (23)% 5% 463,100 504,800 (8)%
Total payable sales volumes 108,100 103,400 127,600 105,200 140,000 (23)% 5% 444,300 485,000 (8)%
Third-party sales((6)) 131,000 123,500 87,600 80,300 139,300 (6)% 6% 422,400 443,700 (5)%
Copper Peru
Quellaveco mine((7))
Ore mined 14,845,200 8,730,500 9,486,400 11,025,800 13,368,500 11% 70% 44,087,900 42,047,000 5%
Ore processed - Sulphide 12,865,300 12,431,300 12,397,000 12,206,700 11,821,300 9% 3% 49,900,400 39,764,900 25%
Ore grade processed - 0.89 0.70 0.74 0.72 0.95 (6)% 27% 0.76 0.96 (21)%
Sulphide (% TCu)((3))
Total copper production 90,200 68,700 75,300 72,000 93,700 (4)% 31% 306,300 319,000 (4)%
Total payable copper production 87,200 66,400 72,800 69,600 90,600 (4)% 31% 296,000 308,400 (4)%
Total copper sales volumes 91,800 65,400 80,700 67,900 95,700 (4)% 40% 305,800 338,500 (10)%
Total payable sales volumes 88,500 62,900 77,700 65,500 92,500 (4)% 41% 294,600 327,000 (10)%
(1) Excludes copper production from the Platinum Group Metals
business.
(2) Anglo American ownership interest of Los Bronces, El Soldado and
the Chagres smelter is 50.1%. Production is stated at 100% as Anglo American
consolidates these operations.
(3) TCu = total copper.
(4) Copper contained basis. Includes third-party concentrate.
(5) Total copper production includes Anglo American's 44% interest
in Collahuasi.
(6) Relates to sales of copper not produced by Anglo American
operations.
(7) Anglo American ownership interest of Quellaveco is
60%. Production is stated at 100% as Anglo American consolidates this
operation.
Iron Ore
Iron Ore (000 t) Q4 Q4 Q4 2024 vs. Q4 2023 Q3 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2023 2024 2024 2023
Iron Ore 14,299 13,806 4% 15,746 (9)% 60,768 59,926 1%
Kumba((1)) 7,826 7,234 8% 9,446 (17)% 35,731 35,715 0%
Minas-Rio((2)) 6,473 6,572 (2)% 6,300 3% 25,037 24,211 3%
(1) Volumes are reported as wet metric tonnes. Product is shipped
with ~1.6% moisture.
(2) Volumes are reported as wet metric tonnes. Product is shipped
with ~9% moisture.
Group iron ore production for 2024 was 60.8 million tonnes, towards the upper
end of our guidance range. During the fourth quarter, iron ore production was
14.3 million tonnes, 4% higher than the comparative period, reflecting steady
operational performance from Kumba, despite third-party rail underperformance.
Kumba - Total production of 7.8 million tonnes, up 8%, reflected the decision
in Q4 2023 to reduce production to align to lower third-party rail capacity.
Kumba continues to proactively manage stock levels as necessary.
Total sales were broadly flat at 9.3 million tonnes((1)).
Total finished stock was 7.5 million tonnes((1)), lower than Q3 2024 (8.6
million tonnes). Stock at the mines decreased to 6.9 million tonnes((1)),
while stock at the port stands at 0.5 million tonnes((1)). Additional
investment in the ultra-high-dense-media-separation (UHDMS) project at Sishen
was announced by Kumba in August 2024 and mine stock levels are expected to
remain elevated over the next few years to assist with the tie in of the UHDMS
modules.
For the full year, Kumba's iron (Fe) content averaged 64.1% (2023: 63.7%),
while the average lump:fines ratio was 66:34 (2023: 66:34).
The full year average realised price of $92/tonne((1)) (FOB South Africa, wet
basis) was 3% higher than the 62% Fe benchmark price of $89/tonne((1)) (FOB
South Africa, adjusted for freight and moisture). The premiums for higher iron
content and lump product were partially offset by the impact of provisionally
priced sales volumes.
Minas-Rio - Production of 6.5 million tonnes was broadly in line with the
comparative period, demonstrating good preparations for accessing the mine in
the rainy season, despite rainfall levels 2.5x higher than Q4 2023.
As a result of robust plans through the year which helped secure the volume
and quality of the ore feed for the plant, in conjunction with good plant
stability, Minas-Rio achieved its best 12-month operational performance ever.
The full year average realised price of $84/tonne (FOB Brazil, wet basis) was
3% lower than the Metal Bulletin 65 price of $87/tonne (FOB Brazil, adjusted
for freight and moisture), impacted by provisionally priced sales volumes
which more than offset the premium for our high quality product, including
higher (~67%) Fe content.
2025 Guidance
Production guidance for 2025 is unchanged at 57-61 million tonnes (Kumba 35-37
million tonnes; Minas-Rio 22-24 million tonnes). Kumba is subject to
third-party rail and port availability and performance. Minas-Rio's 2025
production guidance reflects a pipeline inspection (that occurs every five
years) planned for the second half of the year.
(1) Production and sales volumes, stock and realised price are
reported on a wet basis and could differ to Kumba's stand-alone results due to
sales to other Group companies. At Q4 2023, total finished stock was 7.1
million tonnes, stock at the mines was 6.5 million tonnes and stock at the
port was 0.6 million tonnes. At Q3 2024, total finished stock was 8.6 million
tonnes; stock at the mines was 7.5 million tonnes and stock at the port was
1.1 million tonnes.
Iron Ore (000 t) Q4 Q3 Q2 Q1 Q4 Q4 2024 vs. Q4 2023 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2024 2024 2024 2023 2024 2023
Iron Ore production((1)) 14,299 15,746 15,580 15,143 13,806 4% (9)% 60,768 59,926 1%
Iron Ore sales((1)) 16,223 15,181 16,508 12,997 16,413 (1)% 7% 60,909 61,488 (1)%
Kumba production 7,826 9,446 9,184 9,275 7,234 8% (17)% 35,731 35,715 0%
Sishen 5,687 6,767 6,644 6,563 5,958 (5)% (16)% 25,661 25,421 1%
Kolomela 2,139 2,679 2,540 2,712 1,276 68% (20)% 10,070 10,294 (2)%
Kumba sales volumes((2)) 9,289 8,822 9,705 8,383 9,344 (1)% 5% 36,199 37,172 (3)%
Lump((2)) 6,477 5,734 5,981 5,520 6,221 4% 13% 23,712 24,706 (4)%
Fines((2)) 2,812 3,088 3,724 2,863 3,123 (10)% (9)% 12,487 12,466 0%
Minas-Rio production
Pellet feed 6,473 6,300 6,396 5,868 6,572 (2)% 3% 25,037 24,211 3%
Minas-Rio sales volumes
Export - pellet feed 6,934 6,359 6,803 4,614 7,069 (2)% 9% 24,710 24,316 2%
(1) Total iron ore is the sum of Kumba and Minas-Rio and reported in
wet metric tonnes. Kumba product is shipped with ~1.6% moisture and Minas-Rio
product is shipped with ~9% moisture.
(2) Sales volumes could differ to Kumba's stand-alone results due to
sales to other Group companies.
Platinum Group Metals (PGMs)
PGMs (000 oz)((1)) Q4 Q4 Q4 2024 vs. Q4 2023 Q3 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2023 2024 2024 2023
Metal in concentrate production 876 932 (6)% 922 (5)% 3,553 3,806 (7)%
Own mined((2)) 588 596 (1)% 552 7% 2,192 2,460 (11)%
Purchase of concentrate (POC)((3)) 287 337 (15)% 370 (22)% 1,361 1,346 1%
Refined production((4)) 1,028 1,191 (14)% 1,107 (7)% 3,916 3,801 3%
(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 was broadly in line with the comparative period at
588,300 ounces. Excluding Kroondal, own mined production increased marginally
by 1%, reflecting higher production from Mogalakwena and Mototolo, partially
offset by lower production primarily from Amandelbult and Modikwa due to
safety stoppages. On a quarter-on-quarter basis, own mined production
increased by 7%, reflecting stability from the turnaround initiatives
implemented during the year.
Mogalakwena's production increased by 7% to 283,500 ounces, reflecting stable
performance and efficiency improvements across all concentrators and, as a
result, Mogalakwena recovered c.75% of the lost production from the primary
mill breakdown in July 2024. High grade ore which was mined in Q3 2024 and
stockpiled was processed during the quarter, which resulted in a 4E built-up
head grade of 3g/t for the quarter (Q4 2023: 3g/t).
Mototolo production increased by 12% to 74,200 ounces, reflecting the
implementation and stabilisation of the new seven-day mining shift cycle,
which helped mitigate the difficult ground conditions as a section of the mine
reaches its end of life.
Operational safety stoppages, to ensure that safety improvement efforts are
fully embedded, impacted production at Amandelbult and Modikwa during the
fourth quarter. Amandelbult's production decreased by 9% to 136,900 ounces and
Modikwa's production decreased by 8% to 33,400 ounces.
Kroondal((1)) has now transitioned to a 4E tolling arrangement, effective 1
September 2024, as outlined in the Kroondal sales announcement and, prior to
this, from 1 November 2023, Kroondal was reported as a 100% third-party
purchase of concentrate arrangement.
Purchase of concentrate decreased by 15% to 287,400 ounces, reflecting lower
Kroondal volumes which had transitioned to a 4E tolling arrangement.
The 2024 unit cost guidance for PGMs was c.$920/oz, set at c.19 ZAR:USD, and
during the year the South African rand has averaged 18.32 ZAR:USD.
Refined production
Refined production decreased by 14% to 1,027,900 ounces as expected, as the
built-up work-in-progress inventory from prior years has now been released and
returned to normalised levels. There was no Eskom load-curtailment on the
operations.
Sales
Sales volumes decreased by 14% to 1,002,000 ounces, in line with lower refined
production.
The full year average realised basket price of $1,468/PGM ounce was 11% lower,
mainly due to a 30% lower rhodium realised price and a 24% lower palladium
realised price.
2025 Guidance
Production guidance for 2025 for metal in concentrate((2)) and refined
production is unchanged at 3.0-3.4 million ounces. In 2025, POC volumes will
be lower than 2024 reflecting the impact of the Siyanda POC agreement
transitioning to a 4E metals tolling arrangement early in the year, as well as
Kroondal having transitioned to a 4E metals tolling arrangement in September
2024. 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.
(1) The disposal of our 50% interest in Kroondal was completed and
effective on 1 November 2023, this resulted in Kroondal moving to a 100%
third-party purchase of concentrate arrangement until it transferred to a toll
arrangement. As expected, from 1 September 2024, Kroondal transitioned to a 4E
toll arrangement on the same terms as other Sibanye-Stillwater tolled volumes.
(2) Metal in concentrate (M&C) production by source is expected
to be own mined of 2.1-2.3 million ounces and purchase of concentrate of
0.9-1.1 million ounces. The average M&C split by metal is Platinum: c.44%,
Palladium: c.32% and Other: c.24%.
Q4 Q3 Q2 Q1 Q4 Q4 2024 vs. Q4 2023 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2024 2024 2024 2023 2024 2023
M&C PGMs production (000 oz)((1)) 875.7 922.3 921.0 834.1 932.2 (6)% (5)% 3,553.1 3,806.1 (7)%
Own mined 588.3 552.0 547.2 504.3 595.7 (1)% 7% 2,191.8 2,460.2 (11)%
Mogalakwena 283.5 217.8 232.6 219.5 265.3 7% 30% 953.4 973.5 (2)%
Amandelbult 136.9 158.2 157.6 127.1 149.9 (9)% (13)% 579.8 634.2 (9)%
Mototolo 74.2 74.1 66.3 61.9 66.5 12% 0% 276.5 288.7 (4)%
Unki 60.3 62.2 54.7 62.8 61.8 (2)% (3)% 240.0 243.8 (2)%
Modikwa - joint operation((2)) 33.4 39.7 36.0 33.0 36.3 (8)% (16)% 142.1 145.4 (2)%
Kroondal - joint operation((3)) - - - - 15.9 n/a n/a - 174.6 n/a
Purchase of concentrate 287.4 370.3 373.8 329.8 336.5 (15)% (22)% 1,361.3 1,345.9 1%
Modikwa - joint operation((2)) 33.4 39.7 36.0 33.0 36.3 (8)% (16)% 142.1 145.4 (2)%
Kroondal - joint operation((3)) - - - - 15.9 n/a n/a - 174.6 n/a
Third parties((3)) 254.0 330.6 337.8 296.8 284.3 (11)% (23)% 1,219.2 1,025.9 19%
Refined PGMs production (000 oz)((1)(4)) 1,027.9 1,106.9 1,153.5 628.0 1,191.1 (14)% (7)% 3,916.3 3,800.6 3%
By metal:
Platinum 482.1 536.9 554.0 272.7 565.2 (15)% (10)% 1,845.7 1,749.1 6%
Palladium 327.9 341.7 372.5 206.4 400.0 (18)% (4)% 1,248.5 1,268.6 (2)%
Rhodium 67.8 70.2 70.8 39.6 61.3 11% (3)% 248.4 225.6 10%
Other PGMs and gold 150.1 158.1 156.2 109.3 164.6 (9)% (5)% 573.7 557.3 3%
Nickel (tonnes) 6,300 7,400 7,300 4,700 7,000 (10)% (15)% 25,700 21,800 18%
Tolled material (000 oz)((3)(5)) 182.8 153.8 132.9 160.2 175.1 4% 19% 629.7 620.6 1%
PGMs sales from production (000 oz)((1)) 1,002.0 1,102.2 1,266.1 707.5 1,166.2 (14)% (9)% 4,077.8 3,925.3 4%
Third-party PGMs sales (000 oz)((1)(6)) 2,476.5 1,973.7 2,092.4 1,200.1 1,050.3 136% 25% 7,742.7 4,336.4 79%
4E head grade (g/t milled)((7)) 3.34 3.22 3.17 3.05 3.35 0% 4% 3.20 3.22 (1)%
(1) M&C refers to metal in concentrate. Ounces refer to troy
ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium, ruthenium
and iridium plus gold).
(2) Modikwa is a 50% joint operation. The 50% equity share of
production is presented under 'Own mined' production. Anglo American Platinum
purchases the remaining 50% of production, which is presented under 'Purchase
of concentrate'.
(3) Kroondal was a 50% joint operation until 1 November 2023. Up
until this date, the 50% equity share of production was presented under 'Own
mined' production and the remaining 50% of production, that Anglo American
Platinum purchased, was presented under 'Purchase of concentrate'. Upon the
disposal of our 50% interest, Kroondal transitioned to a 100% third-party
purchase of concentrate arrangement, whereby 100% of production is presented
under 'Purchase of concentrate: Third parties' until it transitioned to a toll
arrangement. As expected, from 1 September 2024, Kroondal transitioned to a 4E
toll arrangement on the same terms as other Sibanye-Stillwater tolled volumes,
which is presented under 'Tolled material'.
(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 2024 vs. Q4 2023 Q3 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2023 2024 2024 2023
Botswana 4,244 6,135 (31)% 3,994 6% 17,935 24,700 (27)%
Namibia 584 566 3% 456 28% 2,234 2,327 (4)%
South Africa 550 434 27% 513 7% 2,166 2,004 8%
Canada 456 802 (43)% 603 (24)% 2,377 2,834 (16)%
Total carats recovered 5,834 7,937 (26)% 5,566 5% 24,712 31,865 (22)%
(1) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
Operational Performance
The mining operations delivered steady operational performance, albeit at
lower output levels as the business continued to reconfigure production in
response to prevailing market conditions.
Rough diamond production decreased by 26% to 5.8 million carats, reflecting a
proactive production response to the prolonged period of lower demand, and
higher than normal levels of inventory in the midstream. De Beers continues to
focus on managing working capital, and despite low sales volumes, inventory
has reduced slightly year-on-year through managing purchases and downstream
stocks.
In Botswana, production decreased by 31% to 4.2 million carats, as a result of
planned actions to lower production at Jwaneng.
Production in Namibia increased by 3% to 0.6 million carats, reflecting
planned higher grade mining and better recoveries at Namdeb partially offset
by intentionally lower production at Debmarine Namibia.
In South Africa, production increased by 27% to 0.6 million carats, due to
Venetia underground and a slight improvement in grades of processed ore.
Production in Canada decreased by 43% to 0.5 million carats as a result of
planned actions to treat lower grade ore.
Trading Performance
Challenging trading conditions persisted through the quarter as cautious
retailer purchasing and higher than normal levels of inventory in the
midstream suppressed demand for rough diamonds.
Rough diamond sales from four Sights (noting that Sight 7 and 8 were combined
into a single sales event) in Q4 2024 totalled 4.6 million carats (4.3 million
carats on a consolidated basis)((1)), generating consolidated rough diamond
sales revenue of $543 million. This compared with 2.8 million carats (2.6
million carats on a consolidated basis)((1)), from two Sights in Q4 2023,
generating consolidated rough diamond revenue of $230 million.
Full year consolidated sales volumes were down 28% year-on-year and the
average realised price increased by 3% to $152/ct, reflecting a larger
proportion of higher value rough diamonds being sold, partially offset by a
20% decrease in the average rough price index. We expect full year 2024 EBITDA
for De Beers to be marginally negative (H1 2024 EBITDA: $300m).
The Group is undertaking an impairment review of De Beers' carrying value,
assessing the impact of diamond market conditions and general fall in demand
in China which is likely to lead to an impairment at the full year results. We
continue to assess market conditions and are currently implementing actions to
further manage cash flow, spending and inventory levels in 2025.
2025 Guidance
Production guidance((2)) for 2025 is revised to 20-23 million carats (100%
basis) (previously 30-33 million carats), reflecting the challenging rough
diamond trading conditions. De Beers continues to monitor rough diamond
trading conditions and will respond accordingly.
(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.
Diamonds((1)) Q4 Q3 Q2 Q1 Q4 Q4 2024 vs. Q4 2023 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2024 2024 2024 2023 2024 2023
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 1,002 1,402 1,881 2,494 3,192 (69)% (29)% 6,779 13,329 (49)%
Orapa((2)) 3,242 2,592 2,829 2,493 2,943 10% 25% 11,156 11,371 (2)%
Total Botswana 4,244 3,994 4,710 4,987 6,135 (31)% 6% 17,935 24,700 (27)%
Debmarine Namibia 395 298 427 505 435 (9)% 33% 1,625 1,859 (13)%
Namdeb (land operations) 189 158 134 128 131 44% 20% 609 468 30%
Total Namibia 584 456 561 633 566 3% 28% 2,234 2,327 (4)%
Venetia 550 513 505 598 434 27% 7% 2,166 2,004 8%
Total South Africa 550 513 505 598 434 27% 7% 2,166 2,004 8%
Gahcho Kué (51% basis) 456 603 673 645 802 (43)% (24)% 2,377 2,834 (16)%
Total Canada 456 603 673 645 802 (43)% (24)% 2,377 2,834 (16)%
Total carats recovered 5,834 5,566 6,449 6,863 7,937 (26)% 5% 24,712 31,865 (22)%
Total sales volume (100%) (000 carats)((3)) 4,647 2,077 7,819 4,869 2,753 69% 124% 19,412 27,359 (29)%
Consolidated sales volume (000 carats)((3)) 4,273 1,665 7,333 4,612 2,637 62% 157% 17,883 24,682 (28)%
Consolidated rough diamond sales value ($m)((4)) 543 213 1,039 925 230 136% 155% 2,720 3,629 (25)%
Average price ($/ct)((5)) 127 128 142 201 87 46% (1)% 152 147 3%
Average price index((6)) 100 107 108 110 125 (20)% (6)% 107 133 (20)%
Number of Sights 4((7)) 1 3 2 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).
(4) Consolidated rough diamond sales value includes De Beers Group's
50% proportionate share of sales to entities outside De Beers Group from
Diamond Trading Company Botswana and the Namibia Diamond Trading Company.
(5) Consolidated average realised price based on 100% selling value
post-aggregation.
(6) Average of the De Beers price index for the Sights within the
period. The De Beers price index is relative to 100 as at December 2006.
(7) In Q4 2024, Sight 7 and 8 were combined into a single selling
event due to challenging trading conditions.
Steelmaking Coal
Steelmaking Coal((1)(2)) (000 t) Q4 Q4 Q4 2024 vs. Q4 2023 Q3 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2023 2024 2024 2023
Steelmaking Coal 2,424 4,756 (49)% 4,102 (41)% 14,544 16,001 (9)%
(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.
(2) Anglo American's attributable share of Jellinbah is 23.3%. Anglo
American agreed the sale of its 33.3% stake in Jellinbah in November 2024, and
this transaction completed on 29 January 2025. Production and sale volumes
from Jellinbah post 1 November 2024, after the sale was agreed, have been
excluded from the Group's production report. Jellinbah production in November
and December 2024 (not disclosed within the reported numbers) was 0.6Mt.
Steelmaking coal production decreased by 49% to 2.4 million tonnes, primarily
impacted by the suspension of mining at the Grosvenor longwall operation
following the underground fire on 29 June 2024. Excluding the impact of
Grosvenor, production from the rest of the portfolio decreased by 35%,
primarily as a result of the planned longwall move at Moranbah, and the agreed
sale of Jellinbah((1)), where the benefits of production from 1 November 2024
no longer accrued to Anglo American.
The ratio of hard coking coal production to PCI/semi-soft coking coal was
64:36 during the quarter, lower than Q4 2023 (80:20), reflecting lower hard
coking coal production from the Moranbah and Grosvenor underground operations.
The full year average realised price for hard coking coal was $241/tonne,
compared to the benchmark price of $240/tonne. This reflects an increase in
the price realisation to 100% (2023: 91%). This higher realisation is
primarily due to a higher proportion of tonnes being shipped in the first half
of the year when prices were higher compared to the second half of the year
when prices were lower.
Positive progress continues to be made at Grosvenor, with imagery from
purpose-built cameras lowered into strategic points of the mine showing
limited damage underground. Pending regulatory approval, we are working
towards re-entry to access critical infrastructure points and validate the
imagery from the cameras.
As previously announced here
(https://www.angloamerican.com/media/press-releases/2024/25-11-2024) , Anglo
American has entered into definitive agreements to sell the entirety of its
Steelmaking Coal business for up to $4.9 billion in gross aggregate cash
proceeds, subject to relevant approvals, with the Peabody transaction expected
to close in Q3 2025.
2025 Guidance
Production guidance for 2025 is revised to 10-12 million tonnes (previously
17-19 million tonnes), as it excludes Grosvenor given the operation remains
suspended, and production from Jellinbah((1)). There are no planned longwall
moves at Moranbah in 2025. A walk-on/walk-off longwall move at Aquila, that
will have a minimal production impact is planned for late Q3 2025.
(1) Anglo American's attributable share of Jellinbah is 23.3%. Anglo
American agreed the sale of its 33.3% stake in Jellinbah in November 2024, and
this transaction completed on 29 January 2025. Production and sale volumes
from Jellinbah post 1 November 2024, after the sale was agreed, have been
excluded from the Group's production report. Jellinbah production in November
and December 2024 (not disclosed within the reported numbers) was 0.6Mt.
Coal, by product (000 t)((1)) Q4 Q3 Q2 Q1 Q4 Q4 2024 vs. Q4 2023 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2024 2024 2024 2023 2024 2023
Production volumes
Steelmaking Coal((2)(3)(4)(5)) 2,424 4,102 4,238 3,780 4,756 (49)% (41)% 14,544 16,001 (9)%
Hard coking coal((2)) 1,561 3,019 3,321 2,921 3,804 (59)% (48)% 10,822 12,239 (12)%
PCI / SSCC 863 1,083 917 859 952 (9)% (20)% 3,722 3,762 (1)%
Export thermal coal((4)) 396 249 142 324 34 1065% 59% 1,111 1,083 3%
Sales volumes
Steelmaking Coal((2)(5)) 2,580 3,921 4,105 3,827 3,795 (32)% (34)% 14,433 14,940 (3)%
Hard coking coal((2)) 1,846 3,027 3,212 2,974 2,987 (38)% (39)% 11,059 11,566 (4)%
PCI / SSCC 734 894 893 853 808 (9)% (18)% 3,374 3,374 0%
Export thermal coal 647 579 311 429 494 31% 12% 1,966 1,673 18%
Steelmaking coal, by operation (000 t)((1)) Q4 Q3 Q2 Q1 Q4 Q4 2024 vs. Q4 2023 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2024 2024 2024 2023 2024 2023
Steelmaking Coal((2)(3)(4)(5)) 2,424 4,102 4,238 3,780 4,756 (49)% (41)% 14,544 16,001 (9)%
Moranbah((2)) 176 1,117 923 561 662 (73)% (84)% 2,777 3,132 (11)%
Grosvenor 0 191 1,215 967 1,021 n/a n/a 2,373 2,797 (15)%
Aquila (incl. Capcoal)((2)) 1,096 1,068 626 977 1,181 (7)% 3% 3,767 4,138 (9)%
Dawson((4)) 845 928 647 487 1,118 (24)% (9)% 2,907 2,902 0%
Jellinbah((5)) 307 798 827 788 774 (60)% (62)% 2,720 3,032 (10)%
(1) Anglo American's attributable share of saleable production.
(2) Includes production relating to third-party product purchased
and processed at Anglo American's operations.
(3) Steelmaking coal production volumes may include some product
sold as thermal coal.
(4) Q4 2023 includes an adjustment for the 2023 year for some
steelmaking coal produced at Dawson that had previously been reported as
thermal coal.
(5) Anglo American's attributable share of Jellinbah is 23.3%. Anglo
American agreed the sale of its 33.3% stake in Jellinbah in November 2024, and
this transaction completed on 29 January 2025. Production and sale volumes
from Jellinbah post 1 November 2024, after the sale was agreed, have been
excluded from the Group's production report. Jellinbah production in November
and December 2024 (not disclosed within the reported numbers) was 0.6Mt.
Nickel
Nickel((1)) (tonnes) Q4 Q4 Q4 2024 vs. Q4 2023 Q3 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2023 2024 2024 2023
Nickel 10,000 11,100 (10)% 9,900 1% 39,400 40,000 (2)%
(1) Excludes nickel production from the Platinum Group Metals
business.
A strong operational performance delivered 39,400 tonnes of Nickel production
for the year, above guidance, demonstrating operational improvements that led
to higher recoveries and process stability, as well as the benefit of higher
grades.
Production decreased in the fourth quarter by 10% to 10,000 tonnes, due to
planned lower grades.
2025 Guidance
Production guidance for 2025 has been revised up to 37,000-39,000 tonnes
(previously 35,000-37,000 tonnes), reflecting the benefit of strong
operational performance and process stability demonstrated in 2024.
Nickel (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2024 vs. Q4 2023 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2024 2024 2024 2023 2024 2023
Barro Alto
Ore mined 254,500 1,166,800 1,275,400 319,200 1,094,700 (77)% (78)% 3,015,900 4,300,800 (30)%
Ore processed 604,000 617,700 616,800 636,500 634,000 (5)% (2)% 2,475,000 2,476,400 0%
Ore grade processed - %Ni 1.42 1.50 1.51 1.42 1.48 (4)% (5)% 1.46 1.45 1%
Production 8,100 8,200 8,200 7,800 8,800 (8)% (1)% 32,300 31,800 2%
Codemin
Ore mined 200 - - - - n/a n/a 200 27,800 (99)%
Ore processed 146,400 140,800 139,700 136,300 152,500 (4)% 4% 563,200 599,500 (6)%
Ore grade processed - %Ni 1.42 1.42 1.45 1.43 1.46 (3)% 0% 1.43 1.41 1%
Production 1,900 1,700 1,800 1,700 2,300 (17)% 12% 7,100 8,200 (13)%
Total nickel production((1)) 10,000 9,900 10,000 9,500 11,100 (10)% 1% 39,400 40,000 (2)%
Sales volumes 10,300 9,200 11,300 7,700 11,400 (10)% 12% 38,500 39,800 (3)%
(1) Excludes nickel production from the Platinum Group Metals
business.
Manganese
Manganese (000 t) Q4 Q4 Q4 2024 vs. Q4 2023 Q3 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2023 2024 2024 2023
Manganese ore((1)) 742 848 (12)% 406 83% 2,288 3,671 (38)%
(1) Anglo American's 40% attributable share of saleable production.
Manganese ore production decreased by 12% to 742,400 tonnes, primarily due to
the ongoing temporary suspension of the Australian operations following the
damage caused by tropical cyclone Megan in March 2024. The cyclone caused
widespread flooding and significant damage to critical infrastructure.
Operational recovery focused on re-establishing critical services and
undertaking a substantial dewatering program which enabled a phased return to
mining activities in June 2024, which have steadily increased during the
fourth quarter. Investment in repair of crucial infrastructure continues,
including a critical bridge connecting the northern mining pits and the
primary concentrator, as well as the wharf infrastructure.
Subject to further potential impacts from the wet season, export sales are
expected to progressively increase over the June 2025 quarter.
Manganese (tonnes) Q4 Q3 Q2 Q1 Q4 Q4 2024 vs. Q4 2023 Q4 2024 vs. Q3 2024 2024 vs. 2023
2024 2024 2024 2024 2023 2024 2023
Samancor production
Manganese ore((1)) 742,400 405,500 356,000 783,800 847,800 (12)% 83% 2,287,700 3,670,600 (38)%
Samancor sales volumes
Manganese ore 331,600 393,500 365,800 796,800 992,000 (67)% (16)% 1,887,700 3,725,000 (49)%
(1) Anglo American's 40% attributable share of saleable production.
Exploration and evaluation
Exploration and evaluation expenditure in Q4 2024 decreased by 13% to $81
million compared to the same period last year. Exploration expenditure
decreased by 29% to $29 million primarily due to planned lower spend.
Evaluation expenditure was flat at $52 million.
Notes
• This Production Report for the fourth quarter ended 31 December 2024 is
unaudited.
• Production figures are sometimes more precise than the rounded numbers
shown in this Production Report.
• Copper equivalent production shows changes in underlying production
volume, and includes the equity share of De Beers' production. It is
calculated by expressing each product's volume as revenue, subsequently
converting the revenue into copper equivalent units by dividing by the copper
price (per tonne). Long-term forecast prices are used, in order that
period-on-period comparisons exclude any impact for movements in price.
• Please refer to page 19 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group",
the "Group", "we", "us", and "our" are to refer to either Anglo American plc
and its subsidiaries and/or those who work for them generally, or where it is
not necessary to refer to a particular entity, entities or persons. The use of
those generic terms herein is for convenience only, and is in no way
indicative of how the Anglo American Group or any entity within it is
structured, managed or controlled. Anglo American subsidiaries, and their
management, are responsible for their own day-to-day operations, including but
not limited to securing and maintaining all relevant licences and permits,
operational adaptation and implementation of Group policies, management,
training and any applicable local grievance mechanisms. Anglo American
produces Group-wide policies and procedures to ensure best uniform practices
and standardisation across the Anglo American Group but is not responsible for
the day to day implementation of such policies. Such policies and procedures
constitute prescribed minimum standards only. Group operating subsidiaries are
responsible for adapting those policies and procedures to reflect local
conditions where appropriate, and for implementation, oversight and monitoring
within their specific businesses.
This document is for information purposes only and does not constitute, nor is
to be construed as, an offer to sell or the recommendation, solicitation,
inducement or offer to buy, subscribe for or sell shares in Anglo American or
any other securities by Anglo American or any other party. Further, it should
not be treated as giving investment, legal, accounting, regulatory, taxation
or other advice and has no regard to the specific investment or other
objectives, financial situation or particular needs of any recipient.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Tyler Broda
james.wyatt-tilby@angloamerican.com tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 1470
Marcelo Esquivel Michelle West-Russell
marcelo.esquivel@angloamerican.com michelle.west-russell@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 1494
Rebecca Meeson-Frizelle Asanda Malimba
rebecca.meeson-frizelle@angloamerican.com asanda.malimba@angloamerican.com
Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 8480
South Africa
Nevashnee Naicker
nevashnee.naicker@angloamerican.com
Tel: +27 (0)11 638 3189
Notes:
Anglo American is a leading global mining company focused on the responsible
production of copper, premium iron ore and crop nutrients - future-enabling
products that are essential for decarbonising the global economy, improving
living standards, and food security. Our portfolio of world-class operations
and outstanding resource endowments offers value-accretive growth potential
across all three businesses, positioning us to deliver into structurally
attractive major demand growth trends.
Our integrated approach to sustainability and innovation drives our
decision-making across the value chain, from how we discover new resources to
how we mine, process, move and market our products to our customers - safely,
efficiently and responsibly. Our Sustainable Mining Plan commits us to a
series of stretching goals over different time horizons to ensure we
contribute to a healthy environment, create thriving communities and build
trust as a corporate leader. We work together with our business partners and
diverse stakeholders to unlock enduring value from precious natural resources
for our shareholders, for the benefit of the communities and countries in
which we operate, and for society as a whole. Anglo American is re-imagining
mining to improve people's lives.
Anglo American is currently implementing a number of major structural changes
to unlock the inherent value in its portfolio and thereby accelerate delivery
of its strategic priorities of Operational excellence, Portfolio
simplification, and Growth. This portfolio transformation will focus Anglo
American on its world-class resource asset base in copper, premium iron ore
and crop nutrients, once the sale of our steelmaking coal and nickel
businesses, the demerger of our PGMs business (Anglo American Platinum), and
the separation of our iconic diamond business (De Beers) have been completed.
www.angloamerican.com
Forward-looking statements and third-party information:
This announcement includes forward-looking statements. All statements other
than statements of historical facts included in this document, including,
without limitation, those regarding Anglo American's financial position,
business, acquisition and divestment strategy, dividend policy, plans and
objectives of management for future operations, prospects and projects
(including development plans and objectives relating to Anglo American's
products, production forecasts and Ore Reserve and Mineral Resource positions)
and sustainability performance related (including environmental, social and
governance) goals, ambitions, targets, visions, milestones and aspirations,
are forward-looking statements. By their nature, such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Anglo
American or industry results to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding
Anglo American's present and future business strategies and the environment in
which Anglo American will operate in the future. Important factors that could
cause Anglo American's actual results, performance or achievements to differ
materially from those in the forward-looking statements include, among others,
levels of actual production during any period, levels of global demand and
product prices, unanticipated downturns in business relationships with
customers or their purchases from Anglo American, mineral resource exploration
and project development capabilities and delivery, recovery rates and other
operational capabilities, safety, health or environmental incidents, the
effects of global pandemics and outbreaks of infectious diseases, the impact
of attacks from third parties on our information systems, natural catastrophes
or adverse geological conditions, climate change and extreme weather events,
the outcome of litigation or regulatory proceedings, the availability of
mining and processing equipment, the ability to obtain key inputs in a timely
manner, the ability to produce and transport products profitably, the
availability of necessary infrastructure (including transportation) services,
the development, efficacy and adoption of new or competing technology,
challenges in realising resource estimates or discovering new economic
mineralisation, the impact of foreign currency exchange rates on market prices
and operating costs, the availability of sufficient credit, liquidity and
counterparty risks, the effects of inflation, terrorism, war, conflict,
political or civil unrest, uncertainty, tensions and disputes and economic and
financial conditions around the world, evolving societal and stakeholder
requirements and expectations, shortages of skilled employees, unexpected
difficulties relating to acquisitions or divestitures, competitive pressures
and the actions of competitors, activities by courts, regulators and
governmental authorities such as in relation to permitting or forcing closure
of mines and ceasing of operations or maintenance of Anglo American's assets
and changes in taxation or safety, health, environmental or other types of
regulation in the countries where Anglo American operates, conflicts over land
and resource ownership rights and such other risk factors identified in Anglo
American's most recent Annual Report. Forward-looking statements should,
therefore, be construed in light of such risk factors and undue reliance
should not be placed on forward-looking statements.
These forward-looking statements speak only as of the date of this document.
Anglo American expressly disclaims any obligation or undertaking (except as
required by applicable law, the City Code on Takeovers and Mergers, the UK
Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority, the Listings Requirements of the securities exchange of the
JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock
Exchange and the Namibian Stock Exchange and any other applicable regulations)
to release publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in Anglo American's expectations with
regard thereto or any change in events, conditions or circumstances on which
any such statement is based.
Nothing in this document should be interpreted to mean that future earnings
per share of Anglo American will necessarily match or exceed its historical
published earnings per share. Certain statistical and other information
included in this document is sourced from third-party sources (including, but
not limited to, externally conducted studies and trials). As such it has not
been independently verified and presents the views of those third parties, but
may not necessarily correspond to the views held by Anglo American and Anglo
American expressly disclaims any responsibility for, or liability in respect
of, such information.
©Anglo American Services (UK) Ltd 2025. (TM) and (TM) are trade marks of
Anglo American Services (UK) Ltd.
Legal Entity Identifier: 549300S9XF92D1X8ME43
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