REG - Anglo American PLC - Anglo American Q3 Production Report
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NEWS RELEASE
22 October 2020
Anglo American plc
Production Report for the third quarter ended 30 September 2020
Mark Cutifani, Chief Executive of Anglo American, said: "Anglo American has continued its strong operational recovery, with a 24%(1) increase in production compared to Q2. We are currently operating at about 95%(2) of our normal capacity - testament to our efforts to protect operational continuity across our business, whilst maintaining comprehensive measures across our operations to safeguard the lives and livelihoods of our workforce and host communities, as part of our holistic response to Covid-19.
"Continued strong performance at the Collahuasi copper operation in Chile helped mitigate our overall year-on-year production decrease to 3%(1) compared to Q3 2019, despite planned maintenance at Minas-Rio iron ore in Brazil and excluding the effect of the suspended Grosvenor metallurgical coal operation in Australia.
"We have also seen encouraging improvement in demand for rough diamonds as we approach the holiday selling season, although there is still some uncertainty in terms of the timing of a sustained recovery."
Q3 highlights
• Copper production increased by 4% as Collahuasi in Chile increased production by 17% due to ongoing strong performance.
• PGMs production was broadly flat as a strong performance from the open pit Mogalakwena mine, with 12% higher palladium production, largely mitigated lower production from the underground Amandelbult.
• In Iron ore, the pipeline inspection and maintenance at Minas-Rio in Brazil was completed successfully and on schedule, with operations restarted in early October.
• Rough diamond sales improved ahead of the key Q4 holiday selling season for diamond jewellery.
Q3 2020
Q3 2019
% vs. Q3 2019
YTD 2020
YTD 2019
% vs. YTD 2019
Diamonds (Mct)(3)
7.2
7.4
(4)%
18.4
23.0
(20)%
Copper (kt)(4)
166
159
4%
480
479
0%
Platinum (koz)(5)
517
527
(2)%
1,265
1,519
(17)%
Palladium (koz)(5)
352
352
0%
884
1,026
(14)%
Iron ore - Kumba (Mt)
9.5
10.5
(9)%
27.5
30.6
(10)%
Iron ore - Minas-Rio (Mt)(6)
5.0
6.1
(18)%
17.6
17.0
4%
Metallurgical coal (Mt)
4.8
6.6
(26)%
12.6
16.6
(24)%
Thermal coal (Mt)(7)
5.6
6.3
(11)%
16.2
19.6
(17)%
Nickel (kt)(8)
10.2
11.3
(10)%
31.9
30.9
3%
Manganese ore (kt)
939
910
3%
2,578
2,611
(1)%
(1) Excludes the impact of the Grosvenor suspension. Including the impact of Grosvenor, copper equivalent production increased 21% compared to Q2 2020 and decreased 7% compared to Q3 2019.
(2) Excludes the impact of the Grosvenor suspension and the strike at Cerrejón.
(3) De Beers production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
(4) Contained metal basis. Reflects copper production from the Copper business unit only (excludes copper production from the Platinum Group Metals business unit).
(5) Produced ounces of metal in concentrate. Reflects own mine production and purchase of concentrate.
(6) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
(7) Reflects export primary production, secondary production sold into export markets and production sold domestically at export parity pricing from South Africa, and attributable export production (33.3%) from Colombia.
(8) Reflects nickel production from the Nickel business unit only (excludes nickel production from the Platinum Group Metals business unit).
DE BEERS
De Beers(1) (000 carats)
Q3
Q3
Q3 2020 vs. Q3 2019
Q2
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2019
2020
2020
2019
Botswana
4,827
5,699
(15)
%
1,825
164
%
12,296
17,367
(29)
%
Namibia
242
426
(43)
%
358
(32)
%
1,111
1,243
(11)
%
South Africa
1,178
535
120
%
555
112
%
2,484
1,488
67
%
Canada
915
779
17
%
789
16
%
2,548
2,891
(12)
%
Total carats recovered
7,162
7,439
(4)
%
3,527
103
%
18,439
22,989
(20)
%
Rough diamond production decreased by 4% to 7.2 million carats driven by planned reductions in production to reflect the lower demand for rough diamonds due to the Covid-19 pandemic. Covid-19 related measures remain in place to safeguard the workforce while maintaining operational continuity.
In Botswana, production decreased by 15% to 4.8 million carats due to the planned treatment of lower grade material at both Jwaneng and Orapa, with production targeted at levels to meet lower demand.
Namibia production decreased by 43% to 0.2 million carats as the marine fleet suspended production for part of Q3 to reflect lower demand and one vessel was in dock for planned maintenance during the period.
South African production increased to 1.2 million carats due to an expected change in ore mix, with more ore sourced from the higher grade material from the last cut of the open pit (rather than from low grade stockpiles) as the mine transitions to the underground.
Production in Canada increased by 17% to 0.9 million carats, due to treatment of higher grade material at Gahcho Kué.
Demand for rough diamonds showed signs of improvement in the quarter as Covid-19 restrictions gradually eased in cutting and polishing centres and consumer markets ahead of the key end of year holiday season. Rough diamond sales totalled 6.6 million carats (6.5 million carats on a consolidated basis)(2) from three sights compared with 0.3 million carats (0.2 million carats on a consolidated basis)(2) from two(3) sights in Q2 2020 and 7.4 million carats (7.1 million carats on a consolidated basis)(2) from three sights in Q3 2019.
Full Year Guidance
Production guidance is unchanged at 25-27 million carats (100% basis), subject to continuous review based on the disruptions related to Covid-19 as well as the timing and scale of the recovery in demand.
(1) De Beers Group production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
(2) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(3) Sight 3 in Q2 2020 was cancelled due to Covid-19-related restrictions on the movement of people and product.
De Beers(1)
Q3
Q2
Q1
Q4
Q3
Q3 2020 vs. Q3 2019
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2020
2020
2019
2019
2020
2019
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng
1,748
1,138
3,200
3,319
2,584
(32)
%
54
%
6,086
9,143
(33)
%
Orapa(2)
3,079
687
2,444
2,569
3,115
(1)
%
348
%
6,210
8,224
(24)
%
Botswana
4,827
1,825
5,644
5,888
5,699
(15)
%
164
%
12,296
17,367
(29)
%
Debmarine Namibia
147
305
417
363
320
(54)
%
(52)
%
869
929
(6)
%
Namdeb (land operations)
95
53
94
93
106
(10)
%
79
%
242
314
(23)
%
Namibia
242
358
511
456
426
(43)
%
(32)
%
1,111
1,243
(11)
%
Venetia
1,178
555
751
434
535
120
%
112
%
2,484
1,488
67
%
South Africa
1,178
555
751
434
535
120
%
112
%
2,484
1,488
67
%
Gahcho Kué (51% basis)
915
789
844
1,009
779
17
%
16
%
2,548
2,470
3
%
Victor
-
-
-
-
-
n/a
n/a
-
421
n/a
Canada
915
789
844
1,009
779
17
%
16
%
2,548
2,891
(12)
%
Total carats recovered
7,162
3,527
7,750
7,787
7,439
(4)
%
103
%
18,439
22,989
(20)
%
Sales volumes
Total sales volume (100)% (Mct)(3)
6.6
0.3
8.9
7.0
7.4
(11)
%
2,100
%
15.8
23.9
(34)
%
Consolidated sales volume (Mct)(3)
6.5
0.2
8.3
6.6
7.1
(8)
%
3,150
%
15.0
22.6
(34)
%
Number of Sights (sales cycles)
3
2(4)
2
2
3
7(4)
8
(1) De Beers Group production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa.
(3) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(4) Sight 3 in Q2 2020 was cancelled due to Covid-19-related restrictions on the movement of people and product.
COPPER
Copper(1) (tonnes)
Q3
Q3
Q3 2020 vs. Q3 2019
Q2
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2019
2020
2020
2019
Los Bronces
79,400
80,400
(1)
%
80,700
(2)
%
228,800
263,300
(13)
%
Collahuasi (44% share)
75,500
64,500
17
%
75,700
0
%
217,600
176,500
23
%
El Soldado
10,800
14,000
(23)
%
10,400
4
%
33,100
39,300
(16)
%
Total Copper
165,700
158,900
4
%
166,800
(1)
%
479,500
479,100
0
%
(1) Copper production shown on a contained metal basis. Reflects copper production from the Copper business unit only (excludes copper production from the Platinum Group Metals business unit).
Copper production increased by 4% to 165,700 tonnes, driven by strong plant performance at Collahuasi.
Production from Los Bronces decreased by 1%, to 79,400 tonnes. A 9% increase in throughput, due to increased water availability, was fully offset by lower grades of ore processed (0.73% vs 0.78%). Following recent rain and snow fall, adequate water is available for the remainder of 2020.
At Collahuasi, attributable production increased by 17% to 75,500 tonnes due to continued strong plant performance, higher copper recovery (92.0% vs 87.7%) reflecting plant improvement initiatives, and planned higher ore grade (1.27% vs 1.14%).
Production from El Soldado decreased by 23% to 10,800 tonnes as a result of planned lower ore grade (0.78% vs 0.92%).
The year to date average realised price of 273c/lb includes 123,825 tonnes of copper that at 30 September was provisionally priced at an average price of 302c/lb.
Full Year Guidance
Production guidance has been tightened to 630,000-660,000 tonnes (previously 620,000-670,000 tonnes), subject to the extent of further Covid-19 related disruption.
Copper(1)
Q3
Q2
Q1
Q4
Q3
Q3 2020 vs. Q3 2019
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2020
2020
2019
2019
2020
2019
Los Bronces mine(2)
Ore mined
8,414,600
9,237,400
10,013,000
17,373,800
15,560,400
(46)
%
(9)
%
27,665,000
48,541,500
(43)
%
Ore processed - Sulphide
11,956,800
9,987,200
7,059,500
7,146,800
10,977,200
9
%
20
%
29,003,500
34,861,600
(17)
%
Ore grade processed -
Sulphide (% TCu)(3)
0.73
0.85
0.98
0.99
0.78
(7)
%
(15)
%
0.83
0.80
4
%
Production - Copper cathode
9,300
9,900
9,900
10,000
10,100
(8)
%
(6)
%
29,100
29,000
0
%
Production - Copper in concentrate
70,100
70,800
58,800
61,700
70,300
0
%
(1)
%
199,700
234,300
(15)
%
Total production
79,400
80,700
68,700
71,700
80,400
(1)
%
(2)
%
228,800
263,300
(13)
%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined
16,412,100
18,035,100
19,402,000
22,132,200
25,780,000
(36)
%
(9)
%
53,849,200
65,121,000
(17)
%
Ore processed - Sulphide
14,612,300
14,192,800
14,097,800
14,728,700
14,478,700
1
%
3
%
42,902,900
39,404,400
9
%
Ore grade processed -
Sulphide (% TCu)(3)
1.27
1.31
1.20
1.25
1.14
11
%
(4)
%
1.26
1.17
8
%
Production - Copper in concentrate
171,500
172,000
151,000
164,200
146,600
17
%
0
%
494,500
401,200
23
%
Anglo American's share of copper production for Collahuasi(4)
75,500
75,700
66,500
72,200
64,500
17
%
0
%
217,600
176,500
23
%
El Soldado mine(2)
Ore mined
1,885,100
1,378,100
1,915,300
2,721,400
3,299,900
(43)
%
37
%
5,178,500
9,406,700
(45)
%
Ore processed - Sulphide
1,788,700
1,771,600
1,458,900
1,854,900
1,911,700
(6)
%
1
%
5,019,100
5,583,500
(10)
%
Ore grade processed -
Sulphide (% TCu)(3)
0.78
0.76
1.02
1.02
0.92
(16)
%
3
%
0.84
0.90
(6)
%
Production - Copper in concentrate
10,800
10,400
11,900
14,900
14,000
(23)
%
4
%
33,100
39,300
(16)
%
Chagres Smelter(2)
Ore smelted(5)
26,700
24,300
30,800
30,800
28,800
(7)
%
10
%
81,800
91,200
(10)
%
Production
26,000
23,700
30,000
29,900
28,000
(7)
%
10
%
79,700
88,700
(10)
%
Total copper production(6)
165,700
166,800
147,100
158,800
158,900
4
%
(1)
%
479,500
479,100
0
%
Total payable copper production
159,200
160,300
141,700
153,100
153,000
4
%
(1)
%
461,100
461,100
0
%
Total sales volumes
176,100
154,200
139,600
176,500
160,000
10
%
14
%
469,800
467,300
1
%
Total payable sales volumes
167,900
148,200
134,300
170,100
153,800
9
%
13
%
450,400
449,400
0
%
Third party sales(7)
112,600
130,800
76,300
115,300
91,600
23
%
(14)
%
319,700
233,800
37
%
(1) Excludes copper production from the Platinum Group Metals business unit. Units shown are tonnes unless stated otherwise.
(2) Anglo American ownership interest of Los Bronces, El Soldado and the Chagres Smelter is 50.1%. Production is stated at 100% as Anglo American consolidates these operations.
(3) TCu = total copper.
(4) Anglo American's share of Collahuasi production is 44%.
(5) Copper contained basis.
(6) Total copper production includes Anglo American's 44% interest in Collahuasi.
(7) Relates to sales of copper not produced by Anglo American operations.
PLATINUM GROUP METALS (PGMs)
Q3
Q3
Q3 2020 vs. Q3 2019
Q2
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2019
2020
2020
2019
Metal in concentrate production (000 oz)(1)
Platinum
516.5
526.8
(2)
%
307.4
68
%
1,264.8
1,519.0
(17)
%
Own mined(2)
337.8
351.7
(4)
%
188.7
79
%
825.9
1,016.4
(19)
%
Purchase of concentrate (POC)(3)
178.7
175.1
2
%
118.7
51
%
438.9
502.6
(13)
%
Palladium
352.2
351.8
0
%
228.4
54
%
883.8
1,025.5
(14)
%
Own mined(2)
266.8
262.7
2
%
173.3
54
%
673.1
774.1
(13)
%
Purchase of concentrate (POC)(3)
85.4
89.0
(4)
%
55.1
55
%
210.7
251.4
(16)
%
Refined production 000 oz(1)(4)
Platinum
503.8
578.6
(13)
%
160.6
214
%
904.7
1,581.2
(43)
%
Palladium
354.1
362.1
(2)
%
147.4
140
%
698.6
1,083.9
(36)
%
Rhodium
48.9
66.5
(26)
%
30.6
60
%
126.8
202.6
(37)
%
Tolled material 000 oz(1)
Platinum
75.7
100.9
(25)
%
58.4
30
%
212.7
198.8
7
%
Palladium
35.5
51.3
(31)
%
30.0
18
%
105.9
100.4
5
%
(1) Ounces refer to troy ounces.
(2) Includes managed operations and 50% of joint venture production.
(3) Includes 50% of joint venture production, and the purchase of concentrate from third parties.
(4) Refined production excludes toll material but includes in comparative periods material now transitioned to tolling.
Metal in concentrate production
Platinum production decreased by 2% to 516,500 ounces and palladium production was flat at 352,200 ounces.
Own mined platinum production decreased by 4% to 337,800 ounces and palladium production increased by 2% to 266,800 ounces. Production at Mogalakwena increased by 7% for platinum and 12% for palladium, due to higher throughput and improvements in concentrator recovery. Amandelbult platinum production was down 13% and palladium was down 11% due to the continuation of Covid-19 protocols and as Tumela Upper section comes to the end of its life. Unki and Mototolo production were also higher.
Purchase of platinum in concentrate increased by 2% to 178,700 ounces and purchase of palladium in concentrate decreased by 4% to 85,400 ounces, driven by changes in mix.
Refined production
Following the restart of the ACP Phase B unit in Q2, refined production has ramped up steadily. However, refined production for platinum and palladium was lower than in Q3 2019 by 13% and 2%, respectively, due to increased levels of monitoring and intermittent stoppages to inspect the plant. The stoppages have resulted in a slight increase in work-in-progress inventory between Q2 2020 and Q3 2020. Furthermore, the mix of metals refined was impacted by the strong recovery of mining activities at Mogalakwena, which is palladium-rich. The repairs to the ACP Phase A unit are progressing well and are currently expected to complete towards the end of 2020.
Sales volumes decreased by 17% for both platinum and palladium, driven by lower refined production and a rebuild of refined inventory. Due to the slight increase in work-in-progress inventory and the rebuild of refined inventory, sales volumes are expected to be lower than metal-in-concentrate production in H2 2020.
The year to date average realised basket price of $4,468/Pt ounce reflects strong palladium and rhodium prices, with the mix of metals reverting towards normalised levels following disruption in the first half of 2020.
Full Year Guidance
Production guidance (metal in concentrate) is revised to 1.7-1.8 million ounces of platinum (previously 1.5-1.7 million ounces) and 1.1-1.2 million ounces of palladium (previously 1.0-1.2 million ounces), subject to the extent of any further Covid-19 related disruptions.
Platinum
Q3
Q2
Q1
Q4
Q3
Q3 2020 vs. Q3 2019
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2020
2020
2019
2019
2020
2019
Produced platinum
(000 oz)(1)
516.5
307.4
440.9
531.7
526.8
(2)
%
68
%
1,264.8
1,519.0
(17)
%
Own mined
337.8
188.7
299.4
361.9
351.7
(4)
%
79
%
825.9
1,016.4
(19)
%
Mogalakwena
132.0
117.3
121.9
135.8
123.4
7
%
13
%
371.2
381.7
(3)
%
Amandelbult
102.8
25.3
85.5
120.1
118.4
(13)
%
306
%
213.6
333.5
(36)
%
Unki
27.0
13.9
21.8
23.3
23.7
14
%
94
%
62.7
66.1
(5)
%
Mototolo
33.3
9.5
28.3
30.9
31.4
6
%
251
%
71.1
81.2
(12)
%
Joint ventures(2)
42.7
22.7
41.9
51.8
54.8
(22)
%
88
%
107.3
153.9
(30)
%
Purchase of concentrate
178.7
118.7
141.5
169.8
175.1
2
%
51
%
438.9
502.6
(13)
%
Joint ventures(2)
42.7
22.7
41.9
51.8
54.8
(22)
%
88
%
107.3
153.9
(30)
%
Third parties
136.0
96.0
99.6
118.0
120.3
13
%
42
%
331.6
348.7
(5)
%
Palladium
Produced palladium
(000 oz)(1)
352.2
228.4
303.1
360.4
351.8
0
%
54
%
883.8
1,025.5
(14)
%
Own mined
266.8
173.3
232.9
275.0
262.7
2
%
54
%
673.1
774.1
(13)
%
Mogalakwena
146.0
128.9
128.7
146.0
130.8
12
%
13
%
403.6
411.8
(2)
%
Amandelbult
48.3
11.7
39.1
56.0
54.3
(11)
%
313
%
99.1
152.9
(35)
%
Unki
23.6
12.1
19.6
20.0
21.3
11
%
95
%
55.3
59.2
(7)
%
Mototolo
20.7
5.8
17.2
19.0
19.4
7
%
257
%
43.7
49.7
(12)
%
Joint ventures(2)
28.2
14.8
28.4
34.0
36.9
(24)
%
91
%
71.4
100.5
(29)
%
Purchase of concentrate
85.4
55.1
70.2
85.4
89.0
(4)
%
55
%
210.7
251.4
(16)
%
Joint ventures(2)
28.2
14.8
28.4
34.0
36.9
(24)
%
91
%
71.4
100.5
(29)
%
Third parties
57.2
40.3
41.8
51.4
52.1
10
%
42
%
139.3
150.9
(8)
%
Refined production
Platinum (000 oz)(1)(3)
503.8
160.6
240.3
629.7
578.6
(13)
%
214
%
904.7
1,581.2
(43)
%
Palladium (000 oz)(1)(3)
354.1
147.4
197.1
396.6
362.1
(2)
%
140
%
698.6
1,083.9
(36)
%
Rhodium (000 oz)(1)(3)
48.9
30.6
47.3
90.8
66.5
(26)
%
60
%
126.8
202.6
(37)
%
Gold (000 oz)(1)(3)
7.0
11.8
27.9
32.4
27.9
(75)
%
(41)
%
46.7
73.2
(36)
%
Nickel (tonnes)(3)
5,000
2,000
3,100
6,400
6,800
(26)
%
150
%
10,100
16,600
(39)
%
Copper (tonnes)(3)
2,800
1,500
3,000
4,100
3,400
(18)
%
87
%
7,300
10,100
(28)
%
Tolled material
Platinum (000 oz)(1)
75.7
58.4
78.6
104.4
100.9
(25)
%
30
%
212.7
198.8
7
%
Palladium (000 oz)(1)
35.5
30.0
40.4
54.0
51.3
(31)
%
18
%
105.9
100.4
5
%
Platinum sales volumes
(000 oz)(1)(4)
448.5
195.7
239.9
668.3
537.4
(17)
%
129
%
884.1
1,546.8
(43)
%
Palladium sales volumes
(000 oz)(1)(4)
261.7
160.8
222.5
435.8
316.9
(17)
%
63
%
645.0
1,084.9
(41)
%
Platinum third party sales volumes (000 oz)(1)(5)
105.0
84.2
62.1
10.6
17.5
500
%
25
%
251.3
35.5
608
%
Palladium third party sales volumes (000 oz)(1)(5)
214.6
123.1
169.2
42.8
79.7
169
%
74
%
506.9
219.4
131
%
4E head grade (g/t milled)(6)
3.65
3.44
3.44
3.67
3.65
0
%
6
%
3.52
3.60
(2)
%
(1) Ounces refer to troy ounces.
(2) The joint venture operations are Modikwa and Kroondal. Platinum owns 50% of these operations, which is presented under 'Own mined' production, and purchases the remaining 50% of production, which is presented under 'Purchase of concentrate'.
(3) Refined production excludes toll material but includes in comparative periods material now transitioned to tolling.
(4) Sales from own mined and purchased concentrate, excludes refined metal purchased from third parties.
(5) Relates to sales of metal not produced by Anglo American operations.
(6) 4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material.
IRON ORE
Iron Ore (000 t)
Q3
Q3
Q3 2020 vs. Q3 2019
Q2
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2019
2020
2020
2019
Kumba
9,532
10,521
(9)
%
8,475
12
%
27,456
30,582
(10)
%
Minas-Rio(1)
4,994
6,126
(18)
%
6,198
(19)
%
17,616
16,951
4
%
(1) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
Kumba - Total production decreased by 9% to 9.5 million tonnes with Sishen's production 9% lower at 6.5 million tonnes and Kolomela's 10% lower at 3.0 million tonnes.
Production was reduced in response to both the elevated finished stock levels at the end of Q2 2020 due to Covid-related rail and port constraints, and in anticipation of the annual rail and port maintenance scheduled for Q4 2020. Consequently, stock levels were drawn down to 5.4 million tonnes(1) from 6.2 million tonnes(1) as at 30 June 2020. Reduced levels of production supported additional focus on scheduled maintenance and operational improvement.
Sales volumes increased by 7% to 10.9 million tonnes(1) driven by a 13% increase in export sales as Transnet's performance returned to pre-Covid-19 levels, with a significant improvement in loading rates at the port.
Year to date, Kumba product Fe content averaged 64.3%, while the average lump:fines ratio was 67:33. Consequently, the year to date average realised price of $103/tonne (FOB South Africa) was higher than the 62% Fe benchmark price of $90/tonne (FOB South Africa, adjusted for freight) due to these premiums.
Minas-Rio - Production decreased by 18% to 5.0 million tonnes, reflecting an approximately one month planned stoppage to carry out routine internal scanning of the pipeline. The inspection was completed successfully with operations resuming as scheduled at the start of October.
The year to date average realised price of $96/tonne (FOB Brazil) was higher than the Metal Bulletin 66 price (FOB Brazil, adjusted for freight and moisture) of $86/tonne, reflecting product quality, including higher (~67%) Fe content.
Full Year Guidance
Kumba production guidance is unchanged at 37-39 million tonnes, subject to the extent of further Covid-19 related disruption.
Minas-Rio production guidance is unchanged at 22-24 million tonnes, subject to the extent of further Covid-19 related disruption.
(1) Sales volumes and stock differ to Kumba's standalone results due to sales to other Group companies.
Iron Ore (tonnes)
Q3
Q2
Q1
Q4
Q3
Q3 2020 vs. Q3 2019
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2020
2020
2019
2019
2020
2019
Kumba production
9,531,600
8,474,900
9,449,300
11,806,100
10,521,300
(9)
%
12
%
27,455,800
30,581,600
(10)
%
Lump
6,488,700
5,709,800
6,387,900
7,898,500
6,955,500
(7)
%
14
%
18,586,400
20,611,500
(10)
%
Fines
3,042,900
2,765,100
3,061,400
3,907,600
3,565,800
(15)
%
10
%
8,869,400
9,970,100
(11)
%
Kumba production by mine
Sishen
6,511,500
5,782,200
6,579,600
8,263,900
7,153,500
(9)
%
13
%
18,873,300
20,910,500
(10)
%
Kolomela
3,020,100
2,692,700
2,869,700
3,542,200
3,367,800
(10)
%
12
%
8,582,500
9,671,100
(11)
%
Kumba sales volumes
10,902,900
8,084,000
10,683,500
10,469,400
10,153,800
7
%
35
%
29,670,400
31,504,300
(6)
%
Export iron ore(1)
10,902,900
8,084,000
10,331,900
10,237,100
9,670,200
13
%
35
%
29,318,800
29,556,400
(1)
%
Domestic iron ore
-
-
351,600
232,300
483,600
n/a
n/a
351,600
1,947,900
(82)
%
Minas-Rio production
Pellet feed (wet basis)
4,993,800
6,198,000
6,424,100
6,163,600
6,126,100
(18)
%
(19)
%
17,615,900
16,951,300
4
%
Minas-Rio sales volumes
Export - pellet feed (wet basis)
4,784,600
6,611,600
6,081,200
6,570,700
5,734,500
(17)
%
(28)
%
17,477,400
16,356,300
7
%
(1) Sales volumes differ to Kumba's standalone results due to sales to other Group companies.
COAL
Coal(1) (000 t)
Q3
Q3
Q3 2020 vs. Q3 2019
Q2
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2019
2020
2020
2019
Metallurgical Coal (Australia)
4,836
6,569
(26)
%
3,977
22
%
12,640
16,569
(24)
%
Export Thermal Coal (South Africa)(2)
4,595
4,288
7
%
3,588
28
%
12,378
13,280
(7)
%
Export Thermal Coal (Colombia)(3)
1,038
2,055
(50)
%
767
35
%
3,783
6,271
(40)
%
(1) Anglo American's attributable share of production.
(2) Includes export primary production, secondary production sold into export markets and production sold domestically at export parity pricing.
(3) Anglo American's attributable share of Cerrejón production is 33.3%.
Metallurgical Coal - Export metallurgical coal production decreased by 26% to 4.8 million tonnes, principally due to the suspension of operations at Grosvenor following the underground gas ignition incident in May 2020. Open cut operations have been scaled back at Dawson and Capcoal in response to Covid-19 reduced demand for lower quality metallurgical coal.
The ratio of hard coking coal production to PCI/semi-soft coking coal was 82:18, lower than in Q3 2019 (85:15), due to a lower proportion of product coming from the underground operations.
The year to date average realised price for hard coking coal was $114/tonne, which was lower than the benchmark price of $129/tonne due to a lower volume of premium quality hard coking coal produced from Moranbah and Grosvenor.
Thermal Coal, South Africa - Export thermal coal production increased by 7% to 4.6 million tonnes, principally driven by the ramp up of the Navigation lifex section at Khwezela.
Since August, all mines have been operating at circa 90% production due to the impact of Covid-19 measures to safeguard the workforce. Covid-19 measures in the logistics chain have affected the loading of volumes onto trains resulting in higher stockpiles at operations.
Thermal Coal, Colombia - Attributable export thermal coal production decreased by 50% to 1.0 million tonnes as a result of an ongoing strike at Cerrejón, which started in September. This more than offset the ramp up in production earlier in Q3 following the lifting of lockdown restrictions.
The year to date weighted average realised price for export thermal coal from South Africa and Colombia was $53/tonne (South Africa was $56/tonne and Colombia was $45/tonne). This was 10% lower than the weighted average quoted FOB price from South Africa and Colombia due to timing differences and quality discounts relative to the industry benchmark.
Full Year Guidance
Production guidance for metallurgical coal is maintained at 16-18 million tonnes.
Production guidance for export thermal coal is revised to c.19 million tonnes (previously c.21 million tonnes), owing to the ongoing strike disruption in Colombia, subject to the extent of further Covid-19 related disruption.
Coal, by product (tonnes)(1)
Q3
Q2
Q1
Q4
Q3
Q3 2020 vs. Q3 2019
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2020
2020
2019
2019
2020
2019
Metallurgical Coal - Australia
4,836,100
3,977,200
3,826,200
6,283,600
6,568,900
(26)
%
22
%
12,639,500
16,568,600
(24)
%
Hard Coking Coal
3,969,100
3,221,500
3,012,200
5,117,500
5,615,900
(29)
%
23
%
10,202,800
13,839,600
(26)
%
PCI / SSCC
867,000
755,700
814,000
1,166,100
953,000
(9)
%
15
%
2,436,700
2,729,000
(11)
%
Thermal Coal
10,162,400
8,761,000
9,083,600
9,730,000
9,402,700
8
%
16
%
28,007,000
28,108,300
0
%
Export - Australia
587,000
468,000
403,200
389,200
437,900
34
%
25
%
1,458,200
1,021,600
43
%
Export - South Africa(2)
4,595,400
3,587,600
4,195,100
4,515,100
4,288,400
7
%
28
%
12,378,100
13,280,300
(7)
%
Export - Colombia(3)
1,037,700
767,400
1,977,900
2,314,900
2,055,100
(50)
%
35
%
3,783,000
6,271,300
(40)
%
Domestic - South Africa
3,942,300
3,938,000
2,507,400
2,510,800
2,621,300
50
%
0
%
10,387,700
7,535,100
38
%
Sales volumes
Metallurgical Coal - Australia
4,818,000
3,901,300
3,850,300
6,100,100
6,371,500
(24)
%
23
%
12,569,600
16,280,500
(23)
%
Hard Coking Coal
4,130,000
3,305,000
2,867,400
5,097,200
5,737,800
(28)
%
25
%
10,302,400
13,972,700
(26)
%
PCI / SSCC
688,000
596,300
982,900
1,002,900
633,700
9
%
15
%
2,267,200
2,307,800
(2)
%
Thermal Coal
11,354,200
11,154,600
11,796,200
12,939,200
12,166,100
(7)
%
2
%
34,305,000
36,478,500
(6)
%
Export - Australia
500,100
651,700
407,200
500,900
584,600
(14)
%
(23)
%
1,559,000
1,306,800
19
%
Export - South Africa(2)
4,512,700
3,264,300
3,924,000
4,880,100
4,073,300
11
%
38
%
11,701,000
13,268,500
(12)
%
Export - Colombia(3)
993,800
1,142,500
2,028,000
2,260,800
2,068,600
(52)
%
(13)
%
4,164,300
6,513,000
(36)
%
Domestic - South Africa
3,407,700
3,558,700
2,408,400
2,172,700
3,175,200
7
%
(4)
%
9,374,800
7,594,700
23
%
Third party sales
1,939,900
2,537,400
3,028,600
3,124,700
2,264,400
(14)
%
(24)
%
7,505,900
7,795,500
(4)
%
(1) Anglo American's attributable share of production.
(2) Includes export primary production, secondary production sold into export markets and production sold domestically at export parity pricing.
(3) Anglo American's attributable share of Cerrejón production is 33.3%.
Coal, by operation (tonnes)(1)
Q3
Q2
Q1
Q4
Q3
Q3 2020 vs. Q3 2019
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2020
2020
2019
2019
2020
2019
Metallurgical Coal - Australia
4,836,100
3,977,200
3,826,200
6,283,600
6,568,900
(26)
%
22
%
12,639,500
16,568,600
(24)
%
Moranbah North
2,008,500
761,800
450,800
2,332,600
1,973,100
2
%
164
%
3,221,100
3,815,800
(16)
%
Grosvenor
4,500
560,900
540,900
1,011,700
1,344,500
(100)
%
(99)
%
1,106,300
3,710,200
(70)
%
Capcoal (incl. Grasstree)
1,328,800
1,221,900
1,383,300
1,270,300
1,709,200
(22)
%
9
%
3,934,000
4,661,700
(16)
%
Dawson
588,300
638,400
741,200
842,500
703,200
(16)
%
(8)
%
1,967,900
2,110,500
(7)
%
Jellinbah
906,000
794,200
710,000
826,500
838,900
8
%
14
%
2,410,200
2,270,400
6
%
Thermal Coal - Australia
587,000
468,000
403,200
389,200
437,900
34
%
25
%
1,458,200
1,021,600
43
%
Capcoal
102,800
82,200
114,700
123,200
81,300
26
%
25
%
299,700
209,000
43
%
Dawson
429,700
340,000
263,100
222,900
323,200
33
%
26
%
1,032,800
731,700
41
%
Jellinbah
54,500
45,800
25,400
43,100
33,400
63
%
19
%
125,700
80,900
55
%
Thermal Coal - South Africa(2)
8,537,700
7,525,600
6,702,500
7,025,900
6,909,700
24
%
13
%
22,765,800
20,815,400
9
%
Goedehoop
1,816,600
1,192,500
1,207,400
1,488,800
1,441,100
26
%
52
%
4,216,500
4,577,300
(8)
%
Greenside
1,199,000
1,179,100
1,177,900
1,428,700
1,237,200
(3)
%
2
%
3,556,000
3,417,200
4
%
Zibulo
1,429,900
1,331,100
1,291,700
1,351,000
1,294,100
10
%
7
%
4,052,700
4,008,300
1
%
Khwezela
1,735,100
1,383,700
1,619,400
1,530,300
1,433,400
21
%
25
%
4,738,200
4,230,500
12
%
Mafube
503,100
339,200
484,600
481,200
450,600
12
%
48
%
1,326,900
1,326,300
0
%
Other(3)
1,854,000
2,100,000
921,500
745,900
1,053,300
76
%
(12)
%
4,875,500
3,255,800
50
%
Thermal Coal - Colombia (Cerrejón)(4)
1,037,700
767,400
1,977,900
2,314,900
2,055,100
(50)
%
35
%
3,783,000
6,271,300
(40)
%
(1) Anglo American's attributable share of production.
(2) Export and domestic production; Isibonelo and Rietvlei produce exclusively domestic volumes.
(3) Other includes Isibonelo and Rietvlei.
(4) Anglo American's attributable share of Cerrejón production is 33.3%.
NICKEL
Nickel (tonnes)
Q3
Q3
Q3 2020 vs. Q3 2019
Q2
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2019
2020
2020
2019
Nickel
10,200
11,300
(10)
%
10,800
(6)
%
31,900
30,900
3
%
Nickel production decreased by 10% due to planned annual maintenance that took place in Q3, whereas the maintenance took place in Q2 in 2019.
Full Year Guidance
Production guidance is unchanged at 42,000-44,000 tonnes, subject to the extent of further Covid-19 related disruption.
Nickel
Q3
Q2
Q1
Q4
Q3
Q3 2020 vs. Q3 2019
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2020
2020
2019
2019
2020
2019
Barro Alto
Ore mined
1,712,200
1,166,200
318,000
623,300
1,198,800
43
%
47
%
3,196,400
3,452,300
(7)
%
Ore processed
536,600
625,900
610,100
609,200
612,000
(12)
%
(14)
%
1,772,600
1,656,500
7
%
Ore grade processed - %Ni
1.72
1.60
1.57
1.73
1.66
4
%
7
%
1.63
1.68
(3)
%
Production
8,000
8,800
8,700
9,500
9,200
(13)
%
(9)
%
25,500
24,400
5
%
Codemin
Ore mined
3,200
-
-
-
1,300
146
%
n/a
3,200
40,300
(92)
%
Ore processed
142,100
145,800
145,800
141,600
140,200
1
%
(3)
%
433,700
429,000
1
%
Ore grade processed - %Ni
1.71
1.59
1.62
1.68
1.69
1
%
8
%
1.64
1.63
1
%
Production
2,200
2,000
2,200
2,200
2,100
5
%
10
%
6,400
6,500
(2)
%
Total Nickel production(1)
10,200
10,800
10,900
11,700
11,300
(10)
%
(6)
%
31,900
30,900
3
%
Sales volumes
10,900
9,800
10,600
12,500
10,600
3
%
11
%
31,300
29,200
7
%
(1) Excludes nickel production from the PGMs business unit.
MANGANESE
Manganese (000 t)
Q3
Q3
Q3 2020 vs. Q3 2019
Q2
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2019
2020
2020
2019
Manganese ore(1)
939
910
3
%
796
18
%
2,578
2,611
(1)
%
Manganese alloys(1)(2)
18
29
(37)
%
23
(21)
%
66
106
(38)
%
(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.
Manganese ore production increased by 3% to 938,700 tonnes, as the impact from the Covid-19 restrictions in South Africa were offset by improved Australian production from stronger mining performance and higher concentrator yield.
Manganese alloy production decreased by 37% to 18,300 tonnes, with one plant in South Africa on care and maintenance since the Covid-19 lockdown. In addition, a binding agreement was reached for the sale of the TEMCO alloy smelter in Australia.
Manganese (tonnes)
Q3
Q2
Q1
Q4
Q3
Q3 2020 vs. Q3 2019
Q3 2020 vs. Q2 2020
YTD
YTD
YTD 2020 vs. YTD 2019
2020
2020
2020
2019
2019
2020
2019
Samancor
Manganese ore(1)
938,700
796,000
842,900
902,900
910,400
3
%
18
%
2,577,600
2,610,500
(1)
%
Manganese alloys(1)(2)
18,300
23,200
24,400
31,600
29,200
(37)
%
(21)
%
65,900
105,600
(38)
%
Samancor sales volumes
Manganese ore
976,200
810,700
805,400
911,000
897,800
9
%
20
%
2,592,300
2,699,600
(4)
%
Manganese alloys
22,700
23,400
32,800
27,200
30,400
(25)
%
(3)
%
78,900
105,300
(25)
%
(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.
EXPLORATION AND EVALUATION
Exploration and evaluation expenditure decreased by 13% to $59 million. Exploration expenditure decreased by 10% to $26 million driven by decreased activity in copper, nickel and diamonds. Evaluation expenditure decreased by 15% to $33 million, driven by overall decreased activity, in particular in diamonds, due to Covid-19.
CORPORATE ACTIVITY AND OTHER ITEMS
Anglo American is taking a cautious and responsible approach to the remobilisation of workers at the Quellaveco copper project in Peru, amid challenging conditions. Peru experienced an increase in Covid-19 infection rates during the quarter, and we have responded with a further strengthening of our robust health protocols to protect our workforce whilst continuing to provide significant support to the local community to help manage the impact and spread of Covid-19. To-date, ~8,500 workers have returned to site and our focus in Q4 is on safely completing the remobilisation of site, with the majority of the ~10,000 workforce expected on-site during the quarter, while productivity rates are expected to recover through the rest of the year, subject to the extent of further Covid-19 related disruption. First production is still expected in 2022 and, based on current expectations for remobilisation and ramp-up of activity, total project capital expenditure (100% basis) is also unchanged at $5.3-$5.5 billion, of which the Group's share is $2.7-$2.8 billion.
REALISED PRICES
Q3 2020 YTD
H1 2020
FY 2019
Copper (USc/lb)(1)
273
250
273
PGMs
Platinum (US$/oz)
876
857
861
Palladium (US$/oz)
2,143
2,141
1,518
Rhodium (US$/oz)
9,465
8,985
3,808
Basket price (US$/Pt oz)(2)
4,468
5,520
2,819
Iron Ore - FOB prices
Kumba Export (US$/dmt)(3)
103
93
97
Minas-Rio (US$/wmt)(4)
96
88
79
Metallurgical Coal
HCC (US$/t)(5)
114
123
171
PCI (US$/t)(5)
90
98
110
Thermal Coal
Australia - Export (US$/t)(5)
56
58
70
South Africa - Export (US$/t)(6)
56
61
61
Colombia - Export (US$/t)
45
46
56
Nickel (USc/lb)
531
502
624
(1) The realised price for Copper excludes third party sales volumes.
(2) The Q3 2020 YTD basket price has decreased compared to H1 2020 with the mix of metals reverting towards normalised levels following disruption in the first half of 2020.
(3) Average realised export basket price (FOB Saldanha). For Q3 2020 YTD and FY 2019 the realised prices differ to Kumba's standalone results due to sales to other Group companies.
(4) Average realised export basket price (FOB Açu) (wet basis as product is shipped with ~9% moisture).
(5) Weighted average coal sales price achieved at managed operations.
(6) Weighted average export thermal coal price achieved.
PRODUCTION OUTLOOK SUMMARY
2020 production guidance is summarised as follows:
2020 production guidance1
Diamonds2
25-27 Mct
Copper3
630-660 kt (previously 620-670 kt)
Platinum - M&C4
1.7-1.8 Moz (previously 1.5-1.7 Moz)
Palladium - M&C4
1.1-1.2 Moz (previously 1.0-1.2 Moz)
Kumba Iron Ore5
37-39 Mt
Minas-Rio Iron Ore6
22-24 Mt
Metallurgical Coal7
16-18 Mt
Thermal Coal8
~19 Mt (previously ~21 Mt)
Nickel9
42-44 kt
(1) Subject to further Covid-19 related disruption.
(2) On a 100% basis except for the Gahcho Kué joint venture, which is on an attributable 51% basis.
(3) Copper business unit only. On a contained-metal basis.
(4) Produced metal in concentrate ounces. Includes production from joint operations, associates and third-parties. Platinum ~65% own mined production, palladium ~75% own mined production.
(5) Dry basis. Subject to rail and port performance.
(6) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
(7) Excludes thermal coal production in Australia.
(8) Export South Africa and Colombia production.
(9) Nickel business unit only.
NOTES
• This Production Report for the quarter ended 30 September 2020 is unaudited.
• Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
• Copper equivalent production shows changes in underlying production volume. It is calculated by expressing each product's volume as revenue, subsequently converting the revenue into copper equivalent units by dividing by the copper price (per tonne). Long-term forecast prices are used, in order that period-on-period comparisons exclude any impact for movements in price.
• Please refer to page 16 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses.
For further information, please contact:
Media
Investors
UK
James Wyatt-Tilby
james.wyatt-tilby@angloamerican.com
Tel: +44 (0)20 7968 8759
Marcelo Esquivel
marcelo.esquivel@angloamerican.com
Tel: +44 (0)20 7968 8891
Katie Ryall
katie.ryall@angloamerican.com
Tel: +44 (0)20 7968 8935
South Africa
Sibusiso Tshabalala
sibusiso.tshabalala@angloamerican.com
Tel: +27 (0)11 638 2175
UK
Paul Galloway
paul.galloway@angloamerican.com
Tel: +44 (0)20 7968 8718
Robert Greenberg
robert.greenberg@angloamerican.com
Tel: +44 (0)20 7968 2124
Emma Waterworth
emma.waterworth@angloamerican.com
Tel: +44 (0)20 7968 8574
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, development projects and undeveloped resources, provides many of the metals and minerals that enable a cleaner, greener, more sustainable world and that meet the fast growing consumer-driven demands of developed and maturing economies. With our people at the heart of our business, we use innovative practices and the latest technologies to mine, process, move and market our products to our customers - and to discover new resources - safely and sustainably.
As a responsible producer of diamonds (through De Beers), copper, platinum group metals, the steelmaking ingredients of iron ore and metallurgical coal, and nickel - with crop nutrients in development and thermal coal operations planned for divestment - we are committed to being carbon neutral across our operations by 2040. We work together with our business partners and diverse stakeholders to unlock sustainable 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.
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 (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserves and Mineral Resource estimates), are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource exploration and development capabilities, recovery rates and other operational capabilities, the effects of global pandemics and outbreaks of infectious diseases, sustainability aspirations, the availability of mining and processing equipment, the ability to produce and transport products profitably, the availability of transportation infrastructure, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as permitting and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements.
These forward-looking statements speak only as of the date of this announcement. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this announcement should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share.
Certain statistical and other information about Anglo American included in this announcement is sourced from publicly available third-party sources. As such, it has not been independently verified and presents the views of those third parties, though these may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information.
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