REG - Anglo American PLC - Anglo American Q4 2018 Production Report
Anglo American plc
Production Report for the fourth quarter ended 31 December 2018
Anglo American reports a 7% increase in total production on a copper equivalent basis for the fourth quarter of 2018, compared to the same period in 2017, excluding the effect of the stoppage at Minas-Rio(1).
Mark Cutifani, Chief Executive of Anglo American, said: "Our continuing focus on efficiency and productivity improvements across the business resulted in another strong quarter, adding to our consistent track record of delivery. Solid operational performance resulted in a 23% increase in production from our Copper business, more than offsetting the impact of infrastructure constraints at Kumba. We ended this successful quarter with the restart of operations at Minas-Rio and receipt of a key approval relating to the important Step 3 licence area that supports its increase in production towards design capacity."
Highlights
· De Beers production increased by 12% to 9.1 million carats due to production increases at Orapa.
· Copper production increased by 23% to 183,500 tonnes, with increases at all operations, reflecting continued strong operational performance and planned higher grades.
· Platinum and palladium production both increased by 3% to 602,300 ounces and 386,600 ounces respectively, driven by an improved operational performance across the majority of the portfolio.
· Kumba's iron ore production decreased by 13% to 10.2 million tonnes due to infrastructure constraints.
· Metallurgical coal production increased by 15% to 5.6 million tonnes driven by productivity improvements at Moranbah and the continued Grosvenor ramp up.
· Thermal coal export production decreased by 9% to 6.9 million tonnes due to the impact of rain at Cerrejón.
· Minas-Rio restarted operations at the end of the quarter and also received a key approval relating to the important Step 3 licence area.
Production Summary
Q4 2018
Q4 2017
% vs. Q4 2017
2018
2017
% vs. 2017
Diamonds (Mct)(2)
9.1
8.1
12%
35.3
33.5
6%
Copper (kt)(3)
184
149
23%
668
579
15%
Platinum (koz)(4)
602
587
3%
2,485
2,397
4%
Palladium (koz)(4)
387
375
3%
1,611
1,557
3%
Iron ore - Kumba (Mt)
10.2
11.6
(13)%
43.1
45.0
(4)%
Iron ore - Minas-Rio (Mt)(5)
0.2
4.0
(94)%
3.4
16.8
(80)%
Metallurgical coal (Mt)
5.6
4.9
15%
21.8
19.7
11%
Thermal coal (Mt)(6)
6.9
7.6
(9)%
28.6
29.2
(2)%
Nickel (kt)(7)
11.4
11.4
0%
42.3
43.8
(3)%
Manganese ore (kt)
972
980
(1)%
3,607
3,486
3%
(1) Copper equivalent production is normalised for the Minas-Rio production stoppage in 2018. Including the Minas-Rio stoppage, production increased by 3% compared to Q4 2017.
(2) De Beers production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
(3) Contained metal basis. Reflects copper production from the Copper business unit only (excludes copper production from the Platinum Group Metals business unit).
(4) Produced ounces of metal in concentrate. Reflects own mine production and purchases.
(5) Wet basis.
(6) Reflects export production from South Africa and Colombia.
(7) 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)
Q4
2018
Q4
2017
Q4 2018
vs.
Q4 2017
Q3 2018
Q4 2018 vs.
Q3 2018
2018
2017
2018
vs.
2017
Botswana (Debswana)
6,346
5,504
15%
5,699
11%
24,132
22,684
6%
Namibia (Namdeb Holdings)
505
488
3%
460
10%
2,008
1,805
11%
South Africa (DBCM)
1,234
1,149
7%
1,337
(8)%
4,682
5,208
(10)%
Canada
1,043
993
5%
1,178
(11)%
4,475
3,757
19%
Total carats recovered
9,128
8,134
12%
8,674
5%
35,297
33,454
6%
Rough diamond production increased by 12% to 9.1 million carats bringing total production for 2018 to 35.3 million carats due to a planned production increase at Orapa(2) mine, although this was in the lower half of the production guidance range of 35-36 million carats.
Botswana (Debswana) production increased by 15% to 6.3 million carats. Orapa(2) production increased by 20% to 3.6 million carats driven by planned favourable grade and higher plant utilisation. Jwaneng production increased by 9% following an increase in tonnes treated.
Namibia (Namdeb Holdings) production increased by 3% to 0.5 million carats, driven by the Mafuta crawler vessel at Debmarine Namibia spending fewer days in port. This was partly offset by the land operations following the transition of Elizabeth Bay to care and maintenance.
South Africa (DBCM) production increased by 7% to 1.2 million carats as a result of planned higher grade ore at Venetia.
Canada production increased by 5% to 1.0 million carats due to higher grades at Victor as it reaches the end of its life. This was partially offset by planned lower grades at Gahcho Kué.
Rough diamond sales volumes totalled 9.9 million carats (9.3 million carats on a consolidated basis(3)) from three sales cycles, compared with 8.2 million carats (7.5 million carats on a consolidated basis(3)) from the same number of sales cycles during the equivalent period in 2017. Fourth quarter rough sales revenues increased year on year as the re-phased allocations of some lower value rough diamonds from Sight 7 (in September) were realised in Sights 9 and 10.
For the full year, rough diamond sales volumes were 4% lower at 33.7 million carats (31.7 million carats on a consolidated basis(3)) compared with 35.1 million carats (33.1 million carats on a consolidated basis(3)) in 2017. 2018 sales volumes were also lower than production, driven by lower demand for lower value rough diamonds in the second half of 2018.
The consolidated average realised price of $171/ct was 6% higher (2017: $162/ct), due to a lower proportion of lower value rough diamonds sold in 2018.
2019 Guidance
2019 production guidance is 31-33 million carats, subject to trading conditions. The lower production is driven by the process of exiting from the Venetia open pit with the underground becoming the principal source of ore from 2023. Associated with this, an increased proportion of production in 2019 is expected to come from De Beers Group's joint venture partners, a proportion of which generates a trading margin, which is lower than the mining margin generated from own mined production.
(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). 2017 includes pre-commercial production sales volumes from Gahcho Kué.
De Beers(1)
Q4
2018
Q3
2018
Q2
2018
Q1
2018
Q4
2017
Q4 2018 vs.
Q3 2018
Q4 2018
vs.
Q4 2017
2018
2017
2018
vs.
2017
Carats recovered (000 carats)
100% basis (unless otherwise stated)
Jwaneng
2,744
3,143
3,025
2,984
2,512
(13)%
9%
11,896
11,857
-
Orapa(2)
3,602
2,556
3,254
2,824
2,992
41%
20%
12,236
10,827
13%
Botswana (Debswana)
6,346
5,699
6,279
5,808
5,504
11%
15%
24,132
22,684
6%
Debmarine Namibia
400
322
349
365
328
24%
22%
1,436
1,378
4%
Namdeb (land operations)
105
138
166
163
160
(24)%
(34)%
572
427
34%
Namibia (Namdeb Holdings)
505
460
515
528
488
10%
3%
2,008
1,805
11%
Venetia
1,141
1,178
922
1,008
1,023
(3)%
12%
4,249
4,602
(8)%
Voorspoed
93
159
96
85
126
(42)%
(26)%
433
606
(29)%
South Africa (DBCM)
1,234
1,337
1,018
1,093
1,149
(8)%
7%
4,682
5,208
(10)%
Gahcho Kué (51% basis)
789
927
985
838
830
(15)%
(5)%
3,539
3,033
17%
Victor
254
251
200
231
163
1%
56%
936
724
29%
Canada
1,043
1,178
1,185
1,069
993
(11)%
5%
4,475
3,757
19%
Total carats recovered
9,128
8,674
8,997
8,498
8,134
5%
12%
35,297
33,454
6%
Sales volumes
Total sales volume (100%) (Mct)(3)
9.9
5.0
10.0
8.8
8.2
98%
21%
33.7
35.1
(4)%
Consolidated sales volume (Mct)(3)
9.3
4.6
9.4
8.4
7.5
102%
24%
31.7
33.1
(4)%
Number of Sights
(sales cycles)3
2
3
2
3
10
10
(1) De Beers Group production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa.
(3) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis). 2017 includes pre-commercial production sales volumes from Gahcho Kué.
COPPER
Copper(1) (tonnes)
Q4
2018
Q4
2017
Q4 2018
vs.
Q4 2017
Q3
2018
Q4 2018 vs.
Q3 2018
2018
2017
2018
vs.
2017
Los Bronces
99,000
75,400
31%
95,800
3%
369,500
308,300
20%
Collahuasi (44% share)
69,200
63,500
9%
61,500
13%
246,000
230,500
7%
El Soldado
15,300
9,700
58%
14,500
6%
52,700
40,500
30%
Total Copper
183,500
148,600
23%
171,800
7%
668,300
579,300
15%
(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 23% to 183,500 tonnes, the highest since Q4 2013, with production increases at all operations and record copper in concentrate production at Collahuasi.
Production from Los Bronces increased by 31% to 99,000 tonnes, driven by continued strong mine and plant performance and planned higher grades (0.81% vs. 0.76%).
At Collahuasi, attributable production increased by 9% to 69,200 tonnes reflecting higher copper recoveries driven by the successful installation of 24 additional flotation cells in Q3.
El Soldado production increased by 58% to 15,300 tonnes due to a combination of strong mine and plant performance and planned higher grades (0.94% vs 0.65%).
Full year sales volumes were 671,600 tonnes, at an average price of 283c/lb ($6,239/t), lower than the average LME price of 296c/lb ($6,526/t) due to the impact of provisional pricing.
2019 Guidance
2019 production guidance is 630,000-660,000 tonnes.
Copper(1)
Q4 2018
Q3 2018
Q2 2018
Q1 2018
Q4 2017
Q4 2018
vs.
Q3 2018
Q4 2018
vs.
Q4 2017
2018
2017
2018
vs.
2017
Los Bronces mine(2)
Ore mined
12,675,800
13,019,000
17,837,300
15,675,300
11,553,900
(3)%
10%
59,207,400
49,339,600
20%
Ore processed - Sulphide
12,669,900
13,089,300
12,346,700
12,477,100
10,610,600
(3)%
19%
50,583,000
46,040,000
10%
Ore grade processed -
Sulphide (% TCu)(3)
0.81
0.76
0.76
0.71
0.76
7%
7%
0.76
0.71
7%
Production - Copper cathode
10,200
10,300
10,000
8,500
9,800
(1)%
4%
39,000
38,300
2%
Production - Copper in concentrate
88,800
85,500
79,700
76,600
65,600
4%
35%
330,500
270,000
22%
Total production
99,000
95,800
89,700
85,000
75,400
3%
31%
369,500
308,300
20%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined
14,781,300
13,791,400
11,454,400
11,859,300
17,478,300
7%
(15)%
51,886,400
64,733,500
(20)%
Ore processed - Sulphide
13,638,400
12,332,800
10,605,100
12,894,200
13,658,400
11%
(0)%
49,470,500
49,886,800
(1)%
Ore grade processed -
Sulphide (% TCu)(3)
1.28
1.33
1.34
1.24
1.28
(4)%
(0)%
1.30
1.25
5%
Production - Copper cathode
-
-
-
-
-
-
-
-
100
(100)%
Production - Copper in concentrate
157,400
139,700
124,500
137,600
144,400
13%
9%
559,100
523,900
7%
Total copper production for Collahuasi
157,400
139,700
124,500
137,600
144,400
13%
9%
559,100
524,000
7%
Anglo American's share of copper production for Collahuasi(4)
69,200
61,500
54,700
60,600
63,500
13%
9%
246,000
230,500
7%
El Soldado mine(2)
Ore mined
3,233,900
3,361,000
2,905,800
2,112,500
1,698,500
(4)%
90%
11,613,200
5,338,400
118%
Ore processed - Sulphide
1,951,600
2,036,000
1,825,000
1,785,600
1,846,600
(4)%
6%
7,598,200
7,395,100
3%
Ore grade processed -
Sulphide (% TCu)(3)
0.94
0.87
0.90
0.67
0.65
8%
45%
0.85
0.69
23%
Production - Copper in concentrate
15,300
14,500
13,600
9,300
9,700
6%
58%
52,700
40,500
30%
Total production
15,300
14,500
13,600
9,300
9,700
6%
58%
52,700
40,500
30%
Chagres Smelter(2)
Ore smelted
30,900
37,700
39,300
34,700
35,600
(18)%
(13)%
142,600
133,800
7%
Production
30,100
36,900
38,400
33,800
34,700
(18)%
(13)%
139,200
130,000
7%
Total copper production(5)
183,500
171,800
158,000
154,900
148,600
7%
23%
668,300
579,300
15%
Total payable copper production
177,100
165,700
152,600
149,100
143,100
7%
24%
644,500
558,300
15%
Total sales volumes
205,800
159,900
174,400
131,600
156,400
29%
32%
671,600
579,700
16%
Total payable sales volumes
198,400
154,200
168,400
126,700
150,600
29%
32%
647,700
558,700
16%
Third party sales(6)
50,400
51,800
40,700
30,800
40,500
(3)%
24%
173,700
111,400
56%
(1) Excludes Anglo American Platinum's copper production. Units shown are tonnes unless stated.
(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) Total copper production includes Anglo American's 44% interest in Collahuasi.
(6) Relates to sales of copper not produced by Anglo American operations.
PLATINUM GROUP METALS (PGMs)
Platinum (000 oz)
Q4
2018
Q4
2017
Q4 2018
vs.
Q4 2017
Q3
2018
Q4 2018 vs.
Q3 2018
2018
2017
2018
vs.
2017
Metal in concentrate production(1)
602.3
587.0
3%
649.0
(7)%
2,484.7
2,397.4
4%
Own mined(2)
307.5
349.8
(12)%
332.9
(8)%
1,323.6
1,376.2
(4)%
Purchase of concentrate(3)
294.8
237.2
24%
316.1
(7)%
1,161.1
1,021.2
14%
Palladium (000 oz)
Metal in concentrate production(1)
386.6
374.9
3%
410.8
(6)%
1,610.8
1,557.4
3%
Own mined(2)
234.8
251.5
(7)%
250.2
(6)%
1,013.5
1,008.7
0%
Purchase of concentrate(3)
151.8
123.4
23%
160.6
(5)%
597.3
548.6
9%
Refined production
Platinum
000 oz
770.9
722.2
7%
556.2
39%
2,402.4
2,511.9
(4)%
Palladium
000 oz
493.8
491.4
0%
321.5
54%
1,501.8
1,668.4
(10)%
Rhodium
000 oz
91.3
87.4
4%
65.2
40%
292.8
323.2
(9)%
Gold
000 oz
27.9
30.3
(8)%
27.4
2%
105.5
115.3
(8)%
Nickel
t
6,700
7,800
(14)%
5,600
20%
23,100
26,000
(11)%
Copper
t
4,200
4,700
(11)%
2,900
45%
14,300
15,700
(9)%
(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 associates (Bokoni and BRPM) and third parties.
Platinum production increased by 3% to 602,300 ounces and palladium production increased by 3% to 386,600 ounces, due to improved operational performances across the majority of the portfolio.
Own mined production
Own mined platinum production decreased by 12% to 307,500 ounces and palladium production decreased by 7% to 234,800 ounces due to the sale of Union mine on 1 February 2018, after which its production was purchased as concentrate. Excluding Union, platinum production from own mine operations decreased by 2% and palladium production remained flat.
Mogalakwena platinum production decreased by 11% to 108,400 ounces and palladium production decreased by 8% to 118,200 ounces due to an 8% reduction in ore grade, as previously guided, as well as maintenance at one crusher, which led to a reduction in tonnes milled.
Amandelbult platinum and palladium production both decreased by 16% to 96,500 ounces and 44,900 ounces, respectively. The decreases were primarily due to the section 54 stoppage following the fatal incident on 18 October 2018 and Eskom power disruptions.
Unki platinum production increased by 34% to 22,000 ounces and palladium production increased by 38% to 19,600 ounces due to a strong operational performance with a 20% increase in tonnes milled, 10% improvement in recovery and 3% improvement in built-up head grade.
The acquisition of the remaining 50% of Mototolo was concluded on 1 November 2018, from which date 100% of its production became own mined production, contributing 17,500 platinum ounces and 10,900 palladium ounces.
Joint venture platinum production (Mototolo to 31 October 2018, Modikwa and Kroondal) increased by 6% to 126,200 ounces (of which 63,100 ounces was own mined production and 63,100 ounces was purchased concentrate). Palladium production increased by 6% to 82,400 ounces (of which 41,200 ounces was own mined production and 41,200 ounces was purchased concentrate). This was driven by productivity improvements, improved plant recoveries and an increase in grades.
Purchase of concentrate
Purchase of concentrate from joint ventures increased by 6% for platinum and 6% for palladium due to increased production, as outlined above.
Purchase of concentrate from associates decreased by 14% for platinum and 13% for palladium. The sale of Anglo American Platinum's share in Bafokeng-Rasimone Platinum Mine (BRPM) completed on 11 December 2018 and production was treated as third party purchase of concentrate from 1 December 2018.
Purchase of concentrate from third parties increased by 51% for platinum and 46% for palladium due to concentrate purchased from Union mine following its sale, as well as from BRPM material following its sale on 11 December 2018.
Refined production and sales volumes
Refined platinum production increased by 7% to 770,900 ounces, while palladium production was flat at 493,800 ounces. Q4 2018 includes the partial release of the work-in-progress inventory following scheduled smelter rebuilds and maintenance at both Mortimer smelter and Polokwane smelters earlier in 2018.
Platinum sales volumes (excluding refined metal purchased from third parties) increased by 8% to 776,900 ounces due to higher refined production, supplemented by a draw down in refined platinum stocks. Palladium sales volumes decreased by 4% to 455,300 ounces.
The full year price per platinum ounce for the basket of metals sold increased by 13% to $2,219/oz compared to 2017, as 17% and 101% price increases in palladium and rhodium respectively more than offset an 8% reduction in the platinum price.
2019 Guidance
2019 platinum production guidance is revised to 2.0-2.1 million ounces (previously 2.0-2.2 million ounces) and palladium production guidance remains at 1.3-1.4 million ounces, decreases compared to 2018 due to the transition of Sibanye material to a tolling arrangement in place of its purchase as concentrate.
Platinum(1)
Q4
2018
Q3
2018
Q2
2018
Q1
2018
Q4
2017
Q4 2018
vs.
Q3 2018
Q4 2018
vs.
Q4 2017
2018
2017
2018
vs.
2017
Produced platinum
(000 oz)
602.3
649.0
619.6
613.8
587.0
(7)%
3%
2,484.7
2,397.4
4%
Own mined
307.5
332.9
340.2
343.0
349.8
(8)%
(12)%
1,323.6
1,376.2
(4)%
Mogalakwena
108.4
113.9
133.4
139.4
121.7
(5)%
(11)%
495.1
463.8
7%
Amandelbult
96.5
126.0
116.3
103.9
114.8
(23)%
(16)%
442.7
438.0
1%
Unki
22.0
22.4
20.9
20.6
16.4
(2)%
34%
85.9
74.6
15%
Mototolo(2)
17.5
-
-
-
-
-
-
17.5
-
-
Joint ventures(2)
63.1
70.6
69.6
67.5
59.8
(11)%
6%
270.8
245.3
10%
Union
-
-
-
11.6
37.1
-
(100)%
11.6
154.5
(92)%
Purchase of concentrate
294.8
316.1
279.4
270.8
237.2
(7)%
24%
1,161.1
1,021.2
14%
Joint ventures(2)
63.1
70.6
69.6
67.5
59.8
(11)%
6%
270.8
245.3
10%
Associates(3)
46.9
66.7
54.3
52.3
54.8
(30)%
(14)%
220.2
265.5
(17)%
Third parties
184.8
178.8
155.5
151.0
122.6
3%
51%
670.1
510.4
31%
Palladium(1)
Produced palladium
(000 oz)
386.6
410.8
406.0
407.4
374.9
(6)%
3%
1,610.8
1,557.4
3%
Own mined
234.8
250.2
260.8
267.7
251.5
(6)%
(7)%
1,013.5
1,008.7
0%
Mogalakwena
118.2
127.1
145.1
150.5
127.8
(7)%
(8)%
540.9
508.9
6%
Amandelbult
44.9
57.3
52.2
50.7
53.7
(22)%
(16)%
205.1
202.5
1%
Unki
19.6
19.7
18.4
17.8
14.2
(1)%
38%
75.5
64.4
17%
Mototolo(2)
10.9
-
-
-
-
-
-
10.9
-
-
Joint ventures(2)
41.2
46.1
45.1
43.5
38.7
(11)%
6%
176.0
161.5
9%
Union
-
-
-
5.2
17.1
-
(100)%
5.2
71.4
(93)%
Purchase of concentrate
151.8
160.6
145.2
139.7
123.4
(5)%
23%
597.3
548.6
9%
Joint ventures(2)
41.2
46.1
45.1
43.5
38.7
(11)%
6%
175.9
161.5
9%
Associates(3)
19.3
27.2
22.0
21.7
22.1
(29)%
(13)%
90.2
127.9
(29)%
Third parties
91.3
87.3
78.1
74.5
62.6
5%
46%
331.2
259.2
28%
Refined production(1)
Platinum (000 oz)
770.9
556.2
572.7
502.6
722.2
39%
7%
2,402.4
2,511.9
(4)%
Palladium (000 oz)
493.8
321.5
366.7
319.8
491.4
54%
0%
1,501.8
1,668.4
(10)%
Rhodium (000 oz)
91.3
65.2
73.8
62.5
87.4
40%
4%
292.8
323.2
(9)%
Gold (000 oz)
27.9
27.4
27.3
22.9
30.3
2%
(8)%
105.5
115.3
(8)%
Nickel (tonnes)
6,700
5,600
5,700
5,100
7,800
20%
(14)%
23,100
26,000
(11)%
Copper (tonnes)
4,200
2,900
4,000
3,200
4,700
45%
(11)%
14,300
15,700
(9)%
4E Head grade
(g/tonne milled)(4)
3.38
3.58
3.60
3.45
3.53
(6)%
(4)%
3.48
3.46
1%
Platinum sales volumes
(000 oz)(5)
776.9
530.1
636.4
480.8
721.7
47%
8%
2,424.2
2,504.6
(3)%
Palladium sales volumes
(000 oz)(5)
455.3
324.3
405.3
328.2
473.5
40%
(4)%
1,513.1
1,571.7
(4)%
Platinum third party sales volumes (000 oz)(6)
1.5
26.9
45.8
19.8
-
(94)%
-
94.0
1.0
9,300%
Palladium third party sales volumes (000 oz)(6)
16.5
55.0
45.0
8.0
-
(70)%
-
124.5
19.2
548%
(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'. Mototolo is 100% owned from 1 November 2018.
(3) Associates are Platinum's 33% interest in BRPM until its sale effective 11 December 2018 and, also in 2017, its 49% interest in Bokoni, which was placed on care and maintenance in Q3 2017.
(4) 4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold.
(5) Sales from own mined and purchased concentrate, excludes refined metal purchased from third parties.
(6) Relates to sales of metal not produced by Anglo American operations.
IRON ORE
Iron Ore (000 t)
Q4
2018
Q4
2017
Q4 2018
vs.
Q4 2017
Q3
2018
Q4 2018 vs.
Q3 2018
2018
2017
2018
vs.
2017
Kumba
10,170
11,643
(13)%
10,508
(3)%
43,106
44,983
(4)%
Minas-Rio(1)
227
3,950
(94)%
-
-
3,382
16,787
(80)%
(1) Wet basis.
Kumba - Production volumes for the quarter decreased by 13% to 10.2 million tonnes as planned to offset elevated stock levels at the mines resulting from Transnet rail constraints. Plant yields remained slightly lower, in line with the strategy of producing higher quality products, to maximise the value of tonnes railed to port and to benefit from the strong demand for high-grade ore. As a result, full year production of 43.1 million tonnes was at the lower end of the guidance range.
Sishen's production decreased by 11% to 7.0 million tonnes, while waste stripping increased by 19% to 51 million tonnes.
Kolomela's production decreased by 17% to 3.2 million tonnes of ore, while waste remained flat at 14 million tonnes.
Export sales decreased by 6% to 10.7 million tonnes due to reduced loading capacity following the scheduled six-week refurbishment of a ship loader by Transnet at Saldanha Port, as well as the temporary closure of the export rail line due to a truck colliding with a railway bridge. Total finished product stocks decreased from 6.6 million tonnes at 30 September 2018 to 5.3 million tonnes at 31 December 2018.
In fourth quarter and full year 2018 the ratio of lump:fines in Kumba product was approximately 68:32.
Minas-Rio - Production was 0.2 million tonnes in Q4 2018 following the resumption of operations after the receipt of the appropriate regulatory approvals on 20 December 2018, following an extensive and detailed technical inspection and the precautionary replacement of certain sections of the pipeline. Production had been suspended since March 2018 following the discovery of two leakages in the 529-kilometre iron ore pipeline from the mine to the Port of Açu.
2019 Guidance
2019 production guidance for Kumba is 43-44 million tonnes.
2019 production guidance for Minas-Rio is 18-20 million tonnes (wet basis).
A key regulatory approval relating to the Minas-Rio Step 3 licence area was granted on 21 December 2018, providing greater operational flexibility and access to higher grade iron ore to support the increase of production towards the full design capacity of 26.5 million tonnes per year. As a result, 2019 production guidance for Minas-Rio was increased to 18-20 million tonnes (previously 16-19 million tonnes). In addition, 2019 unit cost guidance was reduced to $28-31 per tonne (previously $30-33 per tonne).
Iron Ore (tonnes)
Q4
2018
Q3
2018
Q2
2018
Q1
2018
Q4
2017
Q4 2018 vs.
Q3 2018
Q4 2018
vs.
Q4 2017
2018
2017
2018
vs.
2017
Kumba production
10,170,200
10,508,400
11,572,000
10,855,100
11,642,600
(3)%
(13)%
43,105,700
44,982,500
(4)%
Lump
6,878,600
7,159,800
7,889,600
7,243,500
7,719,100
(4)%
(11)%
29,171,500
29,811,300
(2)%
Fines
3,291,600
3,348,600
3,682,400
3,611,600
3,923,500
(2)%
(16)%
13,934,200
15,171,200
(8)%
Kumba production by mine
Sishen
6,960,500
7,030,600
7,930,300
7,324,600
7,782,300
(1)%
(11)%
29,246,000
31,119,200
(6)%
Kolomela
3,209,700
3,477,800
3,641,700
3,530,500
3,860,300
(8)%
(17)%
13,859,700
13,863,300
0%
Kumba sales volumes
Export iron ore
10,723,200
9,736,700
9,560,100
9,945,700
11,354,800
10%
(6)%
39,965,700
41,614,600
(4)%
Domestic iron ore
868,200
755,600
781,900
885,400
875,700
15%
(1)%
3,291,100
3,277,100
0%
Minas-Rio production
Pellet feed (wet basis)
226,700
-
105,800
3,049,400
3,949,900
-
(94)%
3,382,000
16,787,200
(80)%
Minas-Rio sales volumes
Export - pellet feed (wet basis)
-
-
320,800
2,896,100
4,140,700
-
(100)%
3,216,800
16,508,000
(81)%
COAL
Coal(1) (000 t)
Q4
2018
Q4
2017
Q4 2018
vs.
Q4 2017
Q3
2018
Q4 2018 vs.
Q3 2018
2018
2017
2018
vs.
2017
Metallurgical Coal (Australia)
5,647
4,924
15%
5,382
5%
21,830
19,661
11%
Export Thermal Coal (Australia)
428
409
5%
455
(6)%
1,381
1,614
(14)%
Export Thermal Coal (South Africa)(2)
4,537
4,648
(2)%
5,054
(10)%
18,359
18,593
(1)%
Export Thermal Coal (Colombia)
2,357
2,914
(19)%
2,658
(11)%
10,220
10,642
(4)%
Domestic Thermal Coal (South Africa)
3,293
7,203
(54)%
2,650
24%
13,692
31,312
(56)%
(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.
Metallurgical Coal - Export metallurgical coal production increased by 15% to 5.6 million tonnes, with productivity improvements at Moranbah offsetting the impact of a longwall move at Grasstree, which started in December 2018. Grosvenor production also increased year-on-year, but was significantly lower than in Q3 2018 due to a longwall move, which was completed in late December 2018.
In the fourth quarter and in the full year 2018, the ratio of hard coking coal production to PCI/semi-soft coking coal was approximately 86:14.
Thermal Coal South Africa - Export thermal coal production decreased marginally by 2% to 4.5 million tonnes, as operations continue to transition between mining areas.
Domestic thermal coal production decreased by 54% to 3.3 million tonnes due to the completion of the sale of the Eskom-tied operations (New Vaal, New Denmark and Kriel) to Seriti on 1 March 2018.
Thermal Coal Colombia - Attributable export thermal coal production from Cerrejón decreased by 19% to 2.4 million tonnes as a result of high rainfall in Q4 2018.
The weighted average realised price for export thermal coal from South Africa and Colombia was $86/tonne, 8% lower than the weighted average quoted FOB price for South Africa and Colombia due to coal quality.
2019 Guidance
2019 production guidance for Metallurgical Coal is 22-24 million tonnes.
2019 production guidance for Export Thermal Coal is 26-28 million tonnes.
Coal, by product (tonnes)(1)
Q4
2018
Q3
2018
Q2
2018
Q1
2018
Q4
2017
Q4 2018
vs.
Q3 2018
Q4 2018
vs.
Q4 2017
2018
2017
2018
vs.
2017
Metallurgical Coal (Australia)
5,647,100
5,382,300
5,261,900
5,539,100
4,923,900
5%
15%
21,830,400
19,661,300
11%
Hard Coking Coal
4,864,600
4,545,800
4,534,800
4,853,200
4,300,300
7%
13%
18,798,400
16,980,800
11%
PCI / SSCC
782,500
836,500
727,100
685,900
623,600
(6)%
25%
3,032,000
2,680,500
13%
Thermal Coal
10,613,700
10,816,800
10,271,300
11,950,300
15,172,700
(2)%
(30)%
43,652,100
62,160,300
(30)%
Export (Australia)
427,600
455,100
289,900
208,700
408,600
(6)%
5%
1,381,300
1,613,700
(14)%
Export (South Africa)(2)
4,537,100
5,054,400
4,439,600
4,327,500
4,647,800
(10)%
(2)%
18,358,600
18,592,600
(1)%
Export (Colombia)
2,356,500
2,657,600
2,761,500
2,444,300
2,913,600
(11)%
(19)%
10,219,900
10,641,600
(4)%
Domestic (South Africa)
3,292,500
2,649,700
2,780,300
4,969,800
7,202,700
24%
(54)%
13,692,300
31,312,400
(56)%
Total coal production
16,260,800
16,199,100
15,533,200
17,489,400
20,096,600
0%
(19)%
65,482,500
81,821,600
(20)%
Sales volumes
Metallurgical Coal (Australia)
5,812,700
5,442,800
5,094,500
5,632,900
5,323,600
7%
9%
21,982,800
19,767,700
11%
Hard Coking Coal
5,064,200
4,834,100
4,402,800
4,885,500
4,653,000
5%
9%
19,186,600
17,487,300
10%
PCI / SSCC
748,500
608,700
691,700
747,400
670,600
23%
12%
2,796,200
2,280,400
23%
Thermal Coal
13,700,800
11,782,900
12,904,300
14,227,800
17,079,500
16%
(20)%
52,615,600
70,635,700
(26)%
Export (Australia)
582,200
331,600
357,800
293,800
466,900
76%
25%
1,565,300
1,831,400
(15)%
Export (South Africa)(2)
5,918,700
3,679,600
4,092,700
4,615,700
4,843,500
38%
15%
18,306,600
18,608,800
(2)%
Export (Colombia)
2,297,200
2,589,100
2,762,900
2,480,200
2,619,400
(11)%
(12)%
10,129,400
10,553,700
(4)%
Domestic (South Africa)
1,947,500
3,305,800
3,146,500
4,711,000
7,370,300
(22)%
(69)%
13,110,800
32,023,100
(59)%
Third party sales
2,955,200
1,876,800
2,544,400
2,127,100
1,779,400
57%
66%
9,503,500
7,618,700
25%
(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.
Coal, by operation (tonnes) (1)
Q4
2018
Q3
2018
Q2
2018
Q1
2018
Q4
2017
Q4 2018
vs.
Q3 2018
Q4 2018
vs.
Q4 2017
2018
2017
2018
vs.
2017
Metallurgical Coal (Australia)
5,647,100
5,382,300
5,261,900
5,539,100
4,923,900
5%
15%
21,830,400
19,661,300
11%
Moranbah North
2,485,200
1,275,800
1,064,300
1,936,700
1,979,800
95%
26%
6,762,000
5,401,300
25%
Grosvenor
356,100
1,239,800
1,342,000
825,600
161,300
(71)%
121%
3,763,500
2,067,200
82%
Capcoal (incl. Grasstree)
1,357,800
1,564,700
1,324,200
1,396,000
1,604,900
(13)%
(15)%
5,642,700
6,486,400
(13)%
Dawson
666,100
478,700
714,100
534,500
319,700
39%
108%
2,393,400
2,482,700
(4)%
Jellinbah
781,900
823,300
817,300
846,300
858,200
(5)%
(9)%
3,268,800
3,223,700
1%
Thermal Coal (Australia)
427,600
455,100
289,900
208,700
408,600
(6)%
5%
1,381,300
1,613,700
(14)%
Capcoal (incl. Grasstree)
81,000
71,600
66,000
65,500
95,400
13%
(15)%
284,100
282,300
1%
Dawson
320,500
357,700
193,400
114,500
310,800
(10)%
3%
986,100
1,299,500
(24)%
Jellinbah
26,100
25,800
30,500
28,700
2,400
1%
988%
111,100
31,900
248%
Total Australia production
6,074,700
5,837,400
5,551,800
5,747,800
5,332,500
4%
14%
23,211,700
21,275,000
9%
Thermal (South Africa)(2)
Goedehoop
1,590,700
1,527,000
1,185,900
1,138,000
1,114,300
4%
43%
5,441,600
4,652,600
17%
Greenside
1,202,300
1,264,300
941,500
1,043,600
1,041,200
(5)%
15%
4,451,700
3,830,400
16%
Zibulo
1,681,500
1,468,700
1,553,500
1,673,100
1,587,900
14%
6%
6,376,800
6,234,800
2%
Khwezela
1,522,000
1,468,800
1,297,200
1,244,000
1,371,300
4%
11%
5,532,100
5,707,700
(3)%
Mafube
464,200
402,700
172,100
105,600
350,900
15%
32%
1,144,600
1,561,000
(27)%
Other(3)
-
604,100
1,076,700
-
-
(100)%
-
1,680,700
-
-
New Vaal(4)
-
-
-
1,560,500
3,218,500
-
(100)%
1,560,500
15,109,000
(90)%
New Denmark(4)
-
-
-
560,100
963,300
-
(100)%
560,200
3,361,000
(83)%
Kriel(4)
-
-
-
704,900
1,237,400
-
(100)%
704,900
5,388,900
(87)%
Isibonelo
1,368,900
968,500
993,000
1,267,500
965,700
41%
42%
4,597,800
4,059,500
13%
Total South Africa production
7,829,600
7,704,100
7,219,900
9,297,300
11,850,500
2%
(34)%
32,050,900
49,905,000
(36)%
Colombia (Cerrejón)
2,356,500
2,657,600
2,761,500
2,444,300
2,913,600
(11)%
(19)%
10,219,900
10,641,600
(4)%
Total Coal production
16,260,800
16,199,100
15,533,200
17,489,400
20,096,600
0%
(19)%
65,482,500
81,821,600
(20)%
(1) Anglo American's attributable share of production.
(2) Export and domestic production; New Vaal, New Denmark, Kriel and Isibonelo produce exclusively domestic volumes.
(3) Other production comes from the recovery of saleable product from mineral residue deposits.
(4) The sale of the Eskom-tied operations was completed on 1 March 2018.
NICKEL
Nickel (tonnes)
Q4
2018
Q4
2017
Q4 2018
vs.
Q4 2017
Q3
2018
Q4 2018 vs.
Q3 2018
2018
2017
2018
vs.
2017
Nickel
11,400
11,400
0%
11,500
(1)%
42,300
43,800
(3)%
Nickel production was in line with Q4 2017 at both Barro Alto and Codemin.
2019 Guidance
2019 production guidance is 42,000-44,000 tonnes.
Nickel(1)
Q4
2018
Q3
2018
Q2
2018
Q1
2018
Q4
2017
Q4 2018 vs.
Q3 2018
Q4 2018
vs.
Q4 2017
2018
2017
2018
vs.
2017
Barro Alto
Ore mined
816,500
1,640,400
1,208,800
1,001,500
978,600
(50)%
(17)%
4,667,200
6,272,800
(26)%
Ore processed
607,300
620,900
588,200
447,600
591,500
(2)%
3%
2,264,200
2,309,300
(2)%
Ore grade processed - %Ni
1.74
1.73
1.67
1.68
1.71
1%
2%
1.71
1.71
0%
Production
9,100
9,400
8,600
6,500
9,100
(3)%
0%
33,500
34,900
(4)%
Codemin
Ore mined
8,400
-
-
-
-
-
-
8,400
7,500
12%
Ore processed
150,600
139,100
150,600
141,100
147,200
8%
2%
581,400
587,000
(1)%
Ore grade processed - %Ni
1.68
1.69
1.62
1.66
1.70
(1)%
(1)%
1.66
1.69
(2)%
Production
2,300
2,100
2,200
2,100
2,300
10%
0%
8,800
8,900
(1)%
Total Nickel segment nickel production
11,400
11,500
10,800
8,600
11,400
(1)%
0%
42,300
43,800
(3)%
Sales volumes
12,600
10,400
10,800
9,200
10,900
21%
16%
43,100
43,000
0%
(1) Excludes Anglo American Platinum's nickel production.
MANGANESE
Manganese (000 t)
Q4
2018
Q4
2017
Q4 2018
vs.
Q4 2017
Q3
2018
Q4 2018 vs.
Q3 2018
2018
2017
2018
vs.
2017
Manganese ore (1)
972
980
(1)%
888
9%
3,607
3,486
3%
Manganese alloys(1)(2)
38
41
(8)%
35
9%
157
149
5%
(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.
Manganese ore - Manganese ore production decreased by 1% to 971,900 tonnes.
Manganese alloy - Manganese alloy production decreased by 8% to 38,000 tonnes.
Manganese (tonnes)
Q4
2018
Q3
2018
Q2
2018
Q1
2018
Q4
2017
Q4 2018 vs.
Q3 2018
Q4 2018
vs.
Q4 2017
2018
2017
2018
vs.
2017
Samancor
Manganese ore(1)
971,900
887,600
866,200
880,800
979,600
9%
(1)%
3,606,500
3,485,500
3%
Manganese alloys(1)(2)
38,000
34,800
42,800
41,200
41,100
9%
(8)%
156,800
149,200
5%
Samancor sales volumes
Manganese ore
959,800
840,400
910,100
824,200
874,900
14%
10%
3,534,500
3,445,400
3%
Manganese alloys
44,000
30,400
48,400
38,300
37,300
45%
18%
161,100
142,400
13%
(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.
EXPLORATION AND EVALUATION
Exploration and Evaluation expenditure for the fourth quarter increased by 19% to $80 million compared to the same period of 2017. Exploration expenditure decreased by 6% to $29 million largely driven by adverse weather and delays with access. Evaluation expenditure increased by 42% to $51 million largely due to increased works in Chile at the Los Bronces Underground Project as well as modest increases in PGMs, De Beers and Metallurgical Coal.
Exploration and Evaluation expenditure for the full year 2018 was $284 million, up 25% on 2017 due mainly to increased evaluation spend for the Los Bronces Underground, as well as in De Beers and Metallurgical coal.
CORPORATE ACTIVITY AND OTHER ITEMS
During the quarter, provision increases, including future rehabilitation and closure costs principally at Copper and De Beers, resulted in a negative non-cash impact on EBITDA of approximately $0.2bn.
A sell down of lower margin goods from stock has slightly reduced the inventory build-up disclosed previously, the balance of which is expected to be largely cleared in the first half of 2019.
REALISED PRICES SUMMARY
Average realised prices
2018
2017
H2 2018
H1 2018
2018
vs.
2017
H2 2018
vs.
H1 2018
De Beers
Total sales volumes (100%) (Mct)(1)
33.7
35.1
14.9
18.8
(4)%
(21)%
Consolidated sales volumes (Mct)(1)
31.7
33.1
13.9
17.8
(4)%
(22)%
Consolidated average realised price ($/ct)(2)
171
162
182
162
6%
12%
Average price index(3)
123
122
122
123
1%
(1)%
PGMs
Platinum (US$/oz)
871
947
816
932
(8%)
(12%)
Palladium (US$/oz)
1,029
876
1,051
1,005
17%
5%
Rhodium (US$/oz)
2,204
1,094
2,429
1,938
101%
25%
Basket price (US$/oz)
2,219
1,966
2,135
2,318
13%
(8%)
Copper (USc/lb)(4)
283
290
268
297
(2)%
(10)%
Iron Ore - FOB prices
Kumba Export (US$/dmt)(5)
72
71
76
69
1%
10%
Minas-Rio (US$/wmt)(6)
70
65
-
70
8%
-
Coal
Australia and Canada
Metallurgical - HCC (US$/t)(7)
194
187
191
198
4%
(4)%
Metallurgical - PCI (US$/t)(7)
128
125
128
129
2%
(1)%
Thermal - Export (US$/t)
103
91
105
99
13%
6%
South Africa
Thermal - Export (US$/t)(8)
87
76
87
88
14%
(2)%
Thermal - Domestic (US$/t, FOR)(9)
19
21
18
20
(10)%
(10)%
Colombia
Thermal - Export (US$/t)
83
75
87
79
11%
10%
Nickel (USc/lb)
588
476
541
632
24%
(14)%
(1) Consolidated sales volumes exclude De Beers Group 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 the total sales volume (100%) basis.
(2) Consolidated average realised price based on 100% selling value post-aggregation.
(3) Average of the De Beers Group price index for the Sights within the 12-month period. The De Beers price index is relative to 100 as at December 2006.
(4) The realised price for Copper excludes third party sales volumes.
(5) Average realised export basket price (FOB Saldanha).
(6) Average realised export basket price (FOB Açu) (wet basis).
(7) Weighted average metallurgical coal sales price achieved.
(8) Weighted average export thermal coal price achieved. Excludes third party sales.
(9) Weighted average domestic thermal coal price achieved on all domestic thermal coal sales.
NOTES
· This Production Report for the fourth quarter ended 31 December 2018 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 commodity's volume as revenue, subsequently converting the revenue into copper equivalent units by dividing by the copper price (per tonne). Long-term forecast prices (and foreign exchange rates where appropriate) 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.
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
South Africa
Pranill Ramchander
pranill.ramchander@angloamerican.com
Tel: +27 (0)11 638 2592
Ann Farndell
ann.farndell@angloamerican.com
Tel: +27 (0)11 638 2786
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
Forward-looking statements:
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 Resources), 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 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 "Takeover Code"), 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.
Notes to editors:
Anglo American is a global diversified mining business and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive mining operations and undeveloped resources provides the metals and minerals to meet the growing consumer-driven demands of the world's developed and maturing economies. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and mine, process, move and market our products to our customers around the world.
As a responsible miner - of diamonds (through De Beers), copper, platinum and other precious metals, iron ore, coal and nickel - we are the custodians of what are precious natural resources. We work together with our key partners and stakeholders to unlock the sustainable value that those resources represent for our shareholders, the communities and countries in which we operate and for society at large. Anglo American is re-imagining mining to improve people's lives.
Legal Entity Identifier: 549300S9XF92D1X8ME43
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDDRLEANFDAAANEFF
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