Source - LSE Regulatory
RNS Number : 1305N
Anglo American PLC
28 January 2021
 

 

 

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/1305N_1-2021-1-27.pdf

 

NEWS RELEASE

28 January 2021

 

Anglo American plc

Production Report for the fourth quarter ended 31 December 2020

Mark Cutifani, Chief Executive of Anglo American, said: "The strong performance recovery in the second half continued through the fourth quarter, following the Covid-19 disruptions earlier in the year.  As expected, second half production returned to 95%(1) of 2019 rates, benefiting from strong performances in copper at Los Bronces in Chile and in iron ore at Minas-Rio in Brazil.  The recovery was all the more credible given planned maintenance at both the Collahuasi copper and Kumba iron ore operations and the suspension of operations at the Grosvenor metallurgical coal mine.

"As we begin 2021, we are continuing to see positive demand for rough diamonds, supported by consumer demand for diamond jewellery in the holiday selling season.  While it is still too early to signal a strong and sustained recovery, the resilience in demand in spite of ongoing Covid-19 impacts is very encouraging.

"While many jurisdictions are experiencing a new wave of Covid-19 infections, our extensive health measures and revised operating procedures have helped keep our people safe and healthy, while supporting solid production and cost management efforts across our global operations."

 

Q4 highlights

•   Copper production increased by 6% as Los Bronces secured access to industrial water for processing, while Collahuasi delivered record production for the 12 month period, which more than offset planned maintenance in the quarter.

•     Iron ore production at Minas-Rio in Brazil increased by 5% to a record 6.5 million tonnes for the quarter.

•     PGMs' ACP Phase A unit rebuild and restart completed ahead of schedule in November, and performing strongly to begin processing the build-up of inventory.

•     Rough diamond sales continued to improve, with midstream demand supported by an encouraging holiday selling season for diamond jewellery.

 

 

Q4 2020

Q4 2019

% vs. Q4 2019

2020

2019

% vs. 2019

Diamonds (Mct)(2)

6.7

7.8

(14)%

25.1

30.8

(18)%

Copper (kt)(3)

168

159

6%

647

638

1%

Platinum group metals (koz)(4)

1,076

1,153

(7)%

3,809

4,441

(14)%

Iron ore (Mt)(5)

16.0

18.0

(11)%

61.1

65.5

(7)%

Metallurgical coal (Mt)

4.2

6.3

(33)%

16.8

22.9

(26)%

Thermal coal (Mt)(6)

4.4

6.8

(35)%

20.6

26.4

(22)%

Nickel (kt)(7)

11.7

11.7

0%

43.5

42.6

2%

Manganese ore (kt)

942

903

4%

3,520

3,513

0%

(1)   Excludes the impact of the Cerrejón strike. Q4 year-on-year copper equivalent production decreased 5% excluding the impact of the Grosvenor suspension and Cerrejón strike. Including the impact of Grosvenor and Cerrejón, copper equivalent production decreased 2% compared to Q3 2020 and decreased 10% compared to Q4 2019.

(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. 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). Reflects own mine production and purchase of concentrate.

(5)   Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis, as product is shipped with ~9% moisture).

(6)   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 (Cerrejón).

(7)   Reflects nickel production from the Nickel business unit only (excludes nickel production from the Platinum Group Metals business unit).

 

PRODUCTION OUTLOOK SUMMARY

2021 production guidance is summarised as follows:

 

2021 production guidance(1)

Diamonds(2)

32-34 Mct
Previously 33-35 Mct

Copper(3)

640-680 kt

Platinum group metals(4)

4.2-4.6 Moz

Iron ore(5)

64-67 Mt

Metallurgical coal(6)

18-20 Mt

Thermal coal(7)

~24 Mt

Nickel(8)

42-44 kt

(1)   Subject to the extent of further Covid-19 related disruption.

(2)   Subject to trading conditions and 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)   5E + gold produced metal in concentrate ounces. Includes own mined production (~65%) and purchased concentrate volumes (~35%). The split of metals differs for own mined and purchased concentrate, refer to FY2019 results presentation slide 30 for indicative split of own mined volumes.

(5)   Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis).

(6)   Excludes thermal coal production in Australia.

(7)   Export South Africa including volumes sold domestically at export parity pricing and Colombia (33.3%) production.

(8)   Nickel business unit only.

 

 

REALISED PRICES

 

FY 2020

FY 2019

H2 2020

H1 2020

2020 vs. 2019

H2 2020 vs. H1 2020

De Beers

 

 

 

 

 

 

Consolidated average realised price ($/ct)(1)

133

137

142

119

(3)

%

19 

%

Average price index(2)

104

116

102

109

(10)

%

(6)

%

Copper (USc/lb)(3)

299

273

340

250

10 

%

36 

%

Platinum Group Metals

 

 

 

 

 

 

Platinum (US$/oz)

880

861

884

857

%

%

Palladium (US$/oz)

2,214

1,518

2,250

2,141

46 

%

%

Rhodium (US$/oz)

10,628

3,808

12,457

8,985

179 

%

39 

%

Basket price (US$/PGM oz)(4)

2,035

1,347

2,095

1,956

51 

%

%

Iron Ore - FOB prices(5)

112

91

132

91

23 

%

45 

%

Kumba Export (US$/dmt)(6)

115

97

133

93

19 

%

43 

%

Minas-Rio (US$/wmt)(7)

107

79

130

88

35 

%

48 

%

Metallurgical Coal

 

 

 

 

 

 

HCC (US$/t)(8)

112

171

104

123

(35)

%

(15)

%

PCI (US$/t)(8)

84

110

67

98

(24)

%

(32)

%

Thermal Coal

 

 

 

 

 

 

Australia - Export (US$/t)(8)

58

70

58

58

(17)

%

%

South Africa - Export (US$/t)(9)

57

61

54

61

(7)

%

(11)

%

Colombia - Export (US$/t)

46

56

46

46

(18)

%

%

Nickel (USc/lb)

563

624

620

502

(10)

%

24 

%

(1)   Consolidated average realised price based on 100% selling value post-aggregation.

(2)   Average of the De Beers price index for the Sights within the 12-month period. The De Beers price index is relative to 100 as at December 2006.

(3)   The realised price for Copper excludes third party sales volumes.

(4)   Price for a basket of goods per PGM oz. The dollar basket price is the net sales revenue from all metals (PGMs, base metals and other metals), excluding trading, per 5E + gold sold ounces (own mined and purchased concentrate).

(5)   Average realised total iron ore price is a weighted average of the Kumba realised price (dry basis) and the Minas-Rio realised price (wet basis).

(6)   Average realised export basket price (FOB Saldanha). The realised prices differ to Kumba's standalone results due to sales to other Group companies.

(7)   Average realised export basket price (FOB Açu) (wet basis as product is shipped with ~9% moisture).

(8)   Weighted average coal sales price achieved at managed operations.

(9)   Weighted average export thermal coal price achieved.

 

DE BEERS

De Beers(1) (000 carats)

Q4

Q4

Q4 2020 vs. Q4 2019

Q3

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2019

2020

2020

2019

Botswana

4,263

5,888

(28)

%

4,827

(12)

%

16,559

23,254

(29)

%

Namibia

337

456

(26)

%

242

39 

%

1,448

1,700

(15)

%

South Africa

1,287

434

197 

%

1,178

%

3,771

1,922

96 

%

Canada

776

1,009

(23)

%

915

(15)

%

3,324

3,900

(15)

%

Total carats recovered

6,663

7,787

(14)

%

7,162

(7)

%

25,102

30,776

(18)

%

Rough diamond production decreased by 14% to 6.7 million carats, driven by continued planned reductions in response to the lower demand for rough diamonds caused by the Covid-19 pandemic and operational challenges at Orapa that led to lower than expected production. Covid-19 related measures remain in place to safeguard the workforce while maintaining operational continuity.

 

In Botswana, production decreased by 28% to 4.3 million carats, driven by the planned treatment of lower grade material at Jwaneng, where production decreased by 56%. This was partly offset by a 9% increase at Orapa due to a planned improvement in grade, despite a slower than anticipated plant restart in December following scheduled maintenance, as well as power supply interruptions affecting plant availability.

 

Namibia production decreased by 26% to 0.3 million carats as the majority of the marine fleet remobilised during Q4, following the Q3 stoppage. 

 

South African production increased to 1.3 million carats due to the expected improvement in ore grade from the last cut of the open pit at Venetia as the mine continues to transition to underground operations.

 

Production in Canada decreased by 23% to 0.8 million carats, as maintenance resulted in lower plant throughput.

 

Demand for rough diamonds showed positive trends in the fourth quarter of 2020, and the indications are that encouraging levels of consumer demand for diamond jewellery continued during the holiday season in the US, while China also performed well. Rough diamond sales totalled 6.9 million carats (6.4 million carats on a consolidated basis)(2) from two sights, compared with 6.6 million carats (6.5 million carats on a consolidated basis)(2) from three sights in Q3 2020, and 7.0 million carats (6.6 million carats on a consolidated basis)(2) from two sights in Q4 2019.

 

The full year consolidated average realised price decreased by 3% to $133/ct (2019: $137/ct), as a 10% reduction in the average rough price index was partly offset by an increased proportion of higher value rough diamonds sold in 2020.

 

2021 Guidance

Production guidance(1) is revised to 32-34 million carats (previously 33-35 million carats) (100% basis), subject to trading conditions, due to ongoing operational challenges and lower expected production from the final cut at Venetia.

 

  

(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).

 

  

 

De Beers(1)

Q4

Q3

Q2

Q1

Q4

Q4 2020 vs. Q4 2019

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2020

2020

2020

2019

2020

2019

Carats recovered (000 carats)

 

 

 

 

 

 

 

 

 

 

100% basis (unless stated)

 

 

 

 

 

 

 

 

 

 

Jwaneng

1,452

1,748

1,138

3,200

3,319

(56)

%

(17)

%

7,538

12,462

(40)

%

Orapa(2)

2,811

3,079

687

2,444

2,569

%

(9)

%

9,021

10,792

(16)

%

Botswana

4,263

4,827

1,825

5,644

5,888

(28)

%

(12)

%

16,559

23,254

(29)

%

 

 

 

 

 

 

 

 

 

 

 

Debmarine Namibia

256

147

305

417

363

(29)

%

74 

%

1,125

1,292

(13)

%

Namdeb (land operations)

81

95

53

94

93

(13)

%

(15)

%

323

408

(21)

%

Namibia

337

242

358

511

456

(26)

%

39 

%

1,448

1,700

(15)

%

 

 

 

 

 

 

 

 

 

 

 

Venetia

1,287

1,178

555

751

434

197 

%

%

3,771

1,922

96 

%

South Africa

1,287

1,178

555

751

434

197 

%

%

3,771

1,922

96 

%

 

 

 

 

 

 

 

 

 

 

 

Gahcho Kué (51% basis)

776

915

789

844

1,009

(23)

%

(15)

%

3,324

3,479

(4)

%

Victor

 

 

 

-

-

n/a

n/a

-

421

n/a

Canada

776

915

789

844

1,009

(23)

%

(15)

%

3,324

3,900

(15)

%

Total carats recovered

6,663

7,162

3,527

7,750

7,787

(14)

%

(7)

%

25,102

30,776

(18)

%

Sales volumes

 

 

 

 

 

 

 

 

 

 

Total sales volume (100)% (Mct)(3)

6.9

6.6

0.3

8.9

7.0

(1)

%

%

22.7

30.9

(27)

%

Consolidated sales volume (Mct)(3)

6.4

6.5

0.2

8.3

6.6

(3)

%

(2)

%

21.4

29.2

(27)

%

Number of Sights (sales cycles)

2

3

2(4)

2

2

 

 

9(4)

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).

(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)

Q4

Q4

Q4 2020 vs. Q4 2019

Q3

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2019

2020

2020

2019

Los Bronces

95,900

71,700

34 

%

79,400

21 

%

324,700

335,000

(3)

%

Collahuasi (44% share)

59,200

72,200

(18)

%

75,500

(22)

%

276,900

248,800

11 

%

El Soldado

12,700

14,900

(15)

%

10,800

18 

%

45,800

54,200

(15)

%

Total Copper

167,800

158,800

%

165,700

%

647,400

638,000

%

(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 6% to 167,800 tonnes, largely due to secured access to industrial water at Los Bronces, partially offset by planned plant maintenance at Collahuasi.

 

Production from Los Bronces increased by 34% to 95,900 tonnes, with an 82% increase in plant throughput, due to secured access to industrial water, partially offset by planned lower ore grades (0.77% vs 0.99%).

 

At Collahuasi, attributable production decreased by 18% to 59,200 tonnes, driven by a 12% decrease in throughput, due to planned maintenance, and lower ore grades (1.18% vs 1.25%) reflecting changes in the mine plan as a result of Covid-19 restrictions.

 

Production from El Soldado decreased by 15% to 12,700 tonnes as a result of planned lower ore grade (0.84% vs 1.02%).

 

2020 sales volumes were 648,500 tonnes at an average realised price of 299 c/lb ($6,592/t), which was higher than the average LME price of 280 c/lb due to 140,599 tonnes being provisionally priced at 352 c/lb.

 

2021 Guidance

Production guidance is unchanged at 640,000-680,000 tonnes, subject to the extent of further Covid-19 related disruption.
 

Copper(1)

Q4

Q3

Q2

Q1

Q4

Q4 2020 vs. Q4 2019

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2020

2020

2020

2019

2020

2019

Los Bronces mine(2)

 

 

 

 

 

 

 

 

 

 

Ore mined

11,546,300

8,414,600

9,237,400

10,013,000

17,373,800

(34)

%

37 

%

39,211,300

65,915,300

(41)

%

Ore processed - Sulphide

13,031,300

11,956,800

9,987,200

7,059,500

7,146,800

82 

%

%

42,034,800

42,008,400

%

Ore grade processed -

Sulphide (% TCu)(3)

0.77

0.73

0.85

0.98

0.99

(22)

%

%

0.81

0.83

(3)

%

Production - Copper cathode

10,200

9,300

9,900

9,900

10,000

%

10 

%

39,300

39,000

%

Production - Copper in concentrate

85,700

70,100

70,800

58,800

61,700

39 

%

22 

%

285,400

296,000

(4)

%

Total production

95,900

79,400

80,700

68,700

71,700

34 

%

21 

%

324,700

335,000

(3)

%

Collahuasi 100% basis

(Anglo American share 44%)

 

 

 

 

 

 

 

 

 

 

Ore mined

18,110,000

16,412,100

18,035,100

19,402,000

22,132,200

(18)

%

10 

%

71,959,200

87,253,200

(18)

%

Ore processed - Sulphide

12,928,700

14,612,300

14,192,800

14,097,800

14,728,700

(12)

%

(12)

%

55,831,600

54,133,100

%

Ore grade processed -

Sulphide (% TCu)(3)

1.18

1.27

1.31

1.20

1.25

(6)

%

(7)

%

1.24

1.19

%

Production - Copper in concentrate

134,600

171,500

172,000

151,000

164,200

(18)

%

(22)

%

629,100

565,400

11 

%

Anglo American's 44% share of copper production for Collahuasi

59,200

75,500

75,700

66,500

72,200

(18)

%

(22)

%

276,900

248,800

11 

%

El Soldado mine(2)

 

 

 

 

 

 

 

 

 

 

Ore mined

1,982,000

1,885,100

1,378,100

1,915,300

2,721,400

(27)

%

%

7,160,500

12,128,100

(41)

%

Ore processed - Sulphide

1,902,500

1,788,700

1,771,600

1,458,900

1,854,900

%

%

6,921,700

7,438,500

(7)

%

Ore grade processed -

Sulphide (% TCu)(3)

0.84

0.78

0.76

1.02

1.02

(18)

%

%

0.84

0.93

(9)

%

Production - Copper in concentrate

12,700

10,800

10,400

11,900

14,900

(15)

%

18 

%

45,800

54,200

(15)

%

Chagres Smelter(2)

 

 

 

 

 

 

 

 

 

 

Ore smelted(4)

29,800

26,700

24,300

30,800

30,800

(3)

%

12 

%

111,600

122,000

(9)

%

Production

29,000

26,000

23,700

30,000

29,900

(3)

%

12 

%

108,700

118,600

(8)

%

Total copper production(5)

167,800

165,700

166,800

147,100

158,800

%

%

647,400

638,000

%

Total payable copper production

161,200

159,200

160,300

141,700

153,100

%

%

622,400

614,300

%

Total sales volumes

178,600

176,100

154,200

139,600

176,500

%

%

648,500

643,900

%

Total payable sales volumes

172,600

167,900

148,200

134,300

170,100

%

%

623,000

619,500

%

Third party sales(6)

133,400

112,600

130,800

76,300

115,300

16 

%

18 

%

453,100

349,000

30 

%

(1)   Excludes copper production from the Platinum Group Metals business unit. Units shown are tonnes unless stated otherwise.

(2)   Anglo American ownership interest of Los Bronces, El Soldado and the Chagres Smelter is 50.1%. Production is stated at 100% as Anglo American consolidates these operations.

(3)   TCu = total copper.

(4)   Copper contained basis.

(5)   Total copper production includes Anglo American's 44% interest in Collahuasi.

(6)   Relates to sales of copper not produced by Anglo American operations.

 

PLATINUM GROUP METALS (PGMs)

PGMs 000 oz(1)

Q4

Q4

Q4 2020 vs. Q4 2019

Q3

Q4 2020 vs. Q3 2020

 

 

2020 vs. 2019

2020

2019

2020

2020

2019

Metal in concentrate production

1,076.1

1,152.6

(7)%

1,112.8

(3)%

3,808.9

4,440.9

(14)%

Own mined(2)

716.9

790.7

(9)%

747.3

(4)%

2,549.0

3,011.3

(15)%

Purchase of concentrate (POC)(3)

359.2

361.9

(1)%

365.5

(2)%

1,259.9

1,429.6

(12)%

Refined production(4)

673.1

1,317.4

(49)%

1,020.7

(34)%

2,713.0

4,650.0

(42)%

(1)   Ounces refer to troy ounces. PGMs is 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold).

(2)   Includes managed operations and 50% of joint venture production.

(3)   Includes the other 50% of joint venture production, as well as the purchase of concentrate from third parties.

(4)   Refined production excludes toll material.

 

Metal in concentrate production

Own mined production decreased by 9% to 716,900 ounces, with ongoing safety controls and restrictions in place to help protect employees from Covid-19. Production at Mogalakwena decreased by 3%, while Amandelbult production was down 22% as Tumela Upper section and surface production come to the end of their life. Unki and Mototolo production increased by 7% and 4% respectively, whilst joint ventures were 14% lower due to strike action and safety related stoppages.

 

Purchase of concentrate at 359,200 ounces was broadly flat.

 

Refined production

Refined production was 49% lower, as the ACP Phase B unit was closed earlier than planned on 5 November 2020 to ensure a continued safe operating environment. The rebuild of the ACP Phase A unit was successfully completed ahead of schedule on 24 November 2020, with first converter matte dispatched to the Base Metal Refinery for further processing on 7 December. The ACP Phase B unit is now undergoing its planned full rebuild, scheduled to be completed in the second half of 2021.

 

The ACP stoppages during 2020 resulted in an increase in work-in-progress inventory of 1.0 million ounces, which is expected to be released over 2021 and 2022.

 

Sales

Sales volumes decreased by 47%, driven by lower refined production, partially offset by a drawdown of refined inventory.

 

The full year average realised basket price of $2,035/PGM ounce reflects strong palladium and rhodium prices, with the mix of metals in the second half reverting towards normalised levels, following disruption to production in the first half of 2020.

 

2021 Guidance

Production guidance (metal in concentrate) is unchanged at 4.2-4.6 million ounces. Refined production guidance is also unchanged at 4.6-5.0 million ounces. Both are subject to the extent of further Covid-19 related disruption.

 

 

Q4

Q3

Q2

Q1

Q4

Q4 2020 vs.
Q4 2019

Q4 2020 vs.
Q3 2020

 

 

2020 vs.
2019

 

2020

2020

2020

2020

2019

2020

2019

M&C PGMs production (000 oz)(1)

1,076.1

1,112.8

665.1

954.9

1,152.6

(7)

%

(3)

%

3,808.9

4,440.9

(14)

%

Own mined

716.9

747.3

430.2

654.6

790.7

(9)

%

(4)

%

2,549.0

3,011.3

(15)

%

Mogalakwena

306.7

315.0

277.6

282.3

317.5

(3)

%

(3)

%

1,181.6

1,215.0

(3)

%

Amandelbult

185.5

204.8

50.1

167.7

238.7

(22)

%

(9)

%

608.1

893.3

(32)

%

Unki

55.8

60.0

31.3

49.0

52.0

%

(7)

%

196.1

201.7

(3)

%

Mototolo

69.8

72.2

20.4

61.2

66.9

%

(3)

%

223.6

242.3

(8)

%

Joint ventures(2)

99.1

95.3

50.8

94.4

115.6

(14)

%

%

339.6

459.0

(26)

%

Purchase of concentrate

359.2

365.5

234.9

300.3

361.9

(1)

%

(2)

%

1,259.9

1,429.6

(12)

%

Joint ventures(2)

99.0

95.3

50.8

94.4

115.6

(14)

%

%

339.5

459.0

(26)

%

Third parties

260.2

270.2

184.1

205.9

246.3

%

(4)

%

920.4

970.6

(5)

%

Refined PGMs production (000 oz)(1)(3)

673.1

1,020.7

407.0

612.2

1,317.4

(49)

%

(34)

%

2,713.0

4,650.0

(42)

%

By metal:

 

 

 

 

 

 

 

 

 

 

Platinum

296.4

503.8

160.6

240.3

629.7

(53)

%

(41)

%

1,201.1

2,210.9

(46)

%

Palladium

206.8

354.1

147.4

197.1

396.6

(48)

%

(42)

%

905.4

1,480.5

(39)

%

Rhodium

47.1

48.9

30.6

47.3

90.8

(48)

%

(4)

%

173.9

293.4

(41)

%

Other PGMs and gold

122.8

113.9

68.4

127.5

200.3

(39)

%

%

432.6

665.2

(35)

%

Nickel (tonnes)

3,700

5,000

2,000

3,100

6,400

(42)

%

(26)

%

13,800

23,000

(40)

%

Tolled material (000 oz)(4)

146.5

129.4

96.0

131.6

174.7

(16)

%

13 

%

503.5

496.9

%

PGMs sales from production (000 oz)(1)(5)

754.3

884.9

548.0

681.3

1,425.3

(47)

%

(15)

%

2,868.5

4,633.7

(38)

%

Third party PGMs sales (000 oz)(1)(6)

370.8

341.0

210.5

248.6

54.3

583 

%

%

1,170.9

349.0

236 

%

4E head grade (g/t milled)(7)

3.67

3.65

3.44

3.44

3.67

%

%

3.56

3.61

(1)

%

(1)   Ounces refer to troy ounces. PGMs is 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold).

(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)   Ounces refer to troy ounces. Tolled volume measured as the combined content of: platinum, palladium, rhodium and gold, reflecting the tolling agreements in place.

(5)   PGMs sales volumes from production are generally ~65% own mined and ~35% purchases of concentrate though this may vary from quarter to quarter.

(6)   Relates to sales of metal not produced by Anglo American operations.

(7)   4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are excluded due to variability.

 

IRON ORE

Iron Ore (000 t)

Q4

Q4

Q4 2020 vs. Q4 2019

Q3

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2019

2020

2020

2019

Iron Ore(1)

16,031

17,970

(11)

%

14,525

10 

%

61,102

65,503

(7)

%

Kumba

9,565

11,806

(19)

%

9,532

%

37,021

42,388

(13)

%

Minas-Rio(2)

6,466

6,164

%

4,994

29 

%

24,082

23,115

%

(1)   Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis).

(2)   Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.

 

Kumba22% to 6.5 million tonnes and Kolomela production decreasing by 13% to 3.1 million tonnes.

 

The decrease in production was largely driven by higher than average rainfall, which has continued into 2021, and operational issues at the Sishen crusher and Kolomela plant. This coincided with annual rail and port maintenance that took place in Q4, compared to in Q3 2019. Consequently, production volumes were supplemented by finished stock, which decreased to 4.8 million tonnes(1) from 5.4 million tonnes(1) at 30 September 2020.

 

Total sales decreased by 3% to 10.1 million tonnes(1) with export sales decreasing by 1% following extended maintenance on a ship loader, while domestic sales decreased by 0.2 million tonnes.

 

In the fourth quarter, the average lump:fines ratio in the Kumba product was 73:27(1) (full year 68:32)(1), while the Fe content averaged 64.3%(1) (full year 64.3%)(1).

 

The full year average realised price of $115/tonne (FOB South Africa) was higher than the 62% Fe benchmark price of $97/tonne (FOB South Africa, adjusted for freight) due to the lump and Fe content premiums as well as timing on provisionally priced volumes.

 

Minas-Rio - Production increased by 5% to a record 6.5 million tonnes, reflecting continued strong performance following the one-month planned stoppage for a routine internal scanning of the pipeline in the third quarter.

 

The full year average realised price of $107/tonne (FOB Brazil) was higher than the Metal Bulletin 66 price of $92/tonne (FOB Brazil, adjusted for freight and moisture), reflecting timing on provisionally priced volumes and product quality, including higher (~67%) Fe content.

2021 Guidance

Iron ore production guidance is unchanged at 64-67 million tonnes(2) (Kumba 40-41 million tonnes; Minas-Rio 24-26 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.

(2)   Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis).

 

Iron Ore (tonnes)

Q4

Q3

Q2

Q1

Q4

Q4 2020 vs. Q4 2019

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2020

2020

2020

2019

2020

2019

Iron Ore production(1)

16,030,600

14,525,400

14,672,900

15,873,400

17,969,700

(11)

%

10 

%

61,102,300

65,502,600

(7)

%

Iron Ore sales(1)

16,438,700

15,687,500

14,695,600

16,764,700

17,040,100

(4)

%

%

63,586,500

64,900,700

(2)

%

 

 

 

 

 

 

 

 

 

 

 

Kumba production

9,565,000

9,531,600

8,474,900

9,449,300

11,806,100

(19)

%

%

37,020,800

42,387,700

(13)

%

Lump

6,485,600

6,488,700

5,709,800

6,387,900

7,898,500

(18)

%

%

25,072,000

28,510,100

(12)

%

Fines

3,079,400

3,042,900

2,765,100

3,061,400

3,907,600

(21)

%

%

11,948,800

13,877,600

(14)

%

Kumba production by mine

 

 

 

 

 

 

 

 

 

 

Sishen

6,480,000

6,511,500

5,782,200

6,579,600

8,263,900

(22)

%

%

25,353,300

29,174,400

(13)

%

Kolomela

3,085,000

3,020,100

2,692,700

2,869,700

3,542,200

(13)

%

%

11,667,500

13,213,300

(12)

%

Kumba sales volumes(2)

10,124,200

10,902,900

8,084,000

10,683,500

10,469,400

(3)

%

(7)

%

39,794,600

41,973,700

(5)

%

Export iron ore(2)

10,124,200

10,902,900

8,084,000

10,331,900

10,237,100

(1)

%

(7)

%

39,443,000

39,793,500

(1)

%

Domestic iron ore

-

-

-

351,600

232,300

n/a

n/a

351,600

2,180,200

(84)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minas-Rio production

 

 

 

 

 

 

 

 

 

 

 

 

 

Pellet feed (wet basis)(3)

6,465,600

4,993,800

6,198,000

6,424,100

6,163,600

5

%

29 

%

24,081,500

23,114,900

%

Minas-Rio sales volumes

 

 

 

 

 

 

 

 

 

 

 

 

 

Export - pellet feed (wet basis)(3)

6,314,500

4,784,600

6,611,600

6,081,200

6,570,700

(4)

%

32 

%

23,791,900

22,927,000

%

(1)       Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis).

(2)       Sales volumes differ to Kumba's standalone results due to sales to other Group companies.

(3)       Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.

 

METALLURGICAL COAL

Metallurgical Coal(1) (000 t)

Q4

Q4

Q4 2020 vs. Q4 2019

Q3

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2019

2020

2020

2019

Metallurgical Coal (Australia)

4,182

6,284

(33)

%

4,836

(14)

%

16,822

22,852

(26)

%

                       

(1)   Anglo American's attributable share of production.

 

Export metallurgical coal production decreased by 33% to 4.2 million tonnes, due to the suspension of operations at Grosvenor following the underground gas incident in May 2020, and lower Moranbah production owing to geotechnical challenges. Open cut operations have been scaled back at Dawson and Capcoal in response to reduced demand for lower quality metallurgical coal, while Grasstree benefited from not having a longwall move.

 

The ratio of hard coking coal production to PCI/semi-soft coking coal was 77:23, lower than in Q4 2019 (81:19), due to a lower proportion of product coming from the underground operations.

 

The average realised price for hard coking coal was $112/tonne, which was lower than the benchmark price of $124/tonne as sales consisted of a lower proportion of premium quality hard coking coal from Moranbah and Grosvenor.

 

2021 Guidance

Production guidance for metallurgical coal is unchanged at 18-20 million tonnes, subject to the extent of further Covid-19 related disruption.

 

 

Coal, by product (tonnes)(1)

Q4

Q3

Q2

Q1

Q4

Q4 2020 vs. Q4 2019

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2020

2020

2020

2019

2020

2019

Production volumes

 

 

 

 

 

 

 

 

 

 

Metallurgical Coal

4,182,400

4,836,100

3,977,200

3,826,200

6,283,600

(33)

%

(14)

%

16,821,900

22,852,200

(26)

%

Hard Coking Coal

3,221,200

3,969,100

3,221,500

3,012,200

5,117,500

(37)

%

(19)

%

13,424,000

18,957,100

(29)

%

PCI / SSCC

961,200

867,000

755,700

814,000

1,166,100

(18)

%

11 

%

3,397,900

3,895,100

(13)

%

Export thermal Coal

562,300

587,000

468,000

403,200

389,200

44 

%

(4)

%

2,020,500

1,410,700

43 

%

Sales volumes

 

 

 

 

 

 

 

 

 

 

Metallurgical Coal

4,318,300

4,818,000

3,901,300

3,850,300

6,100,100

(29)

%

(10)

%

16,887,900

22,380,600

(25)

%

Hard Coking Coal

3,536,900

4,130,000

3,305,000

2,867,400

5,097,200

(31)

%

(14)

%

13,839,300

19,069,900

(27)

%

PCI / SSCC

781,400

688,000

596,300

982,900

1,002,900

(22)

%

14 

%

3,048,600

3,310,700

(8)

%

Export thermal Coal

725,800

500,100

651,700

407,200

500,900

45 

%

45 

%

2,284,800

1,807,600

26 

%

(1)  Anglo American's attributable share of production.

 

Metallurgical coal, by operation (tonnes)(1)

Q4

Q3

Q2

Q1

Q4

Q4 2020 vs. Q4 2019

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2020

2020

2020

2019

2020

2019

Metallurgical Coal

4,182,400

4,836,100

3,977,200

3,826,200

6,283,600

(33)

%

(14)

%

16,821,900

22,852,200

(26)

%

Moranbah North

1,209,200

2,008,500

761,800

450,800

2,332,600

(48)

%

(40)

%

4,430,300

6,148,400

(28)

%

Grosvenor

-

4,500

560,900

540,900

1,011,700

n/a

n/a

1,106,300

4,721,900

(77)

%

Capcoal (incl. Grasstree)

1,680,900

1,328,800

1,221,900

1,383,300

1,270,300

32 

%

26 

%

5,614,900

5,932,000

(5)

%

Dawson

461,200

588,300

638,400

741,200

842,500

(45)

%

(22)

%

2,429,100

2,953,000

(18)

%

Jellinbah

831,100

906,000

794,200

710,000

826,500

%

(8)

%

3,241,300

3,096,900

%

(1)  Anglo American's attributable share of production.

 

THERMAL COAL

Coal(1) (000 t)

Q4

Q4

Q4 2020 vs. Q4 2019

Q3

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2019

2020

2020

2019

Export Thermal Coal (South Africa)(2)

4,085

4,515

(10)

%

4,595

(11)

%

16,463

17,796

(7)

%

Export Thermal Coal (Colombia)(3)

347

2,315

(85)

%

1,038

(67)

%

4,130

8,586

(52)

%

(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%.

 

Thermal Coal, South Africa - Export thermal coal production decreased by 10% to 4.1 million tonnes despite strong underlying operational performance, as the mines continued to operate at c. 90% capacity due to the impact of Covid-19 measures to help safeguard the workforce, as well as the impact of sections at Goedehoop reaching their end of life.

 

Thermal Coal, Colombia - Attributable export thermal coal production decreased by 85% to 0.3 million tonnes as a result of a three month strike, which ended in the first week of December.

 

The full year weighted average realised price for export thermal coal from South Africa and Colombia was $55/tonne (South Africa: $57/tonne; Colombia: $46/tonne). This was 11% lower than the weighted average quoted FOB price from South Africa and Colombia, largely due to quality discounts relative to the industry benchmark.

2021 Guidance

Production guidance for export thermal coal is unchanged at c.24 million tonnes (Export South Africa c.16 million tonnes; Colombia c.8 million tonnes (attributable share)), subject to the extent of further Covid-19 related disruption.
 

Thermal coal (tonnes)(1)

Q4

Q3

Q2

Q1

Q4

Q4 2020 vs. Q4 2019

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2020

2020

2020

2019

2020

2019

Production volumes

 

 

 

 

 

 

 

 

 

 

Thermal Coal

8,059,500

9,575,400

8,293,000

8,680,400

9,340,800

(14)

%

(16)

%

34,608,300

36,427,600

(5)

%

Export - South Africa(2)

4,085,000

4,595,400

3,587,600

4,195,100

4,515,100

(10)

%

(11)

%

16,463,100

17,795,600

(7)

%

Export - Colombia(3)

347,000

1,037,700

767,400

1,977,900

2,314,900

(85)

%

(67)

%

4,130,000

8,586,100

(52)

%

Domestic - South Africa

3,627,500

3,942,300

3,938,000

2,507,400

2,510,800

44 

%

(8)

%

14,015,200

10,045,900

40 

%

Sales volumes

 

 

 

 

 

 

 

 

 

 

Thermal Coal

10,086,000

10,854,100

10,502,900

11,389,000

12,438,300

(19)

%

(7)

%

42,831,600

47,609,900

(10)

%

Export - South Africa(2)

4,872,100

4,512,700

3,264,300

3,924,000

4,880,100

%

%

16,573,100

18,148,400

(9)

%

Export - Colombia(3)

369,900

993,800

1,142,500

2,028,000

2,260,800

(84)

%

(63)

%

4,534,100

8,773,800

(48)

%

Domestic - South Africa

2,994,600

3,407,700

3,558,700

2,408,400

2,172,700

38 

%

(12)

%

12,369,200

9,767,500

27 

%

Third party sales

1,849,400

1,939,900

2,537,400

3,028,600

3,124,700

(41)

%

(5)

%

9,355,200

10,920,200

(14)

%

(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%.

Production by operation (tonnes)(1)

Q4

Q3

Q2

Q1

Q4

Q4 2020 vs. Q4 2019

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2020

2020

2020

2019

2020

2019

Thermal Coal - South Africa(2)

7,712,500

8,537,700

7,525,600

6,702,500

7,025,900

10 

%

(10)

%

30,478,300

27,841,500

%

Goedehoop

1,907,500

1,816,600

1,192,500

1,207,400

1,488,800

28 

%

%

6,124,000

6,066,300

%

Greenside

938,000

1,199,000

1,179,100

1,177,900

1,428,700

(34)

%

(22)

%

4,494,000

4,845,900

(7)

%

Zibulo

1,099,900

1,429,900

1,331,100

1,291,700

1,351,000

(19)

%

(23)

%

5,152,600

5,359,300

(4)

%

Khwezela

1,444,200

1,735,100

1,383,700

1,619,400

1,530,300

(6)

%

(17)

%

6,182,400

5,760,800

%

Mafube

491,300

503,100

339,200

484,600

481,200

%

(2)

%

1,818,200

1,807,500

%

Other(3)

1,831,600

1,854,000

2,100,000

921,500

745,900

146 

%

(1)

%

6,707,100

4,001,700

68 

%

Thermal Coal - Colombia (Cerrejón)(4)

347,000

1,037,700

767,400

1,977,900

2,314,900

(85)

%

(67)

%

4,130,000

8,586,100

(52)

%

(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)

Q4

Q4

Q4 2020 vs. Q4 2019

Q3

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2019

2020

2020

2019

Nickel

11,700

11,700

%

10,200

15 

%

43,500

42,600

%

                       

Nickel production was flat at 11,700 tonnes, reflecting continued operational stability.

 

2021 Guidance

Production guidance is unchanged at 42,000-44,000 tonnes, subject to the extent of further Covid-19 related disruption.

Nickel

Q4

Q3

Q2

Q1

Q4

Q4 2020 vs. Q4 2019

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2020

2020

2020

2019

2020

2019

Barro Alto

 

 

 

 

 

 

 

 

 

 

Ore mined

1,001,600

1,712,200

1,166,200

318,000

623,300

61 

%

(42)

%

4,197,900

4,075,600

%

Ore processed

628,000

536,600

625,900

610,100

609,200

%

17 

%

2,400,600

2,265,700

%

Ore grade processed - %Ni

1.71

1.72

1.60

1.57

1.73

(1)

%

(1)

%

1.65

1.69

(2)

%

Production

9,500

8,000

8,800

8,700

9,500

%

19 

%

34,900

33,900

%

Codemin

 

 

 

 

 

 

 

 

 

 

Ore mined

3,200 

n/a

n/a

3,200 

40,300 

(92)

%

Ore processed

147,600

142,100

145,800

145,800

141,600

%

%

581,300

570,500

%

Ore grade processed - %Ni

1.71

1.71

1.59

1.62

1.68

%

%

1.66

1.65

%

Production

2,200

2,200

2,000

2,200

2,200

%

%

8,600

8,700

(1)

%

Total Nickel production(1)

11,700

10,200

10,800

10,900

11,700

%

15 

%

43,500

42,600

%

Sales volumes

11,700

10,900

9,800

10,600

12,500

(6)

%

%

43,000

41,700

%

(1)       Excludes nickel production from the PGMs business unit.

 

MANGANESE

Manganese (000 t)

Q4

Q4

Q4 2020 vs. Q4 2019

Q3

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2019

2020

2020

2019

Manganese ore(1)

942

903

%

939

%

3,520

3,513

%

Manganese alloys(1)(2)

15

32

(54)

%

18

(20)

%

81

137

(41)

%

(1)    Saleable production.

(2)    Production includes medium carbon ferro-manganese.

Manganese ore production increased by 4% to 942,400 tonnes, due to stronger mining performance and higher concentrator yield in Australia.

 

Manganese alloy production decreased by 54% to 14,600 tonnes, with the smelter in South Africa on care and maintenance since the Covid-19 lockdown and an unplanned furnace outage in Australia. The sale of the TEMCO alloy smelter in Australia completed at the start of 2021.

Manganese (tonnes)

Q4

Q3

Q2

Q1

Q4

Q4 2020 vs. Q4 2019

Q4 2020 vs. Q3 2020

 

 

 2020 vs.  2019

2020

2020

2020

2020

2019

2020

2019

Samancor production

 

 

 

 

 

 

 

 

 

 

Manganese ore(1)

942,400

938,700

796,000

842,900

902,900

%

%

3,520,000

3,513,400

%

Manganese alloys(1)(2)

14,600

18,300

23,200

24,400

31,600

(54)

%

(20)

%

80,500

137,200

(41)

%

Samancor sales volumes

 

 

 

 

 

 

 

 

 

 

Manganese ore

936,800

976,200

810,700

805,400

911,000

%

(4)

%

3,529,100

3,610,600

(2)

%

Manganese alloys

24,500

22,700

23,400

32,800

27,200

(10)

%

%

103,400

132,500

(22)

%

(1)    Saleable production.

(2)    Production includes medium carbon ferro-manganese.

EXPLORATION AND EVALUATION

Exploration and evaluation expenditure decreased by 12% to $81 million. Exploration expenditure decreased by 27% to $32 million driven by decreased drilling activity across most businesses due to Covid-19. Evaluation expenditure was consistent with the prior period at $49 million, with increased spend at Sakatti (Copper/PGMs) in Finland, offset by lower activity in the Metallurgical Coal business. 

CORPORATE ACTIVITY AND OTHER ITEMS

During the quarter, charges recognised within EBITDA relating to rehabilitation provisions are currently estimated to be $0.2 billion at Copper.

NOTES

•     This Production Report for the quarter ended 31 December 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 18 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

 

Marcelo Esquivel

marcelo.esquivel@angloamerican.com

 

Katie Ryall

katie.ryall@angloamerican.com

 

South Africa

Sibusiso Tshabalala

sibusiso.tshabalala@angloamerican.com

 

Nomonde Ndwalaza

nomonde.ndwalaza@angloamerican.com

UK

Paul Galloway

paul.galloway@angloamerican.com

 

Robert Greenberg

robert.greenberg@angloamerican.com

 

Emma Waterworth

emma.waterworth@angloamerican.com

 

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) and environmental, social and corporate governance goals and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource exploration and development capabilities, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the outcome of litigation or regulatory proceedings, 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 courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements.

These forward-looking statements speak only as of the date of this announcement. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this announcement should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share.

Certain statistical and other information about Anglo American included in this announcement is sourced from publicly available third-party sources. As such, it has not been independently verified and presents the views of those third parties, 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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