TIDMAAL

RNS Number : 5656L

Anglo American PLC

20 July 2017

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20 July 2017

Anglo American plc

Production Report for the second quarter ended 30 June 2017

Anglo American reports an 8% increase in copper equivalent production in the second quarter of 2017, compared to the same period of 2016. For the half year as a whole, copper equivalent production increased by 9%.

Mark Cutifani, Anglo American Chief Executive, said: "We have delivered another strong production quarter across most of our businesses. Through the improvements we have made to our portfolio and the efficiencies we are driving, we continue to unlock the potential of our world class assets. The production ramps at Gahcho Kué, Minas-Rio and Grosvenor are also contributing to these ongoing positive performance trends. We have increased the full year production guidance for Kumba Iron Ore and are on track to deliver full year guidance across the rest of our products."

Highlights

-- At De Beers, the ramp-up of Gahcho Kué and stable trading conditions supported a 36% increase in rough diamond production.

-- Copper production, while broadly unchanged, was impacted by the temporary mine stoppage at El Soldado, partially offset by higher production at Los Bronces.

-- Platinum's Mogalakwena mine production increased by 15% due to higher grades and increased throughput.

   --      Iron ore volumes from Sishen increased by 38% due to operational improvements. 

-- Metallurgical coal production from Australia was impacted by Cyclone Debbie, two longwall moves in Q2 and the ongoing geological issues at Grosvenor; improvements are expected in H2.

Production Summary

 
                                      Q2 2017  Q2 2016  % vs. Q2 2016  H1 2017  H1 2016  % vs. H1 2016 
------------------------------------  -------  -------  -------------  -------  -------  ------------- 
Diamonds (Mct)(1)                       8.7      6.4         36%        16.1     13.3         21% 
------------------------------------  -------  -------  -------------  -------  -------  ------------- 
Copper (t)(2)(3)                      140,800  144,200      (2)%       283,400  290,700      (3)% 
------------------------------------  -------  -------  -------------  -------  -------  ------------- 
Platinum (produced ounces) (koz)(4)     617      586         5%         1,189    1,153        3% 
------------------------------------  -------  -------  -------------  -------  -------  ------------- 
Iron ore - Kumba (Mt)                  11.4      8.9         28%        21.9     17.8         23% 
------------------------------------  -------  -------  -------------  -------  -------  ------------- 
Iron ore - Minas-Rio (Mt)(5)            4.3      3.5         24%         8.7      6.8         27% 
------------------------------------  -------  -------  -------------  -------  -------  ------------- 
Export metallurgical coal (Mt)          4.0      4.9        (19)%        9.2      9.0         2% 
------------------------------------  -------  -------  -------------  -------  -------  ------------- 
Export thermal coal (Mt)(6)             6.5      6.8        (4)%        13.4     13.2         1% 
------------------------------------  -------  -------  -------------  -------  -------  ------------- 
Nickel (t)(7)                         11,300   11,100        2%        21,200   22,300       (5)% 
------------------------------------  -------  -------  -------------  -------  -------  ------------- 
 

(1) De Beers production on 100% basis except the Gahcho Kué joint venture which is on an attributable 51% basis; (2) Copper production from the Copper business unit; (3) Copper production shown on a contained metal basis; (4) Reflects own mine production and purchases of metal in concentrate; (5) Wet basis; (6) Export thermal coal includes export primary production from South Africa and Colombia, and excludes secondary South African production that may be sold into either the export or domestic markets; (7) Nickel production from the Nickel business unit; (8) Copper equivalent production is normalised for, Kimberley, Niobium & Phosphates, Foxleigh and Callide, and to reflect Snap Lake being placed on care and maintenance, and the closure of Drayton.

DE BEERS

 
 Diamonds(1)                              Q2     Q2    Q2 2017    Q1    Q2 2017      H1       H1     H1 2017 vs. 
                                          2017   2016     vs.     2017     vs.      2017     2016      H1 2016 
                                                        Q2 2016          Q1 2017 
--------------------------------------  ------  -----  --------  -----  --------  -------  -------  ------------ 
 Debswana                   000 carats   5,933  5,184       14%  5,191       14%   11,124   10,512            6% 
------------------------  ------------  ------  -----  --------  -----  --------  -------  -------  ------------ 
 Namdeb Holdings            000 carats     391    296       32%    472     (17)%      863      740           17% 
------------------------  ------------  ------  -----  --------  -----  --------  -------  -------  ------------ 
 DBCM                       000 carats   1,405    821       71%  1,106       27%    2,511    1,753           43% 
------------------------  ------------  ------  -----  --------  -----  --------  -------  -------  ------------ 
 De Beers Canada            000 carats   1,013    147        nm    631       61%    1,644      309            nm 
------------------------  ------------  ------  -----  --------  -----  --------  -------  -------  ------------ 
 Total carats recovered     000 carats   8,742  6,448       36%  7,400       18%   16,142   13,314           21% 
------------------------  ------------  ------  -----  --------  -----  --------  -------  -------  ------------ 
 

De Beers - Rough diamond production increased by 36% to 8.7 million carats in line with the higher production forecast for 2017, reflecting stable trading conditions as well as the contribution from the ramp-up of Gahcho Kué in Canada.

Debswana (Botswana) production increased by 14% to 5.9 million carats. Orapa's production increased by 44% driven by the ramp-up of Plant 1 which was previously on partial care and maintenance in response to trading conditions in late 2015. This was marginally offset by Jwaneng where production decreased by 3%.

Namdeb Holdings (Namibia) production increased by 32% to 0.4 million carats as a result of Debmarine Namibia's Mafuta vessel being on planned extended in-port maintenance in Q2 2016.

DBCM (South Africa) production increased by 71% to 1.4 million carats largely as a result of higher grades at Venetia.

Production in Canada increased almost six-fold to 1.0 million carats due to the ramp-up of Gahcho Kué to nameplate capacity.

Consolidated rough diamond sales volumes(2) in Q2 2017 were 5.4 million carats (5.9 million carats on a total 100% basis) from two Sights, compared with 9.6 million carats (10.2 million carats on a total 100% basis) from three Sights in Q2 2016. Apart from the additional Sight in Q2 2016, the decrease was expected given the strong levels of midstream restocking in H1 2016.

For H1 2017, consolidated sales volumes(2) were 19.1 million carats (20.0 million carats on a total 100% basis), compared with 17.2 million carats (18.3 million carats on a total 100% basis) in H1 2016.

The average realised price of $156/ct in H1 2017 was 12% lower than in H1 2016. This reflected strong demand in Sight 1 2017 for lower value goods held in stock at 31 December 2016, following a recovery from the initial impact of India's demonetisation programme in late 2016. The lower value mix was partially offset by a higher average rough price index, up 4%.

Full Year Guidance

Full year production guidance(1) remains unchanged at 31-33 million carats, subject to trading conditions.

(1) De Beers production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.

(2) Consolidated sales volume excludes De Beers' JV partners' 50% proportionate share of sales to entities outside the De Beers Group of Companies from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, and includes pre-commercial production sales volumes from Gahcho Kué.

 
 De Beers             Q2      Q1      Q4      Q3      Q2      Q2      Q2       H1       H1      H1 
                      2017    2017    2016    2016    2016    2017    2017    2017     2016     2017 
                                                              vs.     vs.                       vs. 
                                                               Q1      Q2                        H1 
                                                              2017    2016                      2016 
------------------  ------  ------  ------  ------  ------  ------  ------  -------  -------  ------ 
Carats recovered 
 (000 carats) 
100% basis 
 (unless 
 otherwise 
 stated) 
  Orapa              2,918   2,106   2,366   1,536   2,028     39%     44%    5,024    4,029     25% 
  Letlhakane           102     130     135     176     159   (22)%   (36)%      232      284   (18)% 
  Jwaneng            2,913   2,955   2,939   2,837   2,997    (1)%    (3)%    5,868    6,199    (5)% 
  Debswana           5,933   5,191   5,440   4,549   5,184     14%     14%   11,124   10,512      6% 
 
  Namdeb                72      94     118     120      94   (23)%   (23)%      166      166       - 
  Debmarine 
   Namibia             319     378     310     285     202   (16)%     58%      697      574     21% 
  Namdeb Holdings      391     472     428     405     296   (17)%     32%      863      740     17% 
 
  Kimberley(1)           -       -       -       -       -       -       -        -       68  (100)% 
  Venetia            1,239     939   1,218     898     695     32%     78%    2,178    1,401     55% 
  Voorspoed            166     167     169     196     126    (1)%     32%      333      284     17% 
  DBCM               1,405   1,106   1,387   1,094     821     27%     71%    2,511    1,753     43% 
 
  Snap Lake(1)           -       -       -       -       -       -       -        -        3  (100)% 
  Victor               182     189     148     142     147    (4)%     24%      371      306     21% 
  Gahcho Kué 
   (51% basis)         831     442     349      83       -     88%       -    1,273        -       - 
  De Beers 
   Canada            1,013     631     497     225     147     61%    589%    1,644      309    432% 
Total carats 
 recovered           8,742   7,400   7,752   6,273   6,448     18%     36%   16,142   13,314     21% 
------------------  ------  ------  ------  ------  ------  ------  ------  -------  -------  ------ 
Sales volumes 
------------------  ------  ------  ------  ------  ------                  -------  ------- 
Total sales 
 volume 
 (100%) (Mct)(2)       5.9    14.1     8.0     5.7    10.2   (58)%   (42)%     20.0     18.3      9% 
------------------  ------  ------  ------  ------  ------  ------  ------  -------  -------  ------ 
Consolidated 
 sales volume 
 (Mct)(2)(3)           5.4    13.7     7.5     5.3     9.6   (61)%   (44)%     19.1     17.2     11% 
------------------                                          ------  ------  -------  -------  ------ 
Number of 
 Sights 
 (sales 
 cycles)                 2       3       3       2       3                        5        5 
------------------  ------  ------  ------  ------  ------  ------  ------  -------  -------  ------ 
 

(1) Snap Lake was placed on care and maintenance from December 2015. Kimberley mines was sold in January 2016.

(2) Consolidated sales volumes exclude De Beers' JV partners' 50% proportionate share of sales to entities outside the De Beers Group of Companies from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume.

(3) Consolidated sales volume includes pre-commercial production sales volumes from Gahcho Kué. Excluding Gahcho Kué's capitalised pre-commercial production sales volumes results in a consolidated sales volume of 18.4Mct for H1 2017.

COPPER

 
Copper(1)                      Q2       Q2     Q2 2017     Q1     Q2 2017     H1       H1     H1 2017 vs. 
                               2017     2016      vs.      2017      vs.      2017     2016     H1 2016 
                                                Q2 2016            Q1 2017 
---------------------------  -------  -------  --------  -------  --------  -------  -------  ----------- 
Los Bronces              t    79,000   75,600        4%   75,800        4%  154,800  160,800         (4)% 
Collahuasi (44% share)   t    51,000   56,200      (9)%   57,700     (12)%  108,700  107,300           1% 
El Soldado               t    10,800   12,400     (13)%    9,100       19%   19,900   22,600        (12)% 
Total Copper             t   140,800  144,200      (2)%  142,600      (1)%  283,400  290,700         (3)% 
-----------------------      -------  -------  --------  -------  --------  -------  -------  ----------- 
 
   (1)       Copper production shown on a contained metal basis. 

Copper production decreased by 2% to 140,800 tonnes.

Production from Los Bronces increased by 4% to 79,000 tonnes. Production benefited from higher ore grades (0.70% vs. 0.62%) and strong plant performance, partly offset by an expected increase in ore hardness.

At Collahuasi, attributable production decreased by 9% to 51,000 tonnes. Higher ore grades were offset by lower throughput driven by the planned electrical overhaul of Line 1 of the processing plant, lasting 65 days and successfully completed in June.

El Soldado production decreased by 13% to 10,800 tonnes, reflecting the temporary suspension of mine operations from 18 February, which restarted on 28 April following approval of the updated mine plan. Production during the mine stoppage was sustained by feeding low-grade stockpile material to the plant, however the delay in receiving the mine plan permit resulted in 6,000 tonnes of lost production in H1 2017 (of which 3,000 tonnes were in Q2 2017).

Sales volumes in H1 2017 were impacted by temporary port closures in Chile due to poor weather conditions and heavy tidal swells limiting vessel availability, as well as by higher arsenic content in copper concentrate from Collahuasi which restricted sales into China. At the end of H1 2017, Anglo American had 105,000 tonnes of copper provisionally priced at 269c/lb.

Full Year Guidance

Full year production guidance remains unchanged at 570,000 - 600,000 tonnes.

 
Copper (tonnes) on a contained metal basis unless stated otherwise(1)     Q2 2017      Q1 2017      Q4 2016      Q3 2016      Q2 2016     Q2 2017    Q2 2017        H1           H1       H1 2017 vs. 
                                                                                                                                             vs.        vs.        2017         2016        H1 2016 
                                                                                                                                           Q1 2017    Q2 2016 
----------------------------------------------------------------------  -----------  -----------  -----------  -----------  -----------  ---------  ---------  -----------  -----------  ------------ 
Collahuasi 100% basis 
 (Anglo American share 44%) 
  Ore mined                                                              14,984,100   13,803,300   20,335,200   17,131,800   15,277,400         9%       (2)%   28,787,400   30,135,600          (4)% 
  Ore processed - Sulphide                                               10,807,100   12,336,400   12,302,700   12,522,100   12,479,200      (12)%      (13)%   23,143,500   24,582,000          (6)% 
  Ore grade processed - Sulphide (% TCu)(2)                                    1.27         1.24         1.29         1.23         1.21         3%         5%         1.25         1.18            6% 
  Production - Copper cathode                                                     -          100          700          800        1,400     (100)%     (100)%          100        3,300         (97)% 
  Production - Copper in concentrate                                        115,900      131,000      132,400      128,900      126,300      (12)%       (8)%      246,900      240,500            3% 
  Total copper production for Collahuasi                                    115,900      131,100      133,100      129,700      127,700      (12)%       (9)%      247,000      243,800            1% 
  Anglo American's share of copper production for Collahuasi(3)              51,000       57,700       58,600       57,000       56,200      (12)%       (9)%      108,700      107,300            1% 
Anglo American Sur                                                           89,800       84,900       88,000       82,800       88,000         6%         2%      174,700      183,400          (5)% 
----------------------------------------------------------------------  -----------  -----------  -----------  -----------  -----------  ---------  ---------  -----------  -----------  ------------ 
Los Bronces mine(4)                                                          79,000       75,800       74,300       72,100       75,600         4%         4%      154,800      160,800          (4)% 
Ore mined                                                                11,630,200   13,448,400   13,196,500   13,947,400   13,477,900      (14)%      (14)%   25,078,600   23,965,800            5% 
  Marginal ore mined                                                      7,764,700   11,461,400    8,445,700    6,192,800    6,148,500      (32)%        26%   19,226,100   19,550,800          (2)% 
  Ore processed - Sulphide                                               11,876,300   11,877,400   11,562,500   11,511,700   12,567,500       (0)%       (5)%   23,753,700   24,622,800          (4)% 
  Ore grade processed - Sulphide (% TCu)                                       0.70         0.69         0.69         0.65         0.62         2%        13%         0.69         0.68            2% 
  Production - Copper cathode                                                 9,800        8,900        8,600        8,800        8,900        10%        10%       18,700       18,600            1% 
 
    Production - Copper in concentrate                                       69,200       66,900       65,700       63,300       66,700         3%         4%      136,100      142,200          (4)% 
  El Soldado mine(4)                                                         10,800        9,100       13,700       10,700       12,400        19%      (13)%       19,900       22,600         (12)% 
  Ore mined                                                               1,272,200      905,500    2,069,800    1,678,300    2,143,000        40%      (41)%    2,177,700    3,591,000         (39)% 
  Ore processed - Sulphide                                                1,899,200    1,797,600    1,833,900    1,553,200    1,741,200         6%         9%    3,696,800    3,577,300            3% 
  Ore grade processed - Sulphide (% TCu)                                       0.72         0.65         0.90         0.86         0.89        11%      (19)%         0.69         0.82         (16)% 
  Production - Copper in concentrate                                         10,800        9,100       13,700       10,700       12,400        19%      (13)%       19,900       22,600         (12)% 
  Chagres Smelter(4) 
  Ore smelted                                                                31,500       31,300       25,900       35,500       36,500         1%      (14)%       62,800       72,400         (13)% 
  Production                                                                 30,600       30,300       25,400       34,700       35,500         1%      (14)%       60,900       70,700         (14)% 
  Total Copper segment copper production                                    205,700      216,000      221,100      212,500      215,700       (5)%       (5)%      421,700      427,200          (1)% 
  Total Attributable copper production(5)                                   140,800      142,600      146,600      139,800      144,200       (1)%       (2)%      283,400      290,700          (3)% 
----------------------------------------------------------------------  -----------  -----------  -----------  -----------  -----------  ---------  ---------  -----------  -----------  ------------ 
  Total Attributable payable copper production                              135,800      137,500      141,300      135,000      139,200       (1)%       (2)%      273,300      280,800          (3)% 
  Total Attributable sales volumes                                          144,100      115,300      161,400      135,400      143,500        25%          -      259,400      281,000          (8)% 
  Total Attributable payable sales volumes                                  138,900      111,200      155,700      130,700      138,500        25%          -      250,100      271,500          (8)% 
----------------------------------------------------------------------  -----------  -----------  -----------  -----------  -----------  ---------  ---------  -----------  -----------  ------------ 
Third party sales(6)                                                         27,400        9,800       20,100       26,000        6,700       180%       309%       37,200       15,900          134% 
----------------------------------------------------------------------  -----------  -----------  -----------  -----------  -----------  ---------  ---------  -----------  -----------  ------------ 
 
   (1)         Excludes Anglo American Platinum's copper production. 
   (2)         TCu = total copper. 
   (3)         Anglo American's share of Collahuasi production is 44%. 

(4) Anglo American ownership interest of Anglo American Sur is 50.1%. Production is stated at 100% as Anglo American consolidates Anglo American Sur.

(5) Difference between total copper production and attributable copper production arises from Anglo American's 44% interest in Collahuasi.

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

PLATINUM

 
Platinum                              Q2     Q2    Q2 2017    Q1    Q2 2017     H1      H1    H1 2017 vs. 
                                      2017   2016     vs.     2017     vs.     2017    2016     H1 2016 
                                                    Q2 2016          Q1 2017 
--------------------------  -------  -----  -----  --------  -----  --------  ------  ------  ----------- 
Produced ounces             000 oz     617    586        5%    572        8%   1,189   1,153           3% 
  Own mined production      000 oz     348    444     (22)%    325        7%     673     883        (24)% 
     Managed                000 oz     284    377     (25)%    266        7%     549     755        (27)% 
     Joint ventures(1)      000 oz      64     67      (4)%     59        9%     123     128         (3)% 
  Purchase of concentrate   000 oz     269    142       89%    247        9%     516     270          91% 
     Joint ventures(1)      000 oz      64     67      (4)%     59        9%     123     128         (3)% 
      Associates(2)         000 oz      72     70        4%     65       12%     137     133           3% 
     Third party            000 oz     132      6        nm    124        7%     256       9           nm 
Refined 
  Platinum                  000 oz     529    748     (29)%    577      (8)%   1,106   1,008          10% 
  Palladium                 000 oz     373    472     (21)%    353        6%     726     654          11% 
  Rhodium                   000 oz      83     91      (9)%     74       12%     156     138          13% 
  Gold                      000 oz      29     22       31%     25       19%      54      50           8% 
  Nickel                    t        6,000  6,400      (6)%  5,100       17%  11,200  12,100         (8)% 
  Copper                    t        3,500  3,700      (6)%  3,200        7%   6,700   7,000         (4)% 
--------------------------  -------  -----  -----  --------  -----  --------  ------  ------  ----------- 
 

(1) The joint venture operations are Mototolo, Modikwa and Kroondal. Platinum owns 50% of each of these operations, which is presented under 'Own mined' production, and purchases the remaining 50% of production, which is presented under 'Purchase of concentrate'.

   (2)       Associates are Platinum's 49% interest in Bokoni and 33% interest in BPRM. 

Platinum - Platinum production (metal in concentrate) increased by 5% to 617,100 ounces.

Own mined production from managed mines

Own mined production from managed mines decreased by 25% to 283,700 ounces primarily due to the sale of Rustenburg in November 2016, which has subsequently been reported as purchase of concentrate from third parties. Excluding Rustenburg, own mined production increased by 7%.

Mogalakwena mine production increased by 15% to 113,900 ounces due to a 7% increase in grade in line with the mine plan, and a 9% increase in concentrator throughput due to North Concentrator Plant optimisations which increased the run-time.

Amandelbult mine production increased by 4% to 110,500 ounces due to improved plant recoveries and increased throughput.

Production from Unki mine in Zimbabwe increased by 10% to 19,500 ounces, as efforts continued to improve mining height control, which has reduced mining waste and increased grade resulting in higher production.

Union mine production decreased by 3% to 39,800 ounces due to lower grade. The sale of Union to Siyanda Resources was announced on 15 February 2017 and is expected to complete in H2 2017, after which production from Union will be treated as purchase of concentrate from third parties.

Joint venture own mined production and purchase of concentrate

Total joint venture production of 128,600 ounces (of which 64,300 ounces is own mined and 64,300 ounces is purchase of concentrate) decreased by 4%. Mototolo decreased by 7% to 29,500 ounces as a result of lower grade. Kroondal decreased by 5% to 67,100 ounces primarily due to lower grade and a plant shutdown which impacted production for seven days. This was partly offset by Modikwa which increased by 2% to 32,000 ounces due to productivity improvements.

Purchase of concentrate from associates

Purchase of concentrate from associates increased by 4% to 72,500 ounces. Production from BRPM increased by 10% to 52,900 ounces from project ramp-ups, but was partly offset by Bokoni which decreased by 10% to 19,500 ounces as a result of the closure of the opencast operations.

Purchase of concentrate from third parties

Purchase of concentrate from third parties increased by 126,400 ounces to 132,300 ounces mainly due to the inclusion of Rustenburg, which has been reported as third party purchase of concentrate since November 2016.

Refined production

Refined platinum production decreased by 29% to 528,700 ounces primarily due to the Waterval smelter run-out and a high pressure water leak at the Converter Plant.

Following the Waterval smelter run-out in Q3 2016, the Number 1 furnace was successfully rebuilt in Q4 2016 and is running at steady-state. The Number 2 furnace underwent planned maintenance and has successfully ramped up to steady-state. The backlog in processing pipeline material of 65,000 platinum ounces following the run-out in 2016 is expected to be made up during H2 2017.

In addition, a high pressure water leak at the Converter Plant ("ACP") on 4 June 2017 impacted a converter plant. The second converter plant was heated up and began steady-state production on 14 June 2017. The total impact on refined platinum production of c.90,000 ounces was deferred from Q2 2017 into H2 2017.

Full Year Guidance

Production guidance (metal in concentrate) remains unchanged at 2.35 - 2.40 million ounces.

 
Platinum                     Q2 2017   Q1     Q4     Q3     Q2    Q2 2017   Q2 2017      H1        H1      H1 2017 vs. 
                                       2017   2016   2016   2016     vs.       vs.       2017      2016      H1 2016 
                                                                   Q1 2017   Q2 2016 
--------------------------  --------  -----  -----  -----  -----  --------  --------  --------  --------  ------------ 
Produced platinum 
 (000 troy oz)                 617.1  571.9  610.0  619.1  585.7        8%        5%   1,189.1   1,152.7            3% 
Owned mined                    348.0  324.6  386.8  468.3  443.5        7%     (22)%     672.7     882.6         (24)% 
  Mogalakwena                  113.9  111.9  103.4  100.7   98.8        2%       15%     225.8     207.8            9% 
  Amandelbult                  110.5   97.1  121.1  128.3  106.2       14%        4%     207.7     217.1          (4)% 
  Unki                          19.5   18.9   19.9   18.2   17.8        3%       10%      38.4      36.4            5% 
  Joint ventures(1)             64.3   59.0   60.1   64.9   66.8        9%      (4)%     123.3     127.7          (3)% 
  Union                         39.8   37.7   38.1   37.7   41.2        6%      (3)%      77.5      75.5            3% 
  Rustenburg(2)                    -      -   44.2  118.1  110.8        nm        nm         -     215.1            nm 
  Other(3)                         -      -      -    0.4    1.9        nm        nm         -       3.0            nm 
  Purchase of concentrate      269.1  247.3  223.2  150.8  142.3        9%       89%     516.4     270.1           91% 
  Joint ventures(1)             64.3   59.0   60.1   65.0   66.8        9%      (4)%     123.3     127.7          (3)% 
  Associates(4)                 72.5   64.7   69.2   77.2   69.6       12%        4%     137.2     132.9            3% 
  Third party purchase of 
   concentrate(2)              132.3  123.6   93.9    8.6    5.8        7%        nm     255.9       9.5            nm 
 
  Refined production 
  Platinum (000 troy oz)       528.7  576.9  631.6  694.6  747.6      (8)%     (29)%   1,105.6   1,008.4           10% 
  Palladium (000 troy oz)      373.1  353.4  397.4  412.9  472.3        6%     (21)%     726.5     653.9           11% 
  Rhodium (000 troy oz)         82.8   73.7   92.2   86.8   90.7       12%      (9)%     156.4     138.4           13% 
  Gold (000 troy oz)            29.3   24.7   33.9   24.1   22.3       19%       31%      54.0      50.2            8% 
  Nickel (000 tonnes)            6.0    5.1    6.2    7.1    6.4       17%      (6)%      11.2      12.1          (8)% 
  Copper (000 tonnes)            3.5    3.2    3.3    3.8    3.7        7%      (6)%       6.7       7.0          (4)% 
  4E Head grade 
   (g/tonne milled)(5)          3.41   3.47   3.41   3.19   3.00      (2)%       14%      3.44      3.05           13% 
  Platinum sales volumes - 
   own mined and purchase 
   of concentrate              600.5  518.8  606.5  588.0  808.4       16%     (26)%   1,119.3   1,221.2          (8)% 
--------------------------  --------  -----  -----  -----  -----  --------  --------  --------  --------  ------------ 
 

(1) The joint venture operations are Mototolo, 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'.

(2) Sale of Rustenburg to Sibanye completed on 1 November 2016, after which production from Rustenburg is included within third party purchase of concentrate.

   (3)     Other includes Twickenham. 
   (4)     Associates are Platinum's 49% interest in Bokoni and 33% interest in BRPM. 
   (5)     4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold. 

IRON ORE AND MANGANESE

 
 Iron Ore and Manganese            Q2       Q2     Q2 2017         Q1          Q2 2017      H1       H1    H1 2017 vs. 
                                   2017     2016      vs.          2017           vs.      2017     2016     H1 2016 
                                                    Q2 2016                     Q1 2017 
-------------------------------  -------  -------  --------  ---------------  ---------  -------  -------  ----------- 
 Iron ore - Kumba         000 t   11,382    8,864       28%           10,473         9%   21,854   17,788          23% 
 Iron ore - 
  Minas-Rio(1)            000 t    4,324    3,484       24%            4,342         0%    8,666    6,833          27% 
 Iron ore - Total         000 t   15,706   12,348       27%           14,815         6%   30,520   24,621          24% 
 Manganese ore(2)         000 t      843      791        7%              823         2%    1,666    1,567           6% 
 Manganese alloys(3)      000 t       39       30       32%               31        25%       71       62          15% 
-----------------------  ------  -------  -------  --------  ---------------  ---------  -------  -------  ----------- 
 

(1) Wet basis

(2) Saleable production

(3) Production includes medium carbon ferro-manganese

Kumba Iron Ore - Iron ore production increased by 28% to 11.4 million tonnes.

Sishen production increased by 38% to 7.9 million tonnes as a result of improved mining productivity, driven by fleet efficiencies and higher plant yields. Waste removal increased to 43 million tonnes compared to 31 million tonnes in Q2 2016 (H1 2017: 77 million tonnes).

Kolomela production increased by 11% to 3.5 million tonnes, underpinned by productivity improvements. Waste removal increased by 22% to 15 million tonnes (H1 2017: 25 million tonnes).

Export sales increased by 8% to 9.4 million tonnes. Total finished product stocks were 4.4 million tonnes (3.5 million tonnes at 31 December 2016) as a result of higher production at Sishen and sales volumes delayed to H2 2017 due to unfavourable weather conditions at Saldanha port.

Full Year Guidance

Full year production guidance has been increased to 41 - 43 million tonnes (previously 40 - 42 million tonnes) as a result of the improved performance at Sishen.

Iron Ore Brazil - Iron ore production from Minas-Rio increased by 24% to 4.3 million tonnes as the operation continued to ramp-up to its current operating capacity.

The focus remains obtaining the Step 3 licences required for the operation to access the full range of run-of-mine grades and target the operation's nameplate capacity of 26.5 Mt (wet basis).

Full Year Guidance

Full year production guidance remains unchanged at 16-18 million tonnes (wet basis).

Manganese ore - Manganese ore production increased by 7% to 843,300 tonnes. Production from the Australian operations increased by 5% and by 9% from the South African operations.

Manganese alloy - Manganese alloy production increased by 32% to 39,300 tonnes. The South African Manganese operations continue to operate only one of four furnaces.

 
 Iron Ore and Manganese (tonnes)     Q2 2017     Q1 2017     Q4 2016     Q3 2016      Q2 2016   Q2 2017   Q2 2017        H1           H1       H1 2017 vs. 
                                                                                                   vs.       vs.        2017         2016        H1 2016 
                                                                                                 Q1 2017   Q2 2016 
---------------------------------  -----------  ----------  ----------  ----------  ----------  --------  --------  -----------  -----------  ------------ 
 Kumba Iron Ore                     11,381,600  10,472,600  11,927,900  11,759,900   8,863,600        9%       28%   21,584,200   17,788,100           23% 
  By product: 
  Lump                               7,504,200   6,978,800   7,812,000   7,598,500   5,721,300        8%       31%   14,483,000   11,391,000           27% 
  Fines                              3,877,400   3,493,800   4,115,900   4,161,400   3,142,300       11%       23%    7,371,200    6,397,100           15% 
---------------------------------  -----------  ----------  ----------  ----------  ----------  --------  --------  -----------  -----------  ------------ 
 By mine: 
  Sishen                             7,871,900   7,678,900   8,489,900   8,348,700   5,699,600        3%       38%   15,550,800   11,541,400           35% 
  Kolomela                           3,509,700   2,793,700   3,438,000   3,411,200   3,164,000       26%       11%    6,303,400    5,877,100            7% 
  Thabazimbi                                 -           -           -           -           -         -         -            -      369,600        (100)% 
---------------------------------  -----------  ----------  ----------  ----------  ----------  --------  --------  -----------  -----------  ------------ 
 Kumba sales volumes 
  Export iron ore                    9,423,600  10,053,000  10,611,400  10,343,200   8,729,700      (6)%        8%   19,476,600   18,105,800            8% 
  Domestic iron ore                    924,600     832,700     612,700     706,900     936,000       11%      (1)%    1,757,300    2,103,700         (16)% 
---------------------------------  -----------  ----------  ----------  ----------  ----------  --------  --------  -----------  -----------  ------------ 
 Minas-Rio production 
  Pellet feed (wet basis)            4,324,100   4,341,700   4,855,300   4,452,400   3,483,800        0%       24%    8,665,900    6,833,200           27% 
---------------------------------  -----------  ----------  ----------  ----------  ----------  --------  --------  -----------  -----------  ------------ 
 Minas-Rio sales volumes 
  Export - pellet feed 
   (wet basis)                       4,371,000   4,256,500   4,761,800   4,510,400   3,223,900        3%       36%    8,627,500    6,938,300           24% 
 Samancor 
  Manganese ore(1)                     843,300     823,100     804,200     761,700     791,300        2%        7%    1,666,400    1,567,200            6% 
  Manganese alloys(1)(2)                39,300      31,500      37,100      38,900      29,700       25%       32%       70,800       61,800           15% 
 Samancor sales volumes 
  Manganese ore(3)                     887,600     836,000     805,000     757,400     813,300        6%        9%    1,723,600    1,664,000            4% 
  Manganese alloys                      37,200      34,400      31,600      49,200      46,400        8%     (20)%       71,600       89,200         (20)% 
---------------------------------  -----------  ----------  ----------  ----------  ----------  --------  --------  -----------  -----------  ------------ 
 

COAL

 
 Coal                             Q2      Q2      Q2      Q1      Q2       H1       H1      H1 
                                                  2017            2017                      2017 
---------------------- 
                                 2017    2016     vs.    2017     vs.     2017     2016     vs 
---------------------- 
                                                  Q2              Q1                        H1 
                                                  2016            2017                      2016 
----------------------  ------  ------  ------  ------  ------  ------  -------  -------  ------ 
 Met Coal (Australia) 
  - 
  excl. 2016 
  divestments(1) 
 Metallurgical             000 
  - Export                   t   3,964   4,921   (19)%   5,242   (24)%   9,206    9,019     2% 
 Thermal -                 000 
  Export                     t    305    1,015   (70)%    479    (36)%    784     1,820    (57)% 
 South Africa 
 Thermal export            000 
  - Primary(2)               t   4,064   4,426   (8)%    4,059     -     8,123    8,268    (2)% 
 Thermal export 
  and domestic             000 
  - Secondary(3)             t   1,023    973     5%      978     5%     2,001    1,752     14% 
 Thermal domestic          000 
  - Eskom                    t   6,889   6,709    3%     6,374    8%     13,263   13,101    1% 
 Thermal domestic          000 
  - Isibonelo(4)             t   1,052   1,082   (3)%     896     17%    1,948    2,242    (13)% 
 Cerrejón 
 Thermal -                 000 
  Export                     t   2,450   2,330    5%     2,782   (12)%   5,231    4,940     6% 
 Thermal Export 
  South Africa 
  and Cerrejón              6,514   6,756   (4)%    6,841   (5)%    13,354   13,208    1% 
------------------------------  ------  ------  ------  ------  ------  -------  -------  ------ 
 

(1) Excludes production from Foxleigh, which was sold on 30 August 2016, and Callide, which was sold on 31 October 2016.

(2) Thermal export - Primary is export quality product. Comparatives have been restated to align with current presentation.

(3) Thermal export and domestic - Secondary is lower quality product that can be sold into either the export or domestic markets. Comparatives have been restated to align with current presentation. In 2016, 60% of secondary production was sold into the export market.

   (4)       Restated to exclude domestic secondary coal production from mines other than Isibonelo. 

Metallurgical Coal (Australia) - Export metallurgical coal production decreased by 19% to 4.0 million tonnes. Longwall moves took place at both Moranbah and Grasstree during the quarter. The impact of Cyclone Debbie on the Queensland rail network resulted in operational delays with a net impact on saleable production of 0.6 million tonnes in the quarter. Run-of-mine production was not materially impacted and the stock build continues to be unwound in H2 2017.

Grosvenor production continues to be affected by geological issues, which are typically more challenging for the first longwall panel. In addition, a major belt tear occurred in the main conveyor drift. The focus remains on managing geological issues to deliver improved operational performance and stability.

Export thermal coal production decreased by 70% to 0.3 million tonnes following the cessation of mining activities at Drayton. Furthermore, in reaction to the rail outage in Q2 2017, thermal coal volumes were substituted for higher margin metallurgical coal production at Capcoal (Grasstree).

South Africa - Primary export thermal coal production decreased by 8% to 4.1 million tonnes, due to operational challenges at Khwezela associated with the integration of the Kleinkopje and Landau mines. In addition, there was an expected and temporary reduction at Mafube as the mine transitions to a new pit.

Eskom related production increased by 3% to 6.9 million tonnes, with higher production at New Denmark due to a longwall move in Q2 2016. The sale of the Eskom-tied operating mines (New Vaal, New Denmark and Kriel) to Seriti Resources was announced on 10 April 2017, and is expected to complete by the end of 2017.

Cerrejón - Cerrejón's attributable production increased by 5% to 2.4 million tonnes, reflecting productivity gains.

Full Year Guidance

Full year production guidance for export metallurgical coal remains unchanged at 19 - 21 million tonnes, but is expected to be at the lower end of this range due to the geological issues at Grosvenor.

Full year production guidance for export thermal coal from South Africa and Cerrejón remains unchanged at 29 - 31 million tonnes, but is expected to be at the lower end of this range primarily due to the operational challenges at Khwezela.

 
 Coal (tonnes)         Q2           Q1           Q4           Q3           Q2        Q2      Q2         H1           H1        H1 
                      2017         2017         2016         2016         2016       2017    2017                              2017 
----------------  -----------  -----------  -----------  -----------  ----------- 
                                                                                     vs.     vs.       2017         2016       vs. 
----------------  -----------  -----------  -----------  -----------  ----------- 
                                                                                     Q1      Q2                                H1 
                                                                                     2017    2016                              2016 
----------------  -----------  -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
 Met Coal 
  (Australia)(1)    4,268,200    5,721,400    5,955,100    5,923,500    5,935,700   (25)%   (28)%    9,989,600   10,837,900    (8)% 
 Metallurgical 
  export - 
  Coking            3,237,000    4,747,300    4,496,900    4,326,600    3,997,500   (32)%   (19)%    7,984,300    7,376,400      8% 
 Metallurgical 
  export - 
  PCI                 726,500      495,100      862,900      741,300      923,300     47%   (21)%    1,221,600    1,642,100   (26)% 
 Thermal 
  export              304,700      479,000      595,300      855,600    1,014,900   (36)%   (70)%      783,700    1,819,400   (57)% 
                  -----------  -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
 South Africa      13,028,200   12,307,300   13,708,600   14,690,700   13,188,800      6%    (1)%   25,335,500   25,360,600       - 
 Thermal 
  export - 
  Primary(2)        4,064,100    4,058,500    4,229,400    4,480,800    4,425,600      0%    (8)%    8,122,600    8,267,200    (2)% 
 Thermal 
  export and 
  domestic 
  - Secondary(3)    1,022,600      978,200      926,900    1,009,900      972,700      5%      5%    2,000,800    1,751,300     14% 
 Thermal 
  domestic 
  - Eskom           6,889,100    6,374,300    7,514,700    8,083,900    6,708,700      8%      3%   13,263,400   13,100,700      1% 
 Thermal 
  domestic 
  - Isibonelo(4)    1,052,400      896,300    1,037,600    1,116,100    1,081,800     17%    (3)%    1,948,700    2,241,400   (13)% 
---------------- 
 Colombia 
 Thermal 
  - Export          2,449,600    2,781,700    2,800,600    2,927,800    2,329,500   (12)%      5%    5,231,300    4,939,500      6% 
----------------               -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
 Total coal 
  production       19,746,000   20,810,400   22,464,300   23,542,000   21,454,000    (5)%    (8)%   40,556,400   41,138,000    (1)% 
                  ----------- 
 Sales volumes 
----------------  ----------- 
 Met Coal 
  (Australia) 
 Metallurgical 
  - Export(5)       4,155,000    4,947,400    4,926,900    5,223,100    4,836,700   (16)%   (14)%    9,102,400    9,065,600       - 
 Thermal 
  - Export            422,800      473,200      699,000      862,000    1,118,800   (11)%   (62)%      896,000    1,816,700   (51)% 
 South Africa 
 Thermal 
  - Export          4,153,900    4,693,300    5,825,200    4,159,300    4,744,000   (11)%   (12)%    8,847,200    9,087,200    (3)% 
 Thermal 
  - Other 
  domestic            513,700      394,300      485,100      389,700      341,600     30%     50%      908,000      710,100     28% 
 Thermal 
  domestic 
  - Eskom           6,841,100    6,359,200    7,288,500    7,871,900    6,577,500      8%      4%   13,200,300   12,823,900      3% 
 Thermal 
  domestic 
  - Isibonelo       1,030,600      964,600    1,168,900    1,260,800    1,268,100      7%   (19)%    1,995,200    2,481,700   (20)% 
 Third party 
  sales             1,835,400    1,567,800      694,600    2,181,800    1,608,600     17%     14%    3,403,200    3,175,400      7% 
 Cerrejón 
    Thermal 
     - Export       2,770,500    2,646,300    2,722,300    2,905,100    2,843,800      5%    (3)%    5,416,800    5,182,800      5% 
----------------  -----------  -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
 

(1) Comparatives have been restated to exclude production from Foxleigh, which was sold on 30 August 2016, and Callide, which was sold on 31 October 2016.

(2) Thermal export - Primary is export quality product. Comparatives have been restated to align with current presentation.

(3) Thermal export and domestic - Secondary is lower quality product that can be sold into either the export or domestic markets. Comparatives have been restated to align with current presentation. In 2016, 60% of secondary production was sold into the export market.

   (4)       Restated to exclude domestic secondary coal production from mines other than Isibonelo. 
   (5)       Includes both hard coking coal and PCI sales volumes. 
 
 Coal by              Q2           Q1           Q4           Q3           Q2        Q2      Q2         H1           H1        H1 
  mine (tonnes)      2017         2017         2016         2016         2016       2017    2017                              2017 
---------------  -----------  -----------  -----------  -----------  ----------- 
                                                                                    vs.     vs.       2017         2016       vs. 
---------------  -----------  -----------  -----------  -----------  ----------- 
                                                                                    Q1      Q2                                H1 
                                                                                    2017    2016                              2016 
---------------  -----------  -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
 Met Coal 
  (Australia) 
 Capcoal           1,508,900    1,785,400    1,230,200    1,637,300    2,205,400   (15)%   (32)%    3,294,300    3,965,400   (17)% 
 (incl. 
 Grasstree) 
 Dawson            1,046,800    1,092,100    1,273,000    1,185,900    1,143,800    (4)%    (8)%    2,138,900    2,149,800    (1)% 
 Drayton                   -            -       82,300      317,100      418,200     n/a     n/a            -      768,100     n/a 
 Grosvenor           183,600      709,800      539,100      685,700      331,200   (74)%   (45)%      893,400      534,200     67% 
 Jellinbah           840,300      718,000      882,100      820,200      821,600     17%      2%    1,558,300    1,580,000    (1)% 
 Moranbah 
  North              688,600    1,416,100    1,948,400    1,277,300    1,015,500   (51)%   (32)%    2,104,700    1,840,400     14% 
---------------  -----------  -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
                   4,268,200    5,721,400    5,955,100    5,923,500    5,935,700   (25)%   (28)%    9,989,600   10,837,900    (8%) 
---------------  -----------  -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
 South Africa 
 Goedehoop         1,230,800    1,222,100    1,134,200    1,286,500    1,266,600      1%    (3)%    2,452,900    2,267,900      8% 
 Greenside           877,700    1,004,800    1,036,900    1,111,400      990,700   (13)%   (11)%    1,882,500    1,797,000      5% 
 Zibulo            1,672,900    1,439,400    1,407,200    1,571,800    1,638,600     16%      2%    3,112,300    3,028,600      3% 
 Khwezela(1)       1,475,000    1,596,100    2,230,000    2,137,100    1,849,000    (8)%   (20)%    3,071,100    3,818,600   (20)% 
 Mafube              407,600      441,400      435,400      506,000      438,500    (8)%    (7)%      849,000      817,600      4% 
 New Vaal          4,121,900    3,414,300    3,994,800    4,350,500    4,027,700     21%      2%    7,536,200    7,549,500      0% 
 New Denmark         769,600      954,400      773,200      777,300      392,600   (19)%     96%    1,724,000      996,900     73% 
 Kriel             1,420,300    1,338,500    1,659,400    1,834,000    1,503,300      6%    (6)%    2,758,800    2,843,100    (3)% 
 Isibonelo         1,052,400      896,300    1,037,500    1,116,100    1,081,800     17%    (3)%    1,948,700    2,241,400   (13)% 
---------------  -----------  -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
                  13,028,200   12,307,300   13,708,600   14,690,700   13,188,800      6%    (1)%   25,335,500   25,360,600       - 
---------------  -----------  -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
 Cerrejón 
 Carbones 
  del 
  Cerrejón    2,449,600    2,781,700    2,800,600    2,927,800    2,329,500   (12)%      5%    5,231,300    4,939,500      6% 
---------------  -----------  -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
 Total Coal 
  production      19,746,000   20,810,400   22,464,300   23,542,000   21,454,000    (5)%    (8)%   40,556,400   41,138,000    (1)% 
---------------  -----------  -----------  -----------  -----------  -----------  ------  ------  -----------  -----------  ------ 
 
   (1)       The merger of Kleinkopje and Landau. 

NICKEL

 
 Nickel            Q2       Q2     Q2 2017     Q1    Q2 2017      H1       H1     H1 2017 vs. 
                   2017     2016      vs.     2017      vs.      2017     2016      H1 2016 
                                    Q2 2016           Q1 2017 
---------------  -------  -------  --------  ------  --------  -------  -------  ------------ 
 Nickel      t    11,300   11,100        2%   9,900       14%   21,200   22,300          (5)% 
--------  -----  -------  -------  --------  ------  --------  -------  -------  ------------ 
 
 

Nickel production increased by 2% as result of a stable performance in both smelting operations at Barro Alto, running slightly above nominal capacity during the second quarter. Production from Codemin decreased by 4% to 2,200 tonnes due to maintenance in May 2017.

Full Year Guidance

Full year production guidance remains unchanged at 43,000 - 45,000 tonnes.

 
Nickel (tonnes)                 Q2 2017    Q1 2017   Q4 2016  Q3 2016  Q2 2016  Q2 2017   Q2 2017       H1          H1       H1 2017 vs. 
 unless stated otherwise(1)                                                        vs.       vs.        2017        2016       H1 2016 
                                                                                 Q1 2017   Q2 2016 
----------------------------  ----------  ---------  -------  -------  -------  --------  --------  ----------  ----------  ------------ 
Barro Alto 
  Ore mined                    2,375,700  1,023,500  364,300  974,100  835,300      132%      184%   3,399,200   1,292,300          163% 
  Ore processed                  615,700    523,900  579,800  610,000  569,200       18%        8%   1,139,600   1,167,300          (2)% 
  Ore grade processed - %Ni         1.71       1.70     1.77     1.76     1.76        1%      (3)%        1.71        1.76          (3)% 
  Production                       9,100      7,800    8,800    9,000    8,800       17%        3%      16,900      17,700          (5)% 
---------------------------- 
Codemin 
  Ore mined                        7,500          -        -        -    6,800         -       10%       7,500       6,800           10% 
  Ore processed                  144,000    143,600  142,900  144,000  151,300         -      (5)%     287,600     302,700          (5)% 
  Ore grade processed - %Ni         1.69       1.65     1.73     1.72     1.72        2%      (2)%        1.67        1.70          (2)% 
  Production                       2,200      2,100    2,100    2,300    2,300        5%      (4)%       4,300       4,600          (7)% 
---------------------------- 
Total Nickel segment nickel 
 production                       11,300      9,900   10,900   11,300   11,100       14%        2%      21,200      22,300          (5)% 
---------------------------- 
Sales volumes                     10,400     10,400   11,400   11,600   11,100         -      (6)%      20,800      21,900          (5)% 
----------------------------  ----------  ---------  -------  -------  -------  --------  --------  ----------  ----------  ------------ 
 
   (1)       Excludes Anglo American Platinum's nickel production. 

EXPLORATION AND EVALUATION

Exploration and Evaluation expenditure for the quarter totalled $52 million, an increase of 17%. Exploration expenditure for the quarter totalled $23 million, an increase of 2%. Evaluation expenditure for the quarter totalled $29 million, an increase of 31%.

NOTE

This Production Report for the second quarter ended 30 June 2017 is unaudited.

AVERAGE REALISED PRICES SUMMARY

 
Average realised prices                        H1 2017      H2 2016          H1 2016      FY 2016   H1 2017   H1 2017 
                                                                                                       vs.       vs. 
                                                                                                     H2 2016   H1 2016 
---------------------------------------------  -------  ---------------  ---------------  --------  --------  -------- 
De Beers 
    Total sales volume (100%) (Mct)               20.0             13.7             18.3      32.0       46%        9% 
  Consolidated sales volume (Mct)(1)              19.1             12.8             17.2      30.0       49%       11% 
  Consolidated average realised price 
   ($/ct)(2)                                       156              201              177       187     (22)%     (12)% 
  Average price index(3)                           121              119              117       118        2%        4% 
Copper (USc/lb)                                    264              235              215       225       12%       23% 
PGMs 
  Platinum (US$/oz)                                957            1,015              971       993      (6)%      (1)% 
  Palladium (US$/oz)                               780              670              551       610       16%       42% 
  Rhodium (US$/oz)                                 911              682              679       680       34%       34% 
  Basket price (US$/oz)                          1,843            1,877            1,632     1,753      (2)%       13% 
  Basket price (ZAR/oz)                         24,400           26,209           25,100    25,649      (7)%      (3)% 
---------------------------------------------  -------  ---------------  ---------------  --------  --------  -------- 
Iron Ore - FOB prices 
  Kumba Export (US$/dmt)(4)                         71               67               55        64        6%       29% 
  Minas-Rio (US$/wmt)(5)                            66               61               44        54        8%       50% 
---------------------------------------------  -------  ---------------  ---------------  --------  --------  -------- 
Coal 
  Metallurgical Coal 
  Metallurgical - Export (U$/t)(6)                 195              153               79       119       27%      147% 
  Metallurgical - PCI (US/t) (6)                   124              102               70        77       22%       82% 
  Thermal - Export (U$/t)                           87               65               47        55       34%       85% 
  South Africa 
  Thermal - Export (U$/t)(8)                        72               69               50        60 
  Thermal - Domestic (U$/t, FOR)                    20               17               16        17 
  Cerrejón 
  Thermal - Export (U$/t)(7)                        71               65               47        56        9%       51% 
---------------------------------------------  -------  ---------------  ---------------  --------  --------  -------- 
Nickel (USc/lb)                                    442              474              387       431      (7)%       14% 
---------------------------------------------  -------  ---------------  ---------------  --------  --------  -------- 
 

(1) Consolidated sales volume excludes De Beers' JV partners' 50% proportionate share of sales to entities outside the De Beers Group of Companies from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, and includes pre-commercial production sales volumes from Gahcho Kué. Excluding Gahcho Kué's capitalised pre-commercial production sales volumes results in a consolidated sales volume of 18.4Mct for H1 2017.

(2) Consolidated average realised price based on 100% selling value post-aggregation and excludes pre-commercial production sales from Gahcho Kué.

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

   (4)       Average realised export basket price (FOB Saldanha). 
   (5)       Average realised export basket price (FOB Açu) (wet basis). 
   (6)       Weighted average metallurgical coal sales price achieved. 
   (7)       Weighted average export thermal coal price achieved. 

Note:

Production figures are sometimes more precise than the rounded numbers shown in the commentary of this report. The percentage change will reflect the percentage change using the production figures shown in the Production Summary of this report.

Forward-looking statements:

This contains certain forward looking statements which involve risk and uncertainty because they relate to events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.

For further information, please contact:

 
 Media                                     Investors 
 UK                                        UK 
  James Wyatt-Tilby                         Paul Galloway 
  james.wyatt-tilby@angloamerican.com       paul.galloway@angloamerican.com 
  Tel: +44 (0)20 7968 8759                  Tel: +44 (0)20 7968 
  Marcelo Esquivel                          8718 
  marcelo.esquivel@angloamerican.com        Trevor Dyer 
  Tel: +44 (0)20 7968 8891                  trevor.dyer@angloamerican.com 
  South Africa                              Tel: +44 (0)20 7968 
  Pranill Ramchander                        8992 
  pranill.ramchander@angloamerican.com      Sheena Jethwa 
  Tel: +27 (0)11 638 2592                   sheena.jethwa@angloamerican.com 
  Ann Farndell                              Tel: +44 (0)20 7968 
  ann.farndell@angloamerican.com            8680 
  Tel: +27 (0)11 638 2786 
 

Notes to editors:

Anglo American is a globally diversified mining business. Our portfolio of world-class competitive mining operations and undeveloped resources provides the raw materials to meet the growing consumer-driven demands of the world's developed and maturing economies. Our people are at the heart of our business. It is our people who use the latest technologies to find new resources, plan and build our mines and who mine, process and 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 long-term value that those resources represent for our shareholders and for the communities and countries in which we operate - creating sustainable value and making a real difference.

www.angloamerican.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 20, 2017 02:00 ET (06:00 GMT)

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