TIDMAAL

RNS Number : 2345W

Anglo American PLC

22 April 2021

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22 April 2021

Anglo American plc

Production Report for the first quarter ended 31 March 2021

Mark Cutifani, Chief Executive of Anglo American, said: "Anglo American's portfolio is increasingly tilted towards future-enabling metals and minerals, with our recently proposed demerger of our thermal coal operations in South Africa moving us further in that direction. We are also making good progress in ensuring every operation plays its part towards a lower carbon world, with 100% renewable electricity supply now secured for all of our operations across Brazil, Chile and Peru.

"Q1 production was at 95%(1) of normal capacity, meeting strong customer demand despite some limited constraints at certain operations due to Covid-19. Production increased by 3%(1) driven by strong performances at the copper operations in Chile, and PGMs and iron ore in South Africa, more than offsetting plant maintenance downtime at Minas-Rio iron ore in Brazil and the temporary suspension at the Moranbah metallurgical coal operation in Australia."

Q1 highlights

   --     Demerger of South Africa thermal coal operations, subject to shareholder approval on 5 May. 

-- Renewable electricity supply agreement signed for mains power at the Quellaveco copper project in Peru. All South American operations will have 100% renewable electricity supply from 2022.

-- Copper production increased by 9% due to strong performances at both Los Bronces and Collahuasi.

-- Platinum Group Metals (PGMs) production increased by 7%, with Mogalakwena production increasing by 17% due to higher throughput and grade.

   --     Iron ore production at Kumba increased by 10% driven by higher plant availability. 

-- Rough diamond sales continued to improve amid midstream restocking following an encouraging holiday selling season for diamond jewellery in major global markets.

 
Production                Q1 2021  Q1 2020  % vs. Q1 2020 
Diamonds (Mct)(2)           7.2      7.8        (7)% 
------------------------  -------  ------- 
Copper (kt)(3)              160      147         9% 
------------------------  -------  ------- 
Platinum group metals 
 (koz)(4)                  1,021     955         7% 
------------------------  -------  ------- 
Iron ore (Mt)(5)           16.2     16.0         1% 
------------------------  -------  ------- 
Metallurgical coal (Mt)     3.3      3.8        (14)% 
------------------------  -------  ------- 
Thermal coal (Mt)(6)        4.9      6.2        (20)% 
------------------------  -------  ------- 
Nickel (kt)(7)             10.1     10.9        (7)% 
------------------------  -------  ------- 
Manganese ore (kt)          905      843         7% 
------------------------  -------  ------- 
 

(1) Production capacity excludes Moranbah and Grosvenor. Copper equivalent production is normalised to reflect the closure of the manganese alloy operations and excludes the impact of Grosvenor. Including the impact of Grosvenor, copper equivalent production increased 2% compared to Q1 2020.

(2) De Beers Group 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)   Wet basis. The comparative has been restated as Kumba previously reported on a dry basis. 

(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 
 Copper(3)                                    640-680 kt 
 Platinum Group Metals(4)                    4.2-4.6 Moz 
 Iron ore(5)                                 64.5-67.5 Mt 
 Metallurgical coal(6)                         14-16 Mt 
                                         (previously 18-20 Mt) 
 Thermal coal (reflecting proposed             c.14 Mt 
  demerger)(7)                           (previously c.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)   Wet basis. Kumba guidance was previously shown on a dry basis. 

(6) Excludes thermal coal production in Australia. The revision to guidance reflects the suspension at Moranbah North as well as geotechnical conditions and delayed access to Grosvenor.

(7) Export South Africa including volumes sold domestically at export parity pricing and Colombia (33.3%) production. The revision to guidance reflects the proposed demerger of the South Africa thermal coal operations that, subject to shareholder approval, is expected on 4 June 2021 with the subsequent listing of the demerged business on 7 June 2021 (Export South Africa c.6 million tonnes for the period January to May (previously c.16 million tonnes for 2021); Colombia c.8 million tonnes (attributable share)).

   (8)   Nickel business unit only. 

REALISED PRICES

 
                                    Q1 2021  FY 2020 
Copper (USc/lb)(1)                      421      299 
Platinum Group Metals 
 Platinum (US$/oz)                    1,142      880 
 Palladium (US$/oz)                   2,424    2,214 
 Rhodium (US$/oz)                    20,224   10,628 
 Basket price (US$/PGM oz)(2)         2,219    2,035 
Iron Ore - FOB prices (3)               177      111 
 Kumba Export (US$/wmt)(4)              180      113 
 Minas-Rio (US$/wmt)(5)                 170      107 
Metallurgical Coal 
 HCC (US$/t)(6)                         113      112 
 PCI (US$/t)(6)                          94       84 
 Thermal Coal 
 Australia (US$/t)(6)                    76       58 
 South Africa - Export (US$/t)(7)        74       57 
 Colombia (US$/t)                        58       46 
Nickel (USc/lb)                         747      563 
----------------------------------  -------  ------- 
 
   (1)   The realised price for Copper excludes third party sales volumes. 

(2) 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).

(3) Average realised total iron ore price is a weighted average of the Kumba and Minas-Rio realised prices. The comparative has been restated as Kumba is now reported on a wet basis (previously dry basis).

(4) Average realised export basket price (FOB Saldanha) (wet basis as product is shipped with 1.6% moisture). The comparative has been restated as Kumba previously reported on a dry basis. The realised prices differ to Kumba's standalone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is $183/t (FY 2020: $115/t).

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

   (6)   Weighted average coal sales price achieved at managed operations. 
   (7)   Weighted average export thermal coal price achieved. 

DE BEERS

 
De Beers(1) (000 carats)    Q1     Q1       Q1 2021       Q4       Q1 2021 
                                           vs. Q1 2020            vs. Q4 2020 
                           2021   2020                   2020 
                           -----  -----                  ----- 
Botswana                   4,960  5,644      (12)%       4,263        16% 
Namibia                      338    511      (34)%         337         0% 
South Africa               1,161    751        55%       1,287      (10)% 
Canada                       710    844      (16)%         776       (9)% 
Total carats recovered     7,169  7,750       (7)%       6,663         8% 
-------------------------  -----  -----  --------   ---  -----  -------- --- 
 

Rough diamond production decreased by 7% to 7.2 million carats, driven by operational challenges, including excessive rainfall in southern Africa and a Covid-19-related shutdown in Canada, as well as planned maintenance in Namibia.

In Botswana, production decreased by 12% to 5.0 million carats, driven by a 24% reduction at Orapa due to a lower grade feed to the plant in response to heavy rainfall and operational issues, including continued power supply disruptions.

Namibia production decreased by 34% to 0.3 million carats, primarily as the Mafuta vessel was under planned maintenance and another vessel remained demobilised as part of the response to lower demand implemented in Q3 2020.

South Africa production increased by 55% to 1.2 million carats due to planned treatment of higher grade ore from the final cut of the open pit.

Production in Canada decreased by 16% to 0.7 million carats, primarily as a result of a Covid-19-related suspension of operations in February.

Demand for rough diamonds in Q1 2021 recovered to pre-Covid-19 levels reflecting the replenishment of the depleted midstream, and renewed confidence by the midstream in response to the return of consumer demand for diamond jewellery in the US and China in the second half of 2020. Rough diamond sales totalled 13.5(3) million carats (12.7 million carats on a consolidated basis)(2)(3) from three Sights, compared with 8.9 million carats (8.3 million carats on a consolidated basis)(2) from two Sights in Q1 2020 and 6.9 million carats (6.4 million carats on a consolidated basis)(2) from two Sights in Q4 2020.

Full Year Guidance

Production guidance(1) is unchanged at 32-34 million carats (100% basis), subject to trading conditions and the extent of further Covid-19-related disruption.

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

(2) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).

(3) Due to ongoing travel restrictions and the timing of Sight 3 at the end of Q1 2021, the Sight was extended beyond its normal week-long duration. As a result, 0.2Mct (total sales volume, 100% and consolidated basis) from Sight 3 will be recognised in Q2 2021.

 
De Beers(1)                                                      Q1 2021    Q1 2021 
                                                                  vs. Q1     vs. Q4 
                              Q1     Q4     Q3     Q2     Q1       2020       2020 
                             2021   2020   2020   2020   2020 
                             -----  -----  -----  -----  ----- 
Carats recovered (000 
 carats) 
100% basis (unless stated) 
Jwaneng                      3,091  1,452  1,748  1,138  3,200    (3)%       113% 
Orapa(2)                     1,869  2,811  3,079    687  2,444   (24)%      (34)% 
Botswana                     4,960  4,263  4,827  1,825  5,644   (12)%        16% 
 
Debmarine Namibia              249    256    147    305    417   (40)%       (3)% 
Namdeb (land operations)        89     81     95     53     94    (5)%        10% 
Namibia                        338    337    242    358    511   (34)%         0% 
 
Venetia                      1,161  1,287  1,178    555    751     55%      (10)% 
South Africa                 1,161  1,287  1,178    555    751     55%      (10)% 
 
Gahcho Kué (51% 
 basis)                        710    776    915    789    844   (16)%       (9)% 
Canada                         710    776    915    789    844   (16)%       (9)% 
---------------------------  -----  -----  -----  -----  -----  -----      ----- 
Total carats recovered       7,169  6,663  7,162  3,527  7,750    (7)%         8% 
---------------------------  -----  -----  -----  -----  -----  -----      ----- 
Sales volumes 
Total sales volume (100)% 
 (Mct)(3)(4)                  13.5    6.9    6.6    0.3    8.9     52%        96% 
Consolidated sales volume 
 (Mct)(3)(4)                  12.7    6.4    6.5    0.2    8.3     53%        98% 
Number of Sights (sales 
 cycles)                      3(4)      2      3   2(5)      2 
---------------------------  -----  -----  -----  -----  -----  ---------  --------- 
 

(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) Due to ongoing travel restrictions and the timing of Sight 3 at the end of Q1 2021, the Sight event was extended beyond its normal week-long duration. As a result, 0.2Mct (total sales volume, 100% and consolidated basis) from Sight 3 will be recognised in Q2 2021.

(5) Sight 3 in Q2 2020 was cancelled due to Covid-19-related restrictions on the movement of people and product.

COPPER

 
Copper(1) (tonnes)                            Q1 2021                  Q1 2021 
                           Q1       Q1       vs. Q1 2020     Q4       vs. Q4 2020 
                          2021     2020                     2020 
                         -------  -------                  ------- 
Los Bronces               78,800   68,700        15%        95,900      (18)% 
Collahuasi (44% share)    71,600   66,500         8%        59,200        21% 
El Soldado                 9,900   11,900      (17)%        12,700      (22)% 
Total Copper             160,300  147,100         9%       167,800       (4)% 
-----------------------  -------  -------  --------   ---  -------  -------- --- 
 

(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 9% to 160,300 tonnes, due to strong operational performance at both Los Bronces and Collahuasi.

Production from Los Bronces increased by 15% to 78,800 tonnes, with higher water availability resulting in a 63% increase in plant throughput, partially offset by planned lower grade (0.72% vs 0.98%).

At Collahuasi, attributable production increased by 8% to 71,600 tonnes, due to a sustained increase in plant performance resulting in higher throughput and recoveries as well as planned higher ore grade (1.26% vs 1.20%).

Production from El Soldado decreased by 17% to 9,900 tonnes as a result of planned lower ore grade (0.70% vs 1.02%).

The average realised price of 421 c/lb includes 168,979 tonnes of copper provisionally priced on 31 March at an average of 399 c/lb.

Full Year Guidance

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

 
Copper(1)                                                                                  Q1 2021    Q1 2021 
                                                                                            vs. Q1     vs. Q4 
                                  Q1          Q4          Q3          Q2          Q1         2020       2020 
                                 2021        2020        2020        2020        2020 
                              ----------  ----------  ----------  ----------  ---------- 
Los Bronces mine (2) 
Ore mined                     10,812,400  11,546,300   8,414,600   9,237,400  10,013,000      8%       (6)% 
Ore processed - Sulphide      11,520,400  13,031,300  11,956,800   9,987,200   7,059,500     63%      (12)% 
Ore grade processed 
 - 
 Sulphide (% TCu)(3)                0.72        0.77        0.73        0.85        0.98   (27)%       (6)% 
Production - Copper 
 cathode                           9,900      10,200       9,300       9,900       9,900      0%       (3)% 
Production - Copper 
 in concentrate                   68,900      85,700      70,100      70,800      58,800     17%      (20)% 
Total production                  78,800      95,900      79,400      80,700      68,700     15%      (18)% 
----------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
Collahuasi 100% basis 
 (Anglo American share 
 44%) 
Ore mined                     21,220,300  18,110,000  16,412,100  18,035,100  19,402,000      9%        17% 
Ore processed - Sulphide      14,441,600  12,928,700  14,612,300  14,192,800  14,097,800      2%        12% 
Ore grade processed 
 - 
 Sulphide (% TCu)(3)                1.26        1.18        1.27        1.31        1.20      5%         6% 
Production - Copper 
 in concentrate                  162,800     134,600     171,500     172,000     151,000      8%        21% 
Anglo American's 44% 
 share of copper production 
 for Collahuasi                   71,600      59,200      75,500      75,700      66,500      8%        21% 
----------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
El Soldado mine (2) 
Ore mined                      1,708,600   1,982,000   1,885,100   1,378,100   1,915,300   (11)%      (14)% 
Ore processed - Sulphide       1,755,100   1,902,500   1,788,700   1,771,600   1,458,900     20%       (8)% 
Ore grade processed 
 - 
 Sulphide (% TCu)(3)                0.70        0.84        0.78        0.76        1.02   (31)%      (17)% 
Production - Copper 
 in concentrate                    9,900      12,700      10,800      10,400      11,900   (17)%      (22)% 
----------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
Chagres Smelter (2) 
Ore smelted(4)                    23,200      29,800      26,700      24,300      30,800   (25)%      (22)% 
Production                        22,600      29,000      26,000      23,700      30,000   (25)%      (22)% 
----------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
Total copper production 
 (5)                             160,300     167,800     165,700     166,800     147,100      9%       (4)% 
Total payable copper 
 production                      154,300     161,200     159,200     160,300     141,700      9%       (4)% 
----------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
Total sales volumes              147,700     178,600     176,100     154,200     139,600      6%      (17)% 
Total payable sales 
 volumes                         143,200     172,600     167,900     148,200     134,300      7%      (17)% 
Third party sales (6)             74,000     133,400     112,600     130,800      76,300    (3)%      (45)% 
----------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
 

(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)

 
                                            Q1 2021                Q1 2021 
                            Q1      Q1     vs. Q1 2020    Q4      vs. Q4 2020 
PGMs 000 oz(1)             2021    2020                  2020 
                          -------  -----                ------- 
Metal in concentrate 
 production               1,021.2  954.9            7%  1,076.1          (5)% 
Own mined(2)                694.9  654.6            6%    716.9          (3)% 
Purchase of concentrate 
 (POC)(3)                   326.3  300.3            9%    359.2          (9)% 
------------------------  -------  -----  ------------  -------  ------------ 
Refined production 
 (4)                        973.0  612.2           59%    673.1           45% 
------------------------  -------  -----  ------------  -------  ------------ 
 

(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 operation production. 

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

   (4)   Refined production excludes toll refined material. 

Metal in concentrate production

Own mined production increased by 6% to 694,900 ounces, due to the lower impact of Covid-19, with lockdowns starting in late Q1 2020. Consequently, production at Mogalakwena increased by 17% due to the higher throughput, as well as higher grade. Amandelbult production decreased by 7%, as testing increased in response to the second wave of Covid-19, delaying the return to work of employees following the Christmas holiday period. Joint ventures' production increased by 6%, largely due to a lower year-on-year Covid-19 impact.

Purchase of concentrate increased by 9% to 326,300 ounces, also largely due to a lower year-on-year Covid-19 impact.

Refined production

Refined production increased by 59% to 973,000 ounces as the ACP Phase A unit was fully operational following completion of the rebuild in November 2020, and despite planned maintenance at the Base Metals Refinery. The ACP Phase B rebuild is on schedule for completion in H2 2021.

Sales

Sales volumes increased by 66%, driven by higher refined production, supplemented by the drawdown of minor metals from refined inventory.

The average realised basket price of $2,219/PGM ounce reflects strong prices, particularly for rhodium and the minor metals, partly offset by higher than normal sales of lower priced ruthenium. The sales mix is expected to revert to normalised levels for the rest of the year.

Full Year 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.

 
                                  Q1       Q4       Q3      Q2     Q1 
                                                                         ----- 
                                                                          Q1 2021    Q1 2021 
                                                                           vs. Q1     vs. Q4 
                                 2021     2020     2020    2020   2020      2020       2020 
------------------------------  -------  -------  -------  -----  -----  --------- 
M&C PGMs production 
 (000 oz) (1)                   1,021.2  1,076.1  1,112.8  665.1  954.9      7%       (5)% 
------------------------------  -------  -------  -------  -----  -----  -----      ----- 
Own mined                         694.9    716.9    747.3  430.2  654.6      6%       (3)% 
Mogalakwena                       329.1    306.7    315.0  277.6  282.3     17%         7% 
Amandelbult                       156.0    185.5    204.8   50.1  167.7    (7)%      (16)% 
Unki                               50.9     55.8     60.0   31.3   49.0      4%       (9)% 
Mototolo                           58.6     69.8     72.2   20.4   61.2    (4)%      (16)% 
Joint ventures(2)                 100.3     99.1     95.3   50.8   94.4      6%         1% 
Purchase of concentrate           326.3    359.2    365.5  234.9  300.3      9%       (9)% 
Joint ventures(2)                 100.3     99.0     95.3   50.8   94.4      6%         1% 
Third parties                     226.0    260.2    270.2  184.1  205.9     10%      (13)% 
------------------------------  -------  -------  -------  -----  -----  -----      ----- 
Refined PGMs production 
 (000 oz) (1)(3)                  973.0    673.1  1,020.7  407.0  612.2     59%        45% 
------------------------------  -------  -------  -------  -----  -----  -----      ----- 
By metal: 
Platinum                          457.8    296.4    503.8  160.6  240.3     91%        54% 
Palladium                         317.0    206.8    354.1  147.4  197.1     61%        53% 
Rhodium                            63.0     47.1     48.9   30.6   47.3     33%        34% 
Other PGMs and gold               135.2    122.8    113.9   68.4  127.5      6%        10% 
Nickel (tonnes)                   4,800    3,700    5,000  2,000  3,100     55%        30% 
------------------------------  -------  -------  -------  -----  -----  -----      ----- 
Tolled material (000 
 oz)(4)                           175.9    146.5    129.4   96.0  131.6     34%        20% 
------------------------------  -------  -------  -------  -----  -----  -----      ----- 
PGMs sales from production 
 (000 oz) (1)(5)                1,131.1    754.3    884.9  548.0  681.3     66%        50% 
------------------------------  -------  -------  -------  -----  -----  -----      ----- 
Third party PGMs sales 
 (000 oz)(1)(6)                   221.5    370.8    341.0  210.5  248.6   (11)%      (40)% 
------------------------------  -------  -------  -------  -----  -----  -----      ----- 
4E head grade (g/t milled)(7)      3.54     3.67     3.65   3.44   3.44      3%       (4)% 
------------------------------  -------  -------  -------  -----  -----  -----      ----- 
 

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

(2) The joint 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)                      Q1 2021                 Q1 2021 
                     Q1      Q1      vs. Q1 2020     Q4      vs. Q4 2020 
                    2021    2020                    2020 
                   ------  ------                  ------ 
Iron Ore (1)       16,173  16,029         1%       16,183         0% 
                   ------  ------  --------   ---  ------  -------- --- 
Kumba(2)           10,555   9,605        10%        9,718         9% 
Minas-Rio(3)        5,619   6,424      (13)%        6,466      (13)% 
-----------------  ------  ------  --------   ---  ------  -------- --- 
 

(1) Total iron ore is the sum of Kumba and Minas-Rio. The comparative has been restated as Kumba previously reported on a dry basis.

(2) Volumes are reported as wet metric tonnes. Product is shipped with 1.6% moisture. The comparative has been restated as Kumba previously reported on a dry basis.

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

Iron ore production increased by 1% to 16.2 million tonnes, driven by a 10% increase at Kumba partly offset by a 13% decrease at Minas-Rio.

Kumba - Total production increased by 10% to 10.6 million tonnes, with a 6% increase at Sishen to 7.1 million tonnes and a 19% increase at Kolomela to 3.5 million tonnes.

The increase in production was largely driven by improved plant availability following good progress on scheduled plant maintenance.

Sales volumes decreased by 6% to 10.2 million tonnes(1)(2) due to significant rail performance challenges, due to a series of operational issues and delays caused by severe wet weather conditions, resulting in higher levels of stock and impacted throughput at the port. Consequently, finished stock increased to 5.4 million tonne s(1)(2) from 4.9 million tonnes(1)(2) at 31 December 2020.

The average lump:fines ratio in the Kumba product was 69:31 (Q1 2020: 66:34), while the Fe content averaged 64.2% (Q1 2020: 64.4%).

The average realised price of $180/tonne (FOB South Africa, wet basis) (equivalent to $183/t tonne dry basis) was higher than the 62% Fe benchmark price of $150/tonne (FOB South Africa, adjusted for freight and moisture) (equivalent to $153/tonne dry basis) due to the lump and Fe content premiums, as well as timing on provisionally priced volumes.

Minas-Rio - Production decreased by 13% to 5.6 million tonnes due to unplanned maintenance at the beneficiation plant which has now been completed, with volumes expected to be recovered during the remainder of the year.

The average realised price of $170/tonne (FOB Brazil, wet basis) was higher than the Metal Bulletin 66 price of $154/tonne (FOB Brazil, adjusted for freight and moisture), reflecting product quality, including higher (67%) Fe content, and timing on provisionally priced volumes.

Full Year Guidance

Iron ore production guidance (wet basis) is unchanged at 64.5-67.5 million tonnes (Kumba 40.5-41.5 million tonnes; Minas-Rio 24-26 million tonnes), subject to the extent of further Covid-19-related disruption, as well as rail performance for Kumba. Kumba guidance was previously shown on a dry basis (40-41 million tonnes).

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

   (2)   Wet basis. The comparative has been restated as Kumba previously reported on a dry basis. 
 
Iron Ore (tonnes)                                                                      Q1 2021    Q1 2021 
                                                                                        vs. Q1     vs. Q4 
                              Q1          Q4          Q3          Q2          Q1         2020       2020 
                             2021        2020        2020        2020        2020 
                          ----------  ----------  ----------  ----------  ---------- 
Iron Ore production 
 (1)                      16,173,400  16,183,200  14,677,400  14,812,500  16,029,000      1%         0% 
Iron Ore sales (1)        15,716,400  16,600,200  15,861,400  14,828,700  16,950,800    (7)%       (5)% 
------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
 
Kumba production (2)      10,554,700   9,717,600   9,683,600   8,614,500   9,604,900     10%         9% 
Lump(2)                    7,156,100   6,589,100   6,592,200   5,803,900   6,493,100     10%         9% 
Fines(2)                   3,398,600   3,128,500   3,091,400   2,810,600   3,111,800      9%         9% 
------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
Kumba production by 
 mine (2) 
Sishen(2)                  7,071,200   6,583,400   6,615,300   5,877,400   6,687,900      6%         7% 
Kolomela(2)                3,483,500   3,134,200   3,068,300   2,737,100   2,917,000     19%        11% 
------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
Kumba sales volumes 
 (2)(3)                   10,230,200  10,285,700  11,076,800   8,217,100  10,869,600    (6)%       (1)% 
Export iron ore(2)(3)     10,123,100  10,285,700  11,076,800   8,217,100  10,511,900    (4)%       (2)% 
Domestic iron ore(2)         107,100           -           -           -     357,700   (70)%           n/a 
------------------------  ----------  ----------  ----------  ----------  ----------  -----      --------- 
 
Minas-Rio production 
Pellet feed (wet basis)    5,618,700   6,465,600   4,993,800   6,198,000   6,424,100   (13)%      (13)% 
------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
Minas-Rio sales volumes 
Export - pellet feed 
 (wet basis)               5,486,200   6,314,500   4,784,600   6,611,600   6,081,200   (10)%      (13)% 
------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
 

(1) Total iron ore is the sum of Kumba and Minas-Rio and reported in wet metric tonnes. The comparative has been restated as Kumba previously reported on a dry basis. Kumba product is shipped with 1.6% moisture and Minas-Rio product is shipped with 9% moisture.

   (2)       The comparative has been restated as Kumba previously reported on a dry basis. 
   (3)       Sales volumes differ to Kumba's standalone results due to sales to other Group companies. 

METALLURGICAL COAL

 
Metallurgical Coal(1)                             Q1 2021                Q1 2021 
 (000 t)                          Q1     Q1      vs. Q1 2020    Q4      vs. Q4 2020 
                                 2021   2020                   2020 
                                 -----  -----                  ----- 
Metallurgical Coal (Australia)   3,279  3,826      (14)%       4,182      (22)% 
                                 -----  -----  --------   ---  -----  -------- --- 
 
 
   (1)   Anglo American's attributable share of production. 

Export metallurgical coal production decreased by 14% to 3.3 million tonnes, due to the continued suspension of operations at Grosvenor following the underground gas incident in May 2020. The re-entry process is now underway with inspections ongoing to ensure the safety and integrity of the mine before work will commence to prepare for restart later in H2 2021. Open cut operations have been scaled back at Dawson and Capcoal since mid-2020 in response to reduced demand for lower quality metallurgical coal.

Production at Moranbah North has been suspended since 21 February 2021 in response to elevated gas levels. Re-entry is expected in late April after re-instating ventilation following water ingress that occurred while the workforce was withdrawn from the operation and approval from the Inspectorate. Operations are expected to resume in early May.

The ratio of hard coking coal production to PCI/semi-soft coking coal was 77:23, lower than in Q1 2020 (79:21), due to a lower proportion of product coming from the underground operations.

The average realised price for hard coking coal was $113/tonne, which was lower than the benchmark price of $127/tonne as sales consisted of a lower proportion of premium quality hard coking coal from Moranbah North and Grosvenor.

Full Year Guidance

Production guidance for metallurgical coal is revised to 14-16 million tonnes (previously 18-20 million tonnes), impacted by the suspension at Moranbah North as well as geotechnical conditions and delayed access to Grosvenor, subject to the extent of any Covid-19-related disruption.

 
Coal, by product (tonnes)(1)                                                           Q1 2021    Q1 2021 
                                                                                        vs. Q1     vs. Q4 
                                  Q1         Q4         Q3         Q2         Q1         2020       2020 
                                 2021       2020       2020       2020       2020 
                               ---------  ---------  ---------  ---------  --------- 
Production volumes 
Metallurgical Coal             3,278,500  4,182,400  4,836,100  3,977,200  3,826,200   (14)%      (22)% 
 Hard Coking Coal              2,511,200  3,221,200  3,969,100  3,221,500  3,012,200   (17)%      (22)% 
 PCI / SSCC                      767,300    961,200    867,000    755,700    814,000    (6)%      (20)% 
Export thermal Coal              372,400    562,300    587,000    468,000    403,200    (8)%      (34)% 
-----------------------------  ---------  ---------  ---------  ---------  ---------  -----      ----- 
Sales volumes 
Metallurgical Coal             3,112,300  4,318,300  4,818,000  3,901,300  3,850,300   (19)%      (28)% 
 Hard Coking Coal              2,462,100  3,536,900  4,130,000  3,305,000  2,867,400   (14)%      (30)% 
 PCI / SSCC                      650,200    781,400    688,000    596,300    982,900   (34)%      (17)% 
Export thermal Coal              492,000    725,800    500,100    651,700    407,200     21%      (32)% 
-----------------------------  ---------  ---------  ---------  ---------  ---------  -----      ----- 
(1) Anglo American's attributable share of production. 
 
Metallurgical coal,                                                                    Q1 2021    Q1 2021 
 by operation (tonnes)(1)                                                               vs. Q1     vs. Q4 
                                  Q1         Q4         Q3         Q2         Q1         2020       2020 
----------------------------- 
                                 2021       2020       2020       2020       2020 
-----------------------------  ---------  ---------  ---------  ---------  --------- 
Metallurgical Coal             3,278,500  4,182,400  4,836,100  3,977,200  3,826,200   (14)%      (22)% 
 Moranbah North                  595,100  1,209,200  2,008,500    761,800    450,800     32%      (51)% 
 Grosvenor                             -          -      4,500    560,900    540,900        n/a        n/a 
 Capcoal (incl. Grasstree)     1,346,600  1,680,900  1,328,800  1,221,900  1,383,300    (3)%      (20)% 
 Dawson                          600,600    461,200    588,300    638,400    741,200   (19)%        30% 
 Jellinbah                       736,200    831,100    906,000    794,200    710,000      4%      (11)% 
-----------------------------  ---------  ---------  ---------  ---------  ---------  -----      ----- 
(1) Anglo American's attributable share of production. 
 

THERMAL COAL

 
Coal(1) (000 t)                        Q1 2021                Q1 2021 
                       Q1     Q1      vs. Q1 2020    Q4      vs. Q4 2020 
                      2021   2020                   2020 
                      -----  -----                  ----- 
Export Thermal Coal 
 (South Africa)(2)    3,149  4,195      (25)%       4,085      (23)% 
Export Thermal Coal 
 (Colombia)(3)        1,795  1,978       (9)%         347       417% 
--------------------  -----  -----  --------   ---  -----  -------- --- 
 
   (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 25% to 3.1 million tonnes as operations, which continue to operate at c.90% capacity due to Covid-19 measures to safeguard the workforce, were impacted by the second wave of Covid-19 in South Africa, as well as the Bokgoni pit at Khwezela being placed on care and maintenance.

Thermal Coal, Colombia - Attributable export thermal coal production decreased by 9% to 1.8 million tonnes owing to a controlled Covid-19-safe ramp-up following the three month strike which ended in December 2020.

The weighted average realised price for export thermal coal from South Africa and Colombia was $68/tonne (South Africa: $74/tonne; Colombia: $58/tonne). This was 16% lower than the weighted average quoted FOB price from South Africa and Colombia, largely due to energy content adjustments relative to the industry benchmark.

Full Year Guidance

Production guidance for export thermal coal is reduced to c.14 million tonnes (previously c.24 million tonnes) reflecting the proposed demerger of the South Africa thermal coal operations that, subject to shareholder approval, is expected on 4 June 2021 with the subsequent listing of the demerged business on 7 June 2021 (Export South Africa c.6 million tonnes for the period January to May (previously c.16 million tonnes for 2021); Colombia c.8 million tonnes (attributable share)), subject to the extent of further Covid-19-related disruption.

 
Thermal coal (tonnes)(1)                                                                 Q1 2021    Q1 2021 
                                                                                          vs. Q1     vs. Q4 
                                Q1          Q4          Q3          Q2          Q1         2020       2020 
                               2021        2020        2020        2020        2020 
                            ----------  ----------  ----------  ----------  ---------- 
Production volumes 
Thermal Coal                 8,080,400   8,059,500   9,575,400   8,293,000   8,680,400    (7)%         0% 
 Export - South Africa(2)    3,148,500   4,085,000   4,595,400   3,587,600   4,195,100   (25)%      (23)% 
 Export - Colombia(3)        1,794,900     347,000   1,037,700     767,400   1,977,900    (9)%       417% 
 Domestic - South Africa     3,137,000   3,627,500   3,942,300   3,938,000   2,507,400     25%      (14)% 
--------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
Sales volumes 
Thermal Coal                10,701,500  10,086,000  10,854,100  10,502,900  11,389,000    (6)%         6% 
 Export - South Africa(2)    3,085,200   4,872,100   4,512,700   3,264,300   3,924,000   (21)%      (37)% 
 Export - Colombia(3)        1,746,300     369,900     993,800   1,142,500   2,028,000   (14)%       372% 
 Domestic - South Africa     3,023,800   2,994,600   3,407,700   3,558,700   2,408,400     26%         1% 
 Third party sales           2,846,200   1,849,400   1,939,900   2,537,400   3,028,600    (6)%        54% 
--------------------------  ----------  ----------  ----------  ----------  ----------  -----      ----- 
 
   (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                                                           Q1 2021    Q1 2021 
 (tonnes)(1)                                                                       vs. Q1     vs. Q4 
                             Q1         Q4         Q3         Q2         Q1         2020       2020 
                            2021       2020       2020       2020       2020 
                          ---------  ---------  ---------  ---------  --------- 
Thermal Coal - South 
 Africa (2)               6,285,500  7,712,500  8,537,700  7,525,600  6,702,500    (6)%      (19)% 
 Goedehoop                1,704,000  1,907,500  1,816,600  1,192,500  1,207,400     41%      (11)% 
 Greenside                  768,200    938,000  1,199,000  1,179,100  1,177,900   (35)%      (18)% 
 Zibulo                   1,204,800  1,099,900  1,429,900  1,331,100  1,291,700    (7)%        10% 
 Khwezela                   529,900  1,444,200  1,735,100  1,383,700  1,619,400   (67)%      (63)% 
 Mafube                     446,400    491,300    503,100    339,200    484,600    (8)%       (9)% 
 Other(3)                 1,632,200  1,831,600  1,854,000  2,100,000    921,500     77%      (11)% 
------------------------  ---------  ---------  ---------  ---------  ---------  -----      ----- 
Thermal Coal - Colombia 
 (Cerrejón) (4)      1,794,900    347,000  1,037,700    767,400  1,977,900    (9)%       417% 
------------------------  ---------  ---------  ---------  ---------  ---------  -----      ----- 
 
   (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)                      Q1 2021                 Q1 2021 
                    Q1      Q1      vs. Q1 2020     Q4      vs. Q4 2020 
                   2021    2020                    2020 
                  ------  ------                  ------ 
Nickel            10,100  10,900       (7)%       11,700      (14)% 
                  ------  ------  --------   ---  ------  -------- --- 
 
 

Nickel production decreased by 7% to 10,100 tonnes, reflecting expected lower ore grades.

Full Year Guidance

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

 
Nickel                                                                        Q1 2021    Q1 2021 
                                                                               vs. Q1     vs. Q4 
                            Q1        Q4         Q3         Q2        Q1        2020       2020 
                           2021      2020       2020       2020      2020 
                          -------  ---------  ---------  ---------  ------- 
Barro Alto 
 Ore mined                628,500  1,001,600  1,712,200  1,166,200  318,000     98%      (37)% 
 Ore processed            616,700    628,000    536,600    625,900  610,100      1%       (2)% 
 Ore grade processed 
  - %Ni                      1.53       1.71       1.72       1.60     1.57    (3)%      (11)% 
 Production                 8,200      9,500      8,000      8,800    8,700    (6)%      (14)% 
------------------------  -------  ---------  ---------  ---------  -------  -----      ----- 
Codemin 
 Ore mined                      -          -      3,200          -        -        n/a        n/a 
 Ore processed            136,600    147,600    142,100    145,800  145,800    (6)%       (7)% 
 Ore grade processed 
  - %Ni                      1.51       1.71       1.71       1.59     1.62    (7)%      (12)% 
 Production                 1,900      2,200      2,200      2,000    2,200   (14)%      (14)% 
------------------------  -------  ---------  ---------  ---------  -------  -----      ----- 
Total Nickel production 
 (1)                       10,100     11,700     10,200     10,800   10,900    (7)%      (14)% 
------------------------  -------  ---------  ---------  ---------  -------  -----      ----- 
Sales volumes              10,200     11,700     10,900      9,800   10,600    (4)%      (13)% 
------------------------  -------  ---------  ---------  ---------  -------  -----      ----- 
 
   (1)       Excludes nickel production from the PGMs business unit. 

MANGANESE

 
Manganese (000 t)                       Q1 2021               Q1 2021 
                          Q1    Q1     vs. Q1 2020    Q4     vs. Q4 2020 
                         2021  2020                  2020 
                         ----  ----                  ---- 
Manganese ore(1)          905   843     7%            942       (4)% 
Manganese alloys(1)(2)      -    24             n/a    15             n/a 
-----------------------  ----  ----  --------------  ----  -------------- 
 
 
   (1)    Saleable production. 
   (2)    Production includes medium carbon ferro-manganese. 

Manganese ore production increased by 7% to 904,500 tonnes, largely driven by improved equipment reliability in South Africa.

There was no manganese alloy production as the South African smelter has been on care and maintenance since the Covid-19 lockdown, while the sale of the TEMCO smelter in Australia completed at the start of 2021.

 
Manganese (tonnes)                                                      Q1 2021    Q1 2021 
                                                                         vs. Q1     vs. Q4 
                            Q1       Q4       Q3       Q2       Q1        2020       2020 
                           2021     2020     2020     2020     2020 
                          -------  -------  -------  -------  ------- 
Samancor production 
 Manganese ore(1)         904,500  942,400  938,700  796,000  842,900      7%       (4)% 
 Manganese alloys(1)(2)         -   14,600   18,300   23,200   24,400        n/a        n/a 
------------------------  -------  -------  -------  -------  -------  ---------  --------- 
Samancor sales volumes 
 Manganese ore            878,200  936,800  976,200  810,700  805,400      9%       (6)% 
 Manganese alloys             670   24,500   22,700   23,400   32,800   (98)%      (97)% 
------------------------  -------  -------  -------  -------  -------  -----      ----- 
 
   (1)    Saleable production. 
   (2)    Production includes medium carbon ferro-manganese. 

EXPLORATION AND EVALUATION

Exploration and evaluation expenditure decreased by 3% to $59 million. Exploration expenditure decreased by 24% to $19 million driven by ongoing lower levels of drilling activity across most businesses due to Covid-19. Evaluation expenditure increased by 11% to $40 million, with increased spend at Sakatti (Copper/PGMs) in Finland, offset by lower activity in the Metallurgical Coal business.

NOTES

   --     This Production Report for the quarter ended 31 March 2021 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                                      UK 
 James Wyatt-Tilby                       Paul Galloway 
 james.wyatt-tilby@angloamerican.com     paul.galloway@angloamerican.com 
 Tel: +44 (0)7817 735 337                Tel: +44 (0)7584 267 361 
 
 Marcelo Esquivel                        Robert Greenberg 
 marcelo.esquivel@angloamerican.com      robert.greenberg@angloamerican.com 
 Tel: +44 (0)7818 529 638                Tel: +44 (0)7826 943 836 
 
 Katie Ryall                             Emma Waterworth 
 katie.ryall@angloamerican.com           emma.waterworth@angloamerican.com 
 Tel: +44 (0)7513 134 971                Tel: +44 (0)7843 069 912 
 
 South Africa 
 Nevashnee Naicker 
 nevashnee.naicker@angloamerican.com 
 Tel: +27 (0)71 164 5719 
 
 Sibusiso Tshabalala 
 sibusiso.tshabalala@angloamerican.com 
 Tel: +27 (0)63 684 7470 
 
 Nomonde Ndwalaza 
 nomonde.ndwalaza@angloamerican.com 
 Tel: +27 (0)66 311 1133 
 

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.

www.angloamerican.com

Forward-looking statements and third-party information:

This announcement includes forward-looking statements. All statements other than statements of historical facts included in this 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.

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