TIDMAAL
RNS Number : 2533E
Anglo American PLC
27 October 2022
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27 October 2022
Anglo American plc
Production Report for the third quarter ended 30 September
2022
Duncan Wanblad, Chief Executive of Anglo American , said : "Our
performance stepped up 16% (1) quarter-on-quarter amid a
challenging operating environment, driven by the ongoing ramp-up of
our Steelmaking Coal longwall operations and continued strong
performance at De Beers. Our new world-class copper mine in Peru,
Quellaveco, continues to ramp-up production with shipments to
customers now under way. Production in the third quarter was
broadly flat (1) compared to the same period in 2021, as higher
production from Quellaveco, Steelmaking Coal and De Beers was
offset primarily by expected lower copper ore grades in Chile and
some operational challenges at our Kumba iron ore business.
"As we move through the final quarter, we are focused on
maintaining this operational momentum to deliver our full year
guidance. The continued safe ramp-up of our steelmaking coal
operations, as well as further performance improvements at our iron
ore businesses, are priorities to set the platform for delivery
into next year. We do continue to feel the effects of dislocations
in the global economy on our business - in energy and across supply
chains and labour markets - and are planning accordingly for 2023,
confident in the strategic position of our business.
"We continue to make important progress towards our holistic
sustainability commitments. With renewable electricity supply
secured for all our South America operations, we have now formed
our renewable energy partnership with EDF Renewables in South
Africa. Our new jointly owned company, Envusa Energy, is developing
its first phase of more than 600 MW of wind and solar projects, a
major step towards our vision of a 3-5 GW renewable energy
ecosystem in the region by 2030. The issuance of our first
sustainability-linked bond, a first of its kind from a major
diversified mining company, re-affirms our commitment to our
targets to reduce greenhouse gas emissions and fresh water
abstraction and to support job creation in the communities where we
operate."
Q3 2022 highlights
-- Rough diamond production increased by 4%, principally
reflecting the treatment of higher grade ore at Orapa (Botswana) as
well as continued strong performance in Namibia.
-- Steelmaking coal production increased by 28%, reflecting the
ongoing ramp-up of the longwall operations. Continuing to do so in
a safe and stable way is our first priority.
-- Copper production decreased by 6%, due to planned lower
grades at all our operations in Chile, as well as unfavourable ore
characteristics at Los Bronces, partly offset by the first
production of copper from Quellaveco in Peru.
-- Metal in concentrate production from our Platinum Group
Metals (PGMs) operations decreased by 6%, due to the impact of
Eskom load-shedding (power outages) primarily in September,
infrastructure closures at Amandelbult and lower grade at
Mogalakwena.
-- Iron ore production decreased by 5% primarily due to Kumba,
which was impacted by the slow ramp-up after the safety
intervention in the second quarter and Eskom load-shedding,
primarily in September, while production at Minas-Rio was flat.
-- Nickel production decreased by 4%, primarily due to lower
grades.
Production Q3 2022 Q3 2021 % vs. Q3 2021 YTD 2022 YTD 2021 % vs. YTD 2021
================================ ======= ======= ============= ======== ======== ==============
Diamonds (Mct) (2) 9.6 9.2 4% 26.5 24.6 8%
Copper (kt) (3) 147 157 (6)% 420 487 (14)%
Nickel (kt) (4) 10.0 10.4 (4)% 29.6 31.1 (5)%
Platinum group metals (koz) (5) 1,046 1,116 (6)% 3,034 3,195 (5)%
Iron ore (Mt) (6) 16.1 16.9 (5)% 43.6 48.8 (11)%
Steelmaking coal (Mt) 5.5 4.3 28% 10.4 10.5 (2)%
Manganese ore (kt) 973 1,004 (3)% 2,756 2,849 (3)%
================================ ======= ======= ============= ======== ======== ==============
(1) Copper equivalent production basis. Copper equivalent
production decreased by 1% compared to Q3 2021.
(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 operations in Chile and Peru only (excludes copper
production from the Platinum Group Metals business unit).
(4) Reflects nickel production from the Nickel operations in
Brazil only (excludes nickel production from the Platinum Group
Metals business unit).
(5) Produced ounces of metal in concentrate. 5E+Au (platinum,
palladium, rhodium, ruthenium and iridium plus gold). Reflects own
mine production and purchase of concentrate.
(6) Wet basis.
Production and unit cost guidance summary
2022 production guidance (1) 2022 unit cost guidance (1)
========================= ============================ ===========================
Diamonds (2) 32-34 Mct c.$65/ct
========================= ============================ ===========================
Copper (3) 640-680 kt c.159c/lb
========================= ============================ ===========================
Nickel (4) 40-42 kt c.495c/lb
========================= ============================ ===========================
Platinum Group Metals (5) 3.9-4.3 Moz c.$950/oz
========================= ============================ ===========================
Iron Ore (6) 60-64 Mt c.$40/t
========================= ============================ ===========================
Steelmaking Coal (7) 15-17 Mt c.$110/t
========================= ============================ ===========================
(1) Subject to the extent of further Covid-19 related
disruption. Unit costs exclude royalties, depreciation and include
direct support costs only. (FX rates for H2 2022 costs: 17 ZAR:USD,
1.5 AUD:USD, 5.5 BRL:USD, 950 CLP:USD, 4 PEN:USD).
(2) Production on a 100% basis, except for the Gahcho Kué joint
venture, which is on an attributable 51% basis, subject to trading
conditions. Venetia continues to transition to underground
operations during 2022, with ramp-up expected from 2023. Unit cost
is based on De Beers' share of production.
(3) Copper business unit only. On a contained-metal basis. Total
copper production is the sum of Chile and Peru: Chile: 560-580 kt
and Peru: 80-100 kt. Peru subject to progress on ramp-up of
operations. Unit cost total is a weighted average based on the
mid-point of production guidance. Chile: c.160c/lb. Peru:
c.150c/lb, based on progressing the ramp-up of production
volumes.
(4) Nickel operations in Brazil only. The Group also produces
approximately 20 kt of nickel on an annual basis as a co-product
from the PGM operations. Production is subject to weather related
disruptions.
(5) 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 FY2021 results presentation slide 38 for indicative split
of own mined volumes. 2022 metal in concentrate production is
expected to be 1.8-2.0 Moz of platinum, 1.2-1.3 Moz of palladium
and 0.9-1.0 Moz of other PGMs and gold. 5E + gold refined
production is expected to be 3.7-3.9 Moz, subject to the impact of
Eskom load-shedding. Unit cost is per own mined 5E + gold PGMs
metal in concentrate ounce.
(6) Wet basis. Total iron ore is the sum of operations at
Minas-Rio in Brazil and Kumba in South Africa. Minas-Rio: 22-24 Mt
and Kumba: 38-40 Mt. Minas-Rio is subject to weather related
disruptions. Kumba is subject to the third party rail and port
performance, weather related disruptions as well as the impact of
Eskom load-shedding. Unit cost total is a weighted average based on
the mid-point of production guidance. Minas-Rio: c.$32/t and Kumba:
c.$44/t.
(7) Production excludes thermal coal by-product from Australia
and is subject to the extent of further unseasonal wet weather and
continued tight labour markets. FOB unit cost comprises managed
operations and excludes royalties and study costs.
Realised prices
Q3 YTD 2022 Q3 YTD 2021 Q3 YTD 2022 vs Q3 YTD
2021
=================================== =========== =========== =====================
Copper (USc/lb) (1) 377 434 (13)%
Copper Chile (USc/lb) (2) 377 434 (13)%
Copper Peru (USc/lb) 341 - n/a
Nickel (US$/lb) 10.68 7.48 43%
Platinum Group Metals
Platinum (US$/oz) (3) 937 1,118 (16)%
Palladium (US$/oz) (3) 2,107 2,582 (18)%
Rhodium (US$/oz) (3) 16,139 22,009 (27)%
Basket price (US$/PGM oz) (4) 2,627 2,868 (8)%
Iron Ore - FOB prices (5) 115 176 (35)%
Kumba Export (US$/wmt) (6) 115 181 (36)%
Minas-Rio (US$/wmt) (7) 114 167 (32)%
Steelmaking Coal - HCC (US$/t) (8) 324 149 117%
Steelmaking Coal - PCI (US$/t) (8) 279 138 102%
=================================== =========== =========== =====================
(1) Average realised total copper price is a weighted average of
the Copper Chile and Copper Peru realised prices.
(2) The realised price for Copper excludes third party sales
volumes.
(3) The realised price excludes trading.
(4) Price for a basket of goods per PGM oz. The dollar basket
price is the net sales revenue from all metals (PGMs, base metals
and other metals), excluding trading, per 5E + gold sold ounces
(own mined and purchased concentrate).
(5) Average realised total iron ore price is a weighted average
of the Kumba and Minas-Rio realised prices.
(6) Average realised export basket price (FOB Saldanha) (wet
basis as product is shipped with 1.6% moisture). 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 $117/t (Q3 YTD 2021: $184/t) and this
was higher than the dry 62% Fe benchmark price of $108/t (FOB South
Africa, adjusted for freight).
(7) Average realised export basket price (FOB Açu) (wet basis as
product is shipped with 9% moisture).
(8) Weighted average coal sales price achieved at managed
operations. Australian thermal coal by-product is US$309/t and Q3
YTD 2021 was US$105/t, resulting in a 194% increase.
De Beers
De Beers (1) (000 carats) Q3 2022 vs. Q3 2022 vs. YTD 2022
Q3 2021 Q2 2022 vs.
Q3 Q3 Q2 YTD YTD YTD 2021
========================== =========== =========== =========
2022 2021 2022 2022 2021
========================== ===== ===== =========== ===== =========== ====== ====== =========
Botswana 6,647 6,403 4% 5,521 20% 18,352 17,090 7%
Namibia 531 399 33% 565 (6)% 1,547 1,075 44%
South Africa 1,651 1,577 5% 1,220 35% 4,567 4,014 14%
Canada 741 797 (7)% 643 15% 1,988 2,406 (17)%
Total carats recovered 9,570 9,176 4% 7,949 20% 26,454 24,585 8%
========================== ===== ===== =========== ===== =========== ====== ====== =========
Rough diamond production increased by 4% to 9.6 million carats,
primarily due to the treatment of higher grade ore at both Orapa
(Botswana) and in South Africa, and continued strong performance in
Namibia.
In Botswana, production increased by 4% to 6.6 million carats,
primarily driven by treatment of higher grade ore at Orapa, partly
offset by processing lower grade ore at Jwaneng.
Namibia production increased by 33% to 0.5 million carats,
primarily driven by continued strong performance from the Benguela
Gem vessel.
South Africa production increased by 5% to 1.7 million carats,
driven by the treatment of higher grade ore and the benefit of
plant upgrades.
Production in Canada decreased by 7% to 0.7 million carats, due
to the treatment of lower grade ore and the impact of tight labour
markets.
Demand for rough diamonds remained steady, with rough diamond
sales totalling 9.1 million carats (8.5 million carats on a
consolidated basis) (2) from three Sights, compared with 7.8
million carats (7.0 million carats on a consolidated basis) (2)
from two Sights in Q3 2021 and 9.4 million carats (8.3 million
carats on a consolidated basis) (2) from three Sights in Q2 2022.
While consumer demand for natural diamonds continues to be robust,
a deterioration of global economic conditions, reduced consumer
spending and continued Chinese Covid-19 lockdowns have the
potential to impact demand for diamond jewellery.
2022 Guidance
Production guidance (1) for 2022 is unchanged at 32-34 million
carats (100% basis), subject to trading conditions and the extent
of further Covid-19 related disruptions.
In line with normal seasonal trends, we anticipate that sales in
the final quarter of the year will be affected by the normal
temporary closure of cutting and polishing factories for the
religious holidays in India.
Unit cost guidance for 2022 is unchanged at c.$65/ct.
(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 the Diamond Trading Company Botswana and the
Namibia Diamond Trading Company, which are included in total sales
volume (100% basis).
De Beers (1) Q3 Q2 Q1 Q4 Q3 Q3 2022 Q3 2022 YTD YTD YTD 2022
vs. vs. vs.
Q3 2021 Q2 2022 YTD 2021
================================ ======== ======== =========
2022 2022 2022 2021 2021 2022 2021
================================ ===== ======= ======= ===== ===== ======== ======== ====== ====== =========
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 3,567 3,120 3,632 2,679 3,954 (10)% 14% 10,319 10,214 1%
Orapa (2) 3,080 2,401 2,552 2,557 2,449 26% 28% 8,033 6,876 17%
Total Botswana 6,647 5,521 6,184 5,236 6,403 4% 20% 18,352 17,090 7%
Debmarine Namibia 423 488 375 330 309 37% (13)% 1,286 807 59%
Namdeb (land operations) 108 77 76 62 90 20% 40% 261 268 (3)%
Total Namibia 531 565 451 392 399 33% (6)% 1,547 1,075 44%
Venetia 1,651 1,220 1,696 1,292 1,577 5% 35% 4,567 4,014 14%
Total South Africa 1,651 1,220 1,696 1,292 1,577 5% 35% 4,567 4,014 14%
Gahcho Kué (51% basis) 741 643 604 771 797 (7)% 15% 1,988 2,406 (17)%
Total Canada 741 643 604 771 797 (7)% 15% 1,988 2,406 (17)%
================================ ===== ======= ======= ===== ===== ======== ======== ====== ====== =========
Total carats recovered 9,570 7,949 8,935 7,691 9,176 4% 20% 26,454 24,585 8%
================================ ===== ======= ======= ===== ===== ======== ======== ====== ====== =========
Sales volumes
Total sales volume (100)% (Mct)
(3) 9.1 9.4 (4) 7.9 (4) 7.7 7.8 17% (3)% 26.4 28.6 (8)%
Consolidated sales volume (Mct)
(3) 8.5 8.3 (4) 7.0 (4) 7.2 7.0 21% 2% 23.8 26.2 (9)%
Number of Sights (sales cycles) 3 3 (4) 2 (4) 3 2 8 7
================================ ===== ======= ======= ===== ===== ======== ======== ====== ====== =========
(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 the Diamond Trading Company Botswana and the
Namibia Diamond Trading Company, which are included in total sales
volume (100% basis).
(4) Due to the completion of Sight 3 in April 2022, the sales
were recognised in Q2 2022.
Copper
Copper (1) (tonnes) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021 Q2 2022 vs.
YTD 2021
==================== =========== =========== =========
2022 2021 2022 2022 2021
==================== ==== ==== =========== ==== =========== ==== ==== =========
Copper 147 157 (6)% 134 10% 420 487 (14)%
Copper Chile 127 157 (19)% 134 (6)% 400 487 (18)%
Copper Peru 20 - n/a n/a n/a 20 n/a n/a
==================== ==== ==== =========== ==== =========== ==== ==== =========
(1) Copper production shown on a contained metal basis. Reflects
copper production from the Copper operations in Chile and Peru only
(excludes copper production from the Platinum Group Metals business
unit).
Copper production decreased by 6% to 147,000 tonnes, primarily
due to a decrease of 19% in Chile, partly offset by the first
production of copper in concentrate from Quellaveco in Peru.
Chile - Copper production decreased by 19% to 126,500 tonnes due
to planned lower grades at all operations, and unfavourable ore
characteristics and unplanned stoppages at Los Bronces .
Production from Los Bronces decreased by 29% to 56,900 tonnes,
primarily due to lower ore processed as a result of the impact of
increased ore hardness and unplanned stoppages, as well as planned
lower grades (0.58% vs 0.70%).
At Collahuasi, attributable production decreased by 8% to 60,400
tonnes driven by planned lower grades (1.08% vs 1.28%).
Production from El Soldado decreased by 21% to 9,200 tonnes due
to planned lower grades (0.59% vs 0.73%).
Chile's central zone continues to face severe drought
conditions, with the last two years up to June 2022 being the
driest years since records began. While the rain and snowfall
deficit decreased during the third quarter, the outlook remains
very dry and these conditions place pressure on water availability
in 2023. In the short term, various management initiatives to
improve water efficiency and secure alternative sources of water
continue to partly mitigate the impact on production.
The average realised price of 377 c/lb, includes 135,000 tonnes
of copper provisionally priced on 30 September at an average of 346
c/lb.
Peru - First production of copper in concentrate from the
Quellaveco mine was on 12 July 2022, with 20,300 tonnes
successfully produced by the end of the third quarter. On 26
September 2022, we announced the start of commercial operations
following receipt of final regulatory clearance, with sales
commencing in the subsequent days. Quellaveco is expected to
ramp-up fully over the next 9-12 months.
5,100 tonnes of copper from Quellaveco were provisionally priced
on 30 September at an average realised price of 341 c/lb.
2022 Guidance
Production guidance for 2022 is unchanged a t 640,000-680,000
tonnes (Chile 560,000 -580,000 ton nes; Peru 80,000-100,000
tonnes). Production is subject to the extent of further Covid-19
related disruptions and, in Peru, progress on ramp-up of
operations.
Unit cost guidance for 2022 is unchanged at c.159c/lb (Chile
c.160c/lb; Peru c.150c/lb).
Copper (1) Q3 Q2 Q1 Q4 Q3 Q3 Q3 YTD YTD YTD
2022 2022 2022
vs. vs. vs.
Q3 Q2 YTD
2021 2022 2021
================ ===== ===== =====
2022 2022 2022 2021 2021 2022 2021
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Total copper
production 146,800 133,900 139,500 160,700 156,500 (6)% 10% 420,200 486,500 (14)%
Total copper
sales volumes 132,900 132,800 132,100 173,400 162,300 (18)% 0% 397,800 467,700 (15)%
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Copper Chile
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Los Bronces mine
(2)
Ore mined 11,389,900 13,256,600 8,976,100 11,056,800 10,512,600 8% (14)% 33,622,600 32,728,100 3%
Ore processed -
Sulphide 9,848,900 11,992,800 11,142,600 13,293,500 12,715,400 (23)% (18)% 32,984,300 37,404,000 (12)%
Ore grade
processed -
Sulphide (%
TCu) (3) 0.58 0.57 0.62 0.70 0.70 (18)% 1% 0.59 0.70 (16)%
Production -
Copper cathode 10,500 8,600 10,100 10,400 9,800 7% 22% 29,200 29,500 (1)%
Production -
Copper in
concentrate 46,400 55,700 55,300 74,500 69,800 (34)% (17)% 157,400 213,300 (26)%
Total production 56,900 64,300 65,400 84,900 79,600 (29)% (12)% 186,600 242,800 (23)%
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Collahuasi 100%
basis
(Anglo American
share 44%)
Ore mined 20,217,100 22,025,700 22,004,800 23,940,600 30,327,200 (33)% (8)% 64,247,600 78,490,500 (18)%
Ore processed -
Sulphide 14,339,600 14,337,800 13,841,700 13,979,000 12,926,400 11% 0% 42,519,100 41,702,300 2%
Ore grade
processed -
Sulphide (%
TCu) (3) 1.08 1.10 1.18 1.18 1.28 (16)% (3)% 1.12 1.27 (12)%
Production -
Copper in
concentrate 137,400 141,000 149,400 150,100 148,300 (7)% (3)% 427,800 479,900 (11)%
Anglo American's
44% share of
copper
production for
Collahuasi 60,400 62,100 65,700 66,000 65,300 (8)% (3)% 188,200 211,200 (11)%
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
El Soldado mine
(2)
Ore mined 1,942,400 948,700 611,100 975,500 1,697,800 14% 105% 3,502,200 5,203,000 (33)%
Ore processed -
Sulphide 1,926,500 1,914,100 1,809,700 1,909,400 1,952,000 (1)% 1% 5,650,300 5,541,900 2%
Ore grade
processed -
Sulphide (%
TCu) (3) 0.59 0.50 0.57 0.63 0.73 (20)% 17% 0.55 0.73 (24)%
Production -
Copper in
concentrate 9,200 7,500 8,400 9,800 11,600 (21)% 23% 25,100 32,500 (23)%
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Chagres Smelter
(2)
Ore smelted (4) 25,700 20,600 30,900 29,200 30,200 (15)% 25% 77,200 78,800 (2)%
Production 25,000 24,900 25,100 28,400 29,200 (14)% 0% 75,000 76,400 (2)%
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Total copper
production (5) 126,500 133,900 139,500 160,700 156,500 (19)% (6)% 399,900 486,500 (18)%
Total payable
copper
production 121,600 128,500 134,100 154,100 150,100 (19)% (5)% 384,200 467,000 (18)%
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Total copper
sales volumes 127,600 132,800 132,100 173,400 162,300 (21)% (4)% 392,500 467,700 (16)%
Total payable
sales volumes 122,200 127,500 126,900 166,200 153,900 (21)% (4)% 376,600 446,300 (16)%
Third party
sales (6) 126,600 150,900 65,300 138,500 136,200 (7)% (16)% 342,800 293,000 17%
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Copper Peru
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Quellaveco mine
(7)
Ore mined 8,487,000 4,645,400 3,235,300 1,127,100 - n/a 83% 16,367,700 - n/a
Ore processed -
Sulphide 2,867,600 - - - - n/a n/a 2,867,600 - n/a
Ore grade
processed -
Sulphide (%
TCu) (3) 0.96 - - - - n/a n/a 0.96 - n/a
Production -
Copper in
concentrate 20,300 - - - - n/a n/a 20,300 - n/a
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Total copper
production 20,300 - - - - n/a n/a 20,300 - n/a
Total payable
copper
production 19,600 - - - - n/a n/a 19,600 - n/a
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
Total copper
sales volumes 5,300 - - - - n/a n/a 5,300 - n/a
Total payable
sales volumes 5,100 - - - - n/a n/a 5,100 - n/a
================ ========== ========== ========== ========== ========== ===== ===== ========== ========== =====
(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 .
(7) Anglo American ownership interest of Quellaveco is 60%.
Production is stated at 100% as Anglo American consolidates this
operation.
Nickel
Nickel (tonnes) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021 Q2 2022 vs.
YTD 2021
================ =========== =========== =========
2022 2021 2022 2022 2021
================ ====== ====== =========== ====== =========== ====== ====== =========
Nickel 10,000 10,400 (4)% 10,300 (3)% 29,600 31,100 (5)%
================ ====== ====== =========== ====== =========== ====== ====== =========
Nickel production decreased by 4% to 10,000 tonnes, primarily
due to planned lower ore grades, partly offset by the deferral of
planned annual maintenance to the fourth quarter of 2022.
The year to date average realised price for nickel of $10.68/lb
was 9% lower than the market price, primarily reflecting the
ferronickel discount to LME grade nickel.
2022 Guidance
Production for 2022 is expected to be towards the lower end of
the guidance range of 40,000-42,000 tonnes, subject to the extent
of further Covid-19 related disruptions and weather related
impacts.
Unit cost guidance for 2022 is unchanged at c.495c/lb.
Nickel (tonnes) Q3 Q2 Q1 Q4 Q3 YTD YTD
================ ======== ======== =========
Q3 2022 Q3 2022 YTD 2022
vs. vs. vs.
2022 2022 2022 2021 2021 Q3 2021 Q2 2022 2022 2021 YTD 2021
================ ========= ======= ======= ======= ========= ======== ======== ========= ========= =========
Barro Alto
Ore mined 1,349,100 758,300 343,700 719,300 1,190,900 13% 78% 2,451,100 2,795,600 (12)%
Ore processed 589,000 618,100 643,900 654,400 564,400 4% (5)% 1,851,000 1,822,600 2%
Ore grade
processed - %Ni 1.52 1.52 1.42 1.50 1.64 (7)% 0% 1.49 1.57 (5)%
Production 8,200 8,600 7,900 8,600 8,300 (1)% (5)% 24,700 25,300 (2)%
================ ========= ======= ======= ======= ========= ======== ======== ========= ========= =========
Codemin
Ore processed 133,500 134,000 115,100 141,700 146,800 (9)% 0% 382,600 419,800 (9)%
Ore grade
processed - %Ni 1.46 1.42 1.41 1.57 1.60 (9)% 3% 1.43 1.55 (8)%
Production 1,800 1,700 1,400 2,000 2,100 (14)% 6% 4,900 5,800 (16)%
================ ========= ======= ======= ======= ========= ======== ======== ========= ========= =========
Total Nickel
production (1) 10,000 10,300 9,300 10,600 10,400 (4)% (3)% 29,600 31,100 (5)%
================ ========= ======= ======= ======= ========= ======== ======== ========= ========= =========
Sales volumes 10,400 7,800 9,000 10,400 11,700 (11)% 33% 27,200 31,700 (14)%
================ ========= ======= ======= ======= ========= ======== ======== ========= ========= =========
(1) Excludes nickel production from the Platinum Group Metals
business unit.
Platinum Group Metals (PGMs)
PGMs (000 oz) (1) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021 Q2 2022 vs.
YTD 2021
================================== =========== =========== =========
2022 2021 2022 2022 2021
================================== ===== ===== =========== ===== =========== ===== ===== =========
Metal in concentrate production 1,046 1,116 (6)% 1,032 1% 3,034 3,195 (5)%
Own mined (2) 683 720 (5)% 686 0% 1,993 2,124 (6)%
Purchase of concentrate (POC) (3) 363 396 (8)% 345 5% 1,041 1,071 (3)%
================================== ===== ===== =========== ===== =========== ===== ===== =========
Refined production (4) 995 1,420 (30)% 1,241 (20)% 2,954 3,747 (21)%
================================== ===== ===== =========== ===== =========== ===== ===== =========
(1) Ounces refer to troy ounces. PGMs consists of 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 decreased by 5% to 683,200 ounces, due to
Eskom load-shedding (power outages) primarily in September,
infrastructure closures at Amandelbult during Q4 2021 and lower
grade at Mogalakwena, partially offset by strong performances at
Unki and Mototolo.
Production at Amandelbult decreased by 12% to 192,600, primarily
due to infrastructure closures during Q4 2021 as well as the impact
of Eskom load-shedding. Mogalakwena production decreased by 6% to
259,300 ounces as a result of mining in a lower grade area. Joint
operations decreased by 16% to 96,000 ounces due to areas of
Kroondal coming to the end of life and the impact of Eskom
load-shedding, as well as planned lower grade at Modikwa. These
were partially offset by a 41% increase in production at Unki to
59,900 ounces, following the debottlenecking project at the
concentrator, completed in Q4 2021. Production at Mototolo
increased by 9%, reflecting the benefit of higher grade.
Purchase of concentrate was 8% lower at 362,900 ounces, due to
the lower production from joint operations as well as lower third
party receipts.
Refined production
Refined production decreased by 30% to 994,800 ounces, as the
Polokwane smelter was decommissioned for its first full structural
rebuild in twelve years. The rebuild is expected to be completed
towards the end of Q4 2022. Eskom load-shedding also impacted the
smelters, leading to an inventory build-up of 40,400 ounces.
Sales
Sales volumes decreased by 31%, in line with refined
production.
The year to date average realised basket price of $2,627/PGM
ounce reflects lower market prices, partially offset by a more
normal sales mix compared with the same period in 2021, which had
elevated sales volumes of lower priced ruthenium.
2022 Guidance
Production guidance (metal in concentrate) for 2022 is unchanged
at 3.9-4.3 million ounces (1) . Refined production guidance for
2022 is unchanged at 3.7-3.9 million ounces, subject to the impact
of Eskom load-shedding. Both are subject to the extent of further
Covid-19 related disruption.
Unit cost guidance for 2022 is unchanged at c.$950/PGM
ounce.
(1) Metal in concentrate production is expected to be 1.8-2.0
million ounces of platinum, 1.2-1.3 million ounces of palladium and
0.9-1.0 million ounces of other PGMs and gold. With own-mined
output accounting for 65%.
Q3 Q2 Q1 Q4 Q3 Q3 2022 Q3 2022 YTD YTD YTD 2022
vs. vs. vs.
Q3 2021 Q2 2022 YTD 2021
======== ======== =========
2022 2022 2022 2021 2021 2022 2021
========================== ======= ======= ===== ======= ======= ======== ======== ======= ======= =========
M&C PGMs production (000
oz) (1) 1,046.1 1,031.5 956.0 1,103.4 1,116.2 (6)% 1% 3,033.6 3,195.3 (5)%
Own mined 683.2 686.3 623.1 734.2 720.0 (5)% 0% 1,992.6 2,124.1 (6)%
Mogalakwena 259.3 261.4 248.8 300.8 276.4 (6)% (1)% 769.5 913.8 (16)%
Amandelbult 192.6 183.4 159.9 213.6 218.3 (12)% 5% 535.9 559.6 (4)%
Unki 59.9 66.3 53.3 63.2 42.6 41% (10)% 179.5 141.4 27%
Mototolo 75.4 75.6 67.2 56.9 69.0 9% 0% 218.2 187.5 16%
Joint operations (2) 96.0 99.6 93.9 99.7 113.7 (16)% (4)% 289.5 321.8 (10)%
Purchase of concentrate 362.9 345.2 332.9 369.2 396.2 (8)% 5% 1,041.0 1,071.2 (3)%
Joint operations (2) 96.0 99.6 93.9 99.7 113.7 (16)% (4)% 289.5 321.8 (10)%
Third parties 266.9 245.6 239.0 269.5 282.5 (6)% 9% 751.5 749.4 0%
========================== ======= ======= ===== ======= ======= ======== ======== ======= ======= =========
Refined PGMs production
(000 oz) (1)(3) 994.8 1,240.6 718.5 1,391.3 1,420.4 (30)% (20)% 2,953.9 3,747.1 (21)%
========================== ======= ======= ===== ======= ======= ======== ======== ======= ======= =========
By metal:
Platinum 457.2 600.4 334.1 653.5 662.9 (31)% (24)% 1,391.7 1,746.4 (20)%
Palladium 317.1 374.8 228.1 423.2 459.8 (31)% (15)% 920.0 1,204.3 (24)%
Rhodium 64.8 86.4 46.3 97.7 92.2 (30)% (25)% 197.5 249.5 (21)%
Other PGMs and gold 155.7 179.0 110.0 216.9 205.5 (24)% (13)% 444.7 546.9 (19)%
Nickel (tonnes) 5,700 6,200 4,600 5,700 6,000 (5)% (8)% 16,500 16,600 (1)%
========================== ======= ======= ===== ======= ======= ======== ======== ======= ======= =========
Tolled material (000 oz)
(4) 151.3 143.4 154.8 179.5 164.5 (8)% 6% 449.5 494.2 (9)%
========================== ======= ======= ===== ======= ======= ======== ======== ======= ======= =========
PGMs sales from production
(000 oz) (1)(5) 933.5 1,206.2 838.2 1,285.2 1,361.0 (31)% (23)% 2,977.9 3,929.2 (24)%
========================== ======= ======= ===== ======= ======= ======== ======== ======= ======= =========
Third party PGMs sales
(000 oz) (1)(6) 403.4 256.0 400.9 272.9 160.1 152% 58% 1,060.3 497.7 113%
========================== ======= ======= ===== ======= ======= ======== ======== ======= ======= =========
4E head grade (g/t milled)
(7) 3.33 3.33 3.24 3.49 3.47 (4)% 0% 3.30 3.50 (6)%
========================== ======= ======= ===== ======= ======= ======== ======== ======= ======= =========
(1) M&C refers to metal in concentrate. Ounces refer to troy
ounces. PGMs consists of 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.
(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) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021 Q2 2022 vs.
YTD 2021
================= =========== =========== =========
2022 2021 2022 2022 2021
================= ====== ====== =========== ====== =========== ====== ====== =========
Iron Ore (1) 16,060 16,888 (5)% 14,374 12% 43,599 48,757 (11)%
Kumba (2) 9,977 10,789 (8)% 9,469 5% 27,738 31,161 (11)%
Minas-Rio (3) 6,083 6,100 0% 4,905 24% 15,861 17,596 (10)%
================= ====== ====== =========== ====== =========== ====== ====== =========
(1) Total iron ore is the sum of Kumba and Minas-Rio.
(2) Volumes are reported as wet metric tonnes. Product is
shipped with 1.6% moisture.
(3) Volumes are reported as wet metric tonnes. Product is
shipped with 9% moisture.
Iron ore production decreased by 5% to 16.1 million tonnes, due
to an 8% decrease at Kumba, while production at Minas-Rio was
flat.
Kumba - Total production decreased by 8% to 10.0 million tonnes,
primarily driven by a decrease at Sishen of 6% to 7.1 million
tonnes due to Eskom load-shedding (power outages), which had a 0.3
million tonne impact, and plant reliability. Kolomela's production
decreased by 11% to 2.9 million tonnes, due to the slow ramp-up
following the safety intervention in the second quarter.
Total sales were flat at 10.0 million tonnes (1) , due to poor
rail performance, offset by a drawdown of finished stock at the
Saldanha port. This has resulted in low finished stock levels at
the port.
Kumba's iron (Fe) content averaged 63.9% (YTD 2021: 64.1%),
while the average lump:fines ratio was 66:34 (YTD 2021: 69:31).
The year to date average realised price of $115/tonne (1) (FOB
South Africa, wet basis), was 8% higher than the 62% Fe benchmark
price of $106/tonne (FOB South Africa, adjusted for freight and
moisture), reflecting the lump and Fe content quality premiums that
the Kumba products attract, partly offset by timing on
provisionally priced sales volumes, as our products are generally
priced in the month after arrival (M+2).
Minas-Rio - Production was flat at 6.1 million tonnes.
The year to date average realised price of $114/tonne (FOB
Brazil, wet basis) was lower than the Metal Bulletin 66 price of
$117/tonne ( FOB Brazil, adjusted for freight and moisture),
primarily due to timing on provisionally priced sales volumes (our
products are generally priced in the month after arrival (M+2)),
which more than offset the premiums for our high quality product,
including higher (67%) Fe content.
2022 Guidance
Production (wet basis) for 2022 is expected to be towards the
lower end of the guidance range, which is unchanged at 60-64
million tonnes. Production for Kumba is expected to be towards the
lower end of the 38-40 million tonnes guidance range. Production
guidance for Minas-Rio is also expected to be towards the lower end
of the 22-24 million tonnes guidance range. Both are subject to the
extent of further Covid-19 related disruption and weather related
impacts, and Kumba is subject to third party rail and port
performance, as well as the impact of Eskom load-shedding.
Unit cost guidance (wet basis) for 2022 is unchanged at
c.$40/tonne (Kumba c.$44/tonne; Minas-Rio c.$32/tonne).
(1) Sales volumes and realised price are reported on a wet basis
and differ to Kumba's standalone results due to sales to other
Group companies.
Iron Ore Q3 Q3 YTD
(tonnes) 2022 2022 2022
vs. vs. vs.
Q3 Q2 YTD
Q3 Q2 Q1 Q4 Q3 2021 2022 YTD YTD 2021
============ ===== ===== ======
2022 2022 2022 2021 2021 2022 2021
============ ========== ========== ========== ========== ========== ===== ===== ========== ========== ======
Iron Ore
production
(1) 16,060,000 14,373,900 13,164,900 15,050,800 16,888,100 (5)% 12% 43,598,800 48,756,800 (11)%
Iron Ore
sales (1) 15,799,200 14,470,800 13,828,700 16,775,700 15,818,800 0% 9% 44,098,700 46,508,800 (5)%
============ ========== ========== ========== ========== ========== ===== ===== ========== ========== ======
Kumba
production 9,977,300 9,468,800 8,292,000 9,701,300 10,788,600 (8)% 5% 27,738,100 31,160,900 (11)%
Lump 6,530,300 6,229,900 5,387,700 6,419,900 7,252,800 (10)% 5% 18,147,900 21,132,600 (14)%
Fines 3,447,000 3,238,900 2,904,300 3,281,400 3,535,800 (3)% 6% 9,590,200 10,028,300 (4)%
============ ========== ========== ========== ========== ========== ===== ===== ========== ========== ======
Kumba
production
by mine
Sishen 7,085,600 7,105,500 5,816,100 6,538,200 7,528,300 (6)% 0% 20,007,200 21,476,300 (7)%
Kolomela 2,891,700 2,363,300 2,475,900 3,163,100 3,260,300 (11)% 22% 7,730,900 9,684,600 (20)%
============ ========== ========== ========== ========== ========== ===== ===== ========== ========== ======
Kumba sales
volumes (2) 9,982,000 10,302,700 9,332,000 10,690,300 9,965,700 0% (3)% 29,616,700 29,601,900 0%
Export iron
ore (2) 9,982,000 10,302,700 9,332,000 10,690,300 9,965,700 0% (3)% 29,616,700 29,494,800 0%
Domestic - - - - - n/a n/a - 107,100 n/a
iron ore
============ ========== ========== ========== ========== ========== ===== ===== ========== ========== ======
Minas-Rio
production
Pellet feed
(wet basis) 6,082,700 4,905,100 4,872,900 5,349,500 6,099,500 0% 24% 15,860,700 17,595,900 (10)%
============ ========== ========== ========== ========== ========== ===== ===== ========== ========== ======
Minas-Rio
sales
volumes
Export -
pellet feed
(wet basis) 5,817,200 4,168,100 4,496,700 6,085,400 5,853,100 (1)% 40% 14,482,000 16,906,900 (14)%
============ ========== ========== ========== ========== ========== ===== ===== ========== ========== ======
(1) Total iron ore is the sum of Kumba and Minas-Rio and
reported in wet metric tonnes. Kumba product is shipped with 1.6%
moisture and Minas-Rio product is shipped with 9% moisture.
(2) Sales volumes differ to Kumba's standalone results due to
sales to other Group companies.
Steelmaking Coal
Steelmaking Coal (1) (000 t) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021 Q2 2022 vs.
YTD 2021
2022 2021 2022 2022 2021
===== ===== ===== ====== ======
Steelmaking Coal 5,510 4,289 28% 2,621 110% 10,357 10,536 (2)%
============================= ===== ===== =========== ===== =========== ====== ====== =========
(1) Anglo American's attributable share of production. Includes
production relating to processing of third party product.
All three underground longwall operations (Moranbah, Grosvenor
and Aquila) were operating in Q3 2022 with the focus on safety and
increasing longwall performance through stability; however,
Covid-19 related absenteeism, tight labour markets and unseasonal
wet weather at the open pits, continue to impact production.
Steelmaking coal production increased by 28% to 5.5 million
tonnes, primarily due to the ramp-up of the Grosvenor longwall
operation following its restart in February 2022 and the new Aquila
longwall operation which began operations in February 2022.
Aquila's production was more than offset by the planned end of
production at the Grasstree operation in January 2022.
The ratio of hard coking coal production to PCI/semi-soft coking
coal was 83:17, in line with Q3 2021 (83:17).
The year to date average realised price for hard coking coal was
$324/tonne, which was lower than the benchmark price of $393/tonne.
The price realisation was broadly flat at 82% (YTD 2021: 84%) as
the contribution of premium hard coking coal from the Grosvenor
operation was offset by the end of production at Grasstree.
2022 Guidance
Production for 2022 is expected to be towards the lower end of
the guidance range of 15-17 million tonnes, subject to the extent
of further unseasonal wet weather, continued tight labour markets
and Covid-19 related disruptions.
Unit cost guidance for 2022 is unchanged at c.$110/tonne.
Coal, by Q3 2022 Q3 2022 YTD
product 2022
(tonnes) (1) vs. vs. vs.
Q3 2021 Q2 2022 YTD
Q3 Q2 Q1 Q4 Q3 YTD YTD 2021
============ ======= ======= =======
2022 2022 2022 2021 2021 2022 2021
============ ========= ========= ========= ========= ========= ======= ======= ========== ========== =======
Production
volumes
Steelmaking
Coal (2) 5,510,200 2,620,600 2,226,400 4,372,100 4,288,500 28% 110% 10,357,200 10,535,600 (2)%
Hard coking
coal (2) 4,562,200 2,125,600 1,753,000 2,922,400 3,567,400 28% 115% 8,440,800 8,398,100 1%
PCI / SSCC 948,000 495,000 473,400 1,449,700 721,100 31% 92% 1,916,400 2,137,500 (10)%
Export
thermal
coal 424,000 365,900 427,400 341,800 443,800 (4)% 16% 1,217,300 1,335,200 (9)%
============ ========= ========= ========= ========= ========= ======= ======= ========== ========== =======
Sales
volumes
Steelmaking
Coal (2) 5,245,100 2,776,100 2,429,700 4,182,400 3,985,800 32% 89% 10,450,900 9,954,400 5%
Hard coking
coal (2) 4,289,200 2,096,600 1,812,000 2,793,500 3,293,600 30% 105% 8,197,800 8,001,900 2%
PCI / SSCC 955,900 679,500 617,700 1,388,900 692,200 38% 41% 2,253,100 1,952,500 15%
Export
thermal
coal 479,900 390,000 337,900 483,800 560,400 (14)% 23% 1,207,800 1,624,400 (26)%
============ ========= ========= ========= ========= ========= ======= ======= ========== ========== =======
(1) Anglo American's attributable share of production.
(2) Includes production relating to processing of third party product.
Steelmaking Q3 2022 Q3 2022 YTD
coal, by 2022
operation vs. vs. vs.
(tonnes) (1) Q3 2021 Q2 2022 YTD
Q3 Q2 Q1 Q4 Q3 YTD YTD 2021
============ ======= ======= =======
2022 2022 2022 2021 2021 2022 2021
============ ========= ========= ========= ========= ========= ======= ======= ========== ========== =======
Steelmaking
Coal (2) 5,510,200 2,620,600 2,226,400 4,372,100 4,288,500 28% 110% 10,357,200 10,535,600 (2)%
Moranbah (2) 1,522,900 209,700 172,800 1,084,300 1,314,700 16% 626% 1,905,400 1,966,400 (3)%
Grosvenor 1,277,400 856,300 125,200 52,100 19,500 n/a 49% 2,258,900 19,500 n/a
Aquila
(incl.
Capcoal)
(2)(3) 1,149,400 527,100 746,400 1,588,700 1,503,500 (24)% 118% 2,422,900 4,404,200 (45)%
Dawson 741,300 317,400 444,900 654,100 659,200 12% 134% 1,503,600 1,829,600 (18)%
Jellinbah 819,200 710,100 737,100 802,200 791,600 3% 15% 2,266,400 2,315,900 (2)%
Other - - - 190,700 - n/a n/a - - n/a
============ ========= ========= ========= ========= ========= ======= ======= ========== ========== =======
(1) Anglo American's attributable share of production.
(2) Includes production relating to processing of third party product.
(3) Including production from the Aquila longwall operation from February 2022. Prior to
then, including production from the Grasstree longwall operation.
Manganese
Manganese (000 t) Q3 Q3 Q3 2022 vs. Q2 Q3 2022 vs. YTD YTD YTD 2022
Q3 2021 Q2 2022 vs.
YTD 2021
2022 2021 2022 2022 2021
==== ===== ==== ===== =====
Manganese ore (1) 973 1,004 (3)% 980 (1)% 2,756 2,849 (3)%
================== ==== ===== =========== ==== =========== ===== ===== =========
(1) Saleable production.
Manganese ore production decreased by 3% to 973,300 tonnes,
driven by Covid-19 related absenteeism and some equipment
reliability issues at the South African operations.
Manganese (tonnes) Q3 Q2 Q1 Q4 Q3 YTD YTD
================== ======== ======== =========
Q3 2022 Q3 2022 YTD 2022
vs. vs. vs.
2022 2022 2022 2021 2021 Q3 2021 Q2 2022 2022 2021 YTD 2021
================== ======= ======= ======= ======= ========= ======== ======== ========= ========= =========
Samancor
production
Manganese ore (1) 973,300 979,600 803,500 834,600 1,003,600 (3)% (1)% 2,756,400 2,848,600 (3)%
================== ======= ======= ======= ======= ========= ======== ======== ========= ========= =========
Samancor sales
volumes
Manganese ore 834,400 960,200 846,900 940,200 947,200 (12)% (13)% 2,641,500 2,805,600 (6)%
================== ======= ======= ======= ======= ========= ======== ======== ========= ========= =========
(1) Saleable production.
Exploration and evaluation
Exploration and evaluation expenditure increased by 21% to $87
million. Exploration expenditure increased by 8% to $40 million,
principally in platinum group metals and base metals, generally
reflecting increased access following the recovery from previous
Covid-19 disruptions. Evaluation expenditure increased by 34% to
$47 million, driven by higher spend in base metals and iron
ore.
Corporate and other activities
Due to the previously announced delay in the Polokwane smelter
rebuild at PGMs, which impacts refined production, there will be a
build-up in work-in-progress inventory.
Working capital will also increase at Quellaveco (Copper Peru)
reflecting the ongoing ramp-up.
For more information on Anglo American's announcements during
the period (including our 2022 interim results), please find links
to our Press Releases:
-- 20 October 2022 | Anglo American and Thyssenkrupp Steel to
collaborate on greener steelmaking technologies
-- 10 October 2022 | Anglo American leadership changes - De
Beers
-- 10 October 2022 | Kumba - Force Majeure declared by Transnet
due to strike action
-- 5 October 2022 | Anglo American rough diamond sales value for
De Beers' eighth sales cycle of 2022
-- 4 October 2022 | Anglo American and EDF Renewables agree to
renewable energy partnership in South Africa to form Envusa Energy
- launching 600MW of wind and solar projects in first phase
-- 26 September 2022 | Anglo American to begin copper shipments
from Quellaveco
-- 23 September 2022 | Anglo American non-executive director
change
-- 14 September 2022 | Anglo American launches EUR745 million
sustainability-linked bond
-- 8 September 2022 | Anglo American Platinum revises refined
production guidance as quality assurance processes detect
sub-standard materials received for the Polokwane smelter
rebuild
-- 31 August 2022 | Anglo American rough diamond sales value for
De Beers' seventh sales cycle of 2022
-- 28 July 2022 | Anglo American Interim Results 2022
-- 27 July 2022 | Anglo American rough diamond sales value for
De Beers' sixth sales cycle of 2022
-- 21 July 2022 | Q2 2022 Production Report
-- 14 July 2022 | Anglo American partners with Nippon Steel to
advance steelmaking decarbonisation
-- 12 July 2022 | Anglo American announces first copper
production from Quellaveco project in Peru
-- 4 July 2022 | Anglo American appoints Helena Nonka as Group
Director of Strategy and Business Development
Notes
-- This Production Report for the quarter ended 30 September
2022 is unaudited.
-- Production figures are sometimes more precise than the
rounded numbers shown in this Production Report.
-- Copper equivalent production shows changes in underlying
production volume. It is calculated by expressing each product's
volume as revenue, subsequently converting the revenue into copper
equivalent units by dividing by the copper price (per tonne).
Long-term forecast prices are used, in order that period-on-period
comparisons exclude any impact for movements in price.
-- Please refer to page 16 for information on forward-looking
statements.
In this document, references to "Anglo American", the "Anglo
American Group", the "Group", "we", "us", and "our" are to refer to
either Anglo American plc and its subsidiaries and/or those who
work for them generally, or where it is not necessary to refer to a
particular entity, entities or persons. The use of those generic
terms herein is for convenience only, and is in no way indicative
of how the Anglo American Group or any entity within it is
structured, managed or controlled. Anglo American subsidiaries, and
their management, are responsible for their own day-to-day
operations, including but not limited to securing and maintaining
all relevant licences and permits, operational adaptation and
implementation of Group policies, management, training and any
applicable local grievance mechanisms. Anglo American produces
group-wide policies and procedures to ensure best uniform practices
and standardisation across the Anglo American Group but is not
responsible for the day to day implementation of such policies.
Such policies and procedures constitute prescribed minimum
standards only. Group operating subsidiaries are responsible for
adapting those policies and procedures to reflect local conditions
where appropriate, and for implementation, oversight and monitoring
within their specific businesses.
For further information, please contact:
Media Investors
UK 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 8718
Marcelo Esquivel Emma Waterworth
marcelo.esquivel@angloamerican.com emma.waterworth@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8574
South Africa Michelle Jarman
Nevashnee Naicker michelle.jarman@angloamerican.com
nevashnee.naicker@angloamerican.com Tel: +44 (0)20 7968 1494
Tel: +27 (0)11 638 3189
Sibusiso Tshabalala
sibusiso.tshabalala@angloamerican.com
Tel: +27 (0)11 638 2175
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,
with a broad range of future development options, provides many of
the future-enabling metals and minerals for a cleaner, greener,
more sustainable world and that meet the fast growing every day
demands of billions of consumers. With our people at the heart of
our business, we use innovative practices and the latest
technologies to discover new resources and to mine, process, move
and market our products to our customers - safely and
sustainably.
As a responsible producer of diamonds (through De Beers),
copper, platinum group metals, premium quality iron ore and
steelmaking coal, and nickel - with crop nutrients in development -
we are committed to being carbon neutral across our operations by
2040. More broadly, our Sustainable Mining Plan commits us to a
series of stretching goals to ensure we work towards a healthy
environment, creating thriving communities and building trust as a
corporate leader. We work together with our business partners and
diverse stakeholders to unlock enduring 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, prospects and projects (including
development plans and objectives relating to Anglo American's
products, production forecasts and Ore Reserve and Mineral Resource
positions) and sustainability performance related (including
environmental, social and governance) goals, ambitions, targets,
visions, milestones 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 project development capabilities and delivery, recovery rates
and other operational capabilities, safety, health or environmental
incidents, the effects of global pandemics and outbreaks of
infectious diseases, the impact of attacks from third parties on
our information systems, natural catastrophes or adverse geological
conditions, climate change and extreme weather events, the outcome
of litigation or regulatory proceedings, the availability of mining
and processing equipment, the ability to obtain key inputs in a
timely manner, the ability to produce and transport products
profitably, the availability of necessary infrastructure (including
transportation) services, the development, efficacy and adoption of
new technology, challenges in realising resource estimates or
discovering new economic mineralisation, the impact of foreign
currency exchange rates on market prices and operating costs, the
availability of sufficient credit, liquidity and counterparty
risks, the effects of inflation, political uncertainty, tensions
and disputes and economic conditions in relevant areas of the
world, evolving societal and stakeholder requirements and
expectations, shortages of skilled employees, the actions of
competitors, activities by courts, regulators and governmental
authorities such as in relation to permitting or forcing closure of
mines and ceasing of operations or maintenance of Anglo American's
assets and changes in taxation or safety, health, environmental or
other types of regulation in the countries where Anglo American
operates, conflicts over land and resource ownership rights and
such other risk factors identified in Anglo American's most recent
Annual Report. Forward-looking statements should, therefore, be
construed in light of such risk factors and undue reliance should
not be placed on forward-looking statements.
These forward-looking statements speak only as of the date of
this announcement. Anglo American expressly disclaims any
obligation or undertaking (except as required by applicable law,
the City Code on Takeovers and Mergers, the UK Listing Rules, the
Disclosure and Transparency Rules of the Financial Conduct
Authority, the Listings Requirements of the securities exchange of
the JSE Limited in South Africa, the SIX Swiss Exchange, the
Botswana Stock Exchange and the Namibian Stock Exchange and any
other applicable regulations) to release publicly any updates or
revisions to any forward-looking statement contained herein to
reflect any change in Anglo American's expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based.
Nothing in this announcement should be interpreted to mean that
future earnings per share of Anglo American will necessarily match
or exceed its historical published earnings per share. Certain
statistical and other information about Anglo American included in
this announcement is sourced from publicly available third party
sources. As such it has not been independently verified and
presents the views of those third parties, but may not necessarily
correspond to the views held by Anglo American and Anglo American
expressly disclaims any responsibility for, or liability in respect
of, such information.
(c)Anglo American Services (UK) Ltd 2022. TM and TM are trade
marks of Anglo American Services (UK) Ltd.
Legal Entity Identifier: 549300S9XF92D1X8ME43
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END
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