Anglo American Production Report Q3 2022

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.

 

(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

Q3

Q3 2022 vs.
Q3 2021

Q2

Q3 2022 vs.
Q2 2022

YTD

YTD

YTD 2022
vs.
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
vs.
Q3 2021

Q3 2022
vs.
Q2 2022

YTD

YTD

YTD 2022
vs.
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.
Q3 2021

Q2

Q3 2022 vs.
Q2 2022

YTD

YTD

YTD 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 2022
vs.
Q3 2021

Q3 2022
vs.
Q2 2022

YTD

YTD

YTD 2022
vs.
YTD 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.
Q3 2021

Q2

Q3 2022 vs.
Q2 2022

YTD

YTD

YTD 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

Q3 2022
vs.
Q3 2021

Q3 2022
vs.
Q2 2022

YTD

YTD

YTD 2022
vs.
YTD 2021

2022

2022

2022

2021

2021

2022

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.
Q3 2021

Q2

Q3 2022 vs.
Q2 2022

YTD

YTD

YTD 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
vs.
Q3 2021

Q3 2022
vs.
Q2 2022

YTD

YTD

YTD 2022
vs.
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.
Q3 2021

Q2

Q3 2022 vs.
Q2 2022

YTD

YTD

YTD 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 (tonnes)

Q3

Q2

Q1

Q4

Q3

Q3 2022 vs.
Q3 2021

Q3 2022 vs.
Q2 2022

YTD

YTD

YTD 2022
vs.
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 iron ore

-

-

-

-

-

n/a

n/a

-

107,100

n/a












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.
Q3 2021

Q2

Q3 2022 vs.
Q2 2022

YTD

YTD

YTD 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 product (tonnes) (1)

Q3

Q2

Q1

Q4

Q3

Q3 2022
vs.
Q3 2021

Q3 2022
vs.
Q2 2022

YTD

YTD

YTD 2022
vs.
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 coal, by operation (tonnes) (1)

Q3

Q2

Q1

Q4

Q3

Q3 2022
vs.
Q3 2021

Q3 2022
vs.
Q2 2022

YTD

YTD

YTD 2022
vs.
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.
Q3 2021

Q2

Q3 2022 vs.
Q2 2022

YTD

YTD

YTD 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

Q3 2022
vs.
Q3 2021

Q3 2022
vs.
Q2 2022

YTD

YTD

YTD 2022
vs.
YTD 2021

2022

2022

2022

2021

2021

2022

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 €745 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

James Wyatt-Tilby

james.wyatt-tilby@angloamerican.com

Tel: +44 (0)20 7968 8759

 

Marcelo Esquivel

marcelo.esquivel@angloamerican.com

Tel: +44 (0)20 7968 8891

 

South Africa

Nevashnee Naicker

nevashnee.naicker@angloamerican.com

Tel: +27 (0)11 638 3189

 

Sibusiso Tshabalala

sibusiso.tshabalala@angloamerican.com

Tel: +27 (0)11 638 2175

 

UK

Paul Galloway

paul.galloway@angloamerican.com

Tel: +44 (0)20 7968 8718

 

Emma Waterworth

emma.waterworth@angloamerican.com

Tel: +44 (0)20 7968 8574

 

Michelle Jarman

michelle.jarman@angloamerican.com

Tel: +44 (0)20 7968 1494

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.

©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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