http://www.rns-pdf.londonstockexchange.com/rns/5910L_1-2024-4-22.pdf
23 April 2024
Anglo American plc
Production Report for the first
quarter ended 31 March 2024
Duncan Wanblad, Chief Executive of
Anglo American, said: "We were pleased with
the performance in the first quarter, with copper production
increasing by 11% as Quellaveco achieved its
highest plant throughput rate, while Collahuasi and El Soldado in
Chile benefitted from higher grades. Steelmaking coal production
also increased by 7%, due to the performance at the Aquila longwall
and Capcoal open cut operations. De Beers implemented changes to
lower its diamond production for the year by c.3 million carats
which, combined with lower production from our PGMs operations,
resulted in flat(1) production overall for the Group
compared to the same period of last year.
"We are driving operational
excellence across our assets, focusing on stability and effective
cost management as levers to deliver significant value through the
cycle. We are progressing through our asset review to optimise
value by simplifying and improving the overall quality of the
portfolio. With copper now representing 30% of our total
production, and having the benefit of several well-sequenced and
value-accretive copper growth options within our portfolio over the
medium-term, we are also setting up the business to deliver and
grow into the major demand
themes."
Q1 2024 highlights
• Copper production increased by
11% reflecting higher throughput at
Quellaveco, despite the impact of planned
lower grades, as well as the benefit of
higher grades and throughput at Collahuasi and El
Soldado.
• Steelmaking coal production
increased by 7% driven by the Aquila and
Capcoal operations, partially offset by the Dawson
open cut operation and ongoing challenges with the strata
conditions at Moranbah.
• Iron ore production was flat, with
a strong performance from Minas-Rio, up 4%,
offset by a planned decrease at Kumba to align with third-party
logistics constraints.
• Rough diamond
production decreased by 23%, primarily due to changes implemented
to lower production in response to market inventory levels. Full
year 2024 production guidance has been lowered to 26-29 million
carats, with unit costs revised accordingly to
c.$90/carat(2).
• Production from
our Platinum Group Metals (PGMs) operations was 7% lower,
reflecting expected lower volumes from Kroondal (which is reported
as third-party purchase of concentrate from November 2023) and
lower production at Amandelbult.
• Nickel production was broadly
unchanged.
Production
|
Q1
2024
|
Q1
2023
|
% vs. Q1
2023
|
Copper (kt)(3)
|
198
|
178
|
11%
|
Nickel (kt)(4)
|
9.5
|
9.7
|
(2)%
|
Platinum group metals
(koz)(5)
|
834
|
901
|
(7)%
|
Diamonds
(Mct)(6)
|
6.9
|
8.9
|
(23)%
|
Iron ore
(Mt)(7)
|
15.1
|
15.1
|
0%
|
Steelmaking coal (Mt)
|
3.8
|
3.5
|
7%
|
Manganese ore (kt)
|
784
|
841
|
(7)%
|
(1) Total
production across Anglo American's products is calculated on a
copper equivalent basis, including the equity share of De Beers'
production and using long-term forecast
prices.
(2)
Production guidance was previously 29-32
million carats and unit cost guidance was previously c.$80/carat.
(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).
(4) Reflects
nickel production from the Nickel operations in Brazil only
(excludes 4.7 kt of Q1 2024 nickel
production from the Platinum Group Metals business).
(5) Produced
ounces of metal in concentrate. 5E + gold (platinum, palladium,
rhodium, ruthenium and iridium plus gold). Reflects own mined
production and purchase of concentrate.
(6)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(7) Wet
basis.
Production and unit cost guidance summary
|
2024
production guidance
|
2024 unit
cost guidance(1)
|
|
Copper(2)
|
730-790
kt
|
c.157
c/lb
|
|
|
Nickel(3)
|
36-38
kt
|
c.600
c/lb
|
|
|
Platinum Group
Metals(4)
|
3.3-3.7
Moz
|
c.$920/oz
|
|
|
Diamonds(5)
|
26-29
Mct
|
c.$90/ct
|
|
(previously 29-32 Mct)
|
(previously c.$80/ct)
|
|
Iron Ore(6)
|
58-62
Mt
|
c.$37/t
|
|
|
Steelmaking
Coal(7)
|
15-17
Mt
|
c.$115/t
|
|
|
(1) Unit costs
exclude royalties and depreciation and include direct support costs
only. FX rates used for 2024F unit costs: c.850
CLP:USD, c.3.7 PEN:USD, c.5.0 BRL:USD, c.19 ZAR:USD, c.1.5
AUD:USD.
(2) Copper
business only. On a contained-metal basis. Total copper production
is the sum of Chile and Peru: Chile: 430-460 kt and Peru: 300-330
kt. Unit cost for Chile: c.190 c/lb and
Peru: c.110 c/lb. The
copper unit costs are impacted by FX rates and pricing of
by-products, such as molybdenum. Production
in Chile will be weighted to the first half of the year owing to
the closure of the Los Bronces plant from the middle of the year;
production is also subject to water availability.
Production in Peru will be weighted to the second
half of the year, primarily as a result of the copper grades
temporarily declining to between 0.6-0.7% in the first half of the
year.
(3) Nickel
operations in Brazil only. The Group also produces approximately 20
kt of nickel on an annual basis from the PGM operations.
(4) 5E + gold produced metal in concentrate (M&C) ounces.
Includes own mined production and purchased concentrate (POC)
volumes. M&C production by source is expected to be own mined
of 2.1-2.3 million ounces and purchase of concentrate of 1.2-1.4
million ounces. The average M&C split by metal is Platinum:
~45%, Palladium: ~35% and Other: ~20%. Refined production (5E +
gold) is expected to be 3.3-3.7 million ounces. Production remains
subject to the impact of Eskom load-curtailment. Unit cost is per
own mined 5E + gold PGMs metal in concentrate
ounce.
(5) Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis. Production is
lowered in response to the higher than average levels of inventory
in the market and the expected gradual recovery in rough diamonds
through the rest of the year, with the unit cost, which is based on
De Beers' share of production volume, adjusted accordingly. Venetia
continues to transition to underground operations where production
is expected to ramp-up over the next few years.
(6) Wet basis.
Total iron ore is the sum of operations at Kumba in South Africa
and Minas-Rio in Brazil. Kumba: 35-37 Mt
and Minas-Rio: 23-25 Mt. Kumba production
is subject to third-party rail and port
availability and performance. Unit cost for Kumba:
c.$38/t and Minas-Rio: c.$35/t.
(7) Production excludes thermal coal by-product. FOB unit
cost comprises managed operations and excludes
royalties. The next longwall moves scheduled at
Moranbah and Grosvenor are both in Q3 2024. A walk-on/walk-off
longwall move at Aquila, that will have a minimal production
impact, has been rescheduled from Q2 to Q3 2024 due to production
delays from strata conditions.
Realised prices
|
Q1
2024
|
Q1
2023
|
Q1 2024
vs.
Q1
2023
|
FY
2023
|
Copper
(USc/lb)(1)
|
395
|
447
|
(12)%
|
384
|
Copper Chile
(USc/lb)(2)
|
396
|
455
|
(13)%
|
384
|
Copper Peru (USc/lb)
|
394
|
433
|
(9)%
|
384
|
Nickel
(US$/lb)(3)
|
6.43
|
10.16
|
(37)%
|
7.71
|
Platinum Group Metals
|
|
|
|
|
Platinum
(US$/oz)(4)
|
889
|
984
|
(10)%
|
946
|
Palladium
(US$/oz)(4)
|
1,043
|
1,690
|
(38)%
|
1,313
|
Rhodium
(US$/oz)(4)
|
4,563
|
11,671
|
(61)%
|
6,592
|
Basket price (US$/PGM
oz)(5)
|
1,483
|
2,131
|
(30)%
|
1,657
|
Diamonds
|
|
|
|
|
Consolidated average realised price
($/ct)(6)
|
201
|
163
|
23%
|
147
|
Average price
index(7)
|
110
|
138
|
(20)%
|
133
|
Iron Ore - FOB
prices(8)
|
83
|
122
|
(32)%
|
114
|
Kumba Export
(US$/wmt)(9)
|
87
|
121
|
(28)%
|
117
|
Minas-Rio
(US$/wmt)(10)
|
77
|
125
|
(38)%
|
110
|
Steelmaking Coal - HCC
(US$/t)(11)
|
299
|
301
|
(1)%
|
269
|
Steelmaking Coal - PCI
(US$/t)(11)
|
214
|
278
|
(23)%
|
214
|
(1)
Average realised total copper price is a weighted average of the
Copper Chile and Copper Peru realised prices.
(2)
Realised price for Copper Chile excludes third-party sales
volumes.
(3)
Nickel realised price reflects the market discount for ferronickel
(the product produced by the Nickel business).
(4)
Realised price excludes trading.
(5)
Price for a basket of goods per PGM oz. The dollar basket price is
the net sales revenue from all metals sold (PGMs, base metals and
other metals) excluding trading, per PGM 5E + gold ounces sold (own
mined and purchased concentrate) excluding trading.
(6)
Consolidated average realised price based on 100% selling value
post-aggregation.
(7)
Average of the De Beers price index for the Sights within the
12-month period. The De Beers price index is relative to 100 as at
December 2006.
(8)
Average realised total iron ore price is a weighted average of the
Kumba and Minas-Rio realised prices.
(9)
Average realised export basket price (FOB Saldanha) (wet basis as
product is shipped with ~1.6% moisture). The realised prices could
differ to Kumba's stand-alone results due to sales to other Group
companies. Average realised export basket price (FOB Saldanha) on a
dry basis is $89/t (Q1
2023: $123/t), lower than the dry 62% Fe benchmark price of
$105/t (FOB South Africa, adjusted for
freight).
(10) Average
realised export basket price (FOB Açu) (wet basis as product is
shipped with ~9% moisture).
(11) Weighted
average coal sales price achieved at managed operations.
The average realised price for thermal coal
by-product for Q1 2024, decreased by 39% to $118/t (Q1 2023: $194/t). FY
2023 was $145/t.
Summary of updates
ESG summary factsheets on a range of
topics are available on our website.
For more information on Anglo American's announcements since our
previous production report, please find links to our Press Releases below.
-
22 April 2024 | Anglo American updates on progress towards
sustainable mining
-
22 April 2024 |
Anglo American to oppose any appeal relating to misconceived Kabwe
claim
-
17 April 2024 |
Anglo American rough diamond sales value for De Beers' third sales
cycle of 2024
-
10 April 2024 | Anglo American secures additional organic
certifications for POLY4 fertiliser
-
27 March 2024 | Sishen and Kolomela mines achieve IRMA 75
performance on responsible mining standard
-
13 March 2024 | Anglo American rough diamond sales value for De
Beers' second sales cycle of 2024
-
29 February 2024 | Envusa Energy completes project finance for
520MW of wind and solar projects in South Africa
-
28 February 2024 | Anglo American completes 10-strong chartered
fleet of lower emission LNG dual-fuelled vessels
-
22 February 2024 | Anglo American secures additional multi-billion
tonne high quality iron ore resource at Minas-Rio
-
22 February 2024 | Anglo American Preliminary Results for the year
ended 31 December 2023
-
22 February 2024 | Notice of Final Dividend
-
20 February 2024 | Kumba Iron Ore Limited year end results ended 31
December 2023
-
19 February 2024 | Anglo American Platinum's annual results for the
twelve months ended 31 December 2023
-
16 February 2024 | Mototolo and Amandelbult mines achieve IRMA 75
and IRMA 50 on responsible mining standard; Unki mine retains IRMA
75
-
12 February 2024 | Anglo American and Finnish Minerals Group to
explore battery value chain opportunities
Copper
Copper(1)
(tonnes)
|
Q1
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q4
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
Copper
|
198,100
|
178,100
|
11%
|
229,900
|
(14)%
|
Copper Chile
|
126,100
|
118,600
|
6%
|
136,200
|
(7)%
|
Copper Peru
|
72,000
|
59,500
|
21%
|
93,700
|
(23)%
|
(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).
Copper production increased by
11% to 198,100
tonnes, driven by a 21% increase from
Quellaveco in Peru and a 6% increase in
Chile's production.
Chile - Copper production increased to
126,100 tonnes, driven by
planned higher grade and throughput at Collahuasi and El Soldado, partially offset
by planned lower grade at Los
Bronces.
Production from Los Bronces
decreased by 8% to 48,700 tonnes, primarily driven by
planned lower grade (0.47% vs. 0.52%) and
ore hardness. The unfavourable ore characteristics in the current
mining area will continue to impact operations until the next phase
of the mine, where the grades are expected to be higher and the ore
softer. Development work for this phase is now under way and it is
expected to benefit production from early 2027. As previously
communicated and in line with our broader focus on improving cash
generation, the older, smaller (c.40% of plant capacity) and more
costly Los Bronces processing plant will be placed on care and
maintenance from mid-2024, until the economics improve, in light of
the current unfavourable ore characteristics in the
mine.
At Collahuasi, attributable production increased by 13% to 64,700 tonnes, driven
by planned higher grades (1.20% vs. 1.05%).
Production from El Soldado increased
by 44% to 12,700 tonnes, due to planned higher grade (0.94% vs.
0.72%) and throughput.
The average realised price of
396 c/lb includes 70,400 tonnes of copper provisionally priced as at 31
March 2024 at an average of 399
c/lb.
Peru -
Quellaveco production increased by 21% to 72,000 tonnes, reflecting
record throughput as the plant reached commercial production levels
in June 2023, despite the impact of planned lower grades
(0.72% vs. 1.04%) from the revised mine
plan.
The average realised price of
394 c/lb includes 71,000
tonnes of copper provisionally priced as at 31 March 2024 at
an average of 402 c/lb.
2024 Guidance
Production guidance for 2024 is
unchanged at 730,000-790,000 tonnes (Chile 430,000-460,000 tonnes; Peru
300,000-330,000
tonnes). Production in Chile will be weighted to
the first half of the year owing to the closure of the Los Bronces
plant from the middle of the year; production is also subject to
water availability. Production in Peru will be weighted to the
second half of the year, primarily as a result of the copper grades
temporarily declining to between 0.6-0.7% in the first half of the
year.
Unit cost guidance for 2024 is
unchanged at c.157 c/lb(1) (Chile c.190
c/lb(1); Peru c.110 c/lb(1)).
(1)
The copper unit costs are impacted by FX rates and pricing of
by-products, such as molybdenum. FX rate
assumption for 2024 unit costs of c.850 CLP:USD and c.3.7
PEN:USD.
Copper(1)
(tonnes)
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
2023
|
2023
|
Total copper production
|
198,100
|
229,900
|
209,100
|
209,100
|
178,100
|
11%
|
(14)%
|
Total copper sales
volumes
|
177,300
|
242,600
|
211,700
|
203,100
|
185,900
|
(5)%
|
(27)%
|
|
|
|
|
|
|
|
|
Copper Chile
|
|
|
|
|
|
|
|
Los Bronces
mine(2)
|
|
|
|
|
|
|
|
Ore mined
|
11,974,700
|
13,365,200
|
11,209,200
|
13,729,100
|
12,126,800
|
(1)%
|
(10)%
|
Ore processed - Sulphide
|
10,330,300
|
11,562,800
|
9,695,800
|
12,462,800
|
10,042,400
|
3%
|
(11)%
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.47
|
0.52
|
0.49
|
0.51
|
0.52
|
(10)%
|
(10)%
|
Production - Copper in
concentrate
|
40,300
|
49,400
|
38,600
|
52,800
|
44,000
|
(8)%
|
(18)%
|
Production - Copper
cathode
|
8,400
|
7,800
|
7,200
|
7,000
|
8,700
|
(3)%
|
8%
|
Total production
|
48,700
|
57,200
|
45,800
|
59,800
|
52,700
|
(8)%
|
(15)%
|
Collahuasi 100% basis
(Anglo American share
44%)
|
|
|
|
|
|
|
|
Ore mined
|
10,472,200
|
15,892,300
|
15,949,200
|
15,232,600
|
13,503,400
|
(22)%
|
(34)%
|
Ore processed - Sulphide
|
14,350,000
|
14,943,300
|
14,502,000
|
13,814,300
|
14,092,200
|
2%
|
(4)%
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
1.20
|
1.33
|
1.19
|
1.09
|
1.05
|
14%
|
(10)%
|
Anglo American's 44% share of copper
production for Collahuasi
|
64,700
|
71,700
|
66,100
|
57,300
|
57,100
|
13%
|
(10)%
|
El Soldado
mine(2)
|
|
|
|
|
|
|
|
Ore mined
|
1,857,400
|
2,190,000
|
633,000
|
2,930,200
|
1,903,000
|
(2)%
|
(15)%
|
Ore processed - Sulphide
|
1,712,600
|
1,526,300
|
2,026,800
|
1,781,400
|
1,465,000
|
17%
|
12%
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.94
|
0.62
|
0.60
|
0.94
|
0.72
|
31%
|
52%
|
Production - Copper in
concentrate
|
12,700
|
7,300
|
9,700
|
13,700
|
8,800
|
44%
|
74%
|
Chagres
smelter(2)
|
|
|
|
|
|
|
|
Ore smelted(4)
|
27,000
|
28,100
|
28,600
|
27,800
|
29,000
|
(7)%
|
(4)%
|
Production
|
25,600
|
27,400
|
27,700
|
27,100
|
27,900
|
(8)%
|
(7)%
|
Total copper
production(5)
|
126,100
|
136,200
|
121,600
|
130,800
|
118,600
|
6%
|
(7)%
|
Total payable copper
production
|
121,300
|
131,000
|
117,000
|
125,500
|
114,100
|
6%
|
(7)%
|
Total copper sales
volumes
|
109,400
|
146,900
|
120,300
|
120,700
|
116,900
|
(6)%
|
(26)%
|
Total payable sales
volumes
|
105,200
|
140,000
|
115,600
|
117,100
|
112,300
|
(6)%
|
(25)%
|
Third-party
sales(6)
|
80,300
|
139,300
|
126,600
|
91,400
|
86,400
|
(7)%
|
(42)%
|
|
|
|
|
|
|
|
|
Copper Peru
|
|
|
|
|
|
|
|
Quellaveco
mine(7)
|
|
|
|
|
|
|
|
Ore mined
|
11,025,800
|
13,368,500
|
9,900,400
|
11,600,200
|
7,177,900
|
54%
|
(18)%
|
Ore processed - Sulphide
|
12,206,700
|
11,821,300
|
11,240,600
|
9,660,800
|
7,042,200
|
73%
|
3%
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.72
|
0.95
|
0.93
|
0.96
|
1.04
|
(31)%
|
(24)%
|
Total copper production
|
72,000
|
93,700
|
87,500
|
78,300
|
59,500
|
21%
|
(23)%
|
Total payable copper
production
|
69,600
|
90,600
|
84,600
|
75,700
|
57,500
|
21%
|
(23)%
|
Total copper sales
volumes
|
67,900
|
95,700
|
91,400
|
82,400
|
69,000
|
(2)%
|
(29)%
|
Total payable sales
volumes
|
65,500
|
92,500
|
88,300
|
79,500
|
66,700
|
(2)%
|
(29)%
|
(1)
Excludes copper production from the Platinum Group Metals
business.
(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. Includes third-party
concentrate.
(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(1)
(tonnes)
|
Q1
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q4
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
Nickel
|
9,500
|
9,700
|
(2)%
|
11,100
|
(14)%
|
(1)
Excludes nickel production from the Platinum Group Metals
business.
Nickel production was broadly flat
at 9,500 tonnes, as lower
throughput at Codemin was largely offset by the higher
grades.
The average realised price of 643 c/lb was 15%
lower than the average LME nickel price of 753 c/lb,
primarily reflecting the market discounts for ferronickel
(the product produced by the Nickel
business).
2024 Guidance
Production guidance for 2024 is
unchanged at 36,000-38,000 tonnes.
Unit cost guidance for 2024 is
unchanged at c.600
c/lb(1).
(1) FX
rate assumption for 2024 unit costs of c.5.0 BRL:USD.
Nickel (tonnes)
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
2023
|
2023
|
Barro Alto
|
|
|
|
|
|
|
|
Ore mined
|
319,200
|
1,094,700
|
1,387,900
|
1,283,400
|
534,800
|
(40)%
|
(71)%
|
Ore processed
|
636,500
|
634,000
|
559,800
|
650,700
|
631,900
|
1%
|
0%
|
Ore grade processed - %Ni
|
1.42
|
1.48
|
1.48
|
1.46
|
1.36
|
4%
|
(4)%
|
Production
|
7,800
|
8,800
|
7,200
|
8,000
|
7,800
|
0%
|
(11)%
|
Codemin
|
|
|
|
|
|
|
|
Ore mined
|
-
|
-
|
-
|
-
|
27,800
|
n/a
|
n/a
|
Ore processed
|
136,300
|
152,500
|
153,200
|
146,900
|
146,900
|
(7)%
|
(11)%
|
Ore grade processed - %Ni
|
1.43
|
1.46
|
1.44
|
1.42
|
1.34
|
7%
|
(2)%
|
Production
|
1,700
|
2,300
|
2,100
|
1,900
|
1,900
|
(11)%
|
(26)%
|
Total nickel
production(1)
|
9,500
|
11,100
|
9,300
|
9,900
|
9,700
|
(2)%
|
(14)%
|
Sales volumes
|
7,700
|
11,400
|
9,300
|
10,600
|
8,500
|
(9)%
|
(32)%
|
(1)
Excludes nickel production from the Platinum Group Metals
business.
Platinum Group Metals
(PGMs)
PGMs (000
oz)(1)
|
Q1
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q4
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
Metal in concentrate
production
|
834
|
901
|
(7)%
|
932
|
(11)%
|
Own mined(2)
|
504
|
586
|
(14)%
|
596
|
(15)%
|
Purchase of concentrate
(POC)(3)
|
330
|
315
|
5%
|
337
|
(2)%
|
Refined
production(4)
|
628
|
626
|
0%
|
1,191
|
(47)%
|
(1)
Ounces refer to troy ounces. PGMs consists of 5E + gold (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
Total PGM production decreased by
7%, reflecting
expected lower volumes from Kroondal (which
is reported as third-party purchase of concentrate from November
2023) and lower production at Amandelbult.
Own mined production decreased by
14% to 504,300
ounces, primarily due to the disposal of Kroondal
in Q4 2023(1). Excluding Kroondal, production decreased
by 6% due to lower production from Amandelbult and Mototolo.
Mogalakwena produced 219,500 ounces, which was flat
year-on-year.
Production at Amandelbult decreased
by 16% to 127,100
ounces, driven by lower recoveries and plant
equipment breakdowns.
Production at Mototolo decreased by 10% to 61,900 ounces, as a
result of lower throughput reflecting
mining equipment breakdowns and challenging ground
conditions as a section of the mine reaches its end of life.
Unki produced 62,800 ounces, in line with the same period of last
year.
Purchase of
concentrate increased by 5% to 329,800
ounces, reflecting the transition of
Kroondal to a 100% third-party purchase of concentrate arrangement.
Normalising the comparative period to include 100% of Kroondal,
results in a 10% decrease reflecting lower third-party
receipts.
Refined production
Refined production was flat at 628,000 ounces.
In the first quarter of every year, refined
production is typically at its lowest, due to the annual stock
count and planned maintenance at processing
assets.
Eskom load-curtailment had no impact
on production during the quarter.
Sales
Sales volumes were broadly flat at
707,500 ounces.
The average realised basket price of
$1,483/PGM ounce was 30% lower, mainly due to a 61% decrease in
rhodium prices and a 38% decrease in palladium prices.
2024 Guidance
Production guidance for 2024 for
metal in concentrate(2) and refined production is
unchanged at 3.3-3.7 million ounces.
Production remains subject to the impact of Eskom
load-curtailment.
Unit cost guidance for 2024 is
unchanged at c.$920/PGM
ounce(3).
(1)
The disposal of our 50% interest in Kroondal was
completed and effective on 1 November 2023, resulting in Kroondal
moving to a 100% third-party purchase of concentrate arrangement.
Kroondal is expected to transition to a toll arrangement at the end
of H1 2024.
(2)
Metal in concentrate (M&C) production by
source is expected to be own mined of 2.1-2.3 million ounces and
purchase of concentrate of 1.2-1.4 million ounces. The average
M&C split by metal is Platinum: ~45%, Palladium: ~35% and
Other: ~20%.
(3)
Unit cost is per own mined 5E + gold PGMs metal in concentrate
ounce. FX rate assumption for 2024 unit
costs of c.19 ZAR:USD.
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q1 2024 vs. Q4 2023
|
|
2024
|
2023
|
2023
|
2023
|
2023
|
M&C PGMs production (000
oz)(1)
|
834.1
|
932.2
|
1,029.6
|
943.1
|
901.2
|
(7)%
|
(11)%
|
Own mined
|
504.3
|
595.7
|
665.8
|
612.7
|
586.0
|
(14)%
|
(15)%
|
Mogalakwena
|
219.5
|
265.3
|
246.8
|
242.4
|
219.0
|
0%
|
(17)%
|
Amandelbult
|
127.1
|
149.9
|
184.9
|
147.9
|
151.5
|
(16)%
|
(15)%
|
Unki
|
62.8
|
61.8
|
60.5
|
59.0
|
62.5
|
0%
|
2%
|
Mototolo
|
61.9
|
66.5
|
76.1
|
77.4
|
68.7
|
(10)%
|
(7)%
|
Modikwa - joint
operation(2)
|
33.0
|
36.3
|
39.6
|
35.1
|
34.4
|
(4)%
|
(9)%
|
Kroondal - joint
operation(3)
|
-
|
15.9
|
57.9
|
50.9
|
49.9
|
n/a
|
n/a
|
Purchase of concentrate
|
329.8
|
336.5
|
363.8
|
330.4
|
315.2
|
5%
|
(2)%
|
Modikwa - joint
operation(2)
|
33.0
|
36.3
|
39.6
|
35.1
|
34.4
|
(4)%
|
(9)%
|
Kroondal - joint
operation(3)
|
-
|
15.9
|
57.9
|
50.9
|
49.9
|
n/a
|
n/a
|
Third
parties(3)
|
296.8
|
284.3
|
266.3
|
244.4
|
230.9
|
29%
|
4%
|
|
|
|
|
|
|
|
|
Refined PGMs production (000
oz)(1)(4)
|
628.0
|
1,191.1
|
909.7
|
1,073.8
|
626.0
|
0%
|
(47)%
|
By metal:
|
|
|
|
|
|
|
|
Platinum
|
272.7
|
565.2
|
428.5
|
489.4
|
266.0
|
3%
|
(52)%
|
Palladium
|
206.4
|
400.0
|
285.5
|
352.6
|
230.5
|
(10)%
|
(48)%
|
Rhodium
|
39.6
|
61.3
|
57.1
|
68.4
|
38.8
|
2%
|
(35)%
|
Other PGMs and gold
|
109.3
|
164.6
|
138.6
|
163.4
|
90.7
|
21%
|
(34)%
|
Nickel (tonnes)
|
4,700
|
7,000
|
5,400
|
6,100
|
3,300
|
42%
|
(33)%
|
Tolled material (000
oz)(5)
|
160.2
|
175.1
|
159.8
|
139.6
|
146.1
|
10%
|
(9)%
|
PGMs sales from production (000
oz)(1)
|
707.5
|
1,166.2
|
951.8
|
1,108.7
|
698.6
|
1%
|
(39)%
|
Third-party PGMs sales (000
oz)(1)(6)
|
1,200.1
|
1,050.3
|
1,220.9
|
1,153.0
|
912.2
|
32%
|
14%
|
4E head grade (g/t
milled)(7)
|
3.05
|
3.35
|
3.29
|
3.15
|
3.11
|
(2)%
|
(9)%
|
(1)
M&C refers to metal in concentrate. Ounces refer to troy
ounces. PGMs consists of 5E + gold (platinum, palladium, rhodium,
ruthenium and iridium plus gold).
(2)
Modikwa is a 50% joint operation. The 50% equity
share of production is presented under 'Own mined' production.
Anglo American Platinum purchases the remaining 50% of production,
which is presented under 'Purchase of
concentrate'.
(3)
Kroondal was a 50% joint operation until 1 November 2023. Up until
this date, the 50% equity share of production was presented under
'Own mined' production and the remaining 50% of production, that
Anglo American Platinum purchased, was presented under 'Purchase of
concentrate'. Upon the disposal of our 50% interest, Kroondal
transitioned to a 100% third-party POC arrangement, whereby 100% of
production will be presented under 'Purchase of concentrate: Third
parties' until it transitions to a toll arrangement, expected at
the end of H1 2024.
(4)
Refined production excludes toll material.
(5)
Tolled volume measured as the combined content of: platinum,
palladium, rhodium and gold, reflecting the tolling agreements in
place.
(6)
Relates to sales of metal not produced by Anglo American
operations, and includes metal lending and borrowing
activity.
(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.
De Beers - Diamonds
Diamonds(1) (000
carats)
|
Q1
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q4
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
Botswana
|
4,987
|
6,899
|
(28)%
|
6,135
|
(19)%
|
Namibia
|
633
|
619
|
2%
|
566
|
12%
|
South Africa
|
598
|
739
|
(19)%
|
434
|
38%
|
Canada
|
645
|
673
|
(4)%
|
802
|
(20)%
|
Total carats recovered
|
6,863
|
8,930
|
(23)%
|
7,937
|
(14)%
|
(1)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
Rough diamond production decreased
by 23% to 6.9 million carats, primarily due to production
configuration changes implemented in response to higher than
average levels of inventory in the market and the expectation for a
gradual recovery in rough diamond demand.
In Botswana,
production decreased by 28% to 5.0 million carats, driven by intentional lower
production at Jwaneng and a short-term change in
plant feed mix at Orapa to process existing surface
stockpiles.
Production in Namibia was broadly
unchanged at 0.6 million carats.
In South Africa, production
decreased by 19% to 0.6 million carats, due to the
continued depletion of lower grade surface stockpiles prior to the
planned ramp-up of underground operations at Venetia over the next
few years.
Production in Canada decreased by
4% to 0.6 million
carats, due to planned treatment of lower grade
ore.
Demand for rough diamonds began to
recover during Q1 2024 following improved demand for diamond
jewellery in the United States over the year-end holiday season.
The flexibility for rough diamond allocations offered by De Beers
in 2023, combined with the voluntary import moratorium on rough
diamonds into India in Q4 2023, has helped improve the industry's
balance between wholesale supply and demand. However, ongoing
uncertainty around economic growth prospects has led to a continued
cautious purchasing approach by Sightholders and the recovery in
rough diamond demand is expected to be gradual through the rest of
the year. Consequently, rough diamond sales in Q1 2024 totalled 4.9
million carats (4.6 million carats on a consolidated
basis)(1) from two Sights, compared with 9.7 million
carats (8.9 million carats on a consolidated basis)(1)
from three Sights in Q1 2023, and 2.8 million carats (2.6 million
carats on a consolidated basis)(1) from two Sights in Q4
2023.
The consolidated average realised
price increased by 23% to $201/ct, reflecting a change in the sales
mix towards higher value rough diamonds and the benefit of the
price adjustment in Sight 1 of 2024, which helped improve demand in
higher price categories.
2024 Guidance
Production guidance(2)
for 2024 is lowered to 26-29 million carats (previously 29-32
million carats) in response to the higher than average levels of
inventory in the market and the expected gradual recovery in rough
diamonds through the rest of the year.
Unit cost guidance for 2024 is
revised to c.$90/carat (previously
c.$80/carat(3)), reflecting the
lower production.
(1)
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).
(2)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(3)
Unit cost is based on De Beers' share of
production volume. FX rate assumption for 2024 unit costs of
c.19 ZAR:USD.
Diamonds(1)
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
2023
|
2023
|
Carats recovered (000
carats)
|
|
|
|
|
|
|
|
100% basis (unless
stated)
|
|
|
|
|
|
|
|
Jwaneng
|
2,494
|
3,192
|
3,400
|
2,955
|
3,782
|
(34)%
|
(22)%
|
Orapa(2)
|
2,493
|
2,943
|
2,437
|
2,874
|
3,117
|
(20)%
|
(15)%
|
Total Botswana
|
4,987
|
6,135
|
5,837
|
5,829
|
6,899
|
(28)%
|
(19)%
|
|
|
|
|
|
|
|
|
Debmarine Namibia
|
505
|
435
|
423
|
503
|
498
|
1%
|
16%
|
Namdeb (land operations)
|
128
|
131
|
107
|
109
|
121
|
6%
|
(2)%
|
Total Namibia
|
633
|
566
|
530
|
612
|
619
|
2%
|
12%
|
|
|
|
|
|
|
|
|
Venetia
|
598
|
434
|
365
|
466
|
739
|
(19)%
|
38%
|
Total South Africa
|
598
|
434
|
365
|
466
|
739
|
(19)%
|
38%
|
|
|
|
|
|
|
|
|
Gahcho Kué (51% basis)
|
645
|
802
|
676
|
683
|
673
|
(4)%
|
(20)%
|
Total Canada
|
645
|
802
|
676
|
683
|
673
|
(4)%
|
(20)%
|
Total carats recovered
|
6,863
|
7,937
|
7,408
|
7,590
|
8,930
|
(23)%
|
(14)%
|
Sales volumes (000
carats)
|
|
|
|
|
|
|
|
Total sales volume
(100%)(3)
|
4,869
|
2,753
|
7,350
|
7,561
|
9,694
|
(50)%
|
77%
|
Consolidated sales
volume(3)
|
4,612
|
2,637
|
6,742
|
6,407
|
8,896
|
(48)%
|
75%
|
Number of Sights (sales
cycles)
|
2
|
2
|
3
|
2
|
3
|
|
|
(1)
Production is on a 100% basis, except for the Gahcho Kué joint
operation 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).
Iron Ore
Iron Ore (000 t)
|
Q1
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q4
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
Iron Ore
|
15,143
|
15,076
|
0%
|
13,806
|
10%
|
Kumba(1)
|
9,275
|
9,425
|
(2)%
|
7,234
|
28%
|
Minas-Rio(2)
|
5,868
|
5,651
|
4%
|
6,572
|
(11)%
|
(1)
Volumes are reported as wet metric tonnes. Product is shipped with
~1.6% moisture.
(2)
Volumes are reported as wet metric tonnes. Product is shipped with
~9% moisture.
Iron ore production was flat at
15 million tonnes. Strong performance from Minas-Rio, with production up 4%, was offset
by an expected decrease at Kumba of 2% due to the previously
announced business reconfiguration to align with third-party
logistics constraints.
Kumba -
Total production decreased to 9.3 million tonnes,
driven by a 12% decrease at Kolomela to 2.7 million tonnes due to
the reconfiguration of the mine to align production to lower
third-party rail capacity and alleviate mine stockpile constraints.
Sishen's production increased by 4% to 6.6 million tonnes,
reflecting operational stability.
Total sales decreased by 12% to 8.4
million tonnes(1), primarily as a result of equipment
reliability challenges at the Saldanha Bay port as well as adverse
weather conditions. Equipment maintenance is now being undertaken
in the second quarter by Transnet, with Kumba increasing
alternative loading approaches and also working to secure
alternative loading options to help mitigate the impact.
As a result of the logistics
challenges on rail and at the port, total finished stock increased
to 8.6 million tonnes(1), with stock at the mines
increasing to 6.9 million tonnes(1), which remains
considerably above desired levels. Stock at the port increased to
1.7 million tonnes(1).
Kumba's iron (Fe) content averaged
64.2% (Q1 2023:
63.1%), while the average lump:fines ratio
was 66:34 (Q1 2023: 67:33).
The average realised price of
$87/tonne(1) (FOB South Africa, wet basis) was 16% lower
than the 62% Fe benchmark price of $103/tonne(1) (FOB
South Africa, adjusted for freight and moisture), impacted by a
significant provisional pricing adjustment as benchmark prices
moved lower in the quarter. This impact more than offset the lump
and Fe content quality premiums that the Kumba products
attract.
Minas-Rio - Production increased by 4% to 5.9 million tonnes, reflecting
good preparations at the mine at the end of 2023 with high stock
levels available to secure the ore feed for Q1 production, despite
the highest rainfall in the last six years. Production also
benefitted from operational improvements at the crushing circuit
and plant, which increased recovery.
Sales decreased by 9% to 4.6 million
tonnes, lower than production during the quarter, primarily due to
the timing of sales.
The average realised price of
$77/tonne (FOB Brazil, wet basis) was 23% lower than the Metal
Bulletin 65 price of $100/tonne (FOB Brazil,
adjusted for freight and moisture), impacted by a significant
provisional pricing adjustment as benchmark prices moved lower in
the quarter. This impact more than offset the premium for our high
quality product, including higher (~67%) Fe content.
2024 Guidance
Production guidance for 2024 is
unchanged at 58-62 million tonnes (Kumba
35-37 million tonnes; Minas-Rio
23-25 million tonnes). Kumba is subject to third-party rail and port availability and
performance.
Unit cost guidance for 2024 is
unchanged at c.$37/tonne(2)
(Kumba c.$38/tonne(2); Minas-Rio
c.$35/tonne(2)).
(1) Production
and sales volumes, stock and realised price are reported on a wet
basis and could differ to Kumba's
stand-alone results due to sales to other Group companies.
In Q4 2023, total finished stock was 7.1 million tonnes, stock at
the mines was 6.5 million tonnes and stock at the port was 0.6
million tonnes.
(2) FX
rate assumption for 2024 unit costs of c.19
ZAR:USD for Kumba and c.5.0 BRL:USD for
Minas-Rio.
Iron Ore (000 t)
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
2023
|
2023
|
Iron Ore
production(1)
|
15,143
|
13,806
|
15,397
|
15,647
|
15,076
|
0%
|
10%
|
Iron Ore
sales(1)
|
12,997
|
16,413
|
14,748
|
15,781
|
14,546
|
(11)%
|
(21)%
|
|
|
|
|
|
|
|
|
Kumba production
|
9,275
|
7,234
|
9,736
|
9,320
|
9,425
|
(2)%
|
28%
|
Sishen
|
6,563
|
5,958
|
6,680
|
6,442
|
6,341
|
4%
|
10%
|
Kolomela
|
2,712
|
1,276
|
3,056
|
2,878
|
3,084
|
(12)%
|
113%
|
Kumba sales
volumes(2)
|
8,383
|
9,344
|
8,873
|
9,456
|
9,499
|
(12)%
|
(10)%
|
Lump(2)
|
5,520
|
6,221
|
5,878
|
6,241
|
6,366
|
(13)%
|
(11)%
|
Fines(2)
|
2,863
|
3,123
|
2,995
|
3,215
|
3,133
|
(9)%
|
(8)%
|
|
|
|
|
|
|
|
|
Minas-Rio production
|
|
|
|
|
|
|
|
Pellet feed
|
5,868
|
6,572
|
5,661
|
6,327
|
5,651
|
4%
|
(11)%
|
Minas-Rio sales volumes
|
|
|
|
|
|
|
|
Export - pellet feed
|
4,614
|
7,069
|
5,875
|
6,325
|
5,047
|
(9)%
|
(35)%
|
(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 could differ to Kumba's stand-alone results due to
sales to other Group companies.
Steelmaking Coal
Steelmaking Coal(1) (000
t)
|
Q1
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q4
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
Steelmaking Coal
|
3,780
|
3,533
|
7%
|
4,756
|
(21)%
|
(1)
Anglo American's attributable share of saleable production.
Steelmaking coal production volumes may include some product sold
as thermal coal and includes production relating
to third-party product purchased and processed at Anglo
American's operations.
Steelmaking coal production
increased by 7% to 3.8
million tonnes, primarily driven by the
Aquila underground longwall operation and the Capcoal open cut
operation. This was partly offset by lower
production at the Dawson open cut operation.
During the quarter, Moranbah and
Aquila underground longwall operations experienced challenges with
difficult strata conditions. Grosvenor underground operation
experienced some delays while managing gas levels.
During the quarter, the ratio of
hard coking coal production to PCI/semi-soft coking coal
was 77:23, slightly lower
than Q1 2023 (80:20) due to the Capcoal operation
producing more PCI coking coal.
The average realised price for hard
coking coal was $299/tonne, this was broadly in line with the
benchmark price of $308/tonne and reflects an increase in price
realisation to 97% (Q1 2023: 88%), primarily as a result of the
timing of sales during this quarter.
2024 Guidance
Production guidance for 2024 is
unchanged at 15-17 million tonnes. The next longwall moves
scheduled at Moranbah and Grosvenor are both in Q3 2024. A
walk-on/walk-off longwall move at Aquila, that will have a minimal
production impact, has been rescheduled from Q2 to Q3 2024 due to
production delays from strata conditions.
Unit cost guidance
for 2024 is unchanged at c.$115/tonne(2).
(1)
Steelmaking coal production volumes may include some product sold
as thermal coal.
(2) FX
rate assumption for 2024 unit costs of c.1.5 AUD:USD.
Coal, by product (000
t)(1)
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
2023
|
2023
|
Production volumes
|
|
|
|
|
|
|
|
Steelmaking
Coal(2)(3)(4)
|
3,780
|
4,756
|
4,356
|
3,356
|
3,533
|
7%
|
(21)%
|
Hard coking
coal(2)
|
2,921
|
3,804
|
3,235
|
2,358
|
2,842
|
3%
|
(23)%
|
PCI / SSCC
|
859
|
952
|
1,121
|
998
|
691
|
24%
|
(10)%
|
Export thermal
coal(4)
|
324
|
34
|
284
|
481
|
284
|
14%
|
853%
|
Sales volumes
|
|
|
|
|
|
|
|
Steelmaking
Coal(2)
|
3,827
|
3,795
|
4,226
|
3,585
|
3,334
|
15%
|
1%
|
Hard coking
coal(2)
|
2,974
|
2,987
|
3,199
|
2,681
|
2,699
|
10%
|
0%
|
PCI / SSCC
|
853
|
808
|
1,027
|
904
|
635
|
34%
|
6%
|
Export thermal coal
|
429
|
494
|
387
|
390
|
402
|
7%
|
(13)%
|
|
Steelmaking coal, by operation (000
t)(1)
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
2023
|
2023
|
Steelmaking
Coal(2)(3)(4)
|
3,780
|
4,756
|
4,356
|
3,356
|
3,533
|
7%
|
(21)%
|
Moranbah(2)
|
561
|
662
|
946
|
948
|
576
|
(3)%
|
(15)%
|
Grosvenor
|
967
|
1,021
|
560
|
240
|
976
|
(1)%
|
(5)%
|
Aquila (incl.
Capcoal)(2)
|
977
|
1,181
|
1,338
|
874
|
745
|
31%
|
(17)%
|
Dawson(4)
|
487
|
1,118
|
688
|
576
|
520
|
(6)%
|
(56)%
|
Jellinbah
|
788
|
774
|
824
|
718
|
716
|
10%
|
2%
|
(1)
Anglo American's attributable share of saleable
production.
(2)
Includes production relating to third-party product purchased and
processed at Anglo American's operations.
(3)
Steelmaking coal production volumes may include some product sold
as thermal coal.
(4) Q4
2023 includes an adjustment for the 2023 year for some steelmaking
coal produced at Dawson that had previously been reported as
thermal coal.
|
Manganese
Manganese (000 t)
|
Q1
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q4
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
Manganese
ore(1)
|
784
|
841
|
(7)%
|
848
|
(8)%
|
(1)
Anglo American's 40% attributable share of
saleable production.
Manganese ore production decreased
by 7% to 783,800 tonnes,
primarily due to the impact of tropical cyclone Megan in mid-March,
which has temporarily suspended the Australian operations.
The tropical cyclone caused widespread flooding and significant
damage to critical infrastructure. The operational recovery has
focused on re-establishing critical services and dewatering
targeted mining pits, and studies are underway on the
infrastructure restoration.
Manganese (tonnes)
|
Q1
|
Q4
|
Q3
|
Q2
|
Q1
|
Q1 2024 vs. Q1 2023
|
Q1 2024 vs. Q4 2023
|
2024
|
2023
|
2023
|
2023
|
2023
|
Samancor production
|
|
|
|
|
|
|
|
Manganese
ore(1)
|
783,800
|
847,800
|
1,012,100
|
969,800
|
840,900
|
(7)%
|
(8)%
|
Samancor sales volumes
|
|
|
|
|
|
|
|
Manganese ore
|
796,800
|
992,000
|
971,500
|
937,900
|
823,600
|
(3)%
|
(20)%
|
(1)
Anglo American's 40% attributable share of saleable
production.
Exploration and
evaluation
Exploration and evaluation
expenditure for the quarter of $66 million was
broadly in line with the same period last year (Q1 2023: $68 million). Exploration expenditure
decreased by 10% to $27 million, and
evaluation expenditure was broadly
flat at $39 million.
Notes
• This Production Report for the
first quarter ended 31 March 2024 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, and includes the equity
share of De Beers' production. 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 17 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.
This document is for information
purposes only and does not constitute, nor is to be construed as,
an offer to sell or the recommendation, solicitation, inducement or
offer to buy, subscribe for or sell shares in Anglo American or any
other securities by Anglo American or any other party. Further, it
should not be treated as giving investment, legal, accounting,
regulatory, taxation or other advice and has no regard to the
specific investment or other objectives, financial situation or
particular needs of any recipient.
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
Rebecca Meeson-Frizelle
rebecca.meeson-frizelle@angloamerican.com
Tel: +44 (0)20 7968 1374
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
Tyler Broda
tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 1470
Emma Waterworth
emma.waterworth@angloamerican.com
Tel: +44 (0)20 7968 8574
Juliet Newth
Juliet.newth@angloamerican.com
Tel: +44 (0)20 7968 8830
Michelle Jarman
michelle.jarman@angloamerican.com
Tel: +44 (0)20 7968 1494
|
|
|
|
|
Notes:
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 copper,
nickel, platinum group metals, diamonds (through De Beers), and
premium quality iron ore and steelmaking coal - 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,
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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
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Such forward-looking statements are
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include, among others, levels of actual production during any
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