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8 February 2024
Anglo American plc
Production Report for the fourth
quarter ended 31 December 2023
Duncan Wanblad, Chief Executive of
Anglo American, said: "Our fourth quarter production was in line with our expectations and
in line with the third quarter, despite the deliberate slowdown at
Kumba to help draw down stock levels caused by poor third-party
rail performance. Our Quellaveco mine in Peru delivered its
strongest quarter yet of 93,700 tonnes of
copper, while Minas-Rio also delivered its highest ever quarterly
volume of 6.6 million tonnes of
premium high-grade iron ore. Compared to
the same period in 2022, fourth quarter volumes reduced by
7%(1), primarily due to the
planned Kumba reduction and the current unfavourable ore phase at Los
Bronces.
"Looking ahead, our deliberate
prioritisation of value over volume is designed to improve margins
and returns. We are committed to safely delivering a consistent
production performance in a streamlined and more effective
organisation with significantly lower costs and capital
requirements and that is more resilient through the
cycle.
"We are implementing the right
actions to enhance value now and for the longer term, and will
continue to do so. We see significant value upside from operational
resilience, reducing complexity, and from the growth opportunities
presented by the high quality of our resource endowments and the
major demand trends."
Q4 2023 highlights
• Minas-Rio had a
record quarterly performance, increasing production by 15% compared
to Q4 2022. However, this was more than offset by a planned
slowdown in Kumba's production to align with third-party logistics
constraints, resulting in an overall decrease in iron ore
production of 12%.
• Nickel production increased by
9%, reflecting improved operational
stability.
• Steelmaking coal production
increased by 2%, reflecting steady
performance at the Aquila operation and improved
performance at Grosvenor, partly offset by ongoing challenging
strata conditions at Moranbah.
• Copper production decreased by
6%: a 16% decrease
in Chile's production was primarily driven by Los Bronces (expected
lower grade and harder ore), which more than offset higher
production from Quellaveco in Peru.
• Production from our Platinum Group
Metals (PGMs) operations was 6% lower,
mainly due to the planned ramp-down of operations
at Kroondal (now sold) and lower production at Amandelbult
due to planned infrastructure closures.
• Rough diamond production
decreased by 3%, primarily due to the
planned reduction as Venetia transitions to underground operations,
partly offset by higher production from Botswana.
• The Steelmaking
Coal full year 2023 unit cost of $121/t was $6/t above guidance due
to lower than expected production from the higher fixed cost
underground operation at Moranbah.
• 2023 production was 2%(1) higher than prior year, reflecting the
24% increase in copper volumes primarily
from Quellaveco, a strong performance from Minas-Rio and a steady
increase from the Steelmaking Coal operations.
• All 2024 guidance
is unchanged from the December investor update.
Production
|
Q4 2023
|
Q4 2022
|
% vs. Q4 2022
|
2023
|
2022
|
% vs. 2022
|
Copper (kt)(2)
|
230
|
244
|
(6)%
|
826
|
664
|
24%
|
Nickel (kt)(3)
|
11.1
|
10.2
|
9%
|
40.0
|
39.8
|
1%
|
Platinum group metals
(koz)(4)
|
932
|
990
|
(6)%
|
3,806
|
4,024
|
(5)%
|
Diamonds
(Mct)(5)
|
7.9
|
8.2
|
(3)%
|
31.9
|
34.6
|
(8)%
|
Iron ore
(Mt)(6)
|
13.8
|
15.7
|
(12)%
|
59.9
|
59.3
|
1%
|
Steelmaking coal (Mt)
|
4.8
|
4.6
|
2%
|
16.0
|
15.0
|
7%
|
Manganese ore (kt)
|
848
|
984
|
(14)%
|
3,671
|
3,741
|
(2)%
|
(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) Contained
metal basis. Reflects copper production from the Copper operations
in Chile and Peru only (excludes copper production from the
Platinum Group Metals business).
(3) Reflects
nickel production from the Nickel operations in Brazil only
(excludes 7.0 kt of Q4 2023 nickel
production from the Platinum Group Metals business).
(4) Produced
ounces of metal in concentrate. 5E + gold (platinum, palladium,
rhodium, ruthenium and iridium plus gold). Reflects own mined
production and purchase of concentrate.
(5)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(6) 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)
|
29-32 Mct
|
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:
~850 CLP:USD, ~3.7 PEN:USD, ~5.0 BRL:USD, ~19 ZAR:USD, ~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. Production in Chile is
subject to water availability. Production in Peru will be weighted
to the second half of the year, primarily as a result of the grades
temporarily declining to between 0.6-0.7% TCu in the first half of
the year as the geotechnical fault requires changes to be made to
the angle of the slope in the mining pit wall.
(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. Refined production is usually lower
in the first quarter than the rest of the year, due to the annual
stock count and planned processing maintenance. 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 on a 100% basis, except for the Gahcho Kué joint
operation, which is on an attributable 51% basis. De Beers will
assess options to reduce production in response to prevailing
market conditions. Venetia continues to transition
to underground operations where production is expected to ramp-up
over the next few years. Unit cost is based on De Beers'
share of production.
(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 the third-party rail and port
performance. Unit cost for Kumba: c.$38/t
and Minas-Rio: c.$35/t.
(7)
Production excludes thermal coal
by-product. FOB unit cost comprises managed operations and
excludes royalties.
Realised prices
|
FY 2023
|
FY 2022
|
H2 2023
|
H1 2023
|
FY 2023 vs.
FY 2022
|
H2 2023 vs. H1 2023
|
Copper
(USc/lb)(1)
|
384
|
385
|
377
|
393
|
0%
|
(4)%
|
Copper Chile
(USc/lb)(2)
|
384
|
386
|
377
|
393
|
(1)%
|
(4)%
|
Copper Peru (USc/lb)
|
384
|
379
|
376
|
394
|
1%
|
(5)%
|
Nickel (US$/lb)
|
7.71
|
10.26
|
6.50
|
9.04
|
(25)%
|
(28)%
|
Platinum Group Metals
|
|
|
|
|
|
|
Platinum
(US$/oz)(3)
|
946
|
962
|
896
|
1,008
|
(2)%
|
(11)%
|
Palladium
(US$/oz)(3)
|
1,313
|
2,076
|
1,124
|
1,532
|
(37)%
|
(27)%
|
Rhodium
(US$/oz)(3)
|
6,592
|
15,600
|
4,475
|
9,034
|
(58)%
|
(50)%
|
Basket price (US$/PGM
oz)(4)
|
1,657
|
2,551
|
1,463
|
1,885
|
(35)%
|
(22)%
|
Diamonds
|
|
|
|
|
|
|
Consolidated average realised price
($/ct)(5)
|
147
|
197
|
120
|
163
|
(25)%
|
(26)%
|
Average price
index(6)
|
133
|
142
|
125
|
137
|
(6)%
|
(9)%
|
Iron Ore - FOB
prices(7)
|
114
|
111
|
123
|
105
|
3%
|
17%
|
Kumba Export
(US$/wmt)(8)
|
117
|
113
|
129
|
106
|
4%
|
22%
|
Minas-Rio
(US$/wmt)(9)
|
110
|
108
|
115
|
104
|
2%
|
11%
|
Steelmaking Coal - HCC
(US$/t)(10)
|
269
|
310
|
258
|
280
|
(13)%
|
(8)%
|
Steelmaking Coal - PCI
(US$/t)(10)
|
214
|
271
|
197
|
236
|
(21)%
|
(17)%
|
(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) 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 sold (PGMs, base metals and other
metals) excluding trading, per PGM 5E + gold ounces sold (own mined
and purchased concentrate) excluding trading.
(5)
Consolidated average realised price based on 100% selling value
post-aggregation.
(6) 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.
(7) Average
realised total iron ore price is a weighted average of the Kumba
and Minas-Rio realised prices.
(8) 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 $119/t (FY 2022: $115/t), higher than the dry 62% Fe
benchmark price of $104/t (FOB South Africa, adjusted for
freight).
(9) Average
realised export basket price (FOB Açu) (wet basis as product is
shipped with ~9% moisture).
(10) Weighted average
coal sales price achieved at managed operations. The average
realised price for thermal coal by-product for 2023, decreased by
53% to $145/t (FY 2022: $310/t). H2 2023 was $123/t and H1 2023 was
$169/t, a 27% decrease.
Copper
Copper(1)
(tonnes)
|
Q4
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q3
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2022
|
2023
|
2023
|
2022
|
Copper
|
229,900
|
244,300
|
(6)%
|
209,100
|
10%
|
826,200
|
664,500
|
24%
|
Copper Chile
|
136,200
|
162,300
|
(16)%
|
121,600
|
12%
|
507,200
|
562,200
|
(10)%
|
Copper Peru
|
93,700
|
82,000
|
14%
|
87,500
|
7%
|
319,000
|
102,300
|
212%
|
(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 decreased by
6% to 229,900
tonnes, driven by a 16% decrease in Chile's
production that more than offset higher production from Quellaveco
in Peru.
Chile - Copper production decreased by
16% to 136,200
tonnes, driven by expected lower grade and throughput due to ore
hardness in the current phase of the mine plan at Los Bronces,
as well as expected lower grade and throughput at
El Soldado, partially offset by expected higher grades at
Collahuasi.
Production from Los Bronces decreased
by 32% to 57,200
tonnes, primarily driven by expected
lower grades (0.52% vs. 0.69%) and throughput due
to continued ore hardness. These
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 is expected to
benefit production from early 2027.
At Collahuasi, attributable production increased by 14% to 71,700 tonnes, driven by
expected higher grades (1.33% vs.
1.08%) and slightly higher throughput
following the ongoing commissioning of the
fifth ball mill that started at the end of October 2023.
Production from El Soldado decreased
by 52% to 7,300 tonnes, due to expected lower grade and throughput
as a result of the revised mine plan that was implemented towards
the end of Q3 2023 to mitigate the effect of the geotechnical fault
line.
The increase in precipitation during
the year and the decision to place the smaller and less efficient
of the two plants at the Los Bronces operation (the "Los Bronces
plant") on care and maintenance during 2024
has significantly reduced the risk in relation to
water availability for Los Bronces and El
Soldado in 2024. For Collahuasi,
which is located in the north of the country, the outlook for 2024
remains dry; a desalination water solution is
expected to be operational from 2026.
The full year average realised price
of 384 c/lb includes 114,500 tonnes of copper provisionally priced on 31
December 2023 at an average of 386
c/lb.
Peru -
Quellaveco production increased by 14% to
93,700 tonnes, the highest production in a
quarter, reflecting higher throughput and production levels since
the plant reached commercial production in June 2023. Commissioning
of the coarse particle recovery plant, which will treat flotation
tails and lead to improved metal recoveries, began in November
2023.
The full year average realised price of 384 c/lb includes 39,000 tonnes of
copper provisionally priced on 31 December 2023 at an average of 385 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 is subject to water
availability. Production in Peru will be weighted
to the second half of the year, primarily as a result of the grades
temporarily declining to between 0.6-0.7% TCu in the first half of
the year as the geotechnical fault requires changes to be made to
the angle of the slope in the mining pit
wall.
Unit cost guidance for 2024 is c.157
c/lb(1) (Chile c.190 c/lb(1); Peru c.110
c/lb(1)).
(1) FX rate
assumption for 2024 unit costs of ~850
CLP:USD and ~3.7 PEN:USD.
Copper(1)
(tonnes)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2023
|
2023
|
2023
|
2022
|
2023
|
2022
|
Total copper production
|
229,900
|
209,100
|
209,100
|
178,100
|
244,300
|
(6)%
|
10%
|
826,200
|
664,500
|
24%
|
Total copper sales
volumes
|
242,600
|
211,700
|
203,100
|
185,900
|
242,700
|
0%
|
15%
|
843,300
|
640,500
|
32%
|
|
|
|
|
|
|
|
|
|
|
|
Copper Chile
|
|
|
|
|
|
|
|
|
|
|
Los Bronces
mine(2)
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
13,365,200
|
11,209,200
|
13,729,100
|
12,126,800
|
13,133,900
|
2%
|
19%
|
50,430,300
|
46,756,500
|
8%
|
Ore processed - Sulphide
|
11,562,800
|
9,695,800
|
12,462,800
|
10,042,400
|
12,959,300
|
(11)%
|
19%
|
43,763,800
|
45,943,600
|
(5)%
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.52
|
0.49
|
0.51
|
0.52
|
0.69
|
(25)%
|
6%
|
0.51
|
0.62
|
(18)%
|
Production - Copper in
concentrate
|
49,400
|
38,600
|
52,800
|
44,000
|
74,100
|
(33)%
|
28%
|
184,800
|
231,500
|
(20)%
|
Production - Copper
cathode
|
7,800
|
7,200
|
7,000
|
8,700
|
10,200
|
(24)%
|
8%
|
30,700
|
39,400
|
(22)%
|
Total production
|
57,200
|
45,800
|
59,800
|
52,700
|
84,300
|
(32)%
|
25%
|
215,500
|
270,900
|
(20)%
|
Collahuasi 100% basis
(Anglo American share 44%)
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
15,892,300
|
15,949,200
|
15,232,600
|
13,503,400
|
17,975,000
|
(12)%
|
0%
|
60,577,500
|
82,222,600
|
(26)%
|
Ore processed - Sulphide
|
14,943,300
|
14,502,000
|
13,814,300
|
14,092,200
|
14,797,300
|
1%
|
3%
|
57,351,800
|
57,316,400
|
0%
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
1.33
|
1.19
|
1.09
|
1.05
|
1.08
|
23%
|
12%
|
1.17
|
1.11
|
5%
|
Production - Copper in
concentrate
|
163,100
|
150,100
|
130,200
|
129,800
|
142,900
|
14%
|
9%
|
573,200
|
570,700
|
0%
|
Anglo American's 44% share of copper
production for Collahuasi
|
71,700
|
66,100
|
57,300
|
57,100
|
62,900
|
14%
|
8%
|
252,200
|
251,100
|
0%
|
El Soldado
mine(2)
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
2,190,000
|
633,000
|
2,930,200
|
1,903,000
|
3,277,100
|
(33)%
|
246%
|
7,656,200
|
6,779,300
|
13%
|
Ore processed - Sulphide
|
1,526,300
|
2,026,800
|
1,781,400
|
1,465,000
|
1,898,200
|
(20)%
|
(25)%
|
6,799,500
|
7,548,500
|
(10)%
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.62
|
0.60
|
0.94
|
0.72
|
0.95
|
(35)%
|
3%
|
0.72
|
0.65
|
11%
|
Production - Copper in
concentrate
|
7,300
|
9,700
|
13,700
|
8,800
|
15,100
|
(52)%
|
(25)%
|
39,500
|
40,200
|
(2)%
|
Chagres
smelter(2)
|
|
|
|
|
|
|
|
|
|
|
Ore smelted(4)
|
28,100
|
28,600
|
27,800
|
29,000
|
23,400
|
20%
|
(2)%
|
113,500
|
100,600
|
13%
|
Production
|
27,400
|
27,700
|
27,100
|
27,900
|
22,500
|
22%
|
(1)%
|
110,100
|
97,500
|
13%
|
Total copper
production(5)
|
136,200
|
121,600
|
130,800
|
118,600
|
162,300
|
(16)%
|
12%
|
507,200
|
562,200
|
(10)%
|
Total payable copper
production
|
131,000
|
117,000
|
125,500
|
114,100
|
156,000
|
(16)%
|
12%
|
487,600
|
540,200
|
(10)%
|
Total copper sales
volumes
|
146,900
|
120,300
|
120,700
|
116,900
|
170,500
|
(14)%
|
22%
|
504,800
|
563,000
|
(10)%
|
Total payable sales
volumes
|
140,000
|
115,600
|
117,100
|
112,300
|
164,000
|
(15)%
|
21%
|
485,000
|
540,600
|
(10)%
|
Third-party
sales(6)
|
139,300
|
126,600
|
91,400
|
86,400
|
79,500
|
75%
|
10%
|
443,700
|
422,300
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
Copper Peru
|
|
|
|
|
|
|
|
|
|
|
Quellaveco
mine(7)
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
13,368,500
|
9,900,400
|
11,600,200
|
7,177,900
|
11,063,300
|
21%
|
35%
|
42,047,000
|
27,431,000
|
53%
|
Ore processed - Sulphide
|
11,821,300
|
11,240,600
|
9,660,800
|
7,042,200
|
8,851,800
|
34%
|
5%
|
39,764,900
|
11,719,400
|
239%
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.95
|
0.93
|
0.96
|
1.04
|
1.17
|
(19)%
|
2%
|
0.96
|
1.12
|
(14)%
|
Total copper production
|
93,700
|
87,500
|
78,300
|
59,500
|
82,000
|
14%
|
7%
|
319,000
|
102,300
|
212%
|
Total payable copper
production
|
90,600
|
84,600
|
75,700
|
57,500
|
79,300
|
14%
|
7%
|
308,400
|
98,900
|
212%
|
Total copper sales
volumes
|
95,700
|
91,400
|
82,400
|
69,000
|
72,200
|
33%
|
5%
|
338,500
|
77,500
|
337%
|
Total payable sales
volumes
|
92,500
|
88,300
|
79,500
|
66,700
|
69,700
|
33%
|
5%
|
327,000
|
74,800
|
337%
|
(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 (tonnes)
|
Q4
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q3
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2022
|
2023
|
2023
|
2022
|
Nickel
|
11,100
|
10,200
|
9%
|
9,300
|
19%
|
40,000
|
39,800
|
1%
|
Nickel production increased by
9% to 11,100
tonnes, reflecting improved operational
stability.
The full year average realised price of 771 c/lb was 21%
lower than the average LME nickel price of 974 c/lb,
primarily reflecting the widening 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
c.600 c/lb(1).
(1) FX rate
assumption for 2024 unit costs of ~5.0
BRL:USD.
Nickel (tonnes)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2023
|
2023
|
2023
|
2022
|
2023
|
2022
|
Barro Alto
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
1,094,700
|
1,387,900
|
1,283,400
|
534,800
|
973,700
|
12%
|
(21)%
|
4,300,800
|
3,424,800
|
26%
|
Ore processed
|
634,000
|
559,800
|
650,700
|
631,900
|
570,600
|
11%
|
13%
|
2,476,400
|
2,421,600
|
2%
|
Ore grade processed - %Ni
|
1.48
|
1.48
|
1.46
|
1.36
|
1.51
|
(2)%
|
0%
|
1.45
|
1.49
|
(3)%
|
Production
|
8,800
|
7,200
|
8,000
|
7,800
|
8,000
|
10%
|
22%
|
31,800
|
32,700
|
(3)%
|
Codemin
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
-
|
-
|
-
|
27,800
|
800
|
n/a
|
n/a
|
27,800
|
800
|
n/a
|
Ore processed
|
152,500
|
153,200
|
146,900
|
146,900
|
148,500
|
3%
|
0%
|
599,500
|
531,100
|
13%
|
Ore grade processed - %Ni
|
1.46
|
1.44
|
1.42
|
1.34
|
1.48
|
(1)%
|
1%
|
1.41
|
1.44
|
(2)%
|
Production
|
2,300
|
2,100
|
1,900
|
1,900
|
2,200
|
5%
|
10%
|
8,200
|
7,100
|
15%
|
Total nickel
production(1)
|
11,100
|
9,300
|
9,900
|
9,700
|
10,200
|
9%
|
19%
|
40,000
|
39,800
|
1%
|
Sales volumes
|
11,400
|
9,300
|
10,600
|
8,500
|
11,800
|
(3)%
|
23%
|
39,800
|
39,000
|
2%
|
(1) Excludes
nickel production from the Platinum Group Metals
business.
Platinum Group Metals
(PGMs)
PGMs (000
oz)(1)
|
Q4
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q3
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2022
|
2023
|
2023
|
2022
|
Metal in concentrate
production
|
932
|
990
|
(6)%
|
1,030
|
(9)%
|
3,806
|
4,024
|
(5)%
|
Own mined(2)
|
596
|
657
|
(9)%
|
666
|
(11)%
|
2,460
|
2,649
|
(7)%
|
Purchase of concentrate
(POC)(3)
|
337
|
334
|
1%
|
364
|
(8)%
|
1,346
|
1,375
|
(2)%
|
Refined
production(4)
|
1,191
|
877
|
36%
|
910
|
31%
|
3,801
|
3,831
|
(1)%
|
(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
Own mined production decreased by
9% to 595,700
ounces, mainly due to the disposal of Kroondal and
lower production from Amandelbult, partially offset by
higher production from Unki and
Mogalakwena.
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.
As a result, our share of Kroondal's own
mined production decreased by 75% to
15,900 ounces. Kroondal is expected to
transition to a toll arrangement at the end of H1 2024.
Production at Amandelbult decreased
by 15% to 149,900
ounces, due to planned infrastructure
closures and poor ground conditions at the
Dishaba mine.
These were partly offset by a
17% increase in production at Unki to
61,800 ounces, driven by increased
throughput and higher grade, as well as a 3% increase at Mogalakwena to 265,300 ounces, as mining moved into a
higher grade, lower waste area.
Purchase of
concentrate was broadly flat at 336,500
ounces, inclusive of the Kroondal
transition.
Refined production
Refined production increased by 36% to
1,191,100 ounces, as Q4 2022 was affected
by the Polokwane smelter rebuild.
Eskom load-curtailment
had a negligible impact on production during the
quarter.
Sales
Sales volumes increased by 32% to
1,166,200 ounces, reflecting higher refined production.
The full year average realised basket
price of $1,657/PGM ounce was 35% lower, following the 58% decrease
in rhodium prices and 37% decrease in palladium prices.
2024 Guidance
Production guidance for 2024 for
metal in concentrate(1) and refined production is
unchanged at 3.3-3.7 million ounces.
Production remains subject to the impact of Eskom
load-curtailment. Refined production is usually lower in the
first quarter than the rest of the year, due to the annual stock
count and planned processing maintenance.
Unit cost guidance for 2024 is
c.$920/PGM ounce(2).
(1) 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%.
(2) FX rate
assumption for 2024 unit costs of ~19
ZAR:USD.
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
|
2023
|
2023
|
2023
|
2023
|
2022
|
2023
|
2022
|
M&C PGMs production (000
oz)(1)
|
932.2
|
1,029.6
|
943.1
|
901.2
|
990.4
|
(6)%
|
(9)%
|
3,806.1
|
4,024.0
|
(5)%
|
Own mined
|
595.7
|
665.8
|
612.7
|
586.0
|
656.6
|
(9)%
|
(11)%
|
2,460.2
|
2,649.2
|
(7)%
|
Mogalakwena
|
265.3
|
246.8
|
242.4
|
219.0
|
256.7
|
3%
|
7%
|
973.5
|
1,026.2
|
(5)%
|
Amandelbult
|
149.9
|
184.9
|
147.9
|
151.5
|
176.6
|
(15)%
|
(19)%
|
634.2
|
712.5
|
(11)%
|
Unki
|
61.8
|
60.5
|
59.0
|
62.5
|
52.6
|
17%
|
2%
|
243.8
|
232.1
|
5%
|
Mototolo
|
66.5
|
76.1
|
77.4
|
68.7
|
71.7
|
(7)%
|
(13)%
|
288.7
|
289.9
|
0%
|
Modikwa - joint
operation(2)
|
36.3
|
39.6
|
35.1
|
34.4
|
35.8
|
1%
|
(8)%
|
145.4
|
144.5
|
1%
|
Kroondal - joint
operation(3)
|
15.9
|
57.9
|
50.9
|
49.9
|
63.2
|
(75)%
|
(73)%
|
174.6
|
244.0
|
(28)%
|
Purchase of concentrate
|
336.5
|
363.8
|
330.4
|
315.2
|
333.8
|
1%
|
(8)%
|
1,345.9
|
1,374.8
|
(2)%
|
Modikwa - joint
operation(2)
|
36.3
|
39.6
|
35.1
|
34.4
|
35.8
|
1%
|
(8)%
|
145.4
|
144.5
|
1%
|
Kroondal - joint
operation(3)
|
15.9
|
57.9
|
50.9
|
49.9
|
63.2
|
(75)%
|
(73)%
|
174.6
|
244.0
|
(28)%
|
Third
parties(3)
|
284.3
|
266.3
|
244.4
|
230.9
|
234.8
|
21%
|
7%
|
1,025.9
|
986.3
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
Refined PGMs production (000
oz)(1)(4)
|
1,191.1
|
909.7
|
1,073.8
|
626.0
|
877.2
|
36%
|
31%
|
3,800.6
|
3,831.1
|
(1)%
|
By metal:
|
|
|
|
|
|
|
|
|
|
|
Platinum
|
565.2
|
428.5
|
489.4
|
266.0
|
391.2
|
44%
|
32%
|
1,749.1
|
1,782.9
|
(2)%
|
Palladium
|
400.0
|
285.5
|
352.6
|
230.5
|
278.5
|
44%
|
40%
|
1,268.6
|
1,198.5
|
6%
|
Rhodium
|
61.3
|
57.1
|
68.4
|
38.8
|
51.7
|
19%
|
7%
|
225.6
|
249.2
|
(9)%
|
Other PGMs and gold
|
164.6
|
138.6
|
163.4
|
90.7
|
155.8
|
6%
|
19%
|
557.3
|
600.5
|
(7)%
|
Nickel (tonnes)
|
7,000
|
5,400
|
6,100
|
3,300
|
4,800
|
46%
|
30%
|
21,800
|
21,300
|
2%
|
Tolled material (000
oz)(5)
|
175.1
|
159.8
|
139.6
|
146.1
|
173.1
|
1%
|
10%
|
620.6
|
622.6
|
0%
|
PGMs sales from production (000
oz)(1)
|
1,166.2
|
951.8
|
1,108.7
|
698.6
|
883.4
|
32%
|
23%
|
3,925.3
|
3,861.3
|
2%
|
Third-party PGMs sales (000
oz)(1)(6)
|
1,050.3
|
1,220.9
|
1,153.0
|
912.2
|
789.6
|
33%
|
(14)%
|
4,336.4
|
1,849.9
|
134%
|
4E head grade (g/t
milled)(7)
|
3.35
|
3.29
|
3.15
|
3.11
|
3.19
|
5%
|
2%
|
3.22
|
3.27
|
(2)%
|
(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)
|
Q4
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q3
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2022
|
2023
|
2023
|
2022
|
Botswana
|
6,135
|
5,790
|
6%
|
5,837
|
5%
|
24,700
|
24,142
|
2%
|
Namibia
|
566
|
590
|
(4)%
|
530
|
7%
|
2,327
|
2,137
|
9%
|
South Africa
|
434
|
948
|
(54)%
|
365
|
19%
|
2,004
|
5,515
|
(64)%
|
Canada
|
802
|
827
|
(3)%
|
676
|
19%
|
2,834
|
2,815
|
1%
|
Total carats recovered
|
7,937
|
8,155
|
(3)%
|
7,408
|
7%
|
31,865
|
34,609
|
(8)%
|
(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
3% to 7.9 million
carats, primarily due to the planned reduction in
South Africa as Venetia transitions to underground operations,
partly offset by higher production from Botswana.
In Botswana,
production increased by 6% to 6.1 million carats, principally driven by increased plant throughput at Orapa due to planned lower maintenance.
Production in Namibia decreased by
4% to 0.6 million
carats, due to marginally lower grades at the land
operations.
In South Africa, production decreased
by 54% to 0.4
million carats, due to the planned end of
Venetia's open pit operations in December 2022. Venetia will
continue to process lower grade surface stockpiles as the
underground operations ramp-up production over the next few
years.
Production in Canada decreased by
3% to 0.8 million
carats, due to planned treatment of lower grade
ore.
De Beers offered full flexibility for
rough diamond allocations in Sights 9 and 10, as Sightholders continued to take a cautious approach to their
purchasing during the quarter as a result of the prevailing market
conditions and extended cutting and polishing
factory closures in India; this followed a two month voluntary
import moratorium on rough diamonds into India during the
period. Consequently, rough diamond sales
totalled 2.7 million carats (2.7 million carats on a consolidated
basis)(1) from two Sights, compared with 7.3 million
carats (6.6 million carats on a consolidated basis)(1)
from two Sights in Q4 2022, and 7.4 million carats (6.7 million
carats on a consolidated basis)(1) from three Sights in
Q3 2023.
The full year consolidated average
realised price decreased by 25% to $147/ct (2022: $197/ct),
reflecting a larger proportion of lower value rough diamonds being
sold, as well as a 6% decrease in the average rough price
index.
2024 Guidance
Production guidance(2) for
2024 is unchanged at 29-32
million carats (100% basis). However, De Beers will assess options
to reduce production in response to prevailing market
conditions.
Unit cost guidance for 2024 is
c.$80/carat(3).
(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) FX rate
assumption for 2024 unit costs of ~19
ZAR:USD.
Diamonds(1)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2023
|
2023
|
2023
|
2022
|
2023
|
2022
|
Carats recovered (000
carats)
|
|
|
|
|
|
|
|
|
|
|
100% basis (unless
stated)
|
|
|
|
|
|
|
|
|
|
|
Jwaneng
|
3,192
|
3,400
|
2,955
|
3,782
|
3,126
|
2%
|
(6)%
|
13,329
|
13,445
|
(1)%
|
Orapa(2)
|
2,943
|
2,437
|
2,874
|
3,117
|
2,664
|
10%
|
21%
|
11,371
|
10,697
|
6%
|
Total Botswana
|
6,135
|
5,837
|
5,829
|
6,899
|
5,790
|
6%
|
5%
|
24,700
|
24,142
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
Debmarine Namibia
|
435
|
423
|
503
|
498
|
439
|
(1)%
|
3%
|
1,859
|
1,725
|
8%
|
Namdeb (land operations)
|
131
|
107
|
109
|
121
|
151
|
(13)%
|
22%
|
468
|
412
|
14%
|
Total Namibia
|
566
|
530
|
612
|
619
|
590
|
(4)%
|
7%
|
2,327
|
2,137
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
Venetia
|
434
|
365
|
466
|
739
|
948
|
(54)%
|
19%
|
2,004
|
5,515
|
(64)%
|
Total South Africa
|
434
|
365
|
466
|
739
|
948
|
(54)%
|
19%
|
2,004
|
5,515
|
(64)%
|
|
|
|
|
|
|
|
|
|
|
|
Gahcho Kué (51% basis)
|
802
|
676
|
683
|
673
|
827
|
(3)%
|
19%
|
2,834
|
2,815
|
1%
|
Total Canada
|
802
|
676
|
683
|
673
|
827
|
(3)%
|
19%
|
2,834
|
2,815
|
1%
|
Total carats recovered
|
7,937
|
7,408
|
7,590
|
8,930
|
8,155
|
(3)%
|
7%
|
31,865
|
34,609
|
(8)%
|
Sales volumes
|
|
|
|
|
|
|
|
|
|
|
Total sales volume (100%)
(Mct)(3)
|
2.7
|
7.4
|
7.6
|
9.7
|
7.3
|
(63)%
|
(64)%
|
27.4
|
33.7
|
(19)%
|
Consolidated sales volume
(Mct)(3)
|
2.7
|
6.7
|
6.4
|
8.9
|
6.6
|
(59)%
|
(60)%
|
24.7
|
30.4
|
(19)%
|
Number of Sights (sales
cycles)
|
2
|
3
|
2
|
3
|
2
|
|
|
10
|
10
|
|
(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)
|
Q4
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q3
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2022
|
2023
|
2023
|
2022
|
Iron Ore
|
13,806
|
15,682
|
(12)%
|
15,397
|
(10)%
|
59,926
|
59,281
|
1%
|
Kumba(1)
|
7,234
|
9,961
|
(27)%
|
9,736
|
(26)%
|
35,715
|
37,699
|
(5)%
|
Minas-Rio(2)
|
6,572
|
5,721
|
15%
|
5,661
|
16%
|
24,211
|
21,582
|
12%
|
(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 decreased by
12% to 13.8 million
tonnes, reflecting a 27% decrease at Kumba due to
a planned slowdown in production to align with third-party
logistics constraints, partly offset by a 15% increase at Minas-Rio
due to a record quarterly performance.
Kumba -
Total production decreased by 27% to 7.2 million
tonnes, due to a 57% decrease at Kolomela to 1.3 million tonnes and
a 15% decrease in Sishen's production to 6.0 million tonnes,
reflecting the decision to reduce production to align to lower
third-party rail capacity and alleviate mine stockpile
constraints.
Total sales increased by 32% to 9.3
million tonnes(1), primarily due to industrial action by
trade unions at Transnet in Q4 2022, as well as improved
performance at Saldanha Bay port in Q4 2023 following the
completion of the annual maintenance shut-down during
October.
As a result of actively managing
inventory, total finished stock decreased to 7.1 million
tonnes(1), with stock at the mines decreasing to 6.5
million tonnes(1), which remains considerably above
desired levels. However, due to third-party rail under-performance,
stock at the port is very low having decreased to 0.6 million
tonnes(1) (Q3 2023: 1.8 million
tonnes(1)).
For the full year, Kumba's iron (Fe)
content averaged 63.7% (2022: 63.8%), while the average
lump:fines ratio was 66:34 (2022: 67:33).
The full year average realised price
of $117/tonne(1) (FOB South Africa, wet basis) was 15%
higher than the 62% Fe benchmark price of $102/tonne(1)
(FOB South Africa, adjusted for freight and moisture), driven by
the lump and Fe content quality premiums that the Kumba products
attract, as well as the benefit of provisionally priced sales
volumes.
Minas-Rio - Production increased by 15% to 6.6 million tonnes, which is
the operation's best ever quarterly performance. A strong mining
performance from improved mine access and equipment availability
led to higher mine movement, which enabled an improved performance
at the plant, driven by the quality of ore feed as well as
increased crushing circuit availability.
The full year average realised price
of $110/tonne (FOB Brazil, wet basis) was 11% higher than the Metal
Bulletin 65 price of $99/tonne (FOB Brazil, adjusted for freight
and moisture), driven by the premium for our high quality product,
including higher (~67%) Fe content as well as the benefit of
provisionally priced sales volumes.
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
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.
Total finished stock in Q3 2023 was 9.0 million
tonnes.
(2) FX rate
assumption for 2024 unit costs of ~19
ZAR:USD for Kumba and ~5.0 BRL:USD for
Minas-Rio.
Iron Ore (000 t)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2023
|
2023
|
2023
|
2022
|
2023
|
2022
|
Iron Ore
production(1)
|
13,806
|
15,397
|
15,647
|
15,076
|
15,682
|
(12)%
|
(10)%
|
59,926
|
59,281
|
1%
|
Iron Ore
sales(1)
|
16,413
|
14,748
|
15,781
|
14,546
|
13,887
|
18%
|
11%
|
61,488
|
57,985
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
Kumba production
|
7,234
|
9,736
|
9,320
|
9,425
|
9,961
|
(27)%
|
(26)%
|
35,715
|
37,699
|
(5)%
|
Lump
|
4,770
|
6,288
|
6,086
|
6,146
|
6,523
|
(27)%
|
(24)%
|
23,290
|
24,671
|
(6)%
|
Fines
|
2,464
|
3,448
|
3,234
|
3,279
|
3,438
|
(28)%
|
(29)%
|
12,425
|
13,028
|
(5)%
|
Kumba production by mine
|
|
|
|
|
|
|
|
|
|
|
Sishen
|
5,958
|
6,680
|
6,442
|
6,341
|
7,010
|
(15)%
|
(11)%
|
25,421
|
27,017
|
(6)%
|
Kolomela
|
1,276
|
3,056
|
2,878
|
3,084
|
2,951
|
(57)%
|
(58)%
|
10,294
|
10,682
|
(4)%
|
Kumba sales
volumes(2)
|
|
|
|
|
|
|
|
|
|
|
Export iron
ore(2)
|
9,344
|
8,873
|
9,456
|
9,499
|
7,054
|
32%
|
5%
|
37,172
|
36,670
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
Minas-Rio production
|
|
|
|
|
|
|
|
|
|
|
Pellet feed
|
6,572
|
5,661
|
6,327
|
5,651
|
5,721
|
15%
|
16%
|
24,211
|
21,582
|
12%
|
Minas-Rio sales volumes
|
|
|
|
|
|
|
|
|
|
|
Export - pellet feed
|
7,069
|
5,875
|
6,325
|
5,047
|
6,833
|
3%
|
20%
|
24,316
|
21,315
|
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 could differ to Kumba's standalone results due to sales to
other Group companies.
Steelmaking Coal
Steelmaking Coal(1) (000
t)
|
Q4
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q3
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2022
|
2023
|
2023
|
2022
|
Steelmaking Coal
|
4,756
|
4,650
|
2%
|
4,356
|
9%
|
16,001
|
15,007
|
7%
|
(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 2% to 4.8
million tonnes(1), primarily driven by
steady performance at the
Aquila underground longwall operation and improved performance at
Grosvenor amid difficult operating conditions, partly offset
by ongoing challenging strata conditions at
Moranbah. At Dawson, a reclassification based on coal qualities
resulted in an adjustment for the year of c.0.3 million tonnes to
steelmaking coal from thermal coal.
During the quarter, the ratio of hard
coking coal production to PCI/semi-soft coking coal(1)
was broadly in line with Q4 2022
(78:22).
Steelmaking coal sales of 3.8 million
tonnes during the quarter were lower than production primarily due
to the timing of sales.
The realised price will differ from
the average market price due to differences in material grade and
timing of shipments. The full year average realised price for hard
coking coal was $269/tonne, compared to the benchmark price of
$296/tonne, reflecting an increase in price realisation to 91%
(2022: 85%), as a result of the timing of sales.
The full year
2023 unit cost of $121/t was $6/t above guidance due to lower than
expected production from the higher fixed cost underground
operation at Moranbah.
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 is scheduled at Aquila during Q2
2024 with the impact on production expected to be
minimal.
Unit cost guidance for 2024 is
c.$115/tonne(2).
(1)
Steelmaking coal production volumes may include some product sold
as thermal coal. Q4 includes an adjustment for the
year for some steelmaking coal produced at Dawson that had
previously been reported as thermal coal.
(2) FX rate
assumption for 2024 unit costs of ~1.5
AUD:USD.
Coal, by product (000
t)(1)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2023
|
2023
|
2023
|
2022
|
2023
|
2022
|
Production volumes
|
|
|
|
|
|
|
|
|
|
|
Steelmaking
Coal(2)(3)(4)
|
4,756
|
4,356
|
3,356
|
3,533
|
4,650
|
2%
|
9%
|
16,001
|
15,007
|
7%
|
Hard coking
coal(2)
|
3,804
|
3,235
|
2,358
|
2,842
|
3,647
|
4%
|
18%
|
12,239
|
12,088
|
1%
|
PCI / SSCC
|
952
|
1,121
|
998
|
691
|
1,003
|
(5)%
|
(15)%
|
3,762
|
2,919
|
29%
|
Export thermal
coal(4)
|
34
|
284
|
481
|
284
|
428
|
(92)%
|
(88)%
|
1,083
|
1,645
|
(34)%
|
Sales volumes
|
|
|
|
|
|
|
|
|
|
|
Steelmaking
Coal(2)
|
3,795
|
4,226
|
3,585
|
3,334
|
4,233
|
(10)%
|
(10)%
|
14,940
|
14,683
|
2%
|
Hard coking
coal(2)
|
2,987
|
3,199
|
2,681
|
2,699
|
3,114
|
(4)%
|
(7)%
|
11,566
|
11,311
|
2%
|
PCI / SSCC
|
808
|
1,027
|
904
|
635
|
1,119
|
(28)%
|
(21)%
|
3,374
|
3,372
|
0%
|
Export thermal coal
|
494
|
387
|
390
|
402
|
473
|
4%
|
28%
|
1,673
|
1,681
|
0%
|
|
Steelmaking coal, by operation (000
t)(1)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2023
|
2023
|
2023
|
2022
|
2023
|
2022
|
Steelmaking
Coal(2)(3)(4)
|
4,756
|
4,356
|
3,356
|
3,533
|
4,650
|
2%
|
9%
|
16,001
|
15,007
|
7%
|
Moranbah(2)
|
662
|
946
|
948
|
576
|
1,490
|
(56)%
|
(30)%
|
3,132
|
3,395
|
(8)%
|
Grosvenor
|
1,021
|
560
|
240
|
976
|
777
|
31%
|
82%
|
2,797
|
3,037
|
(8)%
|
Aquila (incl.
Capcoal)(2)
|
1,181
|
1,338
|
874
|
745
|
1,023
|
15%
|
(12)%
|
4,138
|
3,446
|
20%
|
Dawson(4)
|
1,118
|
688
|
576
|
520
|
584
|
91%
|
63%
|
2,902
|
2,087
|
39%
|
Jellinbah
|
774
|
824
|
718
|
716
|
776
|
0%
|
(6)%
|
3,032
|
3,042
|
0%
|
(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
includes an adjustment for the year for some steelmaking coal
produced at Dawson that had previously been reported as thermal
coal.
|
Manganese
Manganese (000 t)
|
Q4
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q3
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2022
|
2023
|
2023
|
2022
|
Manganese
ore(1)
|
848
|
984
|
(14)%
|
1,012
|
(16)%
|
3,671
|
3,741
|
(2)%
|
(1)
Anglo American's 40% attributable share of
saleable production.
Manganese ore production decreased by
14% to 847,800 tonnes, driven by lower
yields at the Australian operation, and
lower productivity at the South African operations.
Manganese (tonnes)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2023 vs.
Q4 2022
|
Q4 2023 vs.
Q3 2023
|
|
|
2023 vs. 2022
|
2023
|
2023
|
2023
|
2023
|
2022
|
2023
|
2022
|
Samancor production
|
|
|
|
|
|
|
|
|
|
|
Manganese
ore(1)
|
847,800
|
1,012,100
|
969,800
|
840,900
|
984,300
|
(14)%
|
(16)%
|
3,670,600
|
3,740,700
|
(2)%
|
Samancor sales volumes
|
|
|
|
|
|
|
|
|
|
|
Manganese ore
|
992,000
|
971,500
|
937,900
|
823,600
|
954,700
|
4%
|
2%
|
3,725,000
|
3,596,200
|
4%
|
(1)
Anglo American's 40% attributable share of
saleable production.
Exploration and evaluation
Exploration and evaluation
expenditure decreased by 17% to $93 million
(Q4 2022: $112 million). Exploration
expenditure decreased by 16% to
$41 million, mostly driven
by reduced activity in copper. Evaluation expenditure decreased by 17% to $52 million, primarily
driven by lower spend in PGMs.
Notes
• This Production Report for the
fourth quarter ended 31 December 2023 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
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 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 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,
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,
unanticipated downturns in business relationships with customers or
their purchases from Anglo American, 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 or competing 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, terrorism, war,
conflict, political or civil unrest, uncertainty, tensions and
disputes and economic and financial conditions around the world,
evolving societal and stakeholder requirements and expectations,
shortages of skilled employees, unexpected difficulties relating to
acquisitions or divestitures, competitive pressures and 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
included in this announcement is sourced from third-party sources
(including, but not limited to, externally conducted studies and
trials). 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
2024. TM and TM are trade marks of Anglo American Services
(UK) Ltd.
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