TIDMAAL
RNS Number : 7748Z
Anglo American PLC
27 January 2022
http://www.rns-pdf.londonstockexchange.com/rns/7748Z_1-2022-1-26.pdf
27 January 2022
Anglo American plc
Production Report for the fourth quarter ended 31 December
2021
Mark Cutifani, Chief Executive of Anglo American , said: "Our
production was broadly flat compared to Q4 of 2020, with our
operating levels at approximately 95%(1) of normal capacity through
the year, largely due to the ongoing Covid related effects on the
operating environment. Production in the fourth quarter benefited
from higher rough diamond production at De Beers, a return to
pre-Covid production levels at our open cut metallurgical coal
mines and improved mining performance at Amandelbult which resulted
in higher metal in concentrate production from our PGMs business.
At our copper operations, Collahuasi's production increased as a
result of strong plant performance and planned maintenance in the
comparable period of 2020.
"As we move into 2022, we are pleased with the construction
progress at Quellaveco, our new copper mine in Peru. We are on
track and within budget, we mined our first ore in October 2021,
and we are expecting our first production of copper concentrate in
the middle of this year. In the first quartile of the cost curve,
we expect Quellaveco to produce 120,000-160,000 tonnes of copper
production in 2022 and to average 300,000 tonnes per year for the
first ten years at full production."
Q4 2021 highlights
-- Rough diamond production increased by 15%, principally from
Jwaneng in Botswana as well as in Namibia, reflecting planned
higher production in response to strong consumer demand.
-- Our Platinum Group Metals (PGMs) operations more than doubled
refined production in the quarter, and resulted in a record full
year refined production of 5.1Moz. This has substantially reduced
work-in-progress inventory, and resulted in a 62% increase in
co-product nickel production for the full year to 22,300 tonnes.
Together with our primary nickel output, group total nickel
production reached 64,000 tonnes in 2021, a 12% increase
year-on-year.
-- Metallurgical coal production increased by 5%, reflecting an
increase in production at the Dawson open cut operation, partially
offset by Moranbah which continues to be affected by areas of
challenging geology.
-- Our copper operations' full year production was in line with
the prior year, mitigating the ongoing water challenges from the
severe drought conditions.
-- Full year iron ore production increased by 3%, although lower
in the quarter, despite unplanned maintenance at Minas-Rio and
third party rail performing below planned levels affecting Kumba's
production for the year.
-- Our 2021 Climate Change Report was published in October,
setting out clear pathways to carbon neutral operations by 2040 and
our ambition to reduce Scope 3 emissions by 50%, also by 2040.
-- Completed sale of our 33% interest in Cerrejón on 11 January
2022: final stage of our exit from thermal coal operations.
Production Q4 2021 Q4 2020 % vs. Q4 2021 2020 % vs. 2020
2020
---------------------- ------- ------- -------- ----- ----- ----------
Diamonds (Mct)(2) 7.7 6.7 15% 32.3 25.1 29%
Copper (kt)(3) 161 168 (4)% 647 647 0%
Platinum group metals
(koz)(4) 1,103 1,076 3% 4,299 3,809 13%
Iron ore (Mt)(5) 15.1 16.2 (7)% 63.8 61.7 3%
Metallurgical coal
(Mt) 4.4 4.2 5% 14.9 16.8 (11)%
Nickel (kt)(6) 10.6 11.7 (9)% 41.7 43.5 (4)%
Manganese ore (kt) 835 942 (11)% 3,683 3,520 5%
---------------------- ------- ------- -------- ----- ----- ----------
(1) Production capacity excludes Grosvenor. Q4 year-on-year
copper equivalent production decreased 1%, this is normalised to
reflect the demerger of the South Africa thermal coal operations,
the sale of our interest in Cerrejón and the closure of the
manganese alloy operations.
(2) De Beers Group production is on a 100% basis, except for the
Gahcho Kué joint venture which is on an attributable 51% basis.
(3) Contained metal basis. Reflects copper production from the
Copper operations in Chile only (excludes copper production from
the Platinum Group Metals business unit).
(4) Produced ounces of metal in concentrate. 5E+Au (platinum,
palladium, rhodium, ruthenium and iridium plus gold). Reflects own
mine production and purchase of concentrate.
(5) Wet basis.
(6) Reflects nickel production from the Nickel operations in
Brazil only (excludes nickel production from the Platinum Group
Metals business unit).
Production Outlook Summary
2022 production guidance is summarised as follows:
2022 production guidance(1)
------------------------ ---------------------------
Diamonds(2) 30-33 Mct
Copper(3) 680-760 kt
Platinum Group Metals(4) 4.1-4.5 Moz
Iron Ore(5) 63-67 Mt
Metallurgical Coal(6) 20-22 Mt
Nickel(7) 40-42 kt
------------------------ ---------------------------
(1) Subject to the extent of further Covid-19 related disruption.
(2) On a 100% basis, except for the Gahcho Kué joint venture,
which is on an attributable 51% basis. Subject to trading
conditions.
(3) On a contained-metal basis. Copper operations in Chile
(560-600 kt) and Peru (120-160 kt). Copper Chile subject to water
availability.
(4) 5E + gold produced metal in concentrate ounces. Includes own
mined production (65%) and purchased concentrate volumes (35%). The
split of metals differs for own mined and purchased concentrate,
refer to FY2019 results presentation slide 30 for indicative split
of own mined volumes. FY2022 metal in concentrate production is
expected to be 1.9-2.1 million ounces of platinum, 1.3-1.4 million
ounces of palladium and 0.9-1.0 million ounces of other PGMs and
gold.
(5) Wet basis. Iron ore operations at Minas-Rio in Brazil (24-26
Mt) and at Kumba (39-41 Mt) in South Africa. Kumba is subject to
the third party rail and port performance.
(6) Excludes thermal coal by-product from Australia. Subject to
regulatory approval to restart the Grosvenor longwall mining
operations.
(7) Nickel operations in Brazil only.
Realised Prices
FY 2021 FY 2020 H2 2021 H1 2021 2021 vs. H2 2021
2020 vs. H1 2021
-------------------------- ------- ------- ------- ------- ------------ ----------------
De Beers
Consolidated average
realised price ($/ct)(1) 146 133 161 135 10 % 19 %
Average price index(2) 115 104 122 109 11 % 12 %
Copper (USc/lb)(3) 453 299 447 460 52 % (3) %
Platinum Group Metals
Platinum (US$/oz)(4) 1,083 880 1,008 1,170 23 % (14) %
Palladium (US$/oz)(4) 2,439 2,214 2,267 2,641 10 % (14) %
Rhodium (US$/oz)(4) 19,613 10,628 16,019 24,377 85 % (34) %
Basket price (US$/PGM
oz)(5) 2,761 2,035 2,642 2,884 36 % (8) %
Iron Ore - FOB prices(6) 157 111 106 210 41 % (50) %
Kumba Export (US$/wmt)(7) 161 113 109 216 42 % (50) %
Minas-Rio (US$/wmt)(8) 150 107 102 200 40 % (49) %
Metallurgical Coal
- HCC (US$/t)(9) 211 112 280 117 88 % 139 %
Nickel (USc/lb) 773 563 819 721 37 % 14 %
-------------------------- ------- ------- ------- ------- ------------ ----------------
(1) Consolidated average realised price based on 100% selling value post-aggregation.
(2) 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.
(3) The realised price for Copper excludes third party sales volumes.
(4) The realised price is excluding trading.
(5) Price for a basket of goods per PGM oz. The dollar basket
price is the net sales revenue from all metals (PGMs, base metals
and other metals), excluding trading, per 5E + gold sold ounces
(own mined and purchased concentrate).
(6) Average realised total iron ore price is a weighted average
of the Kumba and Minas-Rio realised prices. The comparative has
been restated as Kumba previously reported on a dry basis.
(7) Average realised export basket price (FOB Saldanha) (wet
basis as product is shipped with 1.6% moisture). The comparative
has been restated as Kumba previously reported on a dry basis. The
realised prices differ to Kumba's standalone results due to sales
to other Group companies. FY average realised export basket price
(FOB Saldanha) on a dry basis is $164/t (2020: $115/t) and this was
higher than the dry 62% Fe benchmark price of $139/t (FOB South
Africa, adjusted for freight).
(8) Average realised export basket price (FOB Açu) (wet basis as
product is shipped with 9% moisture).
(9) Weighted average coal sales price achieved at managed
operations. Metallurgical Coal PCI (US$/t) FY 2021 was US$138/t and
FY 2020 was US$84/t, resulting in a 64% movement for the year. H2
2021 was US$150/t and H1 2021 was US$103/t, resulting in a 46%
movement. Australian Thermal Coal by-product (US$/t) FY 2021 was
US$120/t and FY 2020 was US$58/t, resulting in a 107% movement for
the year.H2 2021 was US$173/t and H1 2021 was US$87/t , resulting
in a 99% movement.
De Beers
De Beers(1) (000 carats) 2021
Q4 Q4 Q3 vs. 2020
Q4 2021 Q4 2021
vs. Q4 vs. Q3
2021 2020 2020 2021 2021 2021 2020
----- ----- ----- ------ ------
Botswana 5,236 4,263 23 % 6,403 (18)% 22,326 16,559 35 %
Namibia 392 337 16 % 399 (2)% 1,467 1,448 1 %
(18)
South Africa 1,292 1,287 0 % 1,577 % 5,306 3,771 41 %
(1) (3) (4)
Canada 771 776 % 797 % 3,177 3,324 %
(16)
Total carats recovered 7,691 6,663 15 % 9,176 % 32,276 25,102 29 %
------------------------- ----- ----- ------------ ----- -------------- ------ ------ ------------
Rough diamond production increased by 15% to 7.7 million carats,
reflecting planned higher production of rough diamonds to meet
continued strong levels of demand.
In Botswana, production increased by 23% to 5.2 million carats
primarily as a result of the planned treatment of higher grade ore
at Jwaneng, partly offset by lower production at Orapa due to the
planned closure of Plant 1 in late 2020.
Namibia production increased by 16% to 0.4 million carats
reflecting a reduction in the scheduled maintenance time for the
marine fleet.
South Africa production was in line with the prior year at 1.3
million carats, as planned plant maintenance in Q4 2021 was offset
by processing of higher grade ore.
Production in Canada was broadly flat.
Demand for rough diamonds remained robust, with positive
midstream sentiment and strong demand for diamond jewellery
continuing over the holiday period, particularly in the key US
consumer market. Rough diamond sales totalled 7.7 million carats
(7.2 million carats on a consolidated basis)(2) from three Sights,
compared with 6.9 million carats (6.4 million carats on a
consolidated basis)(2) from two Sights in Q4 2020, and 7.8 million
carats (7.0 million carats on a consolidated basis)(2) from two
Sights in Q3 2021.
The full year consolidated average realised price increased by
10% to $146/ct (2020: $133/ct), primarily as a result of positive
market sentiment which gave rise to a strengthening of the rough
price index.
2022 Guidance
Production guidance(1) for 2022 is 30-33 million carats (100%
basis), subject to trading conditions and the extent of further
Covid-19 related disruptions.
(1) De Beers Group production is on a 100% basis, except for the
Gahcho Kué joint venture which is on an attributable 51% basis.
(2) Consolidated sales volumes exclude De Beers Group's JV
partners' 50% proportionate share of sales to entities outside De
Beers Group from the Diamond Trading Company Botswana and the
Namibia Diamond Trading Company, which are included in total sales
volume (100% basis).
De Beers(1) 2021
vs.
Q4 Q3 Q2 Q1 Q4 2020
Q4 2021 Q4 2021
vs. vs.
2021 2021 2021 2021 2020 Q4 2020 Q3 2021 2021 2020
----- ----- ------ ------- ----- ------ ------
Carats recovered
(000
carats)
100% basis (unless
stated)
Jwaneng 2,679 3,954 3,169 3,091 1,452 85 % (32)% 12,893 7,538 71%
(9)
Orapa(2) 2,557 2,449 2,558 1,869 2,811 % 4 % 9,433 9,021 5 %
(18)
Total Botswana 5,236 6,403 5,727 4,960 4,263 23 % % 22,326 16,559 35%
Debmarine Namibia 330 309 249 249 256 29 % 7 % 1,137 1,125 1 %
Namdeb (land (23) (31)
operations) 62 90 89 89 81 % % 330 323 2 %
(2)
Total Namibia 392 399 338 338 337 16 % % 1,467 1,448 1 %
Venetia 1,292 1,577 1,276 1,161 1,287 0 % (18)% 5,306 3,771 41 %
(18)
Total South Africa 1,292 1,577 1,276 1,161 1,287 0 % % 5,306 3,771 41 %
Gahcho Kué
(51% (1) (3) (4)
basis) 771 797 899 710 776 % % 3,177 3,324 %
(1) (3) (4)
Total Canada 771 797 899 710 776 % % 3,177 3,324 %
------------------ ----- ----- ------ ------- ----- -------------- --------------- ------ ------ ------------
Total carats (16
recovered 7,691 9,176 8,240 7,169 6,663 15 % % 32,276 25,102 29 %
------------------ ----- ----- ------ ------- ----- -------------- --------------- ------ ------ ------------
Sales volumes
Total sales volume
(100)% (1)
(Mct)(3) 7.7 7.8 7.3(4) 13.5(4) 6.9 12 % % 36.3 22.7 60 %
Consolidated sales
volume
(Mct)(3) 7.2 7.0 6.5(4) 12.7(4) 6.4 13 % 3 % 33.4 21.4 56 %
Number of Sights
(sales
cycles) 3 2 2(4) 3(4) 2 10 9(5)
------------------ ----- ----- ------ ------- ----- -------------- --------------- ------ ------ ------------
(1) De Beers Group production is on a 100% basis, except for the
Gahcho Kué joint venture which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa.
(3) Consolidated sales volumes exclude De Beers Group's JV
partners' 50% proportionate share of sales to entities outside De
Beers Group from the Diamond Trading Company Botswana and the
Namibia Diamond Trading Company, which are included in total sales
volume (100% basis).
(4) Due to ongoing travel restrictions and the timing of Sight 3
at the end of Q1 2021, the Sight event was extended beyond its
normal week-long duration. As a result, 0.2 Mct (total sales
volume, 100% and consolidated basis) from Sight 3 were recognised
in Q2 2021.
(5) Sight 3 in Q2 2020 was cancelled due to Covid-19 related
restrictions on the movement of people and product.
Copper
Copper(1) (tonnes) Q4 Q4 Q4 2021 Q3 Q4 2021 2021
vs. Q4 vs. Q3 vs. 2020
2020 2021
2021 2020 2021 2021 2020
------- ------- ------- ------- -------
(11)
Los Bronces 84,900 95,900 % 79,600 7 % 327,700 324,700 1 %
Collahuasi (44% share) 66,000 59,200 11 % 65,300 1 % 277,200 276,900 0 %
(23) (16)
El Soldado 9,800 12,700 % 11,600 % 42,300 45,800 (8) %
Total Copper 160,700 167,800 (4) % 156,500 3 % 647,200 647,400 0 %
----------------------- ------- ------- -------------- ------- -------------- ------- ------- ------------
(1) Copper production shown on a contained metal basis. Reflects
copper production from the Copper operations in Chile only
(excludes copper production from the Platinum Group Metals business
unit).
Copper production in the fourth quarter decreased by 4% to
160,700 tonnes. Planned lower grades at Los Bronces were partially
offset by strong plant performance at Collahuasi.
Production from Los Bronces decreased by 11% to 84,900 tonnes
due to planned lower grades (0.70% vs 0.77%) and lower copper
recovery (80.5% vs 83.6%).
At Collahuasi, attributable production increased by 11% to
66,000 tonnes driven by higher throughput as a result of strong
plant performance in the quarter and the planned maintenance in Q4
2020.
Production from El Soldado decreased by 23% to 9,800 tonnes due
to lower grades (0.63% vs. 0.84%) in accordance with the mine
plan.
2021 sales volumes were 641,100 tonnes at an average realised
price of 453c/lb, which is higher than the average LME price of
423c/lb, reflecting the benefit of provisional pricing adjustments
throughout the year. At 31 December, 162,361 tonnes of copper were
provisionally priced at 442c/lb.
Chile's central zone continues to face severe drought
conditions. While production impacts during 2021 have been
mitigated by the successful implementation of water management
initiatives, record low levels of precipitation during the year
have reduced water availability for Los Bronces in the first half
of 2022 and have been factored into production guidance.
2022 Guidance
Production guidance for 2022 is 680,000-760,000 tonnes, (Chile
560,000-600,000 tonnes; Peru 120,000-160,000 tonnes). Production is
subject to the extent of further Covid-19 related disruptions and
in Chile, to water availability.
Copper(1) Q4 Q3 Q2 Q1 Q4 Q4 Q4 2021
2021 2021 vs.
vs. vs. 2020
Q4 Q3
2020 2021
----------------
2021 2021 2021 2021 2020 2021 2020
---------------- ========== ========== ========== ========== ========== =========== ==========
Los Bronces
mine(2)
(4) 12
Ore mined 11,056,800 10,512,600 11,403,100 10,812,400 11,546,300 % 5 % 43,784,900 39,211,300 %
Ore processed - 21
Sulphide 13,293,500 12,715,400 13,168,200 11,520,400 13,031,300 2 % 5 % 50,697,500 42,034,800 %
Ore grade
processed
-
Sulphide (% (9) (14)
TCu)(3) 0.70 0.70 0.68 0.72 0.77 % 0 % 0.70 0.81 %
Production -
Copper
cathode 10,400 9,800 9,800 9,900 10,200 2 % 6 % 39,900 39,300 2 %
Production -
Copper (13)
in concentrate 74,500 69,800 74,600 68,900 85,700 % 7 % 287,800 285,400 1 %
(11)
Total production 84,900 79,600 84,400 78,800 95,900 % 7 % 327,700 324,700 1 %
---------------- ---------- ---------- ---------- ---------- ---------- ------------- ------------- ----------- ---------- -------------
Collahuasi 100%
basis
(Anglo American
share 44%)
32 (21) 42
Ore mined 23,940,600 30,327,200 26,943,000 21,220,300 18,110,000 % % 102,431,100 71,959,200 %
Ore processed -
Sulphide 13,979,000 12,926,400 14,334,300 14,441,600 12,928,700 8 % 8 % 55,681,300 55,831,600 0 %
Ore grade
processed
-
Sulphide (% (8)
TCu)(3) 1.18 1.28 1.29 1.26 1.18 0 % % 1.25 1.24 1 %
Production -
Copper 11
in concentrate 150,100 148,300 168,800 162,800 134,600 % 1 % 630,000 629,100 0 %
Anglo American's
44% share of
copper
production for 11
Collahuasi 66,000 65,300 74,300 71,600 59,200 % 1 % 277,200 276,900 0 %
---------------- ---------- ---------- ---------- ---------- ---------- ------------- ------------- ----------- ---------- -------------
El Soldado
mine(2)
(51) (43) (14)
Ore mined 975,500 1,697,800 1,796,600 1,708,600 1,982,000 % % 6,178,500 7,160,500 %
Ore processed - (2)
Sulphide 1,909,400 1,952,000 1,834,800 1,755,100 1,902,500 0 % % 7,451,300 6,921,700 8 %
Ore grade
processed
-
Sulphide (% (25) (14) (13)
TCu)(3) 0.63 0.73 0.75 0.70 0.84 % % 0.73 0.84 %
Production -
Copper (23) (16) (8)
in concentrate 9,800 11,600 11,000 9,900 12,700 % % 42,300 45,800 %
================ ========== ========== ========== ========== ========== ============= ============= =========== ========== =============
Chagres
Smelter(2)
(2) (3) (3)
Ore smelted(4) 29,200 30,200 25,400 23,200 29,800 % % 108,000 111,600 %
(2) (3) (4)
Production 28,400 29,200 24,600 22,600 29,000 % % 104,800 108,700 %
================ ========== ========== ========== ========== ========== ============= ============= =========== ========== =============
Total copper (4)
production(5) 160,700 156,500 169,700 160,300 167,800 % 3 % 647,200 647,400 0 %
Total payable
copper (4)
production 154,100 150,100 162,600 154,300 161,200 % 3 % 621,100 622,400 0 %
================ ========== ========== ========== ========== ========== ============= ============= =========== ========== =============
Total sales (3) (1)
volumes 173,400 162,300 157,700 147,700 178,600 % 7 % 641,100 648,500 %
Total payable
sales (4) (2)
volumes 166,200 153,900 149,200 143,200 172,600 % 8 % 612,500 623,000 %
Third party (5)
sales(6) 138,500 136,200 82,800 74,000 133,400 4 % 2 % 431,500 453,100 %
================ ========== ========== ========== ========== ========== ============= ============= =========== ========== =============
(1) Excludes copper production from the Platinum Group Metals
business unit. Units shown are tonnes unless stated otherwise.
(2) Anglo American ownership interest of Los Bronces, El Soldado
and the Chagres Smelter is 50.1%. Production is stated at 100% as
Anglo American consolidates these operations.
(3) TCu = total copper.
(4) Copper contained basis.
(5) Total copper production includes Anglo American's 44% interest in Collahuasi.
(6) Relates to sales of copper not produced by Anglo American operations.
Platinum Group Metals (PGMs)
PGMs (000 oz)(1) Q4 Q4 Q4 2021 Q3 Q4 2021 2021
vs. Q4 vs. Q3 vs. 2020
2020 2021
2021 2020 2021 2021 2020
================== ===== ===== ===== =====
Metal in concentrate (1)
production 1,103 1,076 3 % 1,116 % 4,299 3,809 13 %
Own mined(2) 734 717 2 % 720 2 % 2,858 2,549 12 %
Purchase of concentrate (7)
(POC)(3) 369 359 3 % 396 % 1,440 1,260 14 %
107 (2)
Refined production(4) 1,391 673 % 1,420 % 5,138 2,713 89 %
============================ ================== ===== ============== ===== ========== ===== ===== ============
(1) Ounces refer to troy ounces. PGMs is 5E+Au (platinum,
palladium, rhodium, ruthenium and iridium plus gold).
(2) Includes managed operations and 50% of joint operation production.
(3) Includes the other 50% of joint operation production, as
well as the purchase of concentrate from third parties.
(4) Refined production excludes toll refined material.
Metal in concentrate production
Own mined production increased by 2% to 734,200 ounces,
primarily from a 15% increase at Amandelbult to 213,600 ounces,
reflecting improved mining performance and increased stability at
the concentrator. Production at Unki increased by 13% to 63,200
ounces due to the successful completion of the debottlenecking
project at the concentrator. This was partially offset by
performance at Mogalakwena and Mototolo, where lower grades were
the primary drivers for the production decreases of 2% and 18%
respectively. Joint operations increased marginally by 1% to 99,700
ounces.
Purchase of concentrate increased by 3% to 369,200 ounces,
primarily from third parties reflecting a recovery from the impact
of Covid-19 in Q4 2020.
Refined production
Refined production more than doubled to 1,391,300 ounces,
reflecting continued strong performance from the ACP Phase A unit
following its successful start-up in November 2020. The build-up in
work-in-progress inventory following the temporary closure of the
ACP in 2020 has largely been processed and refined. The ACP Phase B
rebuild was completed in January 2022 and will be recommissioned
during Q1 2022.
Sales
Sales volumes increased by 70%, driven by higher refined
production.
The full year average realised basket price of $2,761/PGM ounce
primarily reflects the strong realised price for rhodium,
particularly in the first half of the year.
2022 Guidance
Production guidance (metal in concentrate) for 2022 is 4.1-4.5
million ounces(1) . Refined production guidance for 2022 is 4.2-4.6
million ounces, subject to the potential impact of Eskom
load-shedding. Both are subject to the extent of further Covid-19
related disruption.
(1) Metal in concentrate production is expected to be 1.9-2.1
million ounces of platinum, 1.3-1.4 million ounces of palladium and
0.9-1.0 million ounces of other PGMs and gold. With own-mined
output accounting for 65%.
Q4 Q3 Q2 Q1 Q4 Q4 2021 Q4 2021 2021
vs. vs. vs.
Q4 2020 Q3 2021 2020
2021 2021 2021 2021 2020 2021 2020
=============== ======= ======= ======= ======= ======= ======= =======
M&C PGMs
production (1)
(000 oz)(1) 1,103.4 1,116.2 1,057.9 1,021.2 1,076.1 3 % % 4,298.7 3,808.9 13 %
Own mined 734.2 720.0 709.2 694.9 716.9 2 % 2 % 2,858.3 2,549.0 12 %
(2)
Mogalakwena 300.8 276.4 308.3 329.1 306.7 % 9 % 1,214.6 1,181.6 3 %
15 (2)
Amandelbult 213.6 218.3 185.3 156.0 185.5 % % 773.2 608.1 27 %
13 48
Unki 63.2 42.6 47.9 50.9 55.8 % % 204.6 196.1 4 %
(18) (18)
Mototolo 56.9 69.0 59.9 58.6 69.8 % % 244.4 223.6 9 %
Joint (12)
operations(2) 99.7 113.7 107.8 100.3 99.1 1 % % 421.5 339.6 24 %
Purchase of (7)
concentrate 369.2 396.2 348.7 326.3 359.2 3 % % 1,440.4 1,259.9 14 %
Joint (12)
operations(2) 99.7 113.7 107.8 100.3 99.0 1 % % 421.5 339.5 24 %
(5)
Third parties 269.5 282.5 240.9 226.0 260.2 4 % % 1,018.9 920.4 11 %
=============== ======= ======= ======= ======= ======= ============= ============= ======= ======= =============
Refined PGMs
production 107 (2)
(000 oz)(1)(3) 1,391.3 1,420.4 1,353.7 973.0 673.1 % % 5,138.4 2,713.0 89 %
=============== ======= ======= ======= ======= ======= ============= ============= ======= ======= =============
By metal:
120 (1) 100
Platinum 653.5 662.9 625.7 457.8 296.4 % % 2,399.9 1,201.1 %
105 (8)
Palladium 423.2 459.8 427.5 317.0 206.8 % % 1,627.5 905.4 80 %
107 100
Rhodium 97.7 92.2 94.3 63.0 47.1 % 6 % 347.2 173.9 %
Other PGMs and 77
gold 216.9 205.5 206.2 135.2 122.8 % 6 % 763.8 432.6 77 %
54 (5)
Nickel (tonnes) 5,700 6,000 5,800 4,800 3,700 % % 22,300 13,800 62 %
=============== ======= ======= ======= ======= ======= ============= ============= ======= ======= =============
Tolled material
(000 23
oz)(4) 179.5 164.5 153.8 175.9 146.5 % 9 % 673.7 503.5 34 %
=============== ======= ======= ======= ======= ======= ============= ============= ======= ======= =============
PGMs sales from
production 70 (6)
(000 oz)(1)(5) 1,285.2 1,361.0 1,437.1 1,131.1 754.3 % % 5,214.4 2,868.5 82 %
=============== ======= ======= ======= ======= ======= ============= ============= ======= ======= =============
Third party
PGMs
sales (000 (26) 70 (34)
oz)(1)(6) 272.9 160.1 116.1 221.5 370.8 % % 770.6 1,170.9 %
=============== ======= ======= ======= ======= ======= ============= ============= ======= ======= =============
4E head grade
(g/t (5) (2)
milled)(7) 3.49 3.47 3.48 3.54 3.67 % 1 % 3.50 3.56 %
=============== ======= ======= ======= ======= ======= ============= ============= ======= ======= =============
(1) M&C refers to metal in concentrate. Ounces refer to troy
ounces. PGMs is 5E+Au (platinum, palladium, rhodium, ruthenium and
iridium plus gold).
(2) The joint operations are Modikwa and Kroondal. Platinum owns
50% of these operations, which is presented under 'Own mined'
production, and purchases the remaining 50% of production, which is
presented under 'Purchase of concentrate'.
(3) Refined production excludes toll material.
(4) Ounces refer to troy ounces. Tolled volume measured as the
combined content of: platinum, palladium, rhodium and gold,
reflecting the tolling agreements in place.
(5) PGMs sales volumes from production are generally 65% own
mined and 35% purchases of concentrate though this may vary from
quarter to quarter.
(6) Relates to sales of metal not produced by Anglo American operations.
(7) 4E: the grade measured as the combined content of: platinum,
palladium, rhodium and gold, excludes tolled material. Minor metals
are excluded due to variability.
Iron Ore
Iron Ore (000 t) 2021
Q4 Q4 Q3 vs. 2020
Q4 2021 Q4 2021
vs. Q4 vs. Q3
2021 2020 2020 2021 2021 2021 2020
====== ====== ====== ====== ======
(7) (11)
Iron Ore(1) 15,051 16,183 % 16,888 % 63,808 61,702 3 %
(10)
Kumba(2) 9,701 9,718 0 % 10,789 % 40,862 37,621 9 %
(17) (12) (5)
Minas-Rio(3) 5,350 6,466 % 6,100 % 22,945 24,082 %
================= ====== ====== ============== ====== ============== ====== ====== ==========
(1) Total iron ore is the sum of Kumba and Minas-Rio.
(2) Volumes are reported as wet metric tonnes. Product is shipped with 1.6% moisture.
(3) Volumes are reported as wet metric tonnes. Product is shipped with 9% moisture.
Iron ore production in the fourth quarter decreased by 7% to
15.1 million tonnes, driven by a 17% decrease at Minas-Rio, while
Kumba's production was in line with the prior year.
Kumba - Total production was in line with the prior year at 9.7
million tonnes, reflecting broadly flat production of 3.2 million
tonnes at Kolomela and 6.5 million tonnes at Sishen. Production was
limited by higher stock levels at the mines as a result of the
third party rail performing below planned levels earlier in the
year, as well as the impact of the Q4 annual shut-down for rail and
port maintenance.
Total sales of 10.7 million tonnes(1) increased by 4% due to
improved equipment reliability and throughput at the Saldanha
port.
For the full year, Kumba's iron (Fe) content averaged 64.1%
(2020: 64.3%), while the average lump:fines ratio increased to
69:31 (2020: 68:32).
Kumba achieved a full year average realised price of $161/tonne
(FOB South Africa, wet basis), 18% above the 62% Fe benchmark price
of $136/tonne (FOB South Africa, adjusted for freight and moisture)
due to the lump and Fe content quality premiums that the Kumba
products attract, partially offset by the timing on provisionally
priced volumes.
Minas-Rio - Production decreased by 17% to 5.3 million tonnes
primarily due to lower plant availability, impacted by unplanned
maintenance and heavy rainfall experienced during the quarter.
The full year average realised price of $150/tonne (FOB Brazil,
wet basis) was higher than the Metal Bulletin 66 price of
$142/tonne (FOB Brazil, adjusted for freight and moisture),
reflecting the premium quality of the product, including higher
(67%) Fe content, partially offset by the timing on provisionally
priced volumes.
2022 Guidance
Production guidance (wet basis) for 2022 is 63-67 million tonnes
(Kumba 39-41 million tonnes; Minas-Rio 24-26 million tonnes). Both
are subject to the extent of further Covid-19 related disruption
and Kumba is subject to the third party rail and port
performance.
(1) Sales volumes are reported on a wet basis and differ to
Kumba's standalone results due to sales to other Group
companies.
Iron Ore 2021
(tonnes) Q4 Q3 Q2 Q1 Q4 vs. 2020
Q4 2021 Q4 2021
vs. vs.
2021 2021 2021 2021 2020 Q4 2020 Q3 2021 2021 2020
========== ========== ========== ========== ========== ========== ==========
Iron Ore (7) (11)
production(1) 15,050,800 16,888,100 15,695,300 16,173,400 16,183,200 % % 63,807,600 61,702,100 3 %
Iron Ore (1)
sales(1) 16,775,700 15,818,800 14,973,600 15,716,400 16,600,200 1 % 6 % 63,284,500 64,241,100 %
============== ========== ========== ========== ========== ========== ============= ============= ========== ========== =============
Kumba (10)
production 9,701,300 10,788,600 9,817,600 10,554,700 9,717,600 0 % % 40,862,200 37,620,600 9 %
(3) (11)
Lump 6,419,900 7,252,800 6,723,700 7,156,100 6,589,100 % % 27,552,500 25,478,300 8 %
(7)
Fines 3,281,400 3,535,800 3,093,900 3,398,600 3,128,500 5 % % 13,309,700 12,142,300 10 %
============== ========== ========== ========== ========== ========== ============= ============= ========== ========== =============
Kumba
production
by mine
(1) (13)
Sishen 6,538,200 7,528,300 6,876,800 7,071,200 6,583,400 % % 28,014,500 25,764,000 9 %
(3)
Kolomela 3,163,100 3,260,300 2,940,800 3,483,500 3,134,200 1 % % 12,847,700 11,856,600 8 %
============== ========== ========== ========== ========== ========== ============= ============= ========== ========== =============
Kumba sales
volumes(2) 10,690,300 9,965,700 9,406,000 10,230,200 10,285,700 4 % 7 % 40,292,200 40,449,200 0 %
Export iron
ore(2) 10,690,300 9,965,700 9,406,000 10,123,100 10,285,700 4 % 7 % 40,185,100 40,091,500 0 %
Domestic iron (70)
ore - - - 107,100 - n/a n/a 107,100 357,700 %
============== ========== ========== ========== ========== ========== ============= ============= ========== ========== =============
Minas-Rio
production
Pellet feed
(wet (17) (12) (5)
basis) 5,349,500 6,099,500 5,877,700 5,618,700 6,465,600 % % 22,945,400 24,081,500 %
============== ========== ========== ========== ========== ========== ============= ============= ========== ========== =============
Minas-Rio
sales
volumes
Export -
pellet
feed (wet (4) (3)
basis) 6,085,400 5,853,100 5,567,600 5,486,200 6,314,500 % 4 % 22,992,300 23,791,900 %
============== ========== ========== ========== ========== ========== ============= ============= ========== ========== =============
(1) Total iron ore is the sum of Kumba and Minas-Rio and
reported in wet metric tonnes. Kumba product is shipped with 1.6%
moisture and Minas-Rio product is shipped with 9% moisture.
(2) Sales volumes differ to Kumba's standalone results due to sales to other Group companies.
Metallurgical Coal
Metallurgical Coal(1) (000 2021
t) Q4 Q4 Q3 vs. 2020
Q4 2021 Q4 2021
vs. Q4 vs. Q3
2021 2020 2020 2021 2021 2021 2020
===== ===== ===== ====== ======
(11)
Metallurgical Coal 4,372 4,182 5 % 4,289 2 % 14,908 16,822 %
=========================== ===== ===== ======= ===== ======= ====== ====== ==============
(1) Anglo American's attributable share of production.
Export metallurgical coal production increased by 5% to 4.4
million tonnes reflecting the increase in production at Dawson,
having scaled back production since mid-2020 in response to reduced
demand. This was partially offset by operations at Moranbah being
impacted by challenging geological conditions for most of the
quarter and operating time being limited at the open cut operations
by above average rainfall.
At Grosvenor, development activities have progressed well and
the longwall is operationally ready for recommencement in Q1 2022,
subject to approval from the Queensland Regulator.
The ratio of hard coking coal production to PCI/semi-soft coking
coal was 67:33, lower than in Q4 2020 (77:23), due to lower volumes
of premium quality hard coking coal from Moranbah and higher
volumes of PCI coal from the open cut mines at Dawson.
The full year average realised price for hard coking coal was
$211/tonne, as usual this was lower than the full year index price
of $226/tonne, but the price realisation increased to 93% (2020:
90%) as a result of higher sales volumes from Moranbah in the
second half of the year, in a higher price environment.
2022 Guidance
Production guidance for 2022 is 20-22 million tonnes, subject to
the extent of further Covid-19 related disruptions and regulatory
approval to restart the Grosvenor longwall mining operations.
Coal, by 2021
product vs.
(tonnes)(1) Q4 Q3 Q2 Q1 Q4 2020
Q4 2021 Q4 2021
vs. vs.
2021 2021 2021 2021 2020 Q4 2020 Q3 2021 2021 2020
========= ========= ========= ========= ========= ========== ==========
Production
volumes
Metallurgical (11)
Coal 4,372,100 4,288,500 2,968,600 3,278,500 4,182,400 5 % 2 % 14,907,700 16,821,900 %
Hard Coking (9) (18) (16)
Coal 2,922,400 3,567,400 2,319,500 2,511,200 3,221,200 % % 11,320,500 13,424,000 %
101
PCI / SSCC 1,449,700 721,100 649,100 767,300 961,200 51 % % 3,587,200 3,397,900 6 %
Export thermal (39) (23) (17)
Coal 341,800 443,800 519,000 372,400 562,300 % % 1,677,000 2,020,500 %
============== ========= ========= ========= ========= ========= ============= ============= ========== ========== =============
Sales volumes
Metallurgical (3) (16)
Coal 4,182,400 3,985,800 2,856,300 3,112,300 4,318,300 % 5 % 14,136,800 16,887,900 %
Hard Coking (21) (15) (22)
Coal 2,793,500 3,293,600 2,246,200 2,462,100 3,536,900 % % 10,795,400 13,839,300 %
101
PCI / SSCC 1,388,900 692,200 610,100 650,200 781,400 78 % % 3,341,400 3,048,600 10 %
Export thermal (33) (14) (8)
Coal 483,800 560,400 572,000 492,000 725,800 % % 2,108,200 2,284,800 %
============== ========= ========= ========= ========= ========= ============= ============= ========== ========== =============
(1) Anglo American's attributable share of production.
Metallurgical 2021
coal, by vs.
operation 2020
(tonnes)(1) Q4 Q3 Q2 Q1 Q4
Q4 2021 Q4 2021
vs. vs.
2021 2021 2021 2021 2020 Q4 2020 Q3 2021 2021 2020
========= ========= ========= ========= ========= ========== ==========
Metallurgical (11)
Coal 4,372,100 4,288,500 2,968,600 3,278,500 4,182,400 5 % 2 % 14,907,700 16,821,900 %
(10) (18) (31)
Moranbah 1,084,300 1,314,700 56,600 595,100 1,209,200 % % 3,050,700 4,430,300 %
167 (94)
Grosvenor 52,100 19,500 - - - n/a % 71,600 1,106,300 %
Capcoal (incl. (5)
Grasstree) 1,588,700 1,503,500 1,554,100 1,346,600 1,680,900 % 6 % 5,992,900 5,614,900 7 %
(1)
Dawson 654,100 659,200 569,800 600,600 461,200 42 % % 2,483,700 2,429,100 2 %
(3) (4)
Jellinbah 802,200 791,600 788,100 736,200 831,100 % 1 % 3,118,100 3,241,300 %
Other 190,700 - - - - n/a n/a 190,700 - n/a
============== ========= ========= ========= ========= ========= ============= ============= ========== ========== =============
(1) Anglo American's attributable share of production.
Nickel
Nickel (tonnes) 2021
Q4 Q4 Q3 vs. 2020
Q4 2021 Q4 2021
vs. Q4 vs. Q3
2021 2020 2020 2021 2021 2021 2020
====== ====== ====== ====== ======
(9) (4)
Nickel 10,600 11,700 % 10,400 2 % 41,700 43,500 %
================ ====== ====== ========= ====== ======= ====== ====== =========
Nickel production decreased by 9% to 10,600 tonnes, due to
licensing delays (received in late Q4) and heavy rainfall
experienced in the quarter, which has resulted in lower grade ore
from stockpiles being fed into the plant.
2022 Guidance
Production guidance for 2022 is 40,000-42,000 tonnes, subject to
the extent of further Covid-19 related disruptions.
Nickel 2021
(tonnes) vs.
Q4 Q3 Q2 Q1 Q4 2020
Q4 2021 Q4 2021
vs. vs.
2021 2021 2021 2021 2020 Q4 2020 Q3 2021 2021 2020
======= ========= ======= ======= ========= ========= =========
Barro Alto
(28) (40) (16)
Ore mined 719,300 1,190,900 976,200 628,500 1,001,600 % % 3,514,900 4,197,900 %
Ore processed 654,400 564,400 641,500 616,700 628,000 4 % 16 % 2,477,000 2,400,600 3 %
Ore grade
processed (12) (9) (6)
- %Ni 1.50 1.64 1.56 1.53 1.71 % % 1.55 1.65 %
(9) (3)
Production 8,600 8,300 8,800 8,200 9,500 % 4 % 33,900 34,900 %
============== ======= ========= ======= ======= ========= ============== ============== ========= ========= ==============
Codemin
Ore mined - - - - - n/a n/a - 3,200 n/a
(4) (3) (3)
Ore processed 141,700 146,800 136,400 136,600 147,600 % % 561,500 581,300 %
Ore grade
processed (8) (2) (7)
- %Ni 1.57 1.60 1.52 1.51 1.71 % % 1.55 1.66 %
(9) (5) (9)
Production 2,000 2,100 1,800 1,900 2,200 % % 7,800 8,600 %
============== ======= ========= ======= ======= ========= ============== ============== ========= ========= ==============
Total Nickel (9) (4)
production(1) 10,600 10,400 10,600 10,100 11,700 % 2 % 41,700 43,500 %
============== ======= ========= ======= ======= ========= ============== ============== ========= ========= ==============
(11) (11) (2)
Sales volumes 10,400 11,700 9,800 10,200 11,700 % % 42,100 43,000 %
============== ======= ========= ======= ======= ========= ============== ============== ========= ========= ==============
(1) Excludes nickel production from the Platinum Group Metals business unit.
(1)
Manganese
Manganese (000 t) 2021
Q4 Q4 Q3 vs. 2020
Q4 2021 Q4 2021
vs. Q4 vs. Q3
2021 2020 2020 2021 2021 2021 2020
==== ==== ===== ===== =====
(11) (17)
Manganese ore(1) 835 942 % 1,004 % 3,683 3,520 5 %
Manganese alloys(1)(2) - 15 n/a - n/a - 81 n/a
======================= ==== ==== ============== ===== ============== ===== ===== =========
(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.
Manganese ore production decreased by 11% to 834,600 tonnes,
primarily due to planned lower yield from the area mined and the
impact of Covid-19 related disruptions at the Australian
operation.
There was no manganese alloy production as the South African
smelter has been on care and maintenance since the Covid-19
lockdown in 2020. During Q4 2021, an agreement was entered into to
divest the Metalloys business and that transaction is expected to
complete during 2022.
Manganese 2021
(tonnes) vs.
Q4 Q3 Q2 Q1 Q4 2020
Q4 2021 Q4 2021
vs. vs.
2021 2021 2021 2021 2020 Q4 2020 Q3 2021 2021 2020
======= ========= ======= ======= ======= ========= =========
Samancor
production
Manganese (11) (17)
ore(1) 834,600 1,003,600 940,500 904,500 942,400 % % 3,683,200 3,520,000 5 %
Manganese
alloys(1)(2) - - - - 14,600 n/a n/a - 80,500 n/a
============= ======= ========= ======= ======= ======= ============== ============== ========= ========= =======
Samancor
sales
volumes
(1)
Manganese ore 940,200 947,200 980,200 878,200 936,800 0 % % 3,745,800 3,529,100 6 %
Manganese
alloys - - - 670 24,500 n/a n/a 670 103,400 n/a
============= ======= ========= ======= ======= ======= ============== ============== ========= ========= =======
(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.
(2)
Exploration and evaluation
Exploration and evaluation expenditure increased by 26% to $102
million. Exploration expenditure increased by 47% to $47 million
driven, by increased activity in copper, nickel, PGMs and iron ore,
reflecting recovery from the Covid-19 disruptions in Q4 2020, in
most drilling locations. Evaluation expenditure increased by 12% to
$55 million, with increased spend in PGMs and metallurgical
coal.
Corporate and other activities
During the second half of the year we completed our $100 million
donation to the Anglo American Foundation as a special endowment to
fund sustainability projects, this will be reported in our central
costs for the year.
Following the demerger of the South Africa thermal coal
operations on 4 June 2021, full year underlying EBITDA for these
operations will be equivalent to the reported first half EBITDA of
$101m.
The sale of Anglo American's 33% interest in Cerrejón was
announced on 28 June 2021, and has subsequently completed on 11
January 2022 following receipt of the relevant regulatory
approvals. The agreement is effective on 31 December 2020 and,
therefore, economic benefits from 1 January 2021 until completion
have not accrued to Anglo American.
Full year underlying EBITDA for Anglo American's share of
Cerrejón will be equivalent to the reported first half EBITDA of
$87m. The second half EBITDA will be reported in Special items and
remeasurements (Note 8 in the Annual Report), rather than
underlying earnings. Dividends received from Cerrejón will be
reported in "Dividends from associates and joint ventures"(1) .
Furthermore, the purchase consideration for our interest in
Cerrejón was subject to completion adjustments, which included an
adjustment for dividends paid by Cerrejón to Anglo American during
the period after 31 December 2020 to the completion date of 11
January 2022.
In our investor update presentation on 10 December 2021, we
indicated that dividends paid to non-controlling interests for 2021
were equal to $2.8bn.
(1) In the Net Debt reconciliation table, the dividends received
in H2 2021 will be included in "other net debt movements".
For more information on Anglo American's announcements during
the period, please find links to our Press Releases below:
-- 29 Oct 2021 | Sets ambition to halve Scope 3 emissions by
2040
-- 3 Nov 2021 | Appoints Duncan Wanblad as Chief Executive to
succeed Mark Cutifani
-- 5 Nov 2021 | Aims for carbon neutral shipping by 2040
-- 24 Nov 2021 | Rough diamond sales value for De Beers' ninth
sales cycle of 2021
-- 10 Dec 2021 | Confirms 2021 guidance and value accretive 35%
growth over next decade
-- 10 Dec 2021 | Upgrades scope of Woodsmith polyhalite
fertiliser project to optimise long term value
-- 13 Dec 2021 | Anglo American and Aurizon look to
hydrogen-powered trains in Queensland
-- 22 Dec 2021 | Rough diamond sales value for De Beers' tenth
sales cycle of 2021
-- 28 Dec 2021 | Anglo American discussions with Vale to
potentially jointly develop the Serpentina iron ore resource
-- 11 Jan 2022 | Completes sale of shareholding in Cerrejón
mine
--
Notes
-- This Production Report for the quarter ended 31 December 2021
is unaudited.
-- Production figures are sometimes more precise than the
rounded numbers shown in this Production Report.
-- Copper equivalent production shows changes in underlying
production volume. It is calculated by expressing each product's
volume as revenue, subsequently converting the revenue into copper
equivalent units by dividing by the copper price (per tonne).
Long-term forecast prices are used, in order that period-on-period
comparisons exclude any impact for movements in price.
-- Please refer to page 16 for information on forward-looking
statements.
In this document, references to "Anglo American", the "Anglo
American Group", the "Group", "we", "us", and "our" are to refer to
either Anglo American plc and its subsidiaries and/or those who
work for them generally, or where it is not necessary to refer to a
particular entity, entities or persons. The use of those generic
terms herein is for convenience only, and is in no way indicative
of how the Anglo American Group or any entity within it is
structured, managed or controlled. Anglo American subsidiaries, and
their management, are responsible for their own day-to-day
operations, including but not limited to securing and maintaining
all relevant licences and permits, operational adaptation and
implementation of Group policies, management, training and any
applicable local grievance mechanisms. Anglo American produces
group-wide policies and procedures to ensure best uniform practices
and standardisation across the Anglo American Group but is not
responsible for the day to day implementation of such policies.
Such policies and procedures constitute prescribed minimum
standards only. Group operating subsidiaries are responsible for
adapting those policies and procedures to reflect local conditions
where appropriate, and for implementation, oversight and monitoring
within their specific businesses.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Paul Galloway
james.wyatt-tilby@angloamerican.com paul.galloway@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 8718
Marcelo Esquivel Juliet Newth
marcelo.esquivel@angloamerican.com juliet.newth@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8830
Katie Ryall Michelle Jarman
katie.ryall@angloamerican.com michelle.jarman@angloamerican.com
Tel: +44 (0)20 7968 8935 Tel: +44 (0)20 7968 1494
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
Notes to editors:
Anglo American is a leading global mining company and our
products are the essential ingredients in almost every aspect of
modern life. Our portfolio of world-class competitive operations,
with a broad range of future development options, provides many of
the future-enabling metals and minerals for a cleaner, greener,
more sustainable world and that meet the fast growing every day
demands of billions of consumers. With our people at the heart of
our business, we use innovative practices and the latest
technologies to discover new resources and to mine, process, move
and market our products to our customers - safely and
sustainably.
As a responsible producer of diamonds (through De Beers),
copper, platinum group metals, premium quality iron ore and
metallurgical coal for steelmaking, and nickel - with crop
nutrients in development - we are committed to being carbon neutral
across our operations by 2040. More broadly, our Sustainable Mining
Plan commits us to a series of stretching goals to ensure we work
towards a healthy environment, creating thriving communities and
building trust as a corporate leader. We work together with our
business partners and diverse stakeholders to unlock enduring value
from precious natural resources for the benefit of the communities
and countries in which we operate, for society as a whole, and for
our shareholders. Anglo American is re-imagining mining to improve
people's lives.
www.angloamerican.com
Forward-looking statements and third-party information:
This announcement includes forward-looking statements. All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
Anglo American's financial position, business, acquisition and
divestment strategy, dividend policy, plans and objectives of
management for future operations (including development plans and
objectives relating to Anglo American's products, production
forecasts and Ore Reserves and Mineral Resource estimates) and
environmental, social and corporate governance goals and
aspirations, are forward-looking statements. By their nature, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Anglo American, or industry results,
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
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Such forward-looking statements are based on numerous
assumptions regarding Anglo American's present and future business
strategies and the environment in which Anglo American will operate
in the future. Important factors that could cause Anglo American's
actual results, performance or achievements to differ materially
from those in the forward-looking statements include, among others,
levels of actual production during any period, levels of global
demand and commodity market prices, mineral resource exploration
and development capabilities, recovery rates and other operational
capabilities, safety, health or environmental incidents, the
effects of global pandemics and outbreaks of infectious diseases,
the outcome of litigation or regulatory proceedings, the
availability of mining and processing equipment, the ability to
produce and transport products profitably, the availability of
transportation infrastructure, the impact of foreign currency
exchange rates on market prices and operating costs, the
availability of sufficient credit, the effects of inflation,
political uncertainty and economic conditions in relevant areas of
the world, the actions of competitors, activities by courts,
regulators and governmental authorities such as in relation to
permitting or forcing closure of mines and ceasing of operations or
maintenance of Anglo American's assets and changes in taxation or
safety, health, environmental or other types of regulation in the
countries where Anglo American operates, conflicts over land and
resource ownership rights and such other risk factors identified in
Anglo American's most recent Annual Report. Forward-looking
statements should, therefore, be construed in light of such risk
factors and undue reliance should not be placed on forward-looking
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These forward-looking statements speak only as of the date of
this announcement. Anglo American expressly disclaims any
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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
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Certain statistical and other information about Anglo American
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verified and presents the views of those third parties, though
these may not necessarily correspond to the views held by Anglo
American and Anglo American expressly disclaims any responsibility
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January 27, 2022 02:00 ET (07:00 GMT)
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