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Anglo American plc (the "Company")
Registered office: 17 Charterhouse Street London EC1N 6RA United Kingdom
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM
8 February 2024
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 Kue 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 Kue 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.$35/t.
(7) Production excludes thermal coal by-product. FOB unit cost comprises managed operations and excludes royalties.
Realised prices
FY 2023 vs. H2 2023 vs. H1
FY 2023 FY 2022 H2 2023 H1 2023 FY 2022 2023
Copper (USc/lb)(1) 384 385 377 393 0% (4)%
Copper Chile (USc/lb)(2) 384 386 377 393 (1)% (4)%
Copper Peru (USc/lb) 384 379 376 394 1% (5)%
Nickel (US$/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 Acu) (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.
Preliminary H2 financial update on FY2023 results
As highlighted in the December update call, De Beers was loss-making in the second half of 2023 owing to the subdued Sight sale
results reflecting conditions at cyclical lows driven by the prevailing macroeconomic environment. Whilst there has been some
improvement coming into 2024, the prospects for economic growth in many major economies remain uncertain and it may take
some time for rough diamond demand to fully recover, which has led to the Group currently assessing its carrying value of De Beers.
In addition, the carrying value of Barro Alto is under review, primarily due to the sharp adverse change to the short- and medium-
term nickel price outlook. It is expected that any adjustments to the carrying values of these assets will be reported within 'Special
items' in the 2023 financial statements.
The Group also expects to recognise charges within EBITDA in the second half of 2023 - at Copper Chile an increase in the
rehabilitation provisions is currently estimated to be $0.1 billion, and at De Beers an inventory adjustment is currently estimated to
be $0.1 billion.
ESG summary factsheets on a range of topics are available on our website.
For more information on Anglo American's announcements during the period, please find a link to our Press Releases below:
https://www.angloamerican.com/media/press-releases/2024
Copper
Q4 Q4 Q4 2023 vs. Q3 Q4 2023 vs. 2023 vs.
Copper(1) (tonnes) 2023 2022 Q4 2022 2023 Q3 2023 2023 2022 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.
Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2023 vs. 2023 vs.
Copper(1) (tonnes) 2023 2023 2023 2023 2022 Q4 2022 Q3 2023 2023 2022 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
Q4 Q4 Q4 2023 vs. Q3 Q4 2023 vs. 2023 vs.
Nickel (tonnes) 2023 2022 Q4 2022 2023 Q3 2023 2023 2022 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.
Q4 2023 Q4 2023
Q4 Q3 Q2 Q1 Q4 vs. vs. 2023 vs.
Nickel (tonnes) 2023 2023 2023 2023 2022 Q4 2022 Q3 2023 2023 2022 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)
Q4 Q4 Q4 2023 vs. Q3 Q4 2023 vs. 2023 vs.
PGMs (000 oz)(1) 2023 2022 Q4 2022 2023 Q3 2023 2023 2022 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 2023 vs. 2023 vs.
2023 2023 2023 2023 2022 Q4 2022 Q3 2023 2023 2022 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
Q4 Q4 Q4 2023 vs. Q3 Q4 2023 vs. 2023 vs.
Diamonds(1) (000 carats) 2023 2022 Q4 2022 2023 Q3 2023 2023 2022 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 Kue 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 Kue joint operation which is on an attributable 51% basis.
(3) FX rate assumption for 2024 unit costs of ~19 ZAR:USD.
Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2023 vs. 2023 vs.
Diamonds(1) 2023 2023 2023 2023 2022 Q4 2022 Q3 2023 2023 2022 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 Kue (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 Kue 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
Q4 Q4 Q4 2023 vs. Q3 Q4 2023 vs. 2023 vs.
Iron Ore (000 t) 2023 2022 Q4 2022 2023 Q3 2023 2023 2022 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.
Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2023 vs. 2023 vs.
Iron Ore (000 t) 2023 2023 2023 2023 2022 Q4 2022 Q3 2023 2023 2022 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
Q4 Q4 Q4 2023 vs. Q3 Q4 2023 vs. 2023 vs.
Steelmaking Coal(1) (000 t) 2023 2022 Q4 2022 2023 Q3 2023 2023 2022 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.
Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2023 vs. 2023 vs.
Coal, by product (000 t)(1) 2023 2023 2023 2023 2022 Q4 2022 Q3 2023 2023 2022 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%
Q4 Q3 Q2 Q1 Q4 Q4 2023 vs. Q4 2023 vs. 2023 vs.
Steelmaking coal, by operation (000 t)(1) 2023 2023 2023 2023 2022 Q4 2022 Q3 2023 2023 2022 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
Q4 Q4 Q4 2023 vs. Q3 Q4 2023 vs. 2023 vs.
Manganese (000 t) 2023 2022 Q4 2022 2023 Q3 2023 2023 2022 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.
Q4 2023 Q4 2023
Q4 Q3 Q2 Q1 Q4 vs. vs. 2023 vs.
Manganese (tonnes) 2023 2023 2023 2023 2022 Q4 2022 Q3 2023 2023 2022 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
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For further information, please contact:
Media Investors
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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 ...
