TIDMAAL
RNS Number : 7413Y
Anglo American PLC
08 September 2022
8 September 2022
Anglo American Platinum revises refined production guidance
as quality assurance processes detect sub-standard materials
received for the Polokwane smelter rebuild
Anglo American plc notes the announcement by Anglo American
Platinum Limited released today to the Johannesburg stock exchange.
The text of the announcement is copied below:
Anglo American Platinum announces that it has revised its 2022
refined production guidance, as our quality assurance processes
have detected the delivery of sub-standard materials for the
Polokwane smelter rebuild. Delivery of replacement materials will
result in a two-month delay to the completion of the project. As a
result, there will be a build-up in work-in-progress inventory in
2022 and a short-term timing impact to refined PGM production.
Natascha Viljoen, CEO of Anglo American Platinum, said:
"As we undergo our first full rebuild of the Polokwane smelter
in twelve years, our quality assurance processes identified a
defective consignment of materials required to complete the
rebuild. We remain committed to ensuring the structural integrity
of our Polokwane smelter, with high standards embedded into the
rebuild to ensure asset integrity and the longevity of this
operation. We will not compromise on safety or quality and
therefore the defective materials will not be used, and a new
consignment of materials is expected to be delivered by the end of
October. This has resulted in a two-month delay in recommissioning
the Polokwane Smelter. This will result in a build-up in
work-in-progress inventory, and a timing impact to our refined
production. We therefore revise our 2022 refined production
guidance to between 3.7 - 3.9 million PGM ounces (previously 4.0 -
4.4 million PGM ounces). Work has commenced to find solutions to
mitigate the impact on refined production this year."
Guidance
As a result of the delay to the Polokwane smelter rebuild and
the resultant work-in-progress inventory build, we have revised
refined production in 2022 to between 3.7 - 3.9 million PGM ounces.
Sales guidance will therefore be revised in line with refined
production to between 3.7 - 3.9 million PGM ounces. There is no
impact to metal-in-concentrate guidance which remains at between
3.9 - 4.3 million PGM ounces and unit cost guidance remains at
between R14,000 - R15,000 per PGM ounce. All guidance is subject to
no disruptions due to load-shedding. We have not updated 2023
refined production guidance at this stage until further information
is available, and analysis can be conducted.
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 Emma Waterworth
marcelo.esquivel@angloamerican.com Emma.waterworth@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0) 20 7968
8574
South Africa
Nevashnee Naicker Michelle Jarman
nevashnee.naicker@angloamerican.com michelle.jarman@angloamerican.com
Tel: +27 (0)11 638 3189 Tel: +44 (0)20 7968 1494
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
steelmaking coal, and nickel - with crop nutrients in development -
we are committed to being carbon neutral across our operations by
2040. More broadly, our Sustainable Mining Plan commits us to a
series of stretching goals to ensure we work towards a healthy
environment, creating thriving communities and building trust as a
corporate leader. We work together with our business partners and
diverse stakeholders to unlock enduring value from precious natural
resources for the benefit of the communities and countries in which
we operate, for society as a whole, and for our shareholders. Anglo
American is re-imagining mining to improve people's lives.
www.angloamerican.com
Forward-looking statements:
This document includes forward-looking statements. All
statements other than statements of historical facts included in
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American's financial position, business, acquisition and divestment
strategy, dividend policy, plans and objectives of management for
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such other risk factors identified in Anglo American's most recent
Annual Report. Forward-looking statements should, therefore, be
construed in light of such risk factors and undue reliance should
not be placed on forward-looking statements. These forward-looking
statements speak only as of the date of this document. Anglo
American expressly disclaims any obligation or undertaking (except
as required by applicable law, the City Code on Takeovers and
Mergers, the UK Listing Rules, the Disclosure and Transparency
Rules of the Financial Conduct Authority, the Listings Requirements
of the securities exchange of the JSE Limited in South Africa, the
SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian
Stock Exchange and any other applicable regulations) to release
publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in Anglo American's
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conditions or circumstances on which any such statement is
based.
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future earnings per share of Anglo American will necessarily match
or exceed its historical published earnings per share. Certain
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expressly disclaims any responsibility for, or liability in respect
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