http://www.rns-pdf.londonstockexchange.com/rns/3876J_1-2024-10-23.pdf
24 October 2024
Anglo American plc
Production Report for the third
quarter ended 30 September 2024
Duncan Wanblad, Chief Executive of
Anglo American, said: "Our consistent focus
on operational excellence continues to deliver stable production in
line with our expectations. Our Minas-Rio iron ore operation in
Brazil achieved a second successive record quarter while the
reshaping of our copper operations continues to progress, with the
older of the two Los Bronces plants placed on care and maintenance.
Ongoing stability at the PGM processing assets allows us to
increase full year refined PGM production guidance to 3.7-3.9
million ounces1, and strong operational performance at
Nickel increases production guidance to 38,000-39,000
tonnes1, lowering the unit cost guidance to c.530
c/lb1. All other production and unit cost2
guidance is unchanged.
"Our accelerated portfolio
simplification to unlock the inherent value in Anglo American is
well under way. The PGMs demerger is on track to complete by the
middle of 2025. Our Steelmaking Coal sale process continues to see
significant competition for this world-class set of assets, with a
final round of bidders in place, and we expect to announce
execution of a sale agreement in the coming months. We are also
encouraged by recent imagery that shows that the fire damage in the
underground area of the Grosvenor mine appears limited, further
supporting the sale process.
"As previously announced, we reduced
rough diamond production from De Beers in response to market
conditions. The diamond market remains challenging as the midstream
continues to hold higher than normal levels of inventory and the
expectation remains for a protracted recovery. As a result and
together with our partners, we will continue to assess the options
to reduce production going forward.
"We are making excellent progress
with our portfolio simplification to create an exciting and
differentiated investment proposition focused on our world-class copper, premium iron ore and crop
nutrients assets - all future-enabling products. This highly cash
generative and much higher margin portfolio
will offer greater resilience through cycles with the benefit of
significant high quality and well sequenced growth options,
including a clear path to increase annual copper production to more
than one million tonnes by the early
2030's."
Q3 2024 highlights
• Copper production is on track to
meet full year guidance, decreasing 13% in the quarter as
expected versus the comparative period, due
to the planned closure of the smaller and
more costly Los Bronces plant, partially
offset by higher grades at El Soldado. Production
at Quellaveco in Peru is expected to increase in the fourth quarter
as grades and recoveries improve.
• In Iron Ore, production was
2% higher as Minas-Rio achieved a
record third quarter performance, reflecting enhanced
operational stability, partially offset by a
planned decrease at Kumba to align with third-party logistics
constraints. In October, the Brazilian anti-trust regulator
approved the Serpentina transaction with Vale, and this is on track
to close in the fourth quarter.
• Steelmaking coal
production decreased by 6%, primarily driven by the cessation of
mining at Grosvenor following the underground fire in June 2024.
Excluding the impacts of Grosvenor, steelmaking coal production
increased by 3%, reflecting higher production from the Dawson open cut
operation and Moranbah longwall operation.
• Production from our Platinum Group
Metals (PGMs) operations decreased 10%
versus the comparative period, primarily
reflecting the expected lower metal in concentrate production in
line with 2024 guidance. On a quarter-on-quarter basis, production
was flat.
• Nickel production
increased by 6% largely due to
operational improvements at Barro Alto.
• Rough diamond production decreased
by 25%, reflecting a production response to
the prolonged period of lower demand, higher than normal levels of
inventory in the midstream and a continued focus on managing
working capital.
|
Production
|
Q3 2024
|
Q3 2023
|
% vs. Q3 2023
|
YTD 2024
|
YTD 2023
|
% vs. YTD 2023
|
|
Copper (kt)(3)
|
181
|
209
|
(13)%
|
575
|
596
|
(4)%
|
|
Iron ore
(Mt)(4)
|
15.7
|
15.4
|
2%
|
46.5
|
46.1
|
1%
|
|
Platinum group metals
(koz)(5)
|
922
|
1,030
|
(10)%
|
2,677
|
2,874
|
(7)%
|
|
Diamonds
(Mct)(6)
|
5.6
|
7.4
|
(25)%
|
18.9
|
23.9
|
(21)%
|
|
Steelmaking coal (Mt)
|
4.1
|
4.4
|
(6)%
|
12.1
|
11.2
|
8%
|
|
Nickel (kt)(7)
|
9.9
|
9.3
|
6%
|
29.4
|
28.9
|
2%
|
|
Manganese ore (kt)
|
406
|
1,012
|
(60)%
|
1,545
|
2,823
|
(45)%
|
(1) Refined
PGM production was previously 3.3-3.7 million ounces. Nickel
production was previously 36,000-38,000 tonnes and the unit cost
was c.550 c/lb.
(2) FX rates
in 2024 unit cost guidance: c.850 CLP:USD, c.3.7 PEN:USD, c.5.0 BRL:USD, c.19
ZAR:USD, c.1.5 AUD:USD.
(3)
Contained metal basis. Reflects copper production
from the Copper operations in Chile and Peru only (excludes copper
production from the Platinum Group Metals
business).
(4) Wet
basis.
(5) Produced
ounces of metal in concentrate. 5E + gold (platinum, palladium,
rhodium, ruthenium and iridium plus gold). Reflects own mined
production and purchase of concentrate.
(6)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(7) Reflects
nickel production from the Nickel operations in Brazil only
(excludes 7.4 kt of Q3 2024 nickel production from the Platinum
Group Metals business).
Production and unit cost guidance
summary
|
|
2024 production guidance
|
2024 unit cost
guidance(1)
|
|
|
Copper(2)
|
730-790 kt
|
c.157 c/lb
|
|
|
|
Iron Ore(3)
|
58-62 Mt
|
c.$37/t
|
|
|
|
Platinum Group
Metals(4)
|
3.3-3.7 Moz
|
c.$920/oz
|
|
|
|
Diamonds(5)
|
23-26 Mct
|
c.$95/ct
|
|
|
|
Steelmaking
Coal(6)
|
14-15.5 Mt
|
c.$130-140/t
|
|
|
|
Nickel(7)
|
38-39 kt
|
c.530 c/lb
|
|
|
(previously 36-38 kt)
|
(previously c.550 c/lb)
|
|
(1) Unit
costs exclude royalties and depreciation and include direct support
costs only. 2024 unit cost guidance was set at: c.850 CLP:USD,
c.3.7 PEN:USD, c.5.0 BRL:USD, c.19 ZAR:USD, c.1.5
AUD:USD.
(2) Copper
business only. On a contained-metal basis. Total copper production
is the sum of Chile and Peru: Chile: 430-460 kt and Peru: 300-330
kt. 2024 unit cost guidance for Chile: c.190 c/lb and Peru: c.110
c/lb. The copper unit costs are impacted by FX rates and pricing of
by-products, such as molybdenum. Production in Chile is weighted to
the first half of the year due to the planned closure of the Los
Bronces plant at the end of July; production is also subject to
water availability. Production in Peru is weighted to the second
half of the year as a higher grade area of the mine is
accessed.
(3) Wet
basis. Total iron ore is the sum of operations at Kumba in South
Africa and Minas-Rio in Brazil. Kumba: 35-37 Mt and Minas-Rio:
23-25 Mt. Kumba production is subject to third-party rail and port
availability and performance. 2024 unit cost guidance for Kumba:
c.$38/t and Minas-Rio: c.$35/t.
(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: c.45%, Palladium: c.35%
and Other: c.20%. Refined production (5E + gold) is revised up to
3.7-3.9 million ounces (previously 3.3-3.7 million ounces)
reflecting the benefit of no Eskom load-curtailment this year and
good stability at the processing assets which has enabled a release
of built-up work-in-progress inventory. Production remains subject
to the impact of Eskom load-curtailment. Unit cost is per own mined
5E + gold PGMs metal in concentrate ounce.
(5)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis. As the midstream
continues to hold higher than normal levels of inventory and the
expectation for a recovery remains protracted, De Beers is actively
assessing options with our partners to reduce production going
forward. Unit cost is based on De Beers' share of
production.
(6)
Production excludes thermal coal by-product. FOB unit cost
comprises managed operations and excludes royalties. A planned
longwall move at Moranbah is taking place during Q4 2024. A
walk-on/walk-off longwall move at Aquila, that will have a minimal
production impact, started initial commissioning in late Q3 and
will occur during mid-Q4 2024.
(7) Nickel
operations in Brazil only. The Group also produces approximately 20
kt of nickel on an annual basis from the PGM operations. Nickel
production has been revised up reflecting strong operational
performance and consequently, unit costs have been revised
down.
Realised prices
|
|
Q3 YTD 2024
|
Q3 YTD 2023
|
Q3 YTD 2024 vs.
Q3 YTD 2023
|
|
Copper
(USc/lb)(1)
|
421
|
387
|
9%
|
|
Copper Chile
(USc/lb)(2)
|
426
|
388
|
10%
|
|
Copper Peru (USc/lb)
|
414
|
386
|
7%
|
|
Iron Ore - FOB
prices(3)
|
90
|
108
|
(17)%
|
|
Kumba Export
(US$/wmt)(4)
|
94
|
110
|
(15)%
|
|
Minas-Rio
(US$/wmt)(5)
|
85
|
106
|
(20)%
|
|
Platinum Group Metals
|
|
|
|
|
Platinum
(US$/oz)(6)
|
959
|
981
|
(2)%
|
|
Palladium
(US$/oz)(6)
|
1,013
|
1,437
|
(30)%
|
|
Rhodium
(US$/oz)(6)
|
4,649
|
7,366
|
(37)%
|
|
Basket price (US$/PGM
oz)(7)
|
1,455
|
1,766
|
(18)%
|
|
Diamonds
|
|
|
|
|
Consolidated average realised price
(US$/ct)(8)
|
160
|
154
|
4%
|
|
Average price
index(9)
|
109
|
133
|
(18)%
|
|
Steelmaking Coal - HCC
(US$/t)(10)
|
253
|
264
|
(4)%
|
|
Steelmaking Coal - PCI
(US$/t)(10)
|
187
|
215
|
(13)%
|
|
Nickel
(US$/lb)(11)
|
6.93
|
8.29
|
(16)%
|
(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) Average
realised total iron ore price is a weighted average of the Kumba
and Minas-Rio realised prices.
(4) 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 $96/t (Q3 YTD 2023: $112/t), higher than the dry 62%
Fe benchmark price of $92/t (FOB South Africa, adjusted for
freight).
(5) Average
realised export basket price (FOB Açu) (wet basis as product is
shipped with ~9% moisture).
(6) Realised
price excludes trading.
(7) 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.
(8)
Consolidated average realised price based on 100% selling value
post-aggregation.
(9) Average
of the De Beers price index for the Sights within the period. The
De Beers price index is relative to 100 as at December
2006.
(10) Weighted average
coal sales price achieved at managed operations. The average
realised price for thermal coal by-product for Q3 YTD 2024,
decreased by 24% to $118/t (Q3 YTD 2023: $156/t).
(11) Nickel realised
price reflects the market discount for ferronickel (the product
produced by the Nickel business).
Copper
|
Copper(1)
(tonnes)
|
Q3
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q2
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Copper
|
181,300
|
209,100
|
(13)%
|
195,700
|
(7)%
|
575,100
|
596,300
|
(4)%
|
|
Copper Chile
|
112,600
|
121,600
|
(7)%
|
120,400
|
(6)%
|
359,100
|
371,000
|
(3)%
|
|
Copper Peru
|
68,700
|
87,500
|
(21)%
|
75,300
|
(9)%
|
216,000
|
225,300
|
(4)%
|
(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).
Group copper production continues to
track to guidance in both Chile and Peru, with the operations
progressing on the reset mine plans implemented at the end of 2023.
Total production of 181,300 tonnes reflects the reconfiguration of
the Los Bronces mine and lower grades and recoveries at
Quellaveco.
Chile - Copper production was primarily
impacted by the planned closure of the Los Bronces plant, which has
been put on care and maintenance, resulting in a 7% decrease to
112,600 tonnes.
At Collahuasi, Anglo American's
attributable share of copper production was broadly flat at 64,700
tonnes, as higher grades and throughput were offset by lower
recoveries. As the mine transitions between different phases, the
processing of lower grade stockpiles is expected to continue into
2025.
Production from Los Bronces decreased
by 20% to 36,600 tonnes, due to placing the smaller and more costly
Los Bronces plant (c.40% of total plant capacity) on care and
maintenance, as planned and previously reported, at the end of
July. The ongoing characteristics of lower grade and ore hardness
as a result of the current mine phase will continue to impact
operations until the next phase of the mine, where grades are
expected to be higher and the ore softer. As previously disclosed,
development work for this phase is under way and is expected to
benefit production from early 2027.
Production from El Soldado increased
by 16% to 11,300 tonnes, reflecting planned higher grades (0.95% vs
0.60%), partially offset by lower throughput, which was in part due
to an unplanned stoppage at the plant.
The year to date average realised
price of 426 c/lb includes 56,400 tonnes of copper provisionally
priced as at 30 September 2024 at an average of 443
c/lb.
Peru -
Quellaveco production was 68,700 tonnes, down on the comparative
period, owing to lower recoveries and grades as the mine moves
through a lower grade area (0.70% vs. 0.93%), partially offset by
record throughput in the quarter. Grades are expected to increase
in the fourth quarter as previously planned. Recoveries are also
expected to increase sequentially as improvements continue to
optimise the coarse particle recovery plant.
The year to date average realised
price of 414 c/lb includes 53,000 tonnes of
copper provisionally priced as at 30 September 2024 at an average
of 427 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 weighted to
the first half of the year due to the planned closure of the Los
Bronces plant at the end of July; production is also subject to
water availability. Production in Peru is weighted to the second
half of the year as a higher grade area of the mine is
accessed.
Unit cost guidance for 2024 is
unchanged at c.157 c/lb(1) (Chile c.190
c/lb(1); Peru c.110 c/lb(1)), although the
weaker Chilean peso has provided a tailwind
year-to-date.
(1) The
copper unit costs are impacted by FX rates and pricing of
by-products, such as molybdenum. 2024 unit cost guidance was set at
c.850 CLP:USD for Chile and c.3.7 PEN:USD for Peru.
|
Copper(1)
(tonnes)
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2024
|
2024
|
2023
|
2023
|
2024
|
2023
|
|
Total copper production
|
181,300
|
195,700
|
198,100
|
229,900
|
209,100
|
(13)%
|
(7)%
|
575,100
|
596,300
|
(4)%
|
|
Total copper sales
volumes
|
173,200
|
213,600
|
177,300
|
242,600
|
211,700
|
(18)%
|
(19)%
|
564,100
|
600,700
|
(6)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Chile
|
|
|
|
|
|
|
|
|
|
|
|
Los Bronces
mine(2)
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
9,462,100
|
12,688,000
|
11,974,700
|
13,365,200
|
11,209,200
|
(16)%
|
(25)%
|
34,124,800
|
37,065,100
|
(8)%
|
|
Ore processed - Sulphide
|
7,944,900
|
10,566,600
|
10,330,300
|
11,562,800
|
9,695,800
|
(18)%
|
(25)%
|
28,841,800
|
32,201,000
|
(10)%
|
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.44
|
0.48
|
0.47
|
0.52
|
0.49
|
(10)%
|
(8)%
|
0.47
|
0.51
|
(8)%
|
|
Production - Copper in
concentrate
|
30,200
|
40,900
|
40,300
|
49,400
|
38,600
|
(22)%
|
(26)%
|
111,400
|
135,400
|
(18)%
|
|
Production - Copper
cathode
|
6,400
|
7,500
|
8,400
|
7,800
|
7,200
|
(11)%
|
(15)%
|
22,300
|
22,900
|
(3)%
|
|
Total production
|
36,600
|
48,400
|
48,700
|
57,200
|
45,800
|
(20)%
|
(24)%
|
133,700
|
158,300
|
(16)%
|
|
Collahuasi 100% basis
(Anglo American share 44%)
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
12,803,800
|
10,336,300
|
10,472,200
|
15,892,300
|
15,949,200
|
(20)%
|
24%
|
33,612,300
|
44,685,200
|
(25)%
|
|
Ore processed - Sulphide
|
14,975,700
|
15,781,200
|
14,350,000
|
14,943,300
|
14,502,000
|
3%
|
(5)%
|
45,106,900
|
42,408,500
|
6%
|
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
1.20
|
1.08
|
1.20
|
1.33
|
1.19
|
1%
|
11%
|
1.16
|
1.11
|
5%
|
|
Anglo American's 44% share of copper
production for Collahuasi
|
64,700
|
60,300
|
64,700
|
71,700
|
66,100
|
(2)%
|
7%
|
189,700
|
180,500
|
5%
|
|
El Soldado
mine(2)
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
2,255,700
|
1,805,600
|
1,857,400
|
2,190,000
|
633,000
|
256%
|
25%
|
5,918,700
|
5,466,200
|
8%
|
|
Ore processed - Sulphide
|
1,505,800
|
1,568,700
|
1,712,600
|
1,526,300
|
2,026,800
|
(26)%
|
(4)%
|
4,787,100
|
5,273,200
|
(9)%
|
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.95
|
0.94
|
0.94
|
0.62
|
0.60
|
58%
|
1%
|
0.94
|
0.75
|
25%
|
|
Production - Copper in
concentrate
|
11,300
|
11,700
|
12,700
|
7,300
|
9,700
|
16%
|
(3)%
|
35,700
|
32,200
|
11%
|
|
Chagres
smelter(2)
|
|
|
|
|
|
|
|
|
|
|
|
Ore smelted(4)
|
24,400
|
26,100
|
27,000
|
28,100
|
28,600
|
(15)%
|
(7)%
|
77,500
|
85,400
|
(9)%
|
|
Production
|
23,300
|
25,400
|
25,600
|
27,400
|
27,700
|
(16)%
|
(8)%
|
74,300
|
82,700
|
(10)%
|
|
Total copper
production(5)
|
112,600
|
120,400
|
126,100
|
136,200
|
121,600
|
(7)%
|
(6)%
|
359,100
|
371,000
|
(3)%
|
|
Total payable copper
production
|
108,000
|
115,700
|
121,300
|
131,000
|
117,000
|
(8)%
|
(7)%
|
345,000
|
356,600
|
(3)%
|
|
Total copper sales
volumes
|
107,800
|
132,900
|
109,400
|
146,900
|
120,300
|
(10)%
|
(19)%
|
350,100
|
357,900
|
(2)%
|
|
Total payable sales
volumes
|
103,400
|
127,600
|
105,200
|
140,000
|
115,600
|
(11)%
|
(19)%
|
336,200
|
345,000
|
(3)%
|
|
Third-party
sales(6)
|
123,500
|
87,600
|
80,300
|
139,300
|
126,600
|
(2)%
|
41%
|
291,400
|
304,400
|
(4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Peru
|
|
|
|
|
|
|
|
|
|
|
|
Quellaveco
mine(7)
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
8,730,500
|
9,486,400
|
11,025,800
|
13,368,500
|
9,900,400
|
(12)%
|
(8)%
|
29,242,700
|
28,678,500
|
2%
|
|
Ore processed - Sulphide
|
12,431,300
|
12,397,000
|
12,206,700
|
11,821,300
|
11,240,600
|
11%
|
0%
|
37,035,000
|
27,943,600
|
33%
|
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.70
|
0.74
|
0.72
|
0.95
|
0.93
|
(25)%
|
(5)%
|
0.72
|
0.97
|
(26)%
|
|
Total copper production
|
68,700
|
75,300
|
72,000
|
93,700
|
87,500
|
(21)%
|
(9)%
|
216,000
|
225,300
|
(4)%
|
|
Total payable copper
production
|
66,400
|
72,800
|
69,600
|
90,600
|
84,600
|
(22)%
|
(9)%
|
208,800
|
217,800
|
(4)%
|
|
Total copper sales
volumes
|
65,400
|
80,700
|
67,900
|
95,700
|
91,400
|
(28)%
|
(19)%
|
214,000
|
242,800
|
(12)%
|
|
Total payable sales
volumes
|
62,900
|
77,700
|
65,500
|
92,500
|
88,300
|
(29)%
|
(19)%
|
206,100
|
234,500
|
(12)%
|
(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.
Iron Ore
|
Iron Ore (000 t)
|
Q3
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q2
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Iron Ore
|
15,746
|
15,397
|
2%
|
15,580
|
1%
|
46,469
|
46,120
|
1%
|
|
Kumba(1)
|
9,446
|
9,736
|
(3)%
|
9,184
|
3%
|
27,905
|
28,481
|
(2)%
|
|
Minas-Rio(2)
|
6,300
|
5,661
|
11%
|
6,396
|
(2)%
|
18,564
|
17,639
|
5%
|
(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.
Group iron ore production was 15.7
million tonnes, as Minas-Rio achieved a record third quarter
performance and Kumba achieved its highest production over the last
12 months.
Kumba -
Total production was 9.4 million tonnes, down 3%,
which reflects the reconfiguration to align production to
third-party logistics performance. On a quarter-on-quarter basis,
production was up 3%, reflecting operational
stability.
Total sales were broadly flat 8.8
million tonnes(1), as inclement weather conditions
impacted the port in July; however, the third-party rail and port
performance has continued to constrain sales. The Transnet annual
shutdown for rail and port maintenance that began in early October
has been completed.
Total finished stock was 8.6 million
tonnes(1), with stock at the mines at 7.5 million
tonnes(1) and stock at the port of 1.1 million
tonnes(1). Additional investment in the
ultra-high-dense-media-separation (UHDMS) project at Sishen was
announced by Kumba in August 2024 and over the next few years, mine
stock levels will remain elevated to assist with the tie-in of the
UHDMS modules.
Kumba's iron (Fe) content averaged
64.1% (YTD 2023: 63.5%), while the average lump:fines ratio was
64:36 (YTD 2023: 66:34).
The year to date average realised
price of $94/tonne(1) (FOB South Africa, wet basis) was
4% higher than the 62% Fe benchmark price of
$90/tonne(1) (FOB South Africa, adjusted for freight and
moisture). The premiums for higher iron content and lump product
were partially offset by the impact of provisionally priced sales
volumes.
Minas-Rio -
Production increased 11% to 6.3 million tonnes,
reflecting a record third quarter performance due to actions taken
to secure the volume and quality of the ore feed, combined with
operational improvements at the beneficiation plant leading to
higher mass recovery.
The year to date average realised
price of $85/tonne (FOB Brazil, wet basis) was 3% lower than the
Metal Bulletin 65 price of $88/tonne (FOB Brazil, adjusted for
freight and moisture), impacted by provisionally priced sales
volumes which more than offset the premium for our high quality
product, including higher (~67%) Fe content.
2024 Guidance
Production guidance for 2024 is
unchanged at 58-62 million tonnes (Kumba 35-37 million tonnes;
Minas-Rio 23-25 million tonnes). Kumba is subject to third-party
rail and port availability and performance.
Unit cost guidance for 2024 is
unchanged at c.$37/tonne(2) (Kumba
c.$38/tonne(2); Minas-Rio
c.$35/tonne(2)).
(1)
Production and sales volumes, stock and realised price are reported
on a wet basis and could differ to Kumba's stand-alone results due
to sales to other Group companies. At Q3 2023, total finished stock
was 9.0 million tonnes; stock at the mines was 7.2 million tonnes
and stock at the port was 1.8 million tonnes. At H1 2024, total
finished stock was 8.2 million tonnes; stock at the mines was 7.4
million tonnes and stock at the port was 0.8 million
tonnes.
(2) 2024 unit
cost guidance was set at c.19 ZAR:USD for Kumba and c.5.0 BRL:USD
for Minas-Rio.
|
Iron Ore (000 t)
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2024
|
2024
|
2023
|
2023
|
2024
|
2023
|
|
Iron Ore
production(1)
|
15,746
|
15,580
|
15,143
|
13,806
|
15,397
|
2%
|
1%
|
46,469
|
46,120
|
1%
|
|
Iron Ore
sales(1)
|
15,181
|
16,508
|
12,997
|
16,413
|
14,748
|
3%
|
(8)%
|
44,686
|
45,075
|
(1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kumba production
|
9,446
|
9,184
|
9,275
|
7,234
|
9,736
|
(3)%
|
3%
|
27,905
|
28,481
|
(2)%
|
|
Sishen
|
6,767
|
6,644
|
6,563
|
5,958
|
6,680
|
1%
|
2%
|
19,974
|
19,463
|
3%
|
|
Kolomela
|
2,679
|
2,540
|
2,712
|
1,276
|
3,056
|
(12)%
|
5%
|
7,931
|
9,018
|
(12)%
|
|
Kumba sales
volumes(2)
|
8,822
|
9,705
|
8,383
|
9,344
|
8,873
|
(1)%
|
(9)%
|
26,910
|
27,828
|
(3)%
|
|
Lump(2)
|
5,734
|
5,981
|
5,520
|
6,221
|
5,878
|
(2)%
|
(4)%
|
17,235
|
18,485
|
(7)%
|
|
Fines(2)
|
3,088
|
3,724
|
2,863
|
3,123
|
2,995
|
3%
|
(17)%
|
9,675
|
9,343
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minas-Rio production
|
|
|
|
|
|
|
|
|
|
|
|
Pellet feed
|
6,300
|
6,396
|
5,868
|
6,572
|
5,661
|
11%
|
(2)%
|
18,564
|
17,639
|
5%
|
|
Minas-Rio sales volumes
|
|
|
|
|
|
|
|
|
|
|
|
Export - pellet feed
|
6,359
|
6,803
|
4,614
|
7,069
|
5,875
|
8%
|
(7)%
|
17,776
|
17,247
|
3%
|
(1) Total
iron ore is the sum of Kumba and Minas-Rio and reported in wet
metric tonnes. Kumba product is shipped with ~1.6% moisture and
Minas-Rio product is shipped with ~9% moisture.
(2) Sales
volumes could differ to Kumba's stand-alone results due to sales to
other Group companies.
Platinum Group Metals
(PGMs)
|
PGMs (000
oz)(1)
|
Q3
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q2
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Metal in concentrate
production
|
922
|
1,030
|
(10)%
|
921
|
0%
|
2,677
|
2,874
|
(7)%
|
|
Own mined(2)
|
552
|
666
|
(17)%
|
547
|
1%
|
1,604
|
1,865
|
(14)%
|
|
Purchase of concentrate
(POC)(3)
|
370
|
364
|
2%
|
374
|
(1)%
|
1,074
|
1,009
|
6%
|
|
Refined
production(4)
|
1,107
|
910
|
22%
|
1,154
|
(4)%
|
2,888
|
2,610
|
11%
|
(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 17%
to 552,000 ounces, mainly due to the disposal of Kroondal in Q4
2023(1). Excluding Kroondal, production decreased by 9%
due to lower production from Mogalakwena and Amandelbult, partially
offset by higher production from Unki. On a quarter-on-quarter
basis, own mined production was broadly flat, reflecting stability
from the turnaround initiatives.
As flagged in the half year results,
Mogalakwena's production of 217,800 ounces was impacted in July by
downtime and repairs caused by an electrical failure in the North
Concentrator's primary mill (c.45,000 ounces). The mill has
returned to normal operating levels as at the end of July. This
impact was partially offset in the period by improved performance
at the South Concentrator.
In response to the double fatality
that occurred at Amandelbult in June, production decreased by 14%
to 158,200 ounces due to operational safety stoppages in July aimed
at resetting safety performance, which negatively impacted
production by c.20,000 ounces.
Purchase of concentrate increased by
2% to 370,300 ounces, reflecting the transition of Kroondal to a
100% third-party purchase of concentrate arrangement from November
2023. Normalising the comparative period to include 100% of
Kroondal results in a 12% decrease, reflecting lower third-party
receipts. In addition, on 1 September 2024, Kroondal transitioned
from a 100% purchase of concentrate agreement to a 4E tolling
arrangement, as outlined in the Kroondal sales
announcement.
Refined production
Refined production increased by 22%
to 1,106,900 ounces as a result of the impact of unplanned
municipal water stoppages at the processing operations in the
comparative period, as well as a draw down of work-in-progress
inventory during the quarter. There was no Eskom load-curtailment
on the operations.
Sales
Sales volumes increased by 16% to
1,102,200 ounces, supported by higher refined production compared
to the same period of last year.
The year to date average realised
basket price of $1,455/PGM ounce was 18% lower, mainly due to a 37%
decrease in rhodium prices and a 30% decrease in palladium
prices.
2024 Guidance
Production guidance for 2024 for
metal in concentrate(2) is unchanged at 3.3-3.7 million
ounces. However, refined production is revised up to 3.7-3.9
million ounces (previously 3.3-3.7 million ounces), reflecting the
benefit of no Eskom load-curtailment this year and good stability
at the processing assets which has enabled a release of built-up
work-in-progress inventory. Production remains subject to the
impact of Eskom load-curtailment.
Unit cost guidance for 2024 is
unchanged at c.$920/PGM ounce(3).
(1) The
disposal of our 50% interest in Kroondal was completed and
effective on 1 November 2023, this resulted in Kroondal moving to a
100% third-party purchase of concentrate arrangement until it
transferred to a toll arrangement. As expected, from 1 September
2024, Kroondal transitioned to a 4E toll arrangement on the same
terms as other Sibanye-Stillwater tolled volumes.
(2) Metal in
concentrate (M&C) production by source is expected to be own
mined of 2.1-2.3 million ounces and purchase of concentrate of
1.2-1.4 million ounces. The average M&C split by metal is
Platinum: c.45%, Palladium: c.35% and Other: c.20%.
(3) Unit cost
is per own mined 5E + gold PGMs metal in concentrate ounce. 2024
unit cost guidance was set at c.19 ZAR:USD.
|
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
|
2024
|
2024
|
2024
|
2023
|
2023
|
2024
|
2023
|
|
M&C PGMs production (000
oz)(1)
|
922.3
|
921.0
|
834.1
|
932.2
|
1,029.6
|
(10)%
|
0%
|
2,677.4
|
2,873.9
|
(7)%
|
|
Own mined
|
552.0
|
547.2
|
504.3
|
595.7
|
665.8
|
(17)%
|
1%
|
1,603.5
|
1,864.5
|
(14)%
|
|
Mogalakwena
|
217.8
|
232.6
|
219.5
|
265.3
|
246.8
|
(12)%
|
(6)%
|
669.9
|
708.2
|
(5)%
|
|
Amandelbult
|
158.2
|
157.6
|
127.1
|
149.9
|
184.9
|
(14)%
|
0%
|
442.9
|
484.3
|
(9)%
|
|
Mototolo
|
74.1
|
66.3
|
61.9
|
66.5
|
76.1
|
(3)%
|
12%
|
202.3
|
222.2
|
(9)%
|
|
Unki
|
62.2
|
54.7
|
62.8
|
61.8
|
60.5
|
3%
|
14%
|
179.7
|
182.0
|
(1)%
|
|
Modikwa - joint
operation(2)
|
39.7
|
36.0
|
33.0
|
36.3
|
39.6
|
0%
|
10%
|
108.7
|
109.1
|
0%
|
|
Kroondal - joint
operation(3)
|
-
|
-
|
-
|
15.9
|
57.9
|
n/a
|
n/a
|
-
|
158.7
|
n/a
|
|
Purchase of concentrate
|
370.3
|
373.8
|
329.8
|
336.5
|
363.8
|
2%
|
(1)%
|
1,073.9
|
1,009.4
|
6%
|
|
Modikwa - joint
operation(2)
|
39.7
|
36.0
|
33.0
|
36.3
|
39.6
|
0%
|
10%
|
108.7
|
109.1
|
0%
|
|
Kroondal - joint
operation(3)
|
-
|
-
|
-
|
15.9
|
57.9
|
n/a
|
n/a
|
-
|
158.7
|
n/a
|
|
Third
parties(3)
|
330.6
|
337.8
|
296.8
|
284.3
|
266.3
|
24%
|
(2)%
|
965.2
|
741.6
|
30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refined PGMs production (000
oz)(1)(4)
|
1,106.9
|
1,153.5
|
628.0
|
1,191.1
|
909.7
|
22%
|
(4)%
|
2,888.4
|
2,609.5
|
11%
|
|
By metal:
|
|
|
|
|
|
|
|
|
|
|
|
Platinum
|
536.9
|
554.0
|
272.7
|
565.2
|
428.5
|
25%
|
(3)%
|
1,363.6
|
1,183.9
|
15%
|
|
Palladium
|
341.7
|
372.5
|
206.4
|
400.0
|
285.5
|
20%
|
(8)%
|
920.6
|
868.6
|
6%
|
|
Rhodium
|
70.2
|
70.8
|
39.6
|
61.3
|
57.1
|
23%
|
(1)%
|
180.6
|
164.3
|
10%
|
|
Other PGMs and gold
|
158.1
|
156.2
|
109.3
|
164.6
|
138.6
|
14%
|
1%
|
423.6
|
392.7
|
8%
|
|
Nickel (tonnes)
|
7,400
|
7,300
|
4,700
|
7,000
|
5,400
|
37%
|
1%
|
19,400
|
14,800
|
31%
|
|
Tolled material (000
oz)(5)
|
153.8
|
132.9
|
160.2
|
175.1
|
159.8
|
(4)%
|
16%
|
446.9
|
445.5
|
0%
|
|
PGMs sales from production (000
oz)(1)
|
1,102.2
|
1,266.1
|
707.5
|
1,166.2
|
951.8
|
16%
|
(13)%
|
3,075.8
|
2,759.1
|
11%
|
|
Third-party PGMs sales (000
oz)(1)(6)
|
1,973.7
|
2,092.4
|
1,200.1
|
1,050.3
|
1,220.9
|
62%
|
(6)%
|
5,266.2
|
3,286.1
|
60%
|
|
4E head grade (g/t
milled)(7)
|
3.22
|
3.17
|
3.05
|
3.35
|
3.29
|
(2)%
|
2%
|
3.15
|
3.18
|
(1)%
|
(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 purchase of concentrate
arrangement, whereby 100% of production is presented under
'Purchase of concentrate: Third parties' until it transitioned to a
toll arrangement. As expected, from 1 September 2024, Kroondal
transitioned to a 4E toll arrangement on the same terms as other
Sibanye-Stillwater tolled volumes.
(4) Refined
production excludes toll material.
(5) Tolled
volume measured as the combined content of: platinum, palladium,
rhodium and gold, reflecting the tolling agreements in
place.
(6) Relates
to sales of metal not produced by Anglo American operations, and
includes metal lending and borrowing activity.
(7) 4E: the
grade measured as the combined content of: platinum, palladium,
rhodium and gold, excludes tolled material. Minor metals are
excluded due to variability.
De Beers - Diamonds
|
Diamonds(1) (000
carats)
|
Q3
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q2
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Botswana
|
3,994
|
5,837
|
(32)%
|
4,710
|
(15)%
|
13,691
|
18,565
|
(26)%
|
|
Namibia
|
456
|
530
|
(14)%
|
561
|
(19)%
|
1,650
|
1,761
|
(6)%
|
|
South Africa
|
513
|
365
|
41%
|
505
|
2%
|
1,616
|
1,570
|
3%
|
|
Canada
|
603
|
676
|
(11)%
|
673
|
(10)%
|
1,921
|
2,032
|
(5)%
|
|
Total carats recovered
|
5,566
|
7,408
|
(25)%
|
6,449
|
(14)%
|
18,878
|
23,928
|
(21)%
|
(1)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
Operational Performance
Rough diamond production decreased by
25% to 5.6 million carats, reflecting a production response to the
prolonged period of lower demand, higher than normal levels of
inventory in the midstream and a continued focus on managing
working capital.
In Botswana, production decreased by
32% to 4.0 million carats, as actions to
lower production at Jwaneng were
delivered.
Production in Namibia decreased by
14% to 0.5 million carats, reflecting intentional action to lower
production at Debmarine Namibia, partially offset by planned higher
grade mining and better recoveries at Namdeb.
In South Africa, production increased
by 41% to 0.5 million carats, as Venetia underground ramps
up.
Production in Canada decreased by 11%
to 0.6 million carats due to the planned treatment of lower grade
ore.
Trading Performance
Trading conditions during the quarter
continued to be challenging in light of higher than normal
midstream inventory levels and the prolonged period of depressed
consumer demand in China. In response, Sights 7 and 8 were merged
into a single selling event. In addition, in Q4, the dates for
Sights 9 and 10 were brought forward, all with a focus on
supporting Sightholders in navigating midstream trading conditions
as they head towards the end-of-year retail selling
season.
Rough diamond sales in the combined
Sight 7 and 8 will be reflected in the Q4 production report, as
sales from the event continued beyond the end of the third quarter.
Consequently, rough diamond sales in Q3 2024 totalled 2.1 million
carats(1) from one Sight, generating $213m in revenue,
compared with 7.4 million carats(1) from three Sights in
Q3 2023, generating $899m in revenue, and 7.8 million
carats(1) from three Sights in Q2 2024, generating
$1,039m in revenue.
The year to date consolidated average
realised price increased by 4% to $160/ct, reflecting a larger
proportion of higher value rough diamonds being sold, partially
offset by an 18% decrease in the average rough price index. In Q3,
the average rough price index was largely flat compared to Q2
2024.
De Beers Jewellers delivered
consistent performance with growth in design-led pieces, while
bridal and solitaire demand remained challenged by macro-economic
headwinds and slower Chinese recovery. Forevermark's global
operations ramped down, consistent with the strategy to focus the
brand on India.
New natural diamond marketing
collaborations were established with world-leading diamond
jewellery retailers: Signet in the US and Chow Tai Fook in China,
with further opportunities planned. The collaborations focus on
driving long term desirability for natural diamonds in two of the
world's leading consumer countries for natural diamonds. The
collaborations will also benefit from promotional messages being
amplified through the wide reach of these leading retail
businesses.
De Beers also announced the
introduction of DiamondProof™, a new device to be used on the
jewellery retail counter for rapidly distinguishing between natural
diamonds and lab-grown diamonds, supporting retailers in
communicating the attributes of natural diamonds, providing
customers with enhanced confidence in the authenticity of their
natural diamond purchase and deterring undisclosed lab-grown
diamonds from entering the natural supply chain.
2024 Guidance
Production guidance(2) for
2024 is unchanged at 23-26 million carats; however, as the
midstream continues to hold higher than normal levels of inventory
and the expectation for a recovery remains protracted, De Beers is
actively assessing options with our partners to reduce production
going forward.
Unit cost guidance for 2024 is
unchanged at c.$95/carat(3).
(1) On a
consolidated basis, sales volumes in Q3 2024 were 1.7 million
carats, Q3 2023 were 6.7 million carats and Q2 2024 were 7.3
million carats. Consolidated sales volumes exclude De Beers Group's
JV partners' 50% proportionate share of sales to entities outside
De Beers Group from the Diamond Trading Company Botswana and the
Namibia Diamond Trading Company, which are included in total sales
volume (100% basis).
(2)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(3) Unit cost
is based on De Beers' share of production. 2024 unit cost guidance
was set at c.19 ZAR:USD.
|
Diamonds(1)
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2024
|
2024
|
2023
|
2023
|
2024
|
2023
|
|
Carats recovered (000
carats)
|
|
|
|
|
|
|
|
|
|
|
|
100% basis (unless
stated)
|
|
|
|
|
|
|
|
|
|
|
|
Jwaneng
|
1,402
|
1,881
|
2,494
|
3,192
|
3,400
|
(59)%
|
(25)%
|
5,777
|
10,137
|
(43)%
|
|
Orapa(2)
|
2,592
|
2,829
|
2,493
|
2,943
|
2,437
|
6%
|
(8)%
|
7,914
|
8,428
|
(6)%
|
|
Total Botswana
|
3,994
|
4,710
|
4,987
|
6,135
|
5,837
|
(32)%
|
(15)%
|
13,691
|
18,565
|
(26)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debmarine Namibia
|
298
|
427
|
505
|
435
|
423
|
(30)%
|
(30)%
|
1,230
|
1,424
|
(14)%
|
|
Namdeb (land operations)
|
158
|
134
|
128
|
131
|
107
|
48%
|
18%
|
420
|
337
|
25%
|
|
Total Namibia
|
456
|
561
|
633
|
566
|
530
|
(14)%
|
(19)%
|
1,650
|
1,761
|
(6)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Venetia
|
513
|
505
|
598
|
434
|
365
|
41%
|
2%
|
1,616
|
1,570
|
3%
|
|
Total South Africa
|
513
|
505
|
598
|
434
|
365
|
41%
|
2%
|
1,616
|
1,570
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gahcho Kué (51% basis)
|
603
|
673
|
645
|
802
|
676
|
(11)%
|
(10)%
|
1,921
|
2,032
|
(5)%
|
|
Total Canada
|
603
|
673
|
645
|
802
|
676
|
(11)%
|
(10)%
|
1,921
|
2,032
|
(5)%
|
|
Total carats recovered
|
5,566
|
6,449
|
6,863
|
7,937
|
7,408
|
(25)%
|
(14)%
|
18,878
|
23,928
|
(21)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales volume (100%) (000
carats)(3)
|
2,077
|
7,819
|
4,869
|
2,753
|
7,350
|
(72)%
|
(73)%
|
14,765
|
24,605
|
(40)%
|
|
Consolidated sales volume (000
carats)(3)
|
1,665
|
7,333
|
4,612
|
2,637
|
6,742
|
(75)%
|
(77)%
|
13,610
|
22,045
|
(38)%
|
|
Consolidated sales value
($m)(4)
|
213
|
1,039
|
925
|
230
|
899
|
(76)%
|
(79)%
|
2,177
|
3,398
|
(36)%
|
|
Average price
($/ct)(5)
|
128
|
142
|
201
|
87
|
133
|
(4)%
|
(10)%
|
160
|
154
|
4%
|
|
Average price
index(6)
|
107
|
108
|
110
|
125
|
125
|
(14)%
|
(1)%
|
109
|
133
|
(18)%
|
|
Number of Sights (sales
cycles)
|
1
|
3
|
2
|
2
|
3
|
|
|
6
|
8
|
|
(1)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(2) Orapa
constitutes the Orapa Regime which includes Orapa, Letlhakane and
Damtshaa.
(3)
Consolidated sales volumes exclude De Beers Group's JV partners'
50% proportionate share of sales to entities outside De Beers Group
from the Diamond Trading Company Botswana and the Namibia Diamond
Trading Company, which are included in total sales volume (100%
basis).
(4)
Consolidated sales value includes De Beers Group's 50%
proportionate share of sales to entities outside De Beers Group
from Diamond Trading Company Botswana and the Namibia Diamond
Trading Company.
(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 period. The
De Beers price index is relative to 100 as at December 2006. The
previously reported quarterly figures have been amended from year
to date to discreet quarter to date figures.
Steelmaking Coal
|
Steelmaking Coal(1) (000
t)
|
Q3
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q2
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Steelmaking Coal
|
4,102
|
4,356
|
(6)%
|
4,238
|
(3)%
|
12,120
|
11,245
|
8%
|
(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 decreased
by 6% to 4.1 million tonnes, primarily impacted by the cessation of
mining at the Grosvenor underground longwall operation since the
underground fire on 29 June 2024. Excluding the impact of
Grosvenor, the rest of the portfolio has seen a 3% increase in
production, with lower production at the Aquila longwall operation
due to difficult strata conditions being more than offset by
increased production at the Dawson open cut operation and the
Moranbah longwall operation.
During the quarter, the ratio of hard
coking coal production to PCI/semi-soft coking coal was 74:26, in
line with Q3 2023 (74:26).
Sales volumes were down 7% in line
with lower production.
The year to date average realised
price for hard coking coal was $253/tonne, compared to the
benchmark price of $253/tonne. This reflects an increase in the
price realisation to 100% (YTD 2023: 90%). This higher realisation
is primarily as a result of the timing of sales during the year
when prices were decreasing.
Significant progress has been made at
Grosvenor, focusing on impact assessment and re-entry planning.
Initial camera footage indicates the impact of the underground fire
may have been relatively concentrated.
2024 Guidance
Production guidance for 2024 is
unchanged at 14-15.5 million tonnes. A planned longwall move at
Moranbah is taking place during Q4 2024. A walk-on/walk-off
longwall move at Aquila, that will have a minimal production
impact, started initial commissioning in late Q3 and will occur
during mid-Q4 2024.
Unit cost guidance for 2024 is
unchanged at c.$130-140/t(1).
(1) 2024 unit
cost guidance was set at c.1.5 AUD:USD.
|
Coal, by product (000
t)(1)
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2024
|
2024
|
2023
|
2023
|
2024
|
2023
|
|
Production volumes
|
|
|
|
|
|
|
|
|
|
|
|
Steelmaking
Coal(2)(3)(4)
|
4,102
|
4,238
|
3,780
|
4,756
|
4,356
|
(6)%
|
(3)%
|
12,120
|
11,245
|
8%
|
|
Hard coking
coal(2)
|
3,019
|
3,321
|
2,921
|
3,804
|
3,235
|
(7)%
|
(9)%
|
9,261
|
8,435
|
10%
|
|
PCI / SSCC
|
1,083
|
917
|
859
|
952
|
1,121
|
(3)%
|
18%
|
2,859
|
2,810
|
2%
|
|
Export thermal
coal(4)
|
249
|
142
|
324
|
34
|
284
|
(12)%
|
75%
|
715
|
1,049
|
(32)%
|
|
Sales volumes
|
|
|
|
|
|
|
|
|
|
|
|
Steelmaking
Coal(2)
|
3,921
|
4,105
|
3,827
|
3,795
|
4,226
|
(7)%
|
(4)%
|
11,853
|
11,145
|
6%
|
|
Hard coking
coal(2)
|
3,027
|
3,212
|
2,974
|
2,987
|
3,199
|
(5)%
|
(6)%
|
9,213
|
8,579
|
7%
|
|
PCI / SSCC
|
894
|
893
|
853
|
808
|
1,027
|
(13)%
|
0%
|
2,640
|
2,566
|
3%
|
|
Export thermal coal
|
579
|
311
|
429
|
494
|
387
|
50%
|
86%
|
1,319
|
1,179
|
12%
|
|
|
|
Steelmaking coal, by operation (000
t)(1)
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2024
|
2024
|
2023
|
2023
|
2024
|
2023
|
|
Steelmaking
Coal(2)(3)(4)
|
4,102
|
4,238
|
3,780
|
4,756
|
4,356
|
(6)%
|
(3)%
|
12,120
|
11,245
|
8%
|
|
Moranbah(2)
|
1,117
|
923
|
561
|
662
|
946
|
18%
|
21%
|
2,601
|
2,470
|
5%
|
|
Grosvenor
|
191
|
1,215
|
967
|
1,021
|
560
|
(66)%
|
(84)%
|
2,373
|
1,776
|
34%
|
|
Aquila (incl.
Capcoal)(2)
|
1,068
|
626
|
977
|
1,181
|
1,338
|
(20)%
|
71%
|
2,671
|
2,957
|
(10)%
|
|
Dawson(4)
|
928
|
647
|
487
|
1,118
|
688
|
35%
|
43%
|
2,062
|
1,784
|
16%
|
|
Jellinbah
|
798
|
827
|
788
|
774
|
824
|
(3)%
|
(4)%
|
2,413
|
2,258
|
7%
|
|
(1) Anglo
American's attributable share of saleable production.
(2) Includes
production relating to third-party product purchased and processed
at Anglo American's operations.
(3)
Steelmaking coal production volumes may include some product sold
as thermal coal.
(4) Q4 2023
includes an adjustment for the 2023 year for some steelmaking coal
produced at Dawson that had previously been reported as thermal
coal.
|
Nickel
|
Nickel(1)
(tonnes)
|
Q3
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q2
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Nickel
|
9,900
|
9,300
|
6%
|
10,000
|
(1)%
|
29,400
|
28,900
|
2%
|
(1) Excludes
nickel production from the Platinum Group Metals
business.
Production increased by 6% to 9,900
tonnes, due to operational improvements and higher stability at the
Barro Alto plant as well as longer planned maintenance in the
comparative period. This performance was partially offset by lower
production from Codemin, which was impacted by an unplanned
stoppage at the refinery during the quarter.
2024 Guidance
Production guidance for 2024 has been
revised up to 38,000-39,000 tonnes (previously 36,000-38,000
tonnes), reflecting strong operational performance.
Unit cost guidance for 2024 has been
revised down to c.530 c/lb(1) (previously c.550 c/lb),
due to higher production volumes.
(1) 2024 unit
cost guidance was set at c.5.0 BRL:USD.
|
Nickel (tonnes)
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2024
|
2024
|
2023
|
2023
|
2024
|
2023
|
|
Barro Alto
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
1,166,800
|
1,275,400
|
319,200
|
1,094,700
|
1,387,900
|
(16)%
|
(9)%
|
2,761,400
|
3,206,100
|
(14)%
|
|
Ore processed
|
617,700
|
616,800
|
636,500
|
634,000
|
559,800
|
10%
|
0%
|
1,871,000
|
1,842,400
|
2%
|
|
Ore grade processed - %Ni
|
1.50
|
1.51
|
1.42
|
1.48
|
1.48
|
1%
|
(1)%
|
1.48
|
1.43
|
3%
|
|
Production
|
8,200
|
8,200
|
7,800
|
8,800
|
7,200
|
14%
|
0%
|
24,200
|
23,000
|
5%
|
|
Codemin
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
-
|
-
|
-
|
-
|
-
|
n/a
|
n/a
|
-
|
27,800
|
n/a
|
|
Ore processed
|
140,800
|
139,700
|
136,300
|
152,500
|
153,200
|
(8)%
|
1%
|
416,800
|
447,000
|
(7)%
|
|
Ore grade processed - %Ni
|
1.42
|
1.45
|
1.43
|
1.46
|
1.44
|
(1)%
|
(2)%
|
1.43
|
1.40
|
2%
|
|
Production
|
1,700
|
1,800
|
1,700
|
2,300
|
2,100
|
(19)%
|
(6)%
|
5,200
|
5,900
|
(12)%
|
|
Total nickel
production(1)
|
9,900
|
10,000
|
9,500
|
11,100
|
9,300
|
6%
|
(1)%
|
29,400
|
28,900
|
2%
|
|
Sales volumes
|
9,200
|
11,300
|
7,700
|
11,400
|
9,300
|
(1)%
|
(19)%
|
28,200
|
28,400
|
(1)%
|
(1) Excludes
nickel production from the Platinum Group Metals
business.
Manganese
|
Manganese (000 t)
|
Q3
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q2
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Manganese
ore(1)
|
406
|
1,012
|
(60)%
|
356
|
14%
|
1,545
|
2,823
|
(45)%
|
(1)
Anglo American's 40% attributable share of
saleable production.
Manganese ore production decreased by
60% to 405,500 tonnes, primarily due to the ongoing temporary
suspension of the Australian operations due to the impact of
tropical cyclone Megan in March 2024. The weather event caused
widespread flooding and significant damage to critical
infrastructure. Operational recovery focused on re-establishing
critical services and undertaking a substantial dewatering program
which enabled a phased return to mining activities in June 2024.
Investment in crucial infrastructure, which included a critical
bridge connecting the northern mining pits and the primary
concentrator, as well as the wharf infrastructure, continued in
September 2024.
|
Manganese (tonnes)
|
Q3
|
Q2
|
Q1
|
Q4
|
Q3
|
Q3 2024 vs.
Q3 2023
|
Q3 2024 vs.
Q2 2024
|
YTD
|
YTD
|
YTD 2024 vs.
YTD 2023
|
|
2024
|
2024
|
2024
|
2023
|
2023
|
2024
|
2023
|
|
Samancor production
|
|
|
|
|
|
|
|
|
|
|
|
Manganese
ore(1)
|
405,500
|
356,000
|
783,800
|
847,800
|
1,012,100
|
(60)%
|
14%
|
1,545,300
|
2,822,800
|
(45)%
|
|
Samancor sales volumes
|
|
|
|
|
|
|
|
|
|
|
|
Manganese ore
|
393,500
|
365,800
|
796,800
|
992,000
|
971,500
|
(59)%
|
8%
|
1,556,100
|
2,733,000
|
(43)%
|
(1)
Anglo American's 40% attributable share of
saleable production.
Exploration and evaluation
Exploration and evaluation
expenditure in Q3 2024 decreased by 21% to $71 million compared to
the same period last year. Exploration expenditure decreased by 24%
to $29 million primarily due to a decrease in spend in iron ore and
diamonds. Evaluation expenditure decreased by 19% to $42 million,
mainly due to a decrease in spend in PGMs, steelmaking coal and
diamonds.
Notes
• This Production Report for the
third quarter ended 30 September 2024 is unaudited.
• Production figures are sometimes
more precise than the rounded numbers shown in this Production
Report.
• Copper equivalent production shows
changes in underlying production volume, and includes the equity
share of De Beers' production. It is calculated by expressing each
product's volume as revenue, subsequently converting the revenue
into copper equivalent units by dividing by the copper price (per
tonne). Long-term forecast prices are used, in order that
period-on-period comparisons exclude any impact for movements in
price.
• Please refer to page 17 for
information on forward-looking statements.
In this document, references to
"Anglo American", the "Anglo American Group", the "Group", "we",
"us", and "our" are to refer to either Anglo American plc and its
subsidiaries and/or those who work for them generally, or where it
is not necessary to refer to a particular entity, entities or
persons. The use of those generic terms herein is for convenience
only, and is in no way indicative of how the Anglo American Group
or any entity within it is structured, managed or controlled. Anglo
American subsidiaries, and their management, are responsible for
their own day-to-day operations, including but not limited to
securing and maintaining all relevant licences and permits,
operational adaptation and implementation of Group policies,
management, training and any applicable local grievance mechanisms.
Anglo American produces Group-wide policies and procedures to
ensure best uniform practices and standardisation across the Anglo
American Group but is not responsible for the day to day
implementation of such policies. Such policies and procedures
constitute prescribed minimum standards only. Group operating
subsidiaries are responsible for adapting those policies and
procedures to reflect local conditions where appropriate, and for
implementation, oversight and monitoring within their specific
businesses.
This document is for information
purposes only and does not constitute, nor is to be construed as,
an offer to sell or the recommendation, solicitation, inducement or
offer to buy, subscribe for or sell shares in Anglo American or any
other securities by Anglo American or any other party. Further, it
should not be treated as giving investment, legal, accounting,
regulatory, taxation or other advice and has no regard to the
specific investment or other objectives, financial situation or
particular needs of any recipient.
For further information, please
contact:
|
Media
|
Investors
|
|
UK
James Wyatt-Tilby
james.wyatt-tilby@angloamerican.com
Tel: +44 (0)20 7968 8759
Marcelo Esquivel
marcelo.esquivel@angloamerican.com
Tel: +44 (0)20 7968 8891
Rebecca Meeson-Frizelle
rebecca.meeson-frizelle@angloamerican.com
Tel: +44 (0)20 7968 1374
South Africa
Nevashnee Naicker
nevashnee.naicker@angloamerican.com
Tel: +27 (0)11 638 3189
|
UK
Tyler Broda
tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 1470
Michelle West-Russell
michelle.west-russell@angloamerican.com
Tel: +44 (0)20 7968 1494
Asanda Malimba
asanda.malimba@angloamerican.com
Tel: +44 (0)20 7968 8480
|
Notes:
Anglo American is a leading global
mining company focused on the responsible production of copper,
premium iron ore and crop nutrients - future-enabling products that
are essential for decarbonising the global economy, improving
living standards, and food security. Our portfolio of world-class
operations and outstanding resource endowments offers
value-accretive growth potential across all three businesses,
positioning us to deliver into structurally attractive major demand
growth trends.
Our integrated approach to
sustainability and innovation drives our decision-making across the
value chain, from how we discover new resources to how we mine,
process, move and market our products to our customers - safely,
efficiently and responsibly. Our Sustainable Mining Plan commits us
to a series of stretching goals over different time horizons to
ensure we contribute to a healthy environment, create thriving
communities and build trust as a corporate leader. We work together
with our business partners and diverse stakeholders to unlock
enduring value from precious natural resources for our
shareholders, for the benefit of the communities and countries in
which we operate, and for society as a whole. Anglo American is
re-imagining mining to improve people's lives.
Anglo American is currently
implementing a number of major structural changes to unlock the
inherent value in its portfolio and thereby accelerate delivery of
its strategic priorities of Operational excellence, Portfolio
simplification, and Growth. This portfolio transformation will
focus Anglo American on its world-class resource asset base in
copper, premium iron ore and crop nutrients, once the sale of our
steelmaking coal and nickel businesses, the demerger of our PGMs
business (Anglo American Platinum), and the separation of our
iconic diamond business (De Beers) have been completed.
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 document, 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 product prices, unanticipated
downturns in business relationships with customers or their
purchases from Anglo American, mineral resource exploration and
project development capabilities and delivery, recovery rates and
other operational capabilities, safety, health or environmental
incidents, the effects of global pandemics and outbreaks of
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conditions, climate change and extreme weather events, the outcome
of litigation or regulatory proceedings, the availability of mining
and processing equipment, the ability to obtain key inputs in a
timely manner, the ability to produce and transport products
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evolving societal and stakeholder requirements and expectations,
shortages of skilled employees, unexpected difficulties relating to
acquisitions or divestitures, competitive pressures and the actions
of competitors, activities by courts, regulators and governmental
authorities such as in relation to permitting or forcing closure of
mines and ceasing of operations or maintenance of Anglo American's
assets and changes in taxation or safety, health, environmental or
other types of regulation in the countries where Anglo American
operates, conflicts over land and resource ownership rights and
such other risk factors identified in Anglo American's most recent
Annual Report. Forward-looking statements should, therefore, be
construed in light of such risk factors and undue reliance should
not be placed on forward-looking statements.
These forward-looking statements
speak only as of the date of this 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 Guidance and Transparency
Rules of the Financial Conduct Authority, the Listings Requirements
of the securities exchange of the JSE Limited in South Africa, the
SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian
Stock Exchange and any other applicable regulations) to release
publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in Anglo American's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
Nothing in this document should be
interpreted to mean that future earnings per share of Anglo
American will necessarily match or exceed its historical published
earnings per share. Certain statistical and other information
included in this document is sourced from third-party sources
(including, but not limited to, externally conducted studies and
trials). As such it has not been independently verified and
presents the views of those third parties, but may not necessarily
correspond to the views held by Anglo American and Anglo American
expressly disclaims any responsibility for, or liability in respect
of, such information.
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2024. 
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