http://www.rns-pdf.londonstockexchange.com/rns/0951W_1-2025-2-5.pdf
6 February 2025
Anglo American plc
Production Report for the fourth
quarter ended 31 December 2024
Duncan Wanblad, Chief Executive of
Anglo American, said: "All of our
businesses delivered their full year production guidance following
another solid operational performance in the fourth quarter. At our
Copper operations, Quellaveco delivered its strongest quarter of
the year, and the reshaped Los Bronces mine continues to perform
well. Our Minas-Rio iron ore operation in Brazil produced a record
25 million tonnes for the year.
"Our forward production guidance is
unchanged in copper with growth in 2026 driven by higher grades in
Chile, with this production level then maintained in 2027. We
continue to set up the Copper business for growth in subsequent
years with the resumption of the smaller plant at Los Bronces and
through debottlenecking at Collahuasi. Iron ore guidance is
unchanged except for the impact of the tie in of the previously
announced UHDMS project at Kumba in 2026. At De Beers, difficult
rough diamond trading conditions mean that we have reduced
production guidance in 2025 and 2026 to reflect our focus on value,
working capital efficiency and cash generation.
"We are making excellent progress
with our portfolio simplification. In November we announced
agreements to sell our Steelmaking Coal business for up to $4.9
billion in aggregate gross cash proceeds, with the Peabody
transaction expected to complete by the third quarter of 2025. We
also completed a second bookbuild offering of our Anglo American
Platinum ("AAP") shares, which in combination with the prior
placing generated c.$0.9bn. This has increased the free float of
AAP by more than 50%, helping to mitigate flowback when we demerge
the business, expected by the middle of 2025. The sales process of
our Nickel business is well progressed and we continue to prepare
the De Beers business for separation.
"Our focus on operational excellence
is bringing far greater efficiency, underpinning our solid
production performance in 2024. We are simplifying our portfolio at
pace to focus on copper, premium iron ore and crop nutrients,
offering a highly attractive and differentiated investment
proposition with a structurally lower cost base. This higher margin
and more cash generative Anglo American will offer greater
resilience through the cycle and possesses outstanding
value-accretive growth optionality in each of our
businesses."
Q4
2024 highlights
|
Production
|
Q4
2024
|
Q4
2023
|
% vs. Q4
2023
|
2024
|
2024
guidance(1)
|
2023
|
% vs.
2023
|
|
Copper (kt)(2)
|
198
|
230
|
(14)%
|
773
|
730-790
|
826
|
(6)%
|
|
Iron ore
(Mt)(3)
|
14.3
|
13.8
|
4%
|
60.8
|
58-62
|
59.9
|
1%
|
|
Platinum group metals
(koz)(4)
|
876
|
932
|
(6)%
|
3,553
|
3,300-3,700
|
3,806
|
(7)%
|
|
Diamonds
(Mct)(5)
|
5.8
|
7.9
|
(26)%
|
24.7
|
23-26
|
31.9
|
(22)%
|
|
Steelmaking coal
(Mt)(6)
|
2.4
|
4.8
|
(49)%
|
14.5
|
14-15.5
|
16.0
|
(9)%
|
|
Nickel (kt)(7)
|
10.0
|
11.1
|
(10)%
|
39.4
|
38-39
|
40.0
|
(2)%
|
|
Manganese ore (kt)
|
742
|
848
|
(12)%
|
2,288
|
n/a
|
3,671
|
(38)%
|
• Copper production increased by
9% quarter-on-quarter, with Quellaveco
achieving its strongest quarter of the year. Production is
14% lower compared to the same quarter of 2023,
primarily due to the planned shut down of the smaller and more
costly Los Bronces plant and anticipated lower grades at
Collahuasi.
• Iron ore production increased by
4% largely due to Kumba's production in the comparative period
being reduced to align with third-party logistics constraints.
Minas-Rio production was broadly flat year-on-year despite
significantly higher rainfall levels in the quarter, and the
operation achieved its strongest quarter of the year, reflecting
enhanced operational stability. In December, we also announced the
completion of the Serpentina transaction with Vale, providing
significant growth and synergy options for Minas-Rio.
• Production from our Platinum Group
Metals (PGMs) operations decreased by 6%, primarily reflecting
expected lower purchase of concentrate (POC) volumes, as a result
of lower Kroondal volumes following its transition from 100% POC to
a 4E tolling arrangement effective 1 September 2024.
• Steelmaking coal production was
49% lower primarily due to the underground
fire at Grosvenor in June 2024, planned lower production from
Moranbah due to the longwall move, and the sale of
Jellinbah8, as the benefits of production from 1
November 2024 no longer accrued to Anglo American.
• Nickel production decreased by 10%
due to planned lower grades. On a quarter-on-quarter basis,
production was flat.
• Rough diamond production decreased
by 26%, reflecting the proactive production response to the
prolonged period of lower demand, higher than normal levels of
inventory in the midstream and a continued focus on working
capital.
(1) Refined PGMs and Nickel met the higher guidance revision from
Q3, after strong operational performance. Diamond and Steelmaking
coal production met the revised lower guidance - diamond production
guidance was revised lower by c.6Mct during the year in response to
the diamond market trading conditions, this revision was not
reflective of the operations, and the production guidance for
Steelmaking Coal was revised lower to exclude Grosvenor, which was
suspended following an underground fire in June.
(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)
Wet basis.
(4)
Produced ounces of metal in concentrate. 5E + gold (platinum,
palladium, rhodium, ruthenium and iridium plus gold). Reflects own
mined production and purchase of concentrate.
(5)
Production is on a 100% basis, except for the Gahcho
Kué joint operation which is on an attributable
51% basis.
(6)
Steelmaking coal production guidance for 2024 includes our
attributable share of Jellinbah's production for 12
months.
(7)
Reflects nickel production from the Nickel
operations in Brazil only (excludes 6.3 kt of Q4 2024 nickel
production from the Platinum Group Metals
business).
(8)
Anglo American's attributable share of Jellinbah is 23.3%. Anglo
American agreed the sale of its 33.3% stake in Jellinbah in
November 2024, and this transaction completed on 29 January 2025.
Production and sale volumes from Jellinbah post 1 November 2024,
after the sale was agreed, have been excluded from the Group's
production report. Jellinbah production in November and December
2024 (not disclosed within the reported numbers) was
0.6Mt.
Production guidance for 2025 to
2027
|
|
2025
|
2026
|
2027(new)
|
|
|
Copper(1)
|
690-750
kt
|
760-820
kt
|
760-820
kt
|
|
|
|
Chile
|
380-410
kt
|
440-470
kt
|
450-480
kt
|
|
|
Peru
|
310-340
kt
|
320-350
kt
|
310-340
kt
|
|
|
Iron Ore(2)
|
57-61
Mt
|
54-58
Mt
|
59-63
Mt
|
|
|
(previously 58-62 Mt)
|
|
|
Kumba
|
35-37
Mt
|
31-33
Mt
|
35-37
Mt
|
|
|
(previously 35-37 Mt)
|
|
|
Minas-Rio
|
22-24
Mt
|
23-25
Mt
|
24-26
Mt
|
|
|
Platinum Group Metals -
M&C(3)
|
3.0-3.4
Moz
|
3.0-3.4
Moz
|
3.0-3.5
Moz
|
|
|
Own mined
|
2.1-2.3
Moz
|
2.1-2.3
Moz
|
2.3-2.5
Moz
|
|
|
POC
|
0.9-1.1
Moz
|
0.9-1.1
Moz
|
0.7-1.0
Moz
|
|
|
Platinum Group Metals -
Refined(4)
|
3.0-3.4
Moz
|
3.0-3.4
Moz
|
3.0-3.5
Moz
|
|
|
|
Diamonds(5)
|
20-23
Mct
|
26-29
Mct
|
28-31
Mct
|
|
|
(previously 30-33 Mct)
|
(previously 32-35 Mct)
|
|
|
Steelmaking
Coal(6)
|
10-12
Mt
|
n/a
|
n/a
|
|
|
(previously 17-19 Mt)
|
|
|
Nickel(7)
|
37-39
kt
|
37-39
kt
|
36-38
kt
|
|
|
(previously 35-37 kt)
|
(previously 35-37 kt)
|
|
(1)
Copper business only. On a contained-metal basis. In 2025,
production is impacted by lower grades at most operations in Chile
and from the smaller Los Bronces processing plant being on care and
maintenance. . In 2026, production benefits from improved grades at
Collahuasi in Chile and higher plant throughput in Peru. In 2027,
production benefits from higher grades at Los Bronces and higher
throughput at Collahuasi in Chile, partially offset by slightly
lower production in Peru due to planned plant maintenance,
including mills and conveyors. Chile production is subject to water
availability, and is expected to be weighted to the second half of
2025 given the impact from lower grades in the first half,
particularly in Q1 at Collahuasi.
(2)
Wet basis. In 2025, Minas-Rio production reflects a pipeline
inspection (that occurs every five years), planned for the second
half of the year. In 2026, Kumba production has been revised lower
by c.4Mt due to tie in activities required for the
ultra-high-dense-media-separation (UHDMS) project which was
announced by Kumba in August 2024. Kumba production is subject to third-party rail and port availability and
performance.
(3) 5E
+ gold produced metal in concentrate (M&C) ounces. Includes own
mined production and purchase of concentrate (POC) volumes. The
average M&C split by metal is Platinum: c.44%, Palladium: c.32%
and Other: c.24%. In 2025, POC volumes will be lower than 2024
reflecting the impact of the Siyanda POC agreement transitioning to
a 4E metals tolling arrangement early in the year, as well as
Kroondal having transitioned to a 4E metals tolling arrangement in
September 2024. In 2027, own mined production benefits from higher
grades at Mogalakwena, Dishaba projects coming online at
Amandelbult and the steady ramp-up of Der Brochen, while POC is
impacted by anticipated lower third-party receipts. Production
remains subject to the impact of Eskom load-curtailment.
(4)
Refined production excludes toll refined material. 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.
(5)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis. Production has
been revised lower for 2025 and 2026 reflecting the challenging
rough diamond trading conditions. De Beers continues to monitor
rough diamond trading conditions and will respond
accordingly.
(6)
Production excludes thermal coal by-product. Production guidance in
2025 excludes Grosvenor (~4Mt) given the operation remains
suspended following an underground fire in June 2024, and
production from Jellinbah. Definitive agreements to sell the
entirety of the Steelmaking Coal business were announced in
November 2024. Anglo American has sold its interest in Jellinbah to
Zashvin Pty Limited, and this transaction completed on 29 January
2025. The remaining Steelmaking Coal portfolio will be sold to
Peabody Energy, subject to relevant approvals, and this transaction
is expected to complete by the third quarter of 2025. Production
guidance remains subject to the completion of the agreed sale and
guidance from 2026 onwards has been removed as the assets are
anticipated to be under new ownership at that stage. There are no
planned longwall moves at Moranbah in 2025. A walk-on/walk-off
longwall move at Aquila, that will have a minimal production impact
is planned for late Q3 2025.
(7) Nickel operations in Brazil only. The Group also produces
approximately 20kt of nickel on an annual basis from the PGM
operations. Production guidance in 2025 and 2026 has been revised
higher reflecting the benefit of strong
operational performance and process stability demonstrated in 2024.
In 2027, production is impacted by lower grades.
Realised prices
|
|
FY
2024
|
FY
2023
|
H2
2024
|
H1
2024
|
FY 2024
vs. FY 2023
|
H2 2024 vs. H1 2024
|
|
Copper
(USc/lb)(1)
|
416
|
384
|
404
|
429
|
8%
|
(6)%
|
|
Copper Chile
(USc/lb)(2)
|
416
|
384
|
396
|
437
|
8%
|
(9)%
|
|
Copper Peru (USc/lb)
|
415
|
384
|
415
|
415
|
8%
|
0%
|
|
Iron Ore - FOB
prices(3)
|
89
|
114
|
85
|
93
|
(22)%
|
(9)%
|
|
Kumba Export
(US$/wmt)(4)
|
92
|
117
|
88
|
97
|
(21)%
|
(9)%
|
|
Minas-Rio
(US$/wmt)(5)
|
84
|
110
|
82
|
86
|
(24)%
|
(5)%
|
|
Platinum Group Metals
|
|
|
|
|
|
|
|
Platinum
(US$/oz)(6)
|
955
|
946
|
948
|
964
|
1%
|
(2)%
|
|
Palladium
(US$/oz)(6)
|
1,003
|
1,313
|
1,001
|
1,006
|
(24)%
|
0%
|
|
Rhodium
(US$/oz)(6)
|
4,637
|
6,592
|
4,653
|
4,619
|
(30)%
|
1%
|
|
Basket price (US$/PGM
oz)(7)
|
1,468
|
1,657
|
1,492
|
1,442
|
(11)%
|
3%
|
|
Diamonds
|
|
|
|
|
|
|
|
Consolidated average realised price
(US$/ct)(8)
|
152
|
147
|
127
|
164
|
3%
|
(23)%
|
|
Average price
index(9)
|
107
|
133
|
102
|
109
|
(20)%
|
(6)%
|
|
Steelmaking Coal - HCC
(US$/t)(10)
|
241
|
269
|
201
|
274
|
(10)%
|
(27)%
|
|
Steelmaking Coal - PCI
(US$/t)(10)
|
177
|
214
|
159
|
200
|
(17)%
|
(21)%
|
|
Nickel
(US$/lb)(11)
|
6.82
|
7.71
|
6.79
|
6.85
|
(12)%
|
(1)%
|
(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 $94/t (FY 2023: $119/t), higher than the dry 62% Fe
benchmark price of $91/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 and foreign exchange translation
impacts, per PGM 5E + gold ounces sold (own mined and purchase of
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 FY 2024
decreased by 18% to $119/t (FY 2023: $145/t). H2 2024 was $121/t
and H1 2024 was $117/t, representing a 3% increase.
(11) Nickel
realised price reflects the market discount for ferronickel (the
product produced by the Nickel business).
Copper
|
Copper(1)
(tonnes)
|
Q4
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q3
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Copper
|
197,500
|
229,900
|
(14)%
|
181,300
|
9%
|
772,700
|
826,200
|
(6)%
|
|
Copper Chile
|
107,300
|
136,200
|
(21)%
|
112,600
|
(5)%
|
466,400
|
507,200
|
(8)%
|
|
Copper Peru
|
90,200
|
93,700
|
(4)%
|
68,700
|
31%
|
306,300
|
319,000
|
(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).
Total copper production for 2024 was
772,700 tonnes, towards
the top-end of our guidance range. Total production of 197,500
tonnes during the fourth quarter reflects the reconfiguration of
the Los Bronces mine and anticipated lower grades at
Collahuasi.
Chile - Despite the fourth quarter
production being impacted by the planned shut down of the Los
Bronces plant, which was put on care and maintenance in July 2024,
and anticipated lower grades at Collahuasi, which resulted in a 21%
decrease year-on-year to 107,300 tonnes, production for the full
year of 466,400 tonnes was higher than market guidance of
430,000-460,000 tonnes.
At Collahuasi, Anglo American's
attributable share of copper production decreased by 22% to 56,100
tonnes, due to anticipated lower ore grades as well as lower copper
recovery. 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 32% to 38,700 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 2024. 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 stated,
development work for this phase is under way and is expected to
benefit production from 2027.
Production from El Soldado increased
by 71% to 12,500 tonnes, reflecting planned higher grades (0.94% vs
0.62%), higher throughput from increased utilisation of
conventional mill lines and higher copper recovery (79% vs
77%).
The full year average realised price
of 416 c/lb includes 64,200 tonnes of copper provisionally priced
as at 31 December 2024 at an average of 395 c/lb.
Peru -
Quellaveco production was 90,200 tonnes, down 4% on the comparative
period, owing to lower recoveries (79% vs 84%) and anticipated
lower grades (0.89% vs 0.95%), but up 31% quarter-on-quarter,
meeting the full year guidance range. In 2025, the mine is
expected, as planned, to average similar grades as in 2024, while
opening up and developing the next phases which will enable more
flexibility in the medium/longer term. Optimising the coarse
particle recovery plant remains a priority going into 2025 and a
continued improvement in recoveries is expected progressively
through the year.
The full year average realised price
of 415 c/lb includes 69,072 tonnes of copper provisionally priced
as at 31 December 2024 at an average of 415 c/lb.
2025 Guidance
Production guidance for 2025 is
unchanged at 690,000-750,000 tonnes (Chile 380,000-410,000 tonnes;
Peru 310,000-340,000 tonnes). Production in 2025 is impacted by
lower grades at most operations in Chile and from the smaller Los
Bronces processing plant being on care and maintenance. Chile
production is subject to water availability, and is expected to be
weighted to the second half of 2025 given the impact from lower
grades in the first half, particularly in Q1 at
Collahuasi.
|
Copper(1)
(tonnes)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2024
|
2024
|
2024
|
2023
|
2024
|
2023
|
|
Total copper production
|
197,500
|
181,300
|
195,700
|
198,100
|
229,900
|
(14)%
|
9%
|
772,700
|
826,200
|
(6)%
|
|
Total copper sales
volumes
|
204,800
|
173,200
|
213,600
|
177,300
|
242,600
|
(16)%
|
18%
|
768,900
|
843,300
|
(9)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Chile
|
|
|
|
|
|
|
|
|
|
|
|
Los Bronces
mine(2)
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
9,372,900
|
9,462,100
|
12,688,000
|
11,974,700
|
13,365,200
|
(30)%
|
(1)%
|
43,497,700
|
50,430,300
|
(14)%
|
|
Ore processed - Sulphide
|
8,178,700
|
7,944,900
|
10,566,600
|
10,330,300
|
11,562,800
|
(29)%
|
3%
|
37,020,500
|
43,763,800
|
(15)%
|
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.49
|
0.44
|
0.48
|
0.47
|
0.52
|
(6)%
|
11%
|
0.47
|
0.51
|
(8)%
|
|
Production - Copper in
concentrate
|
33,800
|
30,200
|
40,900
|
40,300
|
49,400
|
(32)%
|
12%
|
145,200
|
184,800
|
(21)%
|
|
Production - Copper
cathode
|
4,900
|
6,400
|
7,500
|
8,400
|
7,800
|
(37)%
|
(23)%
|
27,200
|
30,700
|
(11)%
|
|
Total production
|
38,700
|
36,600
|
48,400
|
48,700
|
57,200
|
(32)%
|
6%
|
172,400
|
215,500
|
(20)%
|
|
Collahuasi 100% basis
(Anglo American share
44%)
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
14,801,500
|
12,803,800
|
10,336,300
|
10,472,200
|
15,892,300
|
(7)%
|
16%
|
48,413,800
|
60,577,500
|
(20)%
|
|
Ore processed - Sulphide
|
14,940,700
|
14,975,700
|
15,781,200
|
14,350,000
|
14,943,300
|
0%
|
0%
|
60,047,600
|
57,351,800
|
5%
|
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
1.14
|
1.20
|
1.08
|
1.20
|
1.33
|
(14)%
|
(5)%
|
1.15
|
1.17
|
(2)%
|
|
Anglo American's 44% share of copper
production for Collahuasi
|
56,100
|
64,700
|
60,300
|
64,700
|
71,700
|
(22)%
|
(13)%
|
245,800
|
252,200
|
(3)%
|
|
El Soldado
mine(2)
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
2,315,600
|
2,255,700
|
1,805,600
|
1,857,400
|
2,190,000
|
6%
|
3%
|
8,234,300
|
7,656,200
|
8%
|
|
Ore processed - Sulphide
|
1,689,100
|
1,505,800
|
1,568,700
|
1,712,600
|
1,526,300
|
11%
|
12%
|
6,476,200
|
6,799,500
|
(5)%
|
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.94
|
0.95
|
0.94
|
0.94
|
0.62
|
52%
|
(1)%
|
0.94
|
0.72
|
31%
|
|
Production - Copper in
concentrate
|
12,500
|
11,300
|
11,700
|
12,700
|
7,300
|
71%
|
11%
|
48,200
|
39,500
|
22%
|
|
Chagres
smelter(2)
|
|
|
|
|
|
|
|
|
|
|
|
Ore smelted(4)
|
28,200
|
24,400
|
26,100
|
27,000
|
28,100
|
0%
|
16%
|
105,700
|
113,500
|
(7)%
|
|
Production
|
27,400
|
23,300
|
25,400
|
25,600
|
27,400
|
0%
|
18%
|
101,700
|
110,100
|
(8)%
|
|
Total copper
production(5)
|
107,300
|
112,600
|
120,400
|
126,100
|
136,200
|
(21)%
|
(5)%
|
466,400
|
507,200
|
(8)%
|
|
Total payable copper
production
|
103,000
|
108,000
|
115,700
|
121,300
|
131,000
|
(21)%
|
(5)%
|
448,000
|
487,600
|
(8)%
|
|
Total copper sales
volumes
|
113,000
|
107,800
|
132,900
|
109,400
|
146,900
|
(23)%
|
5%
|
463,100
|
504,800
|
(8)%
|
|
Total payable sales
volumes
|
108,100
|
103,400
|
127,600
|
105,200
|
140,000
|
(23)%
|
5%
|
444,300
|
485,000
|
(8)%
|
|
Third-party
sales(6)
|
131,000
|
123,500
|
87,600
|
80,300
|
139,300
|
(6)%
|
6%
|
422,400
|
443,700
|
(5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Copper Peru
|
|
|
|
|
|
|
|
|
|
|
|
Quellaveco
mine(7)
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
14,845,200
|
8,730,500
|
9,486,400
|
11,025,800
|
13,368,500
|
11%
|
70%
|
44,087,900
|
42,047,000
|
5%
|
|
Ore processed - Sulphide
|
12,865,300
|
12,431,300
|
12,397,000
|
12,206,700
|
11,821,300
|
9%
|
3%
|
49,900,400
|
39,764,900
|
25%
|
|
Ore grade processed -
Sulphide (%
TCu)(3)
|
0.89
|
0.70
|
0.74
|
0.72
|
0.95
|
(6)%
|
27%
|
0.76
|
0.96
|
(21)%
|
|
Total copper production
|
90,200
|
68,700
|
75,300
|
72,000
|
93,700
|
(4)%
|
31%
|
306,300
|
319,000
|
(4)%
|
|
Total payable copper
production
|
87,200
|
66,400
|
72,800
|
69,600
|
90,600
|
(4)%
|
31%
|
296,000
|
308,400
|
(4)%
|
|
Total copper sales
volumes
|
91,800
|
65,400
|
80,700
|
67,900
|
95,700
|
(4)%
|
40%
|
305,800
|
338,500
|
(10)%
|
|
Total payable sales
volumes
|
88,500
|
62,900
|
77,700
|
65,500
|
92,500
|
(4)%
|
41%
|
294,600
|
327,000
|
(10)%
|
(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)
|
Q4
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q3
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Iron Ore
|
14,299
|
13,806
|
4%
|
15,746
|
(9)%
|
60,768
|
59,926
|
1%
|
|
Kumba(1)
|
7,826
|
7,234
|
8%
|
9,446
|
(17)%
|
35,731
|
35,715
|
0%
|
|
Minas-Rio(2)
|
6,473
|
6,572
|
(2)%
|
6,300
|
3%
|
25,037
|
24,211
|
3%
|
(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 for 2024
was 60.8 million tonnes, towards the upper
end of our guidance range. During the fourth
quarter, iron ore production was 14.3 million tonnes, 4%
higher than the comparative period, reflecting steady operational
performance from Kumba, despite third-party rail
underperformance.
Kumba -
Total production of 7.8 million tonnes, up 8%,
reflected the decision in Q4 2023 to reduce production to align to
lower third-party rail capacity. Kumba continues to proactively
manage stock levels as necessary.
Total sales were broadly flat at 9.3
million tonnes(1).
Total finished stock was 7.5 million
tonnes(1), lower than Q3 2024 (8.6 million tonnes).
Stock at the mines decreased to 6.9 million tonnes(1),
while stock at the port stands at 0.5 million tonnes(1).
Additional investment in the ultra-high-dense-media-separation
(UHDMS) project at Sishen was announced by Kumba in August 2024 and
mine stock levels are expected to remain elevated over the next few
years to assist with the tie in of the UHDMS modules.
For the full year, Kumba's iron (Fe)
content averaged 64.1% (2023: 63.7%), while
the average lump:fines ratio was 66:34
(2023: 66:34).
The full year average realised price
of $92/tonne(1) (FOB South Africa, wet basis) was 3%
higher than the 62% Fe benchmark price of $89/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 of 6.5 million tonnes was broadly in
line with the comparative period, demonstrating good preparations
for accessing the mine in the rainy season, despite rainfall levels
2.5x higher than Q4 2023.
As a result of robust plans through
the year which helped secure the volume and quality of the ore feed
for the plant, in conjunction with good plant stability, Minas-Rio
achieved its best 12-month operational performance ever.
The full year average realised price
of $84/tonne (FOB Brazil, wet basis) was 3% lower than the Metal
Bulletin 65 price of $87/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.
2025 Guidance
Production guidance for 2025 is
unchanged at 57-61 million tonnes (Kumba 35-37 million tonnes;
Minas-Rio 22-24 million tonnes). Kumba is subject to third-party
rail and port availability and performance. Minas-Rio's 2025
production guidance reflects a pipeline inspection (that occurs
every five years) planned for the second half of the year.
(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 Q4 2023, total finished stock
was 7.1 million tonnes, stock at the mines was 6.5 million tonnes
and stock at the port was 0.6 million tonnes. At Q3 2024, total
finished stock was 8.6 million tonnes; stock at the mines was 7.5
million tonnes and stock at the port was 1.1 million
tonnes.
|
Iron Ore (000 t)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2024
|
2024
|
2024
|
2023
|
2024
|
2023
|
|
Iron Ore
production(1)
|
14,299
|
15,746
|
15,580
|
15,143
|
13,806
|
4%
|
(9)%
|
60,768
|
59,926
|
1%
|
|
Iron Ore
sales(1)
|
16,223
|
15,181
|
16,508
|
12,997
|
16,413
|
(1)%
|
7%
|
60,909
|
61,488
|
(1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kumba production
|
7,826
|
9,446
|
9,184
|
9,275
|
7,234
|
8%
|
(17)%
|
35,731
|
35,715
|
0%
|
|
Sishen
|
5,687
|
6,767
|
6,644
|
6,563
|
5,958
|
(5)%
|
(16)%
|
25,661
|
25,421
|
1%
|
|
Kolomela
|
2,139
|
2,679
|
2,540
|
2,712
|
1,276
|
68%
|
(20)%
|
10,070
|
10,294
|
(2)%
|
|
Kumba sales
volumes(2)
|
9,289
|
8,822
|
9,705
|
8,383
|
9,344
|
(1)%
|
5%
|
36,199
|
37,172
|
(3)%
|
|
Lump(2)
|
6,477
|
5,734
|
5,981
|
5,520
|
6,221
|
4%
|
13%
|
23,712
|
24,706
|
(4)%
|
|
Fines(2)
|
2,812
|
3,088
|
3,724
|
2,863
|
3,123
|
(10)%
|
(9)%
|
12,487
|
12,466
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minas-Rio production
|
|
|
|
|
|
|
|
|
|
|
|
Pellet feed
|
6,473
|
6,300
|
6,396
|
5,868
|
6,572
|
(2)%
|
3%
|
25,037
|
24,211
|
3%
|
|
Minas-Rio sales volumes
|
|
|
|
|
|
|
|
|
|
|
|
Export - pellet feed
|
6,934
|
6,359
|
6,803
|
4,614
|
7,069
|
(2)%
|
9%
|
24,710
|
24,316
|
2%
|
(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)
|
Q4
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q3
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Metal in concentrate
production
|
876
|
932
|
(6)%
|
922
|
(5)%
|
3,553
|
3,806
|
(7)%
|
|
Own mined(2)
|
588
|
596
|
(1)%
|
552
|
7%
|
2,192
|
2,460
|
(11)%
|
|
Purchase of concentrate
(POC)(3)
|
287
|
337
|
(15)%
|
370
|
(22)%
|
1,361
|
1,346
|
1%
|
|
Refined
production(4)
|
1,028
|
1,191
|
(14)%
|
1,107
|
(7)%
|
3,916
|
3,801
|
3%
|
(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 was broadly in
line with the comparative period at 588,300 ounces. Excluding
Kroondal, own mined production increased marginally by 1%,
reflecting higher production from Mogalakwena and Mototolo,
partially offset by lower production primarily from Amandelbult and
Modikwa due to safety stoppages. On a quarter-on-quarter basis, own
mined production increased by 7%, reflecting stability from the
turnaround initiatives implemented during the year.
Mogalakwena's production increased
by 7% to 283,500 ounces, reflecting stable performance and
efficiency improvements across all concentrators and, as a result,
Mogalakwena recovered c.75% of the lost production from the primary
mill breakdown in July 2024. High grade ore which was mined in Q3
2024 and stockpiled was processed during the quarter, which
resulted in a 4E built-up head grade of 3g/t for the quarter (Q4
2023: 3g/t).
Mototolo production increased by 12%
to 74,200 ounces, reflecting the implementation and stabilisation
of the new seven-day mining shift cycle, which helped mitigate the
difficult ground conditions as a section of the mine reaches its
end of life.
Operational safety stoppages, to
ensure that safety improvement efforts are fully embedded, impacted
production at Amandelbult and Modikwa during the fourth quarter.
Amandelbult's production decreased by 9% to 136,900 ounces and
Modikwa's production decreased by 8% to 33,400
ounces.
Kroondal(1) has now
transitioned to a 4E tolling arrangement, effective 1 September
2024, as outlined in the Kroondal sales announcement and, prior to
this, from 1 November 2023, Kroondal was reported as a 100%
third-party purchase of concentrate arrangement.
Purchase of concentrate decreased by
15% to 287,400 ounces, reflecting lower Kroondal volumes which had
transitioned to a 4E tolling arrangement.
The 2024 unit cost guidance for PGMs
was c.$920/oz, set at c.19 ZAR:USD, and during the year the South
African rand has averaged 18.32 ZAR:USD.
Refined production
Refined production decreased by 14%
to 1,027,900 ounces as expected, as the built-up work-in-progress
inventory from prior years has now been released and returned to
normalised levels. There was no Eskom load-curtailment on the
operations.
Sales
Sales volumes decreased by 14% to
1,002,000 ounces, in line with lower refined production.
The full year average realised
basket price of $1,468/PGM ounce was 11% lower, mainly due to a 30%
lower rhodium realised price and a 24% lower palladium realised
price.
2025 Guidance
Production guidance for 2025 for
metal in concentrate(2) and refined production is
unchanged at 3.0-3.4 million ounces. In 2025, POC volumes will be
lower than 2024 reflecting the impact of the Siyanda POC agreement
transitioning to a 4E metals tolling arrangement early in the year,
as well as Kroondal having transitioned to a 4E metals tolling
arrangement in September 2024. 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.
(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 0.9-1.1 million ounces. The average M&C split by metal is
Platinum: c.44%, Palladium: c.32% and Other: c.24%.
|
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
|
2024
|
2024
|
2024
|
2024
|
2023
|
2024
|
2023
|
|
M&C PGMs production (000
oz)(1)
|
875.7
|
922.3
|
921.0
|
834.1
|
932.2
|
(6)%
|
(5)%
|
3,553.1
|
3,806.1
|
(7)%
|
|
Own mined
|
588.3
|
552.0
|
547.2
|
504.3
|
595.7
|
(1)%
|
7%
|
2,191.8
|
2,460.2
|
(11)%
|
|
Mogalakwena
|
283.5
|
217.8
|
232.6
|
219.5
|
265.3
|
7%
|
30%
|
953.4
|
973.5
|
(2)%
|
|
Amandelbult
|
136.9
|
158.2
|
157.6
|
127.1
|
149.9
|
(9)%
|
(13)%
|
579.8
|
634.2
|
(9)%
|
|
Mototolo
|
74.2
|
74.1
|
66.3
|
61.9
|
66.5
|
12%
|
0%
|
276.5
|
288.7
|
(4)%
|
|
Unki
|
60.3
|
62.2
|
54.7
|
62.8
|
61.8
|
(2)%
|
(3)%
|
240.0
|
243.8
|
(2)%
|
|
Modikwa - joint
operation(2)
|
33.4
|
39.7
|
36.0
|
33.0
|
36.3
|
(8)%
|
(16)%
|
142.1
|
145.4
|
(2)%
|
|
Kroondal - joint
operation(3)
|
-
|
-
|
-
|
-
|
15.9
|
n/a
|
n/a
|
-
|
174.6
|
n/a
|
|
Purchase of concentrate
|
287.4
|
370.3
|
373.8
|
329.8
|
336.5
|
(15)%
|
(22)%
|
1,361.3
|
1,345.9
|
1%
|
|
Modikwa - joint
operation(2)
|
33.4
|
39.7
|
36.0
|
33.0
|
36.3
|
(8)%
|
(16)%
|
142.1
|
145.4
|
(2)%
|
|
Kroondal - joint
operation(3)
|
-
|
-
|
-
|
-
|
15.9
|
n/a
|
n/a
|
-
|
174.6
|
n/a
|
|
Third
parties(3)
|
254.0
|
330.6
|
337.8
|
296.8
|
284.3
|
(11)%
|
(23)%
|
1,219.2
|
1,025.9
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refined PGMs production (000
oz)(1)(4)
|
1,027.9
|
1,106.9
|
1,153.5
|
628.0
|
1,191.1
|
(14)%
|
(7)%
|
3,916.3
|
3,800.6
|
3%
|
|
By metal:
|
|
|
|
|
|
|
|
|
|
|
|
Platinum
|
482.1
|
536.9
|
554.0
|
272.7
|
565.2
|
(15)%
|
(10)%
|
1,845.7
|
1,749.1
|
6%
|
|
Palladium
|
327.9
|
341.7
|
372.5
|
206.4
|
400.0
|
(18)%
|
(4)%
|
1,248.5
|
1,268.6
|
(2)%
|
|
Rhodium
|
67.8
|
70.2
|
70.8
|
39.6
|
61.3
|
11%
|
(3)%
|
248.4
|
225.6
|
10%
|
|
Other PGMs and gold
|
150.1
|
158.1
|
156.2
|
109.3
|
164.6
|
(9)%
|
(5)%
|
573.7
|
557.3
|
3%
|
|
Nickel (tonnes)
|
6,300
|
7,400
|
7,300
|
4,700
|
7,000
|
(10)%
|
(15)%
|
25,700
|
21,800
|
18%
|
|
Tolled material (000
oz)(3)(5)
|
182.8
|
153.8
|
132.9
|
160.2
|
175.1
|
4%
|
19%
|
629.7
|
620.6
|
1%
|
|
PGMs sales from production (000
oz)(1)
|
1,002.0
|
1,102.2
|
1,266.1
|
707.5
|
1,166.2
|
(14)%
|
(9)%
|
4,077.8
|
3,925.3
|
4%
|
|
Third-party PGMs sales (000
oz)(1)(6)
|
2,476.5
|
1,973.7
|
2,092.4
|
1,200.1
|
1,050.3
|
136%
|
25%
|
7,742.7
|
4,336.4
|
79%
|
|
4E head grade (g/t
milled)(7)
|
3.34
|
3.22
|
3.17
|
3.05
|
3.35
|
0%
|
4%
|
3.20
|
3.22
|
(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, which is presented under 'Tolled
material'.
(4)
Refined production excludes toll material.
(5)
Tolled volume measured as the combined content of: platinum,
palladium, rhodium and gold, reflecting the tolling agreements in
place.
(6)
Relates to sales of metal not produced by Anglo American
operations, and includes metal lending and borrowing
activity.
(7)
4E: the grade measured as the combined content of: platinum,
palladium, rhodium and gold, excludes tolled material. Minor metals
are excluded due to variability.
De Beers - Diamonds
|
Diamonds(1) (000
carats)
|
Q4
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q3
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Botswana
|
4,244
|
6,135
|
(31)%
|
3,994
|
6%
|
17,935
|
24,700
|
(27)%
|
|
Namibia
|
584
|
566
|
3%
|
456
|
28%
|
2,234
|
2,327
|
(4)%
|
|
South Africa
|
550
|
434
|
27%
|
513
|
7%
|
2,166
|
2,004
|
8%
|
|
Canada
|
456
|
802
|
(43)%
|
603
|
(24)%
|
2,377
|
2,834
|
(16)%
|
|
Total carats recovered
|
5,834
|
7,937
|
(26)%
|
5,566
|
5%
|
24,712
|
31,865
|
(22)%
|
(1)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
Operational Performance
The mining operations delivered
steady operational performance, albeit at lower output levels as
the business continued to reconfigure production in response to
prevailing market conditions.
Rough diamond production decreased
by 26% to 5.8 million carats, reflecting a proactive production
response to the prolonged period of lower demand, and higher than
normal levels of inventory in the midstream. De Beers continues to
focus on managing working capital, and despite low sales volumes,
inventory has reduced slightly year-on-year through managing
purchases and downstream stocks.
In Botswana, production decreased by
31% to 4.2 million carats, as a result of planned actions to lower
production at Jwaneng.
Production in Namibia increased by
3% to 0.6 million carats, reflecting planned higher grade mining
and better recoveries at Namdeb partially offset by intentionally
lower production at Debmarine Namibia.
In South Africa, production
increased by 27% to 0.6 million carats, due to Venetia underground
and a slight improvement in grades of processed ore.
Production in Canada decreased by
43% to 0.5 million carats as a result of planned actions to treat
lower grade ore.
Trading Performance
Challenging trading conditions
persisted through the quarter as cautious retailer purchasing and
higher than normal levels of inventory in the midstream suppressed
demand for rough diamonds.
Rough diamond sales from four Sights
(noting that Sight 7 and 8 were combined into a single sales event)
in Q4 2024 totalled 4.6 million carats (4.3 million carats on a
consolidated basis)(1), generating consolidated rough
diamond sales revenue of $543 million. This compared with 2.8
million carats (2.6 million carats on a consolidated
basis)(1), from two Sights in Q4 2023, generating
consolidated rough diamond revenue of $230 million.
Full year consolidated sales volumes
were down 28% year-on-year and the average realised price increased
by 3% to $152/ct, reflecting a larger proportion of higher value
rough diamonds being sold, partially offset by a 20% decrease in
the average rough price index. We expect full year 2024 EBITDA for
De Beers to be marginally negative (H1 2024 EBITDA:
$300m).
The Group is undertaking an
impairment review of De Beers' carrying value, assessing the impact
of diamond market conditions and general fall in demand in China
which is likely to lead to an impairment at the full year
results. We continue to assess market
conditions and are currently implementing actions to further manage
cash flow, spending and inventory levels in 2025.
2025 Guidance
Production guidance(2)
for 2025 is revised to 20-23 million carats (100% basis)
(previously 30-33 million carats), reflecting the challenging rough
diamond trading conditions. De Beers continues to monitor rough
diamond trading conditions and will respond accordingly.
(1)
Consolidated sales volumes exclude De Beers Group's JV partners'
50% proportionate share of sales to entities outside De Beers Group
from the Diamond Trading Company Botswana and the Namibia Diamond
Trading Company, which are included in total sales volume (100%
basis).
(2)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
|
Diamonds(1)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2024
|
2024
|
2024
|
2023
|
2024
|
2023
|
|
Carats recovered (000
carats)
|
|
|
|
|
|
|
|
|
|
|
|
100% basis (unless
stated)
|
|
|
|
|
|
|
|
|
|
|
|
Jwaneng
|
1,002
|
1,402
|
1,881
|
2,494
|
3,192
|
(69)%
|
(29)%
|
6,779
|
13,329
|
(49)%
|
|
Orapa(2)
|
3,242
|
2,592
|
2,829
|
2,493
|
2,943
|
10%
|
25%
|
11,156
|
11,371
|
(2)%
|
|
Total Botswana
|
4,244
|
3,994
|
4,710
|
4,987
|
6,135
|
(31)%
|
6%
|
17,935
|
24,700
|
(27)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debmarine Namibia
|
395
|
298
|
427
|
505
|
435
|
(9)%
|
33%
|
1,625
|
1,859
|
(13)%
|
|
Namdeb (land operations)
|
189
|
158
|
134
|
128
|
131
|
44%
|
20%
|
609
|
468
|
30%
|
|
Total Namibia
|
584
|
456
|
561
|
633
|
566
|
3%
|
28%
|
2,234
|
2,327
|
(4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Venetia
|
550
|
513
|
505
|
598
|
434
|
27%
|
7%
|
2,166
|
2,004
|
8%
|
|
Total South Africa
|
550
|
513
|
505
|
598
|
434
|
27%
|
7%
|
2,166
|
2,004
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gahcho Kué (51% basis)
|
456
|
603
|
673
|
645
|
802
|
(43)%
|
(24)%
|
2,377
|
2,834
|
(16)%
|
|
Total Canada
|
456
|
603
|
673
|
645
|
802
|
(43)%
|
(24)%
|
2,377
|
2,834
|
(16)%
|
|
Total carats recovered
|
5,834
|
5,566
|
6,449
|
6,863
|
7,937
|
(26)%
|
5%
|
24,712
|
31,865
|
(22)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales volume (100%) (000
carats)(3)
|
4,647
|
2,077
|
7,819
|
4,869
|
2,753
|
69%
|
124%
|
19,412
|
27,359
|
(29)%
|
|
Consolidated sales volume (000
carats)(3)
|
4,273
|
1,665
|
7,333
|
4,612
|
2,637
|
62%
|
157%
|
17,883
|
24,682
|
(28)%
|
|
Consolidated rough diamond sales
value ($m)(4)
|
543
|
213
|
1,039
|
925
|
230
|
136%
|
155%
|
2,720
|
3,629
|
(25)%
|
|
Average price
($/ct)(5)
|
127
|
128
|
142
|
201
|
87
|
46%
|
(1)%
|
152
|
147
|
3%
|
|
Average price
index(6)
|
100
|
107
|
108
|
110
|
125
|
(20)%
|
(6)%
|
107
|
133
|
(20)%
|
|
Number of Sights
|
4(7)
|
1
|
3
|
2
|
2
|
|
|
10
|
10
|
|
(1)
Production is on a 100% basis, except for the Gahcho Kué joint
operation which is on an attributable 51% basis.
(2)
Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane
and Damtshaa.
(3)
Consolidated sales volumes exclude De Beers Group's JV partners'
50% proportionate share of sales to entities outside De Beers Group
from the Diamond Trading Company Botswana and the Namibia Diamond
Trading Company, which are included in total sales volume (100%
basis).
(4)
Consolidated rough diamond 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.
(7) In
Q4 2024, Sight 7 and 8 were combined into a single selling event
due to challenging trading conditions.
Steelmaking Coal
|
Steelmaking Coal(1)(2)
(000 t)
|
Q4
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q3
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Steelmaking Coal
|
2,424
|
4,756
|
(49)%
|
4,102
|
(41)%
|
14,544
|
16,001
|
(9)%
|
(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.
(2)
Anglo American's attributable share of Jellinbah is 23.3%. Anglo
American agreed the sale of its 33.3% stake in Jellinbah in
November 2024, and this transaction completed on 29 January 2025.
Production and sale volumes from Jellinbah post 1 November 2024,
after the sale was agreed, have been excluded from the Group's
production report. Jellinbah production in November and December
2024 (not disclosed within the reported numbers) was
0.6Mt.
Steelmaking coal production
decreased by 49% to 2.4 million tonnes, primarily impacted by the
suspension of mining at the Grosvenor longwall operation following
the underground fire on 29 June 2024. Excluding the impact of
Grosvenor, production from the rest of the portfolio decreased by
35%, primarily as a result of the planned longwall move at
Moranbah, and the agreed sale of Jellinbah(1), where the
benefits of production from 1 November 2024 no longer accrued
to Anglo American.
The ratio of hard coking coal
production to PCI/semi-soft coking coal was 64:36 during the
quarter, lower than Q4 2023 (80:20), reflecting lower hard coking
coal production from the Moranbah and Grosvenor underground
operations.
The full year average realised price
for hard coking coal was $241/tonne, compared to the benchmark
price of $240/tonne. This reflects an increase in the price
realisation to 100% (2023: 91%). This higher realisation is
primarily due to a higher proportion of tonnes being shipped in the
first half of the year when prices were higher compared to the
second half of the year when prices were lower.
Positive progress continues to be
made at Grosvenor, with imagery from purpose-built cameras lowered
into strategic points of the mine showing limited damage
underground. Pending regulatory approval, we are working towards
re-entry to access critical infrastructure points and validate the
imagery from the cameras.
As previously announced
here, Anglo American has entered into
definitive agreements to sell the entirety of its Steelmaking Coal
business for up to $4.9 billion in gross aggregate cash proceeds,
subject to relevant approvals, with the Peabody transaction
expected to close in Q3 2025.
2025 Guidance
Production guidance for 2025 is
revised to 10-12 million tonnes (previously 17-19 million tonnes),
as it excludes Grosvenor given the operation remains suspended, and
production from Jellinbah(1). There are no planned
longwall moves at Moranbah in 2025. A walk-on/walk-off longwall
move at Aquila, that will have a minimal production impact is
planned for late Q3 2025.
(1)
Anglo American's attributable share of Jellinbah is 23.3%. Anglo
American agreed the sale of its 33.3% stake in Jellinbah in
November 2024, and this transaction completed on 29 January 2025.
Production and sale volumes from Jellinbah post 1 November 2024,
after the sale was agreed, have been excluded from the Group's
production report. Jellinbah production in November and December
2024 (not disclosed within the reported numbers) was
0.6Mt.
|
Coal, by product (000
t)(1)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2024
|
2024
|
2024
|
2023
|
2024
|
2023
|
|
Production volumes
|
|
|
|
|
|
|
|
|
|
|
|
Steelmaking
Coal(2)(3)(4)(5)
|
2,424
|
4,102
|
4,238
|
3,780
|
4,756
|
(49)%
|
(41)%
|
14,544
|
16,001
|
(9)%
|
|
Hard coking
coal(2)
|
1,561
|
3,019
|
3,321
|
2,921
|
3,804
|
(59)%
|
(48)%
|
10,822
|
12,239
|
(12)%
|
|
PCI / SSCC
|
863
|
1,083
|
917
|
859
|
952
|
(9)%
|
(20)%
|
3,722
|
3,762
|
(1)%
|
|
Export thermal
coal(4)
|
396
|
249
|
142
|
324
|
34
|
1065%
|
59%
|
1,111
|
1,083
|
3%
|
|
Sales volumes
|
|
|
|
|
|
|
|
|
|
|
|
Steelmaking
Coal(2)(5)
|
2,580
|
3,921
|
4,105
|
3,827
|
3,795
|
(32)%
|
(34)%
|
14,433
|
14,940
|
(3)%
|
|
Hard coking
coal(2)
|
1,846
|
3,027
|
3,212
|
2,974
|
2,987
|
(38)%
|
(39)%
|
11,059
|
11,566
|
(4)%
|
|
PCI / SSCC
|
734
|
894
|
893
|
853
|
808
|
(9)%
|
(18)%
|
3,374
|
3,374
|
0%
|
|
Export thermal coal
|
647
|
579
|
311
|
429
|
494
|
31%
|
12%
|
1,966
|
1,673
|
18%
|
|
|
|
Steelmaking coal, by operation (000
t)(1)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2024
|
2024
|
2024
|
2023
|
2024
|
2023
|
|
Steelmaking
Coal(2)(3)(4)(5)
|
2,424
|
4,102
|
4,238
|
3,780
|
4,756
|
(49)%
|
(41)%
|
14,544
|
16,001
|
(9)%
|
|
Moranbah(2)
|
176
|
1,117
|
923
|
561
|
662
|
(73)%
|
(84)%
|
2,777
|
3,132
|
(11)%
|
|
Grosvenor
|
0
|
191
|
1,215
|
967
|
1,021
|
n/a
|
n/a
|
2,373
|
2,797
|
(15)%
|
|
Aquila (incl.
Capcoal)(2)
|
1,096
|
1,068
|
626
|
977
|
1,181
|
(7)%
|
3%
|
3,767
|
4,138
|
(9)%
|
|
Dawson(4)
|
845
|
928
|
647
|
487
|
1,118
|
(24)%
|
(9)%
|
2,907
|
2,902
|
0%
|
|
Jellinbah(5)
|
307
|
798
|
827
|
788
|
774
|
(60)%
|
(62)%
|
2,720
|
3,032
|
(10)%
|
(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.
(5)
Anglo American's attributable share of Jellinbah is 23.3%. Anglo
American agreed the sale of its 33.3% stake in Jellinbah in
November 2024, and this transaction completed on 29 January 2025.
Production and sale volumes from Jellinbah post 1 November 2024,
after the sale was agreed, have been excluded from the Group's
production report. Jellinbah production in November and December
2024 (not disclosed within the reported numbers) was
0.6Mt.
Nickel
|
Nickel(1)
(tonnes)
|
Q4
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q3
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Nickel
|
10,000
|
11,100
|
(10)%
|
9,900
|
1%
|
39,400
|
40,000
|
(2)%
|
(1)
Excludes nickel production from the Platinum Group Metals
business.
A strong operational performance
delivered 39,400 tonnes of Nickel
production for the year, above guidance, demonstrating operational
improvements that led to higher recoveries and process stability,
as well as the benefit of higher grades.
Production decreased in the fourth
quarter by 10% to 10,000 tonnes, due to planned lower
grades.
2025 Guidance
Production guidance for 2025 has
been revised up to 37,000-39,000 tonnes (previously 35,000-37,000
tonnes), reflecting the benefit of strong operational performance
and process stability demonstrated in 2024.
|
Nickel (tonnes)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2024
|
2024
|
2024
|
2023
|
2024
|
2023
|
|
Barro Alto
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
254,500
|
1,166,800
|
1,275,400
|
319,200
|
1,094,700
|
(77)%
|
(78)%
|
3,015,900
|
4,300,800
|
(30)%
|
|
Ore processed
|
604,000
|
617,700
|
616,800
|
636,500
|
634,000
|
(5)%
|
(2)%
|
2,475,000
|
2,476,400
|
0%
|
|
Ore grade processed - %Ni
|
1.42
|
1.50
|
1.51
|
1.42
|
1.48
|
(4)%
|
(5)%
|
1.46
|
1.45
|
1%
|
|
Production
|
8,100
|
8,200
|
8,200
|
7,800
|
8,800
|
(8)%
|
(1)%
|
32,300
|
31,800
|
2%
|
|
Codemin
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined
|
200
|
-
|
-
|
-
|
-
|
n/a
|
n/a
|
200
|
27,800
|
(99)%
|
|
Ore processed
|
146,400
|
140,800
|
139,700
|
136,300
|
152,500
|
(4)%
|
4%
|
563,200
|
599,500
|
(6)%
|
|
Ore grade processed - %Ni
|
1.42
|
1.42
|
1.45
|
1.43
|
1.46
|
(3)%
|
0%
|
1.43
|
1.41
|
1%
|
|
Production
|
1,900
|
1,700
|
1,800
|
1,700
|
2,300
|
(17)%
|
12%
|
7,100
|
8,200
|
(13)%
|
|
Total nickel
production(1)
|
10,000
|
9,900
|
10,000
|
9,500
|
11,100
|
(10)%
|
1%
|
39,400
|
40,000
|
(2)%
|
|
Sales volumes
|
10,300
|
9,200
|
11,300
|
7,700
|
11,400
|
(10)%
|
12%
|
38,500
|
39,800
|
(3)%
|
(1)
Excludes nickel production from the Platinum Group Metals
business.
Manganese
|
Manganese (000 t)
|
Q4
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q3
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2023
|
2024
|
2024
|
2023
|
|
Manganese
ore(1)
|
742
|
848
|
(12)%
|
406
|
83%
|
2,288
|
3,671
|
(38)%
|
(1)
Anglo American's 40% attributable share of
saleable production.
Manganese ore production decreased
by 12% to 742,400 tonnes, primarily due to the ongoing temporary
suspension of the Australian operations following the damage caused
by tropical cyclone Megan in March 2024. The cyclone 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,
which have steadily increased during the fourth quarter. Investment
in repair of crucial infrastructure continues, including a critical
bridge connecting the northern mining pits and the primary
concentrator, as well as the wharf infrastructure.
Subject to further potential impacts
from the wet season, export sales are expected to progressively
increase over the June 2025 quarter.
|
Manganese (tonnes)
|
Q4
|
Q3
|
Q2
|
Q1
|
Q4
|
Q4 2024 vs. Q4 2023
|
Q4 2024 vs. Q3 2024
|
|
|
2024 vs. 2023
|
|
2024
|
2024
|
2024
|
2024
|
2023
|
2024
|
2023
|
|
Samancor production
|
|
|
|
|
|
|
|
|
|
|
|
Manganese
ore(1)
|
742,400
|
405,500
|
356,000
|
783,800
|
847,800
|
(12)%
|
83%
|
2,287,700
|
3,670,600
|
(38)%
|
|
Samancor sales volumes
|
|
|
|
|
|
|
|
|
|
|
|
Manganese ore
|
331,600
|
393,500
|
365,800
|
796,800
|
992,000
|
(67)%
|
(16)%
|
1,887,700
|
3,725,000
|
(49)%
|
(1)
Anglo American's 40% attributable share of
saleable production.
Exploration and
evaluation
Exploration and evaluation
expenditure in Q4 2024 decreased by 13% to $81 million compared to
the same period last year. Exploration expenditure decreased by 29%
to $29 million primarily due to planned lower spend. Evaluation
expenditure was flat at $52 million.
Notes
• This Production Report for the
fourth quarter ended 31 December 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 19 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,
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Such forward-looking statements are
based on numerous assumptions regarding Anglo American's present
and future business strategies and the environment in which Anglo
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to differ materially from those in the forward-looking statements
include, among others, levels of actual production during any
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assets and changes in taxation or safety, health, environmental or
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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
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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
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included in this document is sourced from third-party sources
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presents the views of those third parties, but may not necessarily
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expressly disclaims any responsibility for, or liability in respect
of, such information.
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2025. 
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