Anglo American Production Report Q2 2022
Source: RNS
http://www.rns-pdf.londonstockexchange.com/rns/2106T_1-2022-7-20.pdf
21 July 2022
Anglo American plc
Production Report for the second quarter ended 30 June 2022
Duncan Wanblad, Chief Executive of Anglo American, said: "Our production performance started to pick up in the second quarter of 2022, with operational momentum and our focus on asset resilience positioning us well for a stronger second half of the year. Full year production guidance is unchanged for PGMs, copper and iron ore, increased for diamonds and decreased for steelmaking coal due to longwall ramp-up timing. Overall for the second quarter, production was 9%(1) lower compared with the same quarter in 2021, primarily due to expected lower grades and water availability in Copper, ramp-up of the Aquila longwall in Steelmaking Coal and planned maintenance at the Minas-Rio iron ore operation.
"Our newly commissioned Quellaveco project in Peru delivered first copper concentrate at the start of July and will contribute to our copper production in the second half. This marks a major milestone in our delivery of this world-class long life asset, on time and on budget - testament to the incredible efforts of our workforce and wider stakeholders through the effects of a global pandemic. Quellaveco is expected to add around 10% to our global output once fully operational, central to the margin-enhancing organic growth we are delivering in future-enabling metals and minerals over the next decade.
"As we strive to further enhance Anglo American's investment case, we are committed to delivering many of the raw materials that are critical to the decarbonisation of global energy and transport systems and to do so sustainably, in line with the evolving expectations of our stakeholders. We are progressing towards our stretching sustainability targets on all fronts. During the quarter, we unveiled the world's largest hydrogen-powered haul truck, part of our nuGen™ Zero Emission Haulage Solution. This world-first technology at such scale is a vital step towards our commitment to carbon neutrality across our operations by 2040. Our agreement to combine nuGenTM with our engineering partner, First Mode, is designed to accelerate the commercialisation and deployment of this technology across the mining industry and other transport applications."
Q2 2022 highlights
• Rough diamond production decreased by 4%, reflecting lower grades in Canada and Botswana. Production guidance is increased to 32-34 million carats (previously 30-33 million carats) due to robust demand and strong year-to-date operational performance.
• Metal in concentrate production from our Platinum Group Metals (PGMs) operations was broadly flat, with strong performances at Unki and Mototolo offsetting planned lower grades at Mogalakwena. Unit cost guidance is reduced to c.$950/PGM ounce (previously c.$970/PGM ounce), reflecting the weaker South African rand.
• Copper production decreased by 21% due to planned lower grades and water availability.
• Iron ore production decreased by 8% after a safety intervention at Kumba's Kolomela mine, as well as planned maintenance at Minas-Rio.
• Steelmaking coal production decreased by 12% as the replacement Aquila longwall ramped up following the planned end of production from Grasstree, as well as high rainfall impacting the open pit operations. Full year guidance is revised to 15-17 million tonnes (previously 17-19 million tonnes) and unit cost revised to c.$110/tonne (previously c.$105/tonne).
|
Production |
Q2 2022 |
Q2 2021 |
% vs. Q2 2021 |
H1 2022 |
H1 2021 |
% vs. H1 2021 |
|
Diamonds (Mct)(2) |
7.9 |
8.2 |
(4)% |
16.9 |
15.4 |
10% |
|
Copper (kt)(3) |
134 |
170 |
(21)% |
273 |
330 |
(17)% |
|
Nickel (kt)(4) |
10.3 |
10.6 |
(3)% |
19.6 |
20.7 |
(5)% |
|
Platinum group metals (koz)(5) |
1,032 |
1,058 |
(2)% |
1,988 |
2,079 |
(4)% |
|
Iron ore (Mt)(6) |
14.4 |
15.7 |
(8)% |
27.5 |
31.9 |
(14)% |
|
Steelmaking coal (Mt) |
2.6 |
3.0 |
(12)% |
4.8 |
6.2 |
(22)% |
|
Manganese ore (kt) |
980 |
941 |
4% |
1,783 |
1,845 |
(3)% |
(1) Copper equivalent production is normalised to reflect the demerger of the South Africa thermal coal operations and the sale of our shareholding in Cerrejón.
(2) De Beers Group production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
(3) Contained metal basis. Reflects copper production from the Copper operations in Chile only (excludes copper production from the Platinum Group Metals business unit).
(4) Reflects nickel production from the Nickel operations in Brazil only (excludes nickel production from the Platinum Group Metals business unit).
(5) Produced ounces of metal in concentrate. 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). Reflects own mine production and purchase of concentrate.
(6) Wet basis.
Production and unit cost guidance summary
|
|
2022 production guidance(1) |
2022 unit cost guidance(1) |
|
|
Diamonds(2) |
32-34 Mct |
c.$65/ct |
|
|
(previously 30-33 Mct) |
|||
|
Copper(3) |
660-750 kt |
c.147c/lb |
|
|
Nickel(4) |
40-42 kt |
c.495c/lb |
|
|
Platinum Group Metals(5) |
3.9-4.3 Moz |
c.$950/oz |
|
|
(previously c.$970/PGM oz) |
|||
|
Iron Ore(6) |
60-64 Mt |
c.$40/t |
|
|
Steelmaking Coal(7) |
15-17 Mt |
c.$110/t |
|
|
(previously 17-19 Mt) |
(previously c.$105/t) |
(1) Subject to the extent of further Covid-19 related disruption. Unit costs exclude royalties, depreciation and include direct support costs only. FX rates for H2 2022 unit costs: ~17 ZAR:USD, ~1.5 AUD:USD, ~5.5 BRL:USD, ~1,000 CLP:USD, ~4 PEN:USD (previously ~15 ZAR:USD, ~1.3 AUD:USD, ~5.0 BRL:USD, ~800 CLP:USD, ~4 PEN:USD).
(2) Production on a 100% basis, except for the Gahcho Kué joint venture, which is on an attributable 51% basis, subject to trading conditions. Venetia continues to transition to underground operations during 2022, with ramp-up expected from 2023. Unit cost is based on De Beers' share of production.
(3) Copper business unit only. On a contained-metal basis. Total copper production is the sum of Chile and Peru: Chile: 560-600 kt and Peru: 100-150 kt. Copper Chile subject to water availability. Peru subject to progress on ramp-up of operations. Unit cost total is a weighted average based on the mid-point of production guidance. Chile: c.150c/lb, subject to the impact of water availability on production volumes. Peru: c.135c/lb, based on progressing the ramp-up of production volumes.
(4) Nickel operations in Brazil only. The Group also produces approximately 20 kt of nickel on an annual basis as a co-product from the PGM operations.
(5) 5E + gold produced metal in concentrate ounces. Includes own mined production (~65%) and purchased concentrate volumes (~35%). The split of metals differs for own mined and purchased concentrate, refer to FY2021 results presentation slide 38 for indicative split of own mined volumes. 2022 metal in concentrate production is expected to be 1.8-2.0 Moz of platinum, 1.2-1.3 Moz of palladium and 0.9-1.0 Moz of other PGMs and gold. 5E + gold refined production is expected to be 4.0-4.4 Moz, subject to the potential impact of Eskom load-shedding. Unit cost is per own mined 5E + gold PGMs metal in concentrate ounce.
(6) Wet basis. Total iron ore is the sum of operations at Minas-Rio in Brazil and Kumba in South Africa. Minas-Rio: 22-24 Mt and Kumba: 38-40 Mt. Kumba is subject to the third party rail and port performance, as well as weather-related disruptions. Unit cost total is a weighted average based on the mid-point of production guidance. Minas-Rio: c.$32/t and Kumba: c.$44/t.
(7) Production excludes thermal coal by-product from Australia. FOB unit cost comprises managed operations and excludes royalties and study costs.
Realised prices
|
|
H1 2022 |
H1 2021 |
H1 2022 vs H1 2021 |
|
De Beers |
|
|
|
|
Consolidated average realised price ($/ct)(1) |
213 |
135 |
58 % |
|
Average price index(2) |
140 |
109 |
28 % |
|
Copper (USc/lb)(3) |
401 |
460 |
(13) % |
|
Nickel (USc/lb) |
1,159 |
721 |
61 % |
|
Platinum Group Metals |
|
|
|
|
Platinum (US$/oz)(4) |
964 |
1,170 |
(18) % |
|
Palladium (US$/oz)(4) |
2,147 |
2,641 |
(19) % |
|
Rhodium (US$/oz)(4) |
17,131 |
24,377 |
(30) % |
|
Basket price (US$/PGM oz)(5) |
2,671 |
2,884 |
(7) % |
|
Iron Ore - FOB prices(6) |
135 |
210 |
(36) % |
|
Kumba Export (US$/wmt)(7) |
135 |
216 |
(38) % |
|
Minas-Rio (US$/wmt)(8) |
134 |
200 |
(33) % |
|
Steelmaking Coal - HCC (US$/t)(9) |
407 |
117 |
248 % |
|
Steelmaking Coal - PCI (US$/t)(9) |
322 |
103 |
213 % |
(1) Consolidated average realised price based on 100% selling value post-aggregation.
(2) Average of the De Beers price index for the Sights within the 6-month period. The De Beers price index is relative to 100 as at December 2006.
(3) The realised price for Copper excludes third party sales volumes.
(4) The realised price excludes trading.
(5) Price for a basket of goods per PGM oz. The dollar basket price is the net sales revenue from all metals (PGMs, base metals and other metals), excluding trading, per 5E + gold sold ounces (own mined and purchased concentrate).
(6) Average realised total iron ore price is a weighted average of the Kumba and Minas-Rio realised prices.
(7) Average realised export basket price (FOB Saldanha) (wet basis as product is shipped with ~1.6% moisture). The realised prices differ to Kumba's standalone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is $137/t (H1 2021: $220/t) and this was higher than the dry 62% Fe benchmark price of $120/t (FOB South Africa, adjusted for freight).
(8) Average realised export basket price (FOB Açu) (wet basis as product is shipped with ~9% moisture).
(9) Weighted average coal sales price achieved at managed operations. Australian thermal coal by-product is US$280/t and H1 2021 was US$87/t, resulting in a 222% increase.
De Beers
|
De Beers(1) (000 carats) |
Q2 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q1 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2021 |
2022 |
2022 |
2021 |
||||
|
Botswana |
5,521 |
5,727 |
(4) % |
6,184 |
(11) % |
11,705 |
10,687 |
10 % |
|
Namibia |
565 |
338 |
67 % |
451 |
25 % |
1,016 |
676 |
50 % |
|
South Africa |
1,220 |
1,276 |
(4) % |
1,696 |
(28) % |
2,916 |
2,437 |
20 % |
|
Canada |
643 |
899 |
(28) % |
604 |
6 % |
1,247 |
1,609 |
(22) % |
|
Total carats recovered |
7,949 |
8,240 |
(4) % |
8,935 |
(11) % |
16,884 |
15,409 |
10 % |
Rough diamond production decreased by 4% to 7.9 million carats, primarily due to the treatment of lower grade ore at operations in both Canada and Botswana.
In Botswana, production decreased by 4% to 5.5 million carats due to lower grade ore being processed at both Jwaneng and Orapa.
Namibia production increased by 67% to 0.6 million carats, primarily driven by continued strong performance from the Benguela Gem since the early delivery of the new diamond recovery vessel in Q1 2022.
South Africa production decreased by 4% to 1.2 million carats due to lower tonnes treated.
Production in Canada decreased by 28% to 0.6 million carats due to treating lower grade ore, unscheduled plant maintenance and the impact of Covid-19 related absenteeism.
Strong demand for rough diamonds continued into the second quarter, with rough diamond sales totalling 9.4 million carats (8.3 million carats on a consolidated basis)(2) from three Sights, compared with 7.3 million carats (6.5 million carats on a consolidated basis)(2) from two Sights in Q2 2021 and 7.9 million carats (7.0 million carats on a consolidated basis)(2) from two Sights in Q1 2022, both of which benefited from strong demand recovery following the impact of Covid-19 in 2020. While consumer demand for natural diamonds continued to be robust in the first half, a deterioration of global macro-economic conditions and reduced consumer spending could impact demand for diamond jewellery. Despite this, the combination of ongoing sanctions against Russia, decisions from a number of US-based jewellery businesses to apply their own restrictions on purchases of Russian diamonds, and continued development of provenance initiatives (such as the TracrTM blockchain platform) has the potential to underpin continued robust demand for De Beers' rough diamonds.
The H1 2022 consolidated average realised price increased by 58% to $213/ct (H1 2021: $135/ct), driven by a larger proportion of higher value rough diamonds sold, as well as higher prices. The rough price index increased by 28% compared to H1 2021, reflecting positive consumer demand for diamond jewellery as well as tightness in inventories across the diamond value chain.
2022 Guidance
Production guidance(1) for 2022 is increased to 32-34 million carats (previously 30-33 million carats) (100% basis), subject to trading conditions and the extent of further Covid-19 related disruptions.
Unit cost guidance for 2022 is unchanged at c.$65/ct.
(1) De Beers Group production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
(2) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
|
De Beers(1) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||
|
Carats recovered (000 carats) |
|
|
|
|
|
|
|
|
|
|
|
100% basis (unless stated) |
|
|
|
|
|
|
|
|
|
|
|
Jwaneng |
3,120 |
3,632 |
2,679 |
3,954 |
3,169 |
(2) % |
(14) % |
6,752 |
6,260 |
8 % |
|
Orapa(2) |
2,401 |
2,552 |
2,557 |
2,449 |
2,558 |
(6) % |
(6) % |
4,953 |
4,427 |
12 % |
|
Total Botswana |
5,521 |
6,184 |
5,236 |
6,403 |
5,727 |
(4) % |
(11) % |
11,705 |
10,687 |
10 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debmarine Namibia |
488 |
375 |
330 |
309 |
249 |
96 % |
30 % |
863 |
498 |
73 % |
|
Namdeb (land operations) |
77 |
76 |
62 |
90 |
89 |
(13) % |
1 % |
153 |
178 |
(14) % |
|
Total Namibia |
565 |
451 |
392 |
399 |
338 |
67 % |
25 % |
1,016 |
676 |
50 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Venetia |
1,220 |
1,696 |
1,292 |
1,577 |
1,276 |
(4) % |
(28) % |
2,916 |
2,437 |
20 % |
|
Total South Africa |
1,220 |
1,696 |
1,292 |
1,577 |
1,276 |
(4) % |
(28) % |
2,916 |
2,437 |
20 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gahcho Kué (51% basis) |
643 |
604 |
771 |
797 |
899 |
(28) % |
6 % |
1,247 |
1,609 |
(22) % |
|
Total Canada |
643 |
604 |
771 |
797 |
899 |
(28) % |
6 % |
1,247 |
1,609 |
(22) % |
|
Total carats recovered |
7,949 |
8,935 |
7,691 |
9,176 |
8,240 |
(4) % |
(11) % |
16,884 |
15,409 |
10 % |
|
Sales volumes |
|
|
|
|
|
|
|
|
|
|
|
Total sales volume (100)% (Mct)(3) |
9.4(4) |
7.9(4) |
7.7 |
7.8 |
7.3 |
29 % |
19 % |
17.3 |
20.8 |
(17) % |
|
Consolidated sales volume (Mct)(3) |
8.3(4) |
7.0(4) |
7.2 |
7.0 |
6.5 |
28 % |
19 % |
15.3 |
19.2 |
(20) % |
|
Number of Sights (sales cycles) |
3(4) |
2(4) |
3 |
2 |
2 |
|
|
5 |
5 |
|
(1) De Beers Group production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa.
(3) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from the Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(4) Due to the completion of Sight 3 in April 2022, the sales were recognised in Q2 2022.
Copper
|
Copper(1) (tonnes) |
Q2 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q1 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2021 |
2022 |
2022 |
2021 |
||||
|
Los Bronces |
64,300 |
84,400 |
(24) % |
65,400 |
(2) % |
129,700 |
163,200 |
(21) % |
|
Collahuasi (44% share) |
62,100 |
74,300 |
(16) % |
65,700 |
(5) % |
127,800 |
145,900 |
(12) % |
|
El Soldado |
7,500 |
11,000 |
(32) % |
8,400 |
(11) % |
15,900 |
20,900 |
(24) % |
|
Total Copper |
133,900 |
169,700 |
(21) % |
139,500 |
(4) % |
273,400 |
330,000 |
(17) % |
(1) Copper production shown on a contained metal basis. Reflects copper production from the Copper operations in Chile only (excludes copper production from the Platinum Group Metals business unit).
Chile - Copper production decreased by 21% to 133,900 tonnes due to planned lower grades and lower water availability.
Production from Los Bronces decreased by 24% to 64,300 tonnes due to planned lower grades (0.57% vs 0.68%) as well as lower ore processed (12.0 million tonnes vs 13.2 million tonnes) due to the impact of expected low water availability.
At Collahuasi, attributable production decreased by 16% to 62,100 tonnes driven by planned lower grades (1.10% vs 1.29%).
Production from El Soldado decreased by 32% to 7,500 tonnes due to planned lower grades (0.50% vs 0.75%).
Chile's central zone continues to face severe drought conditions, with the two years to June 2022 being the driest since records began, and the outlook continues to remain very dry. Various management initiatives to improve water efficiency and secure alternative sources of water continue to partly mitigate the impact on production.
The H1 2022 average realised price of 401c/lb, includes 145,900 tonnes of copper provisionally priced on 30 June at an average of 374 c/lb.
Peru - First production of copper concentrate from the Quellaveco project was achieved at the start of Q3 2022, marking a major milestone ahead of receiving final regulatory clearance for commercial operations to begin.
2022 Guidance
Production guidance for 2022 is unchanged at 660,000-750,000 tonnes (Chile 560,000-600,000 tonnes; Peru 100,000-150,000 tonnes). Production is subject to the extent of further Covid-19 related disruptions, water availability in Chile and, in Peru, progress on ramp-up of operations.
Unit cost guidance for 2022 is unchanged at c.147c/lb (Chile c.150c/lb; Peru c.135c/lb). This guidance is subject to the impact of water availability on production volumes in Chile, and progressing the ramp-up of production volumes in Peru.
|
Copper(1) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||
|
Los Bronces mine(2) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
13,256,600 |
8,976,100 |
11,056,800 |
10,512,600 |
11,403,100 |
16 % |
48 % |
22,232,700 |
22,215,500 |
0 % |
|
Ore processed - Sulphide |
11,992,800 |
11,142,600 |
13,293,500 |
12,715,400 |
13,168,200 |
(9) % |
8 % |
23,135,400 |
24,688,600 |
(6) % |
|
Ore grade processed - Sulphide (% TCu)(3) |
0.57 |
0.62 |
0.70 |
0.70 |
0.68 |
(16) % |
(8) % |
0.59 |
0.70 |
(15) % |
|
Production - Copper cathode |
8,600 |
10,100 |
10,400 |
9,800 |
9,800 |
(12) % |
(15) % |
18,700 |
19,700 |
(5) % |
|
Production - Copper in concentrate |
55,700 |
55,300 |
74,500 |
69,800 |
74,600 |
(25) % |
1 % |
111,000 |
143,500 |
(23) % |
|
Total production |
64,300 |
65,400 |
84,900 |
79,600 |
84,400 |
(24) % |
(2) % |
129,700 |
163,200 |
(21) % |
|
Collahuasi 100% basis (Anglo American share 44%) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
22,025,700 |
22,004,800 |
23,940,600 |
30,327,200 |
26,943,000 |
(18) % |
0 % |
44,030,500 |
48,163,300 |
(9) % |
|
Ore processed - Sulphide |
14,337,800 |
13,841,700 |
13,979,000 |
12,926,400 |
14,334,300 |
0 % |
4 % |
28,179,500 |
28,775,900 |
(2) % |
|
Ore grade processed - Sulphide (% TCu)(3) |
1.10 |
1.18 |
1.18 |
1.28 |
1.29 |
(14) % |
(6) % |
1.14 |
1.27 |
(10) % |
|
Production - Copper in concentrate |
141,000 |
149,400 |
150,100 |
148,300 |
168,800 |
(16) % |
(6) % |
290,400 |
331,600 |
(12) % |
|
Anglo American's 44% share of copper production for Collahuasi |
62,100 |
65,700 |
66,000 |
65,300 |
74,300 |
(16) % |
(5) % |
127,800 |
145,900 |
(12) % |
|
El Soldado mine(2) |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
948,700 |
611,100 |
975,500 |
1,697,800 |
1,796,600 |
(47) % |
55 % |
1,559,800 |
3,505,200 |
(56) % |
|
Ore processed - Sulphide |
1,914,100 |
1,809,700 |
1,909,400 |
1,952,000 |
1,834,800 |
4 % |
6 % |
3,723,800 |
3,589,900 |
4 % |
|
Ore grade processed - Sulphide (% TCu)(3) |
0.50 |
0.57 |
0.63 |
0.73 |
0.75 |
(33) % |
(12) % |
0.54 |
0.73 |
(27) % |
|
Production - Copper in concentrate |
7,500 |
8,400 |
9,800 |
11,600 |
11,000 |
(32) % |
(11) % |
15,900 |
20,900 |
(24) % |
|
Chagres Smelter(2) |
|
|
|
|
|
|
|
|
|
|
|
Ore smelted(4) |
20,600 |
30,900 |
29,200 |
30,200 |
25,400 |
(19) % |
(33) % |
51,500 |
48,600 |
6 % |
|
Production |
24,900 |
25,100 |
28,400 |
29,200 |
24,600 |
1 % |
(1) % |
50,000 |
47,200 |
6 % |
|
Total copper production(5) |
133,900 |
139,500 |
160,700 |
156,500 |
169,700 |
(21) % |
(4) % |
273,400 |
330,000 |
(17) % |
|
Total payable copper production |
128,500 |
134,100 |
154,100 |
150,100 |
162,600 |
(21) % |
(4) % |
262,600 |
316,900 |
(17) % |
|
Total sales volumes |
132,800 |
132,100 |
173,400 |
162,300 |
157,700 |
(16) % |
1 % |
264,900 |
305,400 |
(13) % |
|
Total payable sales volumes |
127,500 |
126,900 |
166,200 |
153,900 |
149,200 |
(15) % |
0 % |
254,400 |
292,400 |
(13) % |
|
Third party sales(6) |
150,900 |
65,300 |
138,500 |
136,200 |
82,800 |
82 % |
131 % |
216,200 |
156,800 |
38 % |
(1) Excludes copper production from the Platinum Group Metals business unit. Units shown are tonnes unless stated otherwise.
(2) Anglo American ownership interest of Los Bronces, El Soldado and the Chagres Smelter is 50.1%. Production is stated at 100% as Anglo American consolidates these operations.
(3) TCu = total copper.
(4) Copper contained basis.
(5) Total copper production includes Anglo American's 44% interest in Collahuasi.
(6) Relates to sales of copper not produced by Anglo American operations.
Nickel
|
Nickel (tonnes) |
Q2 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q1 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2021 |
2022 |
2022 |
2021 |
||||
|
Nickel |
10,300 |
10,600 |
(3) % |
9,300 |
11 % |
19,600 |
20,700 |
(5) % |
Nickel production decreased by 3% to 10,300 tonnes, primarily due to expected lower ore grades, as a result of licensing delays that are now resolved.
2022 Guidance
Production guidance for 2022 is unchanged at 40,000-42,000 tonnes, subject to the extent of further Covid-19 related disruptions.
2022 unit cost guidance is unchanged at c.495c/lb.
|
Nickel (tonnes) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||
|
Barro Alto |
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
758,300 |
343,700 |
719,300 |
1,190,900 |
976,200 |
(22) % |
121 % |
1,102,000 |
1,604,700 |
(31) % |
|
Ore processed |
618,100 |
643,900 |
654,400 |
564,400 |
641,500 |
(4) % |
(4) % |
1,262,000 |
1,258,200 |
- % |
|
Ore grade processed - %Ni |
1.52 |
1.42 |
1.50 |
1.64 |
1.56 |
(3) % |
7 % |
1.47 |
1.55 |
(5) % |
|
Production |
8,600 |
7,900 |
8,600 |
8,300 |
8,800 |
(2) % |
9 % |
16,500 |
17,000 |
(3) % |
|
Codemin |
|
|
|
|
|
|
|
|
|
|
|
Ore processed |
134,000 |
115,100 |
141,700 |
146,800 |
136,400 |
(2) % |
16 % |
249,100 |
273,000 |
(9) % |
|
Ore grade processed - %Ni |
1.42 |
1.41 |
1.57 |
1.60 |
1.52 |
(7) % |
1 % |
1.41 |
1.52 |
(7) % |
|
Production |
1,700 |
1,400 |
2,000 |
2,100 |
1,800 |
(6) % |
21 % |
3,100 |
3,700 |
(16) % |
|
Total Nickel production(1) |
10,300 |
9,300 |
10,600 |
10,400 |
10,600 |
(3) % |
11 % |
19,600 |
20,700 |
(5) % |
|
Sales volumes |
7,800 |
9,000 |
10,400 |
11,700 |
9,800 |
(20) % |
(13) % |
16,800 |
20,000 |
(16) % |
(1) Excludes nickel production from the Platinum Group Metals business unit.
Platinum Group Metals (PGMs)
|
PGMs (000 oz)(1) |
Q2 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q1 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2021 |
2022 |
2022 |
2021 |
||||
|
Metal in concentrate production |
1,032 |
1,058 |
(2) % |
956 |
8 % |
1,988 |
2,079 |
(4) % |
|
Own mined(2) |
686 |
709 |
(3) % |
623 |
10 % |
1,309 |
1,404 |
(7) % |
|
Purchase of concentrate (POC)(3) |
345 |
349 |
(1) % |
333 |
4 % |
678 |
675 |
- % |
|
Refined production(4) |
1,241 |
1,354 |
(8) % |
719 |
73 % |
1,959 |
2,327 |
(16) % |
(1) Ounces refer to troy ounces. PGMs consists of 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold).
(2) Includes managed operations and 50% of joint operation production.
(3) Includes the other 50% of joint operation production, as well as the purchase of concentrate from third parties.
(4) Refined production excludes toll refined material.
Metal in concentrate production
Own mined production decreased by 3% to 686,300 ounces, primarily due to lower production at Mogalakwena, which was nearly offset by strong performances at Unki and Mototolo. Production at Mogalakwena decreased by 15% to 261,400 ounces as a result of mining in a lower grade area in line with the mine plan, leading to an 11% reduction in grade. This was partially offset by a 38% increase in production at Unki to 66,300 ounces following the debottlenecking project at the concentrator, completed in Q4 2021, as well as higher grade. Production at Mototolo increased by 26%, also reflecting the benefit of a concentrator debottlenecking project completed in Q2 2021, as well as higher grade. Amandelbult production was broadly flat at 183,400 ounces. Joint operations decreased by 8% to 99,600 ounces, due to areas of Kroondal coming to the end of life and lower grade, partially offset by higher production from Modikwa.
Purchase of concentrate was broadly flat at 345,200 ounces.
Refined production
Refined production decreased by 8% to 1,240,600 ounces, due to more normalised throughput, as Q2 2021 benefited from processing higher than normal work-in-progress inventory following the ACP Phase A rebuild and commissioning in Q4 2020.
Sales
Sales volumes decreased by 16%, in line with refined production.
The H1 2022 average realised basket price of $2,671/PGM ounce reflects lower market prices, largely offset by a more normal sales mix compared to H1 2021 which saw elevated sales volumes of lower priced ruthenium.
2022 Guidance
Production guidance (metal in concentrate) for 2022 is unchanged at 3.9-4.3 million ounces(1). Refined production guidance for 2022 is unchanged at 4.0-4.4 million ounces, subject to the potential impact of Eskom load-shedding. Both are subject to the extent of further Covid-19 related disruption.
2022 unit cost guidance is revised to c.$950/PGM ounce (previously c.$970/PGM ounce), reflecting the weaker South African rand.
(1) Metal in concentrate production is expected to be 1.8-2.0 million ounces of platinum, 1.2-1.3 million ounces of palladium and 0.9-1.0 million ounces of other PGMs and gold. With own-mined output accounting for ~65%.
|
|
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
|||
|
M&C PGMs production (000 oz)(1) |
1,031.5 |
956.0 |
1,103.4 |
1,116.2 |
1,057.9 |
(2) % |
8 % |
1,987.5 |
2,079.1 |
(4) % |
|
Own mined |
686.3 |
623.1 |
734.2 |
720.0 |
709.2 |
(3) % |
10 % |
1,309.4 |
1,404.1 |
(7) % |
|
Mogalakwena |
261.4 |
248.8 |
300.8 |
276.4 |
308.3 |
(15) % |
5 % |
510.2 |
637.4 |
(20) % |
|
Amandelbult |
183.4 |
159.9 |
213.6 |
218.3 |
185.3 |
(1) % |
15 % |
343.3 |
341.3 |
1 % |
|
Unki |
66.3 |
53.3 |
63.2 |
42.6 |
47.9 |
38 % |
24 % |
119.6 |
98.8 |
21 % |
|
Mototolo |
75.6 |
67.2 |
56.9 |
69.0 |
59.9 |
26 % |
13 % |
142.8 |
118.5 |
21 % |
|
Joint operations(2) |
99.6 |
93.9 |
99.7 |
113.7 |
107.8 |
(8) % |
6 % |
193.5 |
208.1 |
(7) % |
|
Purchase of concentrate |
345.2 |
332.9 |
369.2 |
396.2 |
348.7 |
(1) % |
4 % |
678.1 |
675.0 |
0 % |
|
Joint operations(2) |
99.6 |
93.9 |
99.7 |
113.7 |
107.8 |
(8) % |
6 % |
193.5 |
208.1 |
(7) % |
|
Third parties |
245.6 |
239.0 |
269.5 |
282.5 |
240.9 |
2 % |
3 % |
484.6 |
466.9 |
4 % |
|
Refined PGMs production (000 oz)(1)(3) |
1,240.6 |
718.5 |
1,391.3 |
1,420.4 |
1,353.7 |
(8) % |
73 % |
1,959.1 |
2,326.7 |
(16) % |
|
By metal: |
|
|
|
|
|
|
|
|
|
|
|
Platinum |
600.4 |
334.1 |
653.5 |
662.9 |
625.7 |
(4) % |
80 % |
934.5 |
1,083.5 |
(14) % |
|
Palladium |
374.8 |
228.1 |
423.2 |
459.8 |
427.5 |
(12) % |
64 % |
602.9 |
744.5 |
(19) % |
|
Rhodium |
86.4 |
46.3 |
97.7 |
92.2 |
94.3 |
(8) % |
87 % |
132.7 |
157.3 |
(16) % |
|
Other PGMs and gold |
179.0 |
110.0 |
216.9 |
205.5 |
206.2 |
(13) % |
63 % |
289.0 |
341.4 |
(15) % |
|
Nickel (tonnes) |
6,200 |
4,600 |
5,700 |
6,000 |
5,800 |
7 % |
35 % |
10,800 |
10,600 |
2 % |
|
Tolled material (000 oz)(4) |
143.4 |
154.8 |
179.5 |
164.5 |
153.8 |
(7) % |
(7) % |
298.2 |
329.7 |
(10) % |
|
PGMs sales from production (000 oz)(1)(5) |
1,206.2 |
838.2 |
1,285.2 |
1,361.0 |
1,437.1 |
(16) % |
44 % |
2,044.4 |
2,568.2 |
(20) % |
|
Third party PGMs sales (000 oz)(1)(6) |
256.0 |
400.9 |
272.9 |
160.1 |
116.1 |
120 % |
(36) % |
656.9 |
337.6 |
95 % |
|
4E head grade (g/t milled)(7) |
3.33 |
3.24 |
3.49 |
3.47 |
3.48 |
(4) % |
3 % |
3.29 |
3.51 |
(6) % |
(1) M&C refers to metal in concentrate. Ounces refer to troy ounces. PGMs consists of 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold).
(2) The joint operations are Modikwa and Kroondal. Platinum owns 50% of these operations, which is presented under 'Own mined' production, and purchases the remaining 50% of production, which is presented under 'Purchase of concentrate'.
(3) Refined production excludes toll material.
(4) Ounces refer to troy ounces. Tolled volume measured as the combined content of: platinum, palladium, rhodium and gold, reflecting the tolling agreements in place.
(5) PGMs sales volumes from production are generally ~65% own mined and ~35% purchases of concentrate though this may vary from quarter to quarter.
(6) Relates to sales of metal not produced by Anglo American operations.
(7) 4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are excluded due to variability.
Iron Ore
|
Iron Ore (000 t) |
Q2 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q1 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2021 |
2022 |
2022 |
2021 |
||||
|
Iron Ore(1) |
14,374 |
15,695 |
(8) % |
13,165 |
9 % |
27,539 |
31,869 |
(14) % |
|
Kumba(2) |
9,469 |
9,818 |
(4) % |
8,292 |
14 % |
17,761 |
20,372 |
(13) % |
|
Minas-Rio(3) |
4,905 |
5,878 |
(17) % |
4,873 |
1 % |
9,778 |
11,496 |
(15) % |
(1) Total iron ore is the sum of Kumba and Minas-Rio.
(2) Volumes are reported as wet metric tonnes. Product is shipped with ~1.6% moisture.
(3) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.
Iron ore production decreased by 8% to 14.4 million tonnes, due to a 4% decrease at Kumba and a 17% decrease at Minas-Rio.
Kumba - Total production decreased by 4% to 9.5 million tonnes, as a 3% increase at Sishen to 7.1 million tonnes was more than offset by a 20% decrease at Kolomela to 2.4 million tonnes, reflecting the impact of a safety intervention.
Total sales increased by 10% to 10.3 million tonnes(1), reflecting improved logistics performance and the drawdown of finished stock to 4.5 million tonnes(1) to supplement lower production.
Kumba's iron (Fe) content averaged 64.0% (H1 2021: 64.1%), while the average lump:fines ratio was 66:34 (H1 2021: 69:31).
The H1 2022 average realised price of $135/tonne(1) (FOB South Africa, wet basis), was 14% higher than the 62% Fe benchmark price of $118/tonne (FOB South Africa, adjusted for freight and moisture), reflecting the lump and Fe content quality premiums that the Kumba products attract, partly offset by timing on provisionally priced volumes.
Minas-Rio - Production decreased by 17% to 4.9 million tonnes, principally due to a 20-day planned maintenance carried out in Q2 2022.
The H1 2022 average realised price of $134/tonne (FOB Brazil, wet basis) was higher than the Metal Bulletin 66 price of $133/tonne (FOB Brazil, adjusted for freight and moisture), principally reflecting the premium quality of the product, including higher (~67%) Fe content, partly offset by timing on provisionally priced volumes.
2022 Guidance
Production guidance (wet basis) for 2022 is unchanged at 60-64 million tonnes (Kumba 38-40 million tonnes; Minas-Rio 22-24 million tonnes). Both are subject to the extent of further Covid-19 related disruption and Kumba is subject to third party rail and port performance as well as weather related disruptions.
Unit cost guidance (wet basis) for 2022 is unchanged at c.$40/tonne (Kumba c.$44/tonne; Minas-Rio c.$32/tonne).
(1) Sales volumes, stock and realised price are reported on a wet basis and differ to Kumba's standalone results due to sales to other Group companies.
|
Iron Ore (tonnes) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||
|
Iron Ore production(1) |
14,373,900 |
13,164,900 |
15,050,800 |
16,888,100 |
15,695,300 |
(8) % |
9 % |
27,538,800 |
31,868,700 |
(14) % |
|
Iron Ore sales(1) |
14,470,800 |
13,828,700 |
16,775,700 |
15,818,800 |
14,973,600 |
(3) % |
5 % |
28,299,500 |
30,690,000 |
(8) % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kumba production |
9,468,800 |
8,292,000 |
9,701,300 |
10,788,600 |
9,817,600 |
(4) % |
14 % |
17,760,800 |
20,372,300 |
(13) % |
|
Lump |
6,229,900 |
5,387,700 |
6,419,900 |
7,252,800 |
6,723,700 |
(7) % |
16 % |
11,617,600 |
13,879,800 |
(16) % |
|
Fines |
3,238,900 |
2,904,300 |
3,281,400 |
3,535,800 |
3,093,900 |
5 % |
12 % |
6,143,200 |
6,492,500 |
(5) % |
|
Kumba production by mine |
|
|
|
|
|
|
|
|
|
|
|
Sishen |
7,105,500 |
5,816,100 |
6,538,200 |
7,528,300 |
6,876,800 |
3 % |
22 % |
12,921,600 |
13,948,000 |
(7) % |
|
Kolomela |
2,363,300 |
2,475,900 |
3,163,100 |
3,260,300 |
2,940,800 |
(20) % |
(5) % |
4,839,200 |
6,424,300 |
(25) % |
|
Kumba sales volumes(2) |
10,302,700 |
9,332,000 |
10,690,300 |
9,965,700 |
9,406,000 |
10 % |
10 % |
19,634,700 |
19,636,200 |
0 % |
|
Export iron ore(2) |
10,302,700 |
9,332,000 |
10,690,300 |
9,965,700 |
9,406,000 |
10 % |
10 % |
19,634,700 |
19,529,100 |
1 % |
|
Domestic iron ore |
- |
- |
- |
- |
- |
n/a |
n/a |
- |
107,100 |
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
Minas-Rio production |
|
|
|
|
|
|
|
|
|
|
|
Pellet feed (wet basis) |
4,905,100 |
4,872,900 |
5,349,500 |
6,099,500 |
5,877,700 |
(17) % |
1 % |
9,778,000 |
11,496,400 |
(15) % |
|
Minas-Rio sales volumes |
|
|
|
|
|
|
|
|
|
|
|
Export - pellet feed (wet basis) |
4,168,100 |
4,496,700 |
6,085,400 |
5,853,100 |
5,567,600 |
(25) % |
(7) % |
8,664,800 |
11,053,800 |
(22) % |
(1) Total iron ore is the sum of Kumba and Minas-Rio and reported in wet metric tonnes. Kumba product is shipped with ~1.6% moisture and Minas-Rio product is shipped with ~9% moisture.
(2) Sales volumes differ to Kumba's standalone results due to sales to other Group companies.
Steelmaking Coal
|
Steelmaking Coal(1) (000 t) |
Q2 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q1 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2021 |
2022 |
2022 |
2021 |
||||
|
Steelmaking Coal |
2,621 |
2,969 |
(12) % |
2,226 |
18 % |
4,847 |
6,247 |
(22) % |
(1) Anglo American's attributable share of production.
Export steelmaking coal production decreased by 12% to 2.6 million tonnes, primarily due to the planned end of production at the Grasstree operation in January 2022 and record unseasonal rainfall in May 2022 at the open pit operations. This was partly offset by the ramp-up of the new Aquila longwall operation, which replaces Grasstree, following commencement of operations in February 2022, as well as the ramp-up of the Grosvenor longwall operation following its restart in February 2022. Covid-19 related absenteeism and tight labour markets also continued to weigh on production.
Longwall mining restarted at Moranbah in the next longwall panel on 28 May 2022, following a fatal incident on 25 March 2022 and an extended longwall move.
The ratio of hard coking coal production to PCI/semi-soft coking coal was 81:19, higher than in Q2 2021 (78:22), primarily due to the restart of operations at Grosvenor, which produces premium quality hard coking coal.
The H1 2022 average realised price for hard coking coal was $407/tonne, and the index price was $467/tonne. The price realisation decreased to 87% (H1 2021: 89%) due to a lower contribution of premium hard coking coal from the Grasstree operation.
2022 Guidance
Production guidance for 2022 is revised to 15-17 million tonnes (previously 17-19 million tonnes), subject to the extent of further unseasonal wet weather, continued tight labour markets and Covid-19 related disruptions.
2022 unit cost guidance is revised to c.$110/tonne (previously c.$105/tonne), reflecting the impact of lower volumes.
|
Coal, by product (tonnes)(1) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||
|
Production volumes |
|
|
|
|
|
|
|
|
|
|
|
Steelmaking Coal |
2,620,600 |
2,226,400 |
4,372,100 |
4,288,500 |
2,968,600 |
(12) % |
18 % |
4,847,000 |
6,247,100 |
(22) % |
|
Hard coking coal |
2,125,600 |
1,753,000 |
2,922,400 |
3,567,400 |
2,319,500 |
(8) % |
21 % |
3,878,600 |
4,830,700 |
(20) % |
|
PCI / SSCC |
495,000 |
473,400 |
1,449,700 |
721,100 |
649,100 |
(24) % |
5 % |
968,400 |
1,416,400 |
(32) % |
|
Export thermal Coal |
365,900 |
427,400 |
341,800 |
443,800 |
519,000 |
(29) % |
(14) % |
793,300 |
891,400 |
(11) % |
|
Sales volumes |
|
|
|
|
|
|
|
|
|
|
|
Steelmaking Coal |
2,776,100 |
2,429,700 |
4,182,400 |
3,985,800 |
2,856,300 |
(3) % |
14 % |
5,205,800 |
5,968,600 |
(13) % |
|
Hard coking coal |
1,987,200 |
1,812,000 |
2,793,500 |
3,293,600 |
2,246,200 |
(12) % |
10 % |
3,799,200 |
4,708,300 |
(19) % |
|
PCI / SSCC |
679,500 |
617,700 |
1,388,900 |
692,200 |
610,100 |
11 % |
10 % |
1,297,200 |
1,260,300 |
3 % |
|
Processed third party coal(2) |
109,400 |
- |
- |
- |
- |
n/a |
n/a |
109,400 |
- |
n/a |
|
Export thermal coal |
390,000 |
337,900 |
483,800 |
560,400 |
572,000 |
(32) % |
15 % |
727,900 |
1,064,000 |
(32) % |
|
(1) Anglo American's attributable share of production. (2) Relates to steelmaking coal mined by third parties and processed by Anglo American. |
||||||||||
|
|
||||||||||
|
Steelmaking coal, by operation (tonnes)(1) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||
|
Steelmaking Coal |
2,620,600 |
2,226,400 |
4,372,100 |
4,288,500 |
2,968,600 |
(12) % |
18 % |
4,847,000 |
6,247,100 |
(22) % |
|
Moranbah |
209,700 |
172,800 |
1,084,300 |
1,314,700 |
56,600 |
270 % |
21 % |
382,500 |
651,700 |
(41) % |
|
Grosvenor |
856,300 |
125,200 |
52,100 |
19,500 |
- |
n/a |
584 % |
981,500 |
- |
n/a |
|
Aquila (incl. Capcoal)(2) |
527,100 |
746,400 |
1,588,700 |
1,503,500 |
1,554,100 |
(66) % |
(29) % |
1,273,500 |
2,900,700 |
(56) % |
|
Dawson |
317,400 |
444,900 |
654,100 |
659,200 |
569,800 |
(44) % |
(29) % |
762,300 |
1,170,400 |
(35) % |
|
Jellinbah |
710,100 |
737,100 |
802,200 |
791,600 |
788,100 |
(10) % |
(4) % |
1,447,200 |
1,524,300 |
(5) % |
|
Other |
- |
- |
190,700 |
- |
- |
n/a |
n/a |
- |
- |
n/a |
|
(1) Anglo American's attributable share of production. (2) Including production from the Aquila longwall operation from February 2022. Prior to then, including production from the Grasstree longwall operation. |
||||||||||
Manganese
|
Manganese (000 t) |
Q2 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q1 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2021 |
2022 |
2022 |
2021 |
||||
|
Manganese ore(1) |
980 |
941 |
4 % |
804 |
22 % |
1,783 |
1,845 |
(3) % |
(1) Saleable production.
Manganese ore production increased by 4% to 979,600 tonnes, primarily due to scheduled maintenance at the South African operations during 2021, partially offset by wet weather related impacts at the Australian operation in Q2 2022.
|
Manganese (tonnes) |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q2 2022 vs. Q2 2021 |
Q2 2022 vs. Q1 2022 |
H1 |
H1 |
H1 2022 vs. H1 2021 |
|
2022 |
2022 |
2021 |
2021 |
2021 |
2022 |
2021 |
||||
|
Samancor production |
|
|
|
|
|
|
|
|
|
|
|
Manganese ore(1) |
979,600 |
803,500 |
834,600 |
1,003,600 |
940,500 |
4 % |
22 % |
1,783,100 |
1,845,000 |
(3) % |
|
Samancor sales volumes |
|
|
|
|
|
|
|
|
|
|
|
Manganese ore |
960,200 |
846,900 |
940,200 |
947,200 |
980,200 |
(2) % |
13 % |
1,807,100 |
1,858,400 |
(3) % |
(1) Saleable production.
Exploration and evaluation
Exploration and evaluation expenditure increased by 30% to $87 million. Exploration expenditure increased by 68% to $42 million, principally reflecting timing of drilling schedules and the recovery from the Covid-19 disruptions in 2021 impacting greenfield base metals exploration and near-mine iron ore exploration. Evaluation expenditure increased by 7% to $45 million, driven by continued easing of Covid-19 restrictions.
Corporate and other activities
During the first half of 2022, the Group finalised the Grosvenor gas ignition insurance claim, resulting in a one-off benefit of $0.3 billion to the Steelmaking Coal EBITDA and an offsetting expense within the Corporate and other segment.
For more information on Anglo American's announcements during the period (excluding our Q1 production), please find links to our Press Releases:
• 14 July 2022 | Anglo American partners with Nippon Steel to advance steelmaking decarbonisation
• 12 July 2022 | Anglo American announces first copper production from Quellaveco project in Peru
• 28 Jun 2022 | Anglo American invests in Sanergy organic waste upcycling
• 22 Jun 2022 | Anglo American rough diamond sales value for De Beers' fifth sales cycle of 2022
• 9 Jun 2022 | Anglo American agrees sustainability-linked loan with International Finance Corporation
• 18 May 2022 | Anglo American rough diamond sales value for De Beers' fourth sales cycle of 2022
• 3 May 2022 | Update on Los Bronces integrated project permitting process
• 23 April 2022 | Anglo American statement re. Los Bronces project permitting
•
Notes
• This Production Report for the quarter ended 30 June 2022 is unaudited.
• Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
• Copper equivalent production shows changes in underlying production volume. It is calculated by expressing each product's volume as revenue, subsequently converting the revenue into copper equivalent units by dividing by the copper price (per tonne). Long-term forecast prices are used, in order that period-on-period comparisons exclude any impact for movements in price.
• Please refer to page 16 for information on forward-looking statements.
In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses.
For further information, please contact:
|
Media |
Investors |
|
UK 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
Katie Ryall katie.ryall@angloamerican.com Tel: +44 (0)20 7968 8935
South Africa Nevashnee Naicker nevashnee.naicker@angloamerican.com Tel: +27 (0)11 638 3189
Sibusiso Tshabalala sibusiso.tshabalala@angloamerican.com Tel: +27 (0)11 638 2175
|
UK Paul Galloway paul.galloway@angloamerican.com Tel: +44 (0)20 7968 8718
Emma Waterworth emma.waterwoth@angloamerican.com Tel: +44 (0)20 7968 8574
Michelle Jarman michelle.jarman@angloamerican.com Tel: +44 (0)20 7968 1494 |
Notes to editors:
Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and to mine, process, move and market our products to our customers - safely and sustainably.
As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and steelmaking coal, and nickel - with crop nutrients in development - we are committed to being carbon neutral across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people's lives.
www.angloamerican.com
Forward-looking statements and third-party information:
This announcement includes forward-looking statements. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, 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 infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological 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 profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, political uncertainty, tensions and disputes and economic conditions in relevant areas of the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, 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 announcement. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Nothing in this announcement should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information about Anglo American included in this announcement is sourced from publicly available third party sources. 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.
©Anglo American Services (UK) Ltd 2022. ™ and 
TM are trade marks of Anglo American Services (UK) Ltd. TracrTM is a trademark of De Beers UK Limited.
Legal Entity Identifier: 549300S9XF92D1X8ME43
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
