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Q4 2021 Production Report

27 January, 2022

Anglo American plc Production Report for the fourth quarter ended 31 December 2021

Mark Cutifani, Chief Executive of Anglo American, said: “Our production was broadly flat compared to Q4 of 2020, with our operating levels at approximately 95%(1) of normal capacity through the year, largely due to the ongoing Covid related effects on the operating environment. Production in the fourth quarter benefited from higher rough diamond production at De Beers, a return to pre-Covid production levels at our open cut metallurgical coal mines and improved mining performance at Amandelbult which resulted in higher metal in concentrate production from our PGMs business. At our copper operations, Collahuasi's production increased as a result of strong plant performance and planned maintenance in the comparable period of 2020.

"As we move into 2022, we are pleased with the construction progress at Quellaveco, our new copper mine in Peru. We are on track and within budget, we mined our first ore in October 2021, and we are expecting our first production of copper concentrate in the middle of this year. In the first quartile of the cost curve, we expect Quellaveco to produce 120,000-160,000 tonnes of copper production in 2022 and to average 300,000 tonnes per year for the first ten years at full production."

Q4 2021 highlights

  • Rough diamond production increased by 15%, principally from Jwaneng in Botswana as well as in Namibia, reflecting planned higher production in response to strong consumer demand.
  • Our Platinum Group Metals (PGMs) operations more than doubled refined production in the quarter, and resulted in a record full year refined production of 5.1Moz. This has substantially reduced work-in-progress inventory, and resulted in a 62% increase in co-product nickel production for the full year to 22,300 tonnes. Together with our primary nickel output, group total nickel production reached 64,000 tonnes in 2021, a 12% increase year-on-year.
  • Metallurgical coal production increased by 5%, reflecting an increase in production at the Dawson open cut operation, partially offset by Moranbah which continues to be affected by areas of challenging geology.
  • Our copper operations' full year production was in line with the prior year, mitigating the ongoing water challenges from the severe drought conditions.
  • Full year iron ore production increased by 3%, although lower in the quarter, despite unplanned maintenance at Minas-Rio and third party rail performing below planned levels affecting Kumba's production for the year.
  • Our 2021 Climate Change Report was published in October, setting out clear pathways to carbon neutral operations by 2040 and our ambition to reduce Scope 3 emissions by 50%, also by 2040.
  • Completed sale of our 33% interest in Cerrejón on 11 January 2022: final stage of our exit from thermal coal operations.
Production Q4 2021 Q4 2020 % vs. Q4 2020 2021 2020 % vs. 2020
Diamonds (Mct)(2) 7.7 6.7 15% 32.3 25.1 29%
Copper (kt)(3) 161 168 (4)% 647 647 0%
Platinum group metals (koz)(4) 1,103 1,076 3% 4,299 3,809 13%
Iron ore (Mt)(5) 15.1 16.2 (7)% 63.8 61.7 3%
Metallurgical coal (Mt) 4.4 4.2 5% 14.9 16.8 (11)%
Nickel (kt)(6) 10.6 11.7 (9)% 41.7 43.5 (4)%
Manganese ore (kt) 835 942 (11)% 3,683 3,520 5%

(1) Production capacity excludes Grosvenor. Q4 year-on-year copper equivalent production decreased 1%, this is normalised to reflect the demerger of the South Africa thermal coal operations, the sale of our interest in Cerrejón and the closure of the manganese alloy operations.
(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) Produced ounces of metal in concentrate. 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). Reflects own mine production and purchase of concentrate.
(5) Wet basis.
(6) Reflects nickel production from the Nickel operations in Brazil only (excludes nickel production from the Platinum Group Metals business unit).

NOTES

  • This Production Report for the quarter ended 31 December 2021 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.

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For further information, please contact:

Media Investors
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James Wyatt-Tilby Paul Galloway
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Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 8718
Marcelo Esquivel Juliet Newth
Email: [email protected] Email: [email protected]
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 8830
Katie Ryall Michelle Jarman
Email: [email protected] Email: [email protected]
Tel: +44 (0)20 7968 8935 Tel: +44 (0)20 7968 1494
South Africa  
Nevashnee Naicker  
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Tel: +27 (0)11 638 3189  
Sibusiso Tshabalala  
Email: [email protected]  
Tel: +27 (0)11 638 2175  

Notes to editors:

Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and to mine, process, move and market our products to our customers – safely and sustainably.

As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and metallurgical coal for steelmaking, 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.

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 (including development plans and objectives relating to Anglo American’s products, production forecasts and Ore Reserves and Mineral Resource estimates) and environmental, social and corporate governance goals 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 development capabilities, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to produce and transport products profitably, the availability of transportation infrastructure, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the world, 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, though these may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information.

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