Anglo American plc Interim management statement production Report for the first quarter ended 31 March 2009
30 April, 2009
Anglo American plc Interim management statement production Report for the first quarter ended 31 March 2009.
Overview
- Platinum equivalent refined production in line with full year target; planned higher rates of smelting for the balance of 2009 are in line with expected refined platinum production of 2.4 million ounces for the year
- Iron ore production in line with previous quarter and up 22% on the first quarter of 2008 as Sishen jig plant continues to ramp up
- Coal and diamond production reduced in response to lower anticipated demand
- Copper production decreased due to lower ore grades at Los Bronces, partly offset by higher production at Collahuasi
- Balance sheet strengthened through series of measures to provide financial flexibility:
- $4.7 billion of new financing secured
- $2 billion bond issued - strong demand and priced at bottom of range
- $1.7 billion convertible bond issued – strong demand, 35% conversion premium and priced below indicative range at 4% coupon
- $1 billion BNDES loan finalised to finance Minas-Rio iron ore project
- $1.8 billion of total cash proceeds from sale of residual stake in AngloGold Ashanti – sold at a strong price
- Undrawn committed bank facilities and cash increased to over $9 billion
- $4.7 billion of new financing secured
Anglo American has taken a series of proactive measures in response to the current economic environment and is positioned strongly to weather those conditions and to deliver long term shareholder value through its existing operations and its well funded growth pipeline of world class development projects.
Results for the half year to 30 June 2009 will be announced on 3 August 2009.
This report forms Anglo American plc’s Interim Management Statement for the purpose of the UK Listing Authority’s Disclosure and Transparency Rules.
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Forward looking statements:
This Interim Management Statement contains certain forward looking statements which involve risk and uncertainty because they relate to events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.