Anglo American plc Interim Management Statement for the first quarter ended 31 March 2012
19 April, 2012
Anglo American plc Interim Management Statement for the first quarter ended 31 March 2012
OVERVIEW
- All three strategic growth projects delivered in 2011 are ramping up well, achieving between 74% and 86% of nameplate capacity during the quarter
- Iron ore production increased by 17% to 11.7 million tonnes mainly due to the ramp-up of production from Kolomela mine and a continued improvement in performance at Amapá. Kolomela mine is expected to produce between 4 and 5 million tonnes in 2012, ramping up to 9 Mtpa capacity in 2013, on schedule
- Metallurgical Coal’s production of export metallurgical coal increased by 73% to 3.7 million tonnes following the Q1 2011 floods in Australia and decreased by 8% compared to Q4 2011 due to wet weather
- Export thermal coal production from South Africa and Colombia increased by 6% to 8.2 million tonnes
- Copper production increased by 21% to 168,400 tonnes, and was in line with Q4 2011, due to the continued ramp-up of the Los Bronces expansion and higher ore grades at El Soldado, partly offset by expected lower grades and weather related and other operational issues at Collahuasi
- Nickel production from the Nickel business unit increased by 97% to 12,000 tonnes, and by 21% compared to Q4 2011, as the Barro Alto operation continues to ramp up
- Platinum equivalent refined production increased by 5% to 593,200 ounces, mainly due to a lower number of safety stoppages, a strong performance from the Mogalakwena open pit mine and ramp-up of the Unki mine. Refined platinum production declined by 24% to 402,800 ounces, due to planned converter plant maintenance
- Diamond production decreased by 16% to 6.2 million carats, and by 4% compared to Q4 2011, mainly reflecting De Beers’ continued scheduled maintenance and waste stripping activities
- During the quarter, the Group issued $1.9 billion in corporate bonds with maturities ranging from five to ten years. On 23 March, Anglo American gave notice that it had exercised its right to redeem the $1.7 billion 4.00% convertible bonds due 2014 on 22 May 2012. These bonds may still be converted to equity at any time up to 15 May 2012
- De Beers acquisition received all competition approvals; completion on track for H2 2012
This Interim Management Statement for the first quarter ended 31 March 2012 is unaudited. Interim Results for the six months to 30 June 2012 will be announced on 27 July 2012.
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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