Wrap Text
Production Report for the fourth quarter ended 31 December 2024
Anglo American plc (the "Company")
Registered office: 17 Charterhouse Street London EC1N 6RA United Kingdom
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM
6 February 2025
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 Kue 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 Kue 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 H2 2024 vs. H1
2023 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 Acu) (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).
Preliminary H2 financial update on FY2024 results
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 expect full year 2024 EBITDA for
De Beers to be marginally negative.
The agreed sale of the Steelmaking Coal business will likely see an eventual gain on sale at the Group level in 2025 but fair value
assessments for the individual assets based on the agreed sale value allocation will likely result in an impairment on some of these
assets at the full year 2024 results.
Depreciation and amortisation for the Group is currently estimated to be towards the upper end of guidance of $3.0-3.2 billion.
The underlying effective tax rate is currently estimated to be around the upper end of guidance of 40-42%.
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.
For more information on Anglo American's announcements during the period, please find a link to our Press Releases below:
https://www.angloamerican.com/media/press-releases/2024
Copper
Copper(1) (tonnes) Q4 Q4 Q4 2024 vs. Q3 Q4 2024 vs. 2024 vs.
2024 2023 Q4 2023 2024 Q3 2024 2024 2023 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 2024 vs. 2024 vs.
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 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. Q3 Q4 2024 vs. 2024 vs.
2024 2023 Q4 2023 2024 Q3 2024 2024 2023 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 2024 vs. 2024 vs.
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 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. Q3 Q4 2024 vs. 2024 vs.
2024 2023 Q4 2023 2024 Q3 2024 2024 2023 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 2024 vs. 2024 vs.
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 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. Q3 Q4 2024 vs. 2024 vs.
2024 2023 Q4 2023 2024 Q3 2024 2024 2023 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 Kue 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 Kue joint operation which is on an attributable 51% basis.
Q4 Q3 Q2 Q1 Q4 Q4 2024 Q4 2024 2024
Diamonds(1) vs. vs. vs.
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 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 Kue (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 Kue 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. Q3 Q4 2024 vs. 2024 vs.
2024 2023 Q4 2023 2024 Q3 2024 2024 2023 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 2024 vs. 2024 vs.
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 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 2024 vs. 2024 vs.
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 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. Q3 Q4 2024 vs. 2024 vs.
2024 2023 Q4 2023 2024 Q3 2024 2024 2023 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.
Q4 Q3 Q2 Q1 Q4 Q4 2024 Q4 2024
Nickel (tonnes) vs. vs. 2024 vs.
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 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. Q3 Q4 2024 vs. 2024 vs.
2024 2023 Q4 2023 2024 Q3 2024 2024 2023 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.
Q4 Q3 Q2 Q1 Q4 Q4 2024 Q4 2024
Manganese (tonnes) vs. vs. 2024 vs.
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 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 UK
James Wyatt-Tilby Tyler Broda
james.wyatt-tilby@angloamerican.com tyler.broda@angloamerican.com
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 1470
Marcelo Esquivel Michelle West-Russell
marcelo.esquivel@angloamerican.com michelle.west-russell@angloamerican.com
Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 1494
Rebecca Meeson-Frizelle Asanda Malimba
rebecca.meeson-frizelle@angloamerican.com asanda.malimba@angloamerican.com
Tel: +44 (0)20 7968 1374 Tel: +44 (0)20 7968 8480
South Africa
Nevashnee Naicker
nevashnee.naicker@angloamerican.com
Tel: +27 (0)11 638 3189
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.
http://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, 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 product prices, unanticipated downturns in
business relationships with customers or their purchases from Anglo American, 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 or competing 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, terrorism, war, conflict,
political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal
and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or
divestitures, competitive pressures and 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 document. 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
Guidance 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 document 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 included in this document is sourced from
third-party sources (including, but not limited to, externally conducted studies and trials). 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.
(c)Anglo American Services (UK) Ltd 2025. AngloAmerican(TM) are trade marks of Anglo American Services (UK) Ltd.
Legal Entity Identifier: 549300S9XF92D1X8ME43
The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange,
the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
6 February 2025
Date: 06-02-2025 09:00:00
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