Wrap Text
PGMs production report for the fourth quarter ending 31 December 2024
Production Report
Anglo American Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
Share Code: AMS
ISIN: ZAE000013181
("The Company" or "Anglo American Platinum")
6 February 2025
Anglo American Platinum Limited
PGMs production report for the fourth quarter ending 31 December 2024
Overview – Q4 2024 performance against prior period Q4 2023
• Safety performance - working safely is our number one value. We continue to make progress on resetting our safety
performance, with the aim of achieving zero harm, although we suffered setbacks in 2024. Sadly, one of our colleagues, Mr.
Basanda Langeni, lost his life at Amandelbult Dishaba mine, on 8 October 2024. In a separate incident, on 29 November 2024
Mr. Tshepo Tebele lost his life at the independently managed Modikwa joint venture.
• Own-managed mines Platinum Group Metals (PGMs) production (expressed as 5E+Au metal-in-concentrate) increased by
1%1 to 588,300 ounces when compared to the prior period. On a quarter-on-quarter basis, own mined production increased
by 7%, reflecting stability from the turnaround initiatives implemented during the year. Full year PGM production was
2,191,800 ounces, which is at the mid-point of the 2024 M&C production guidance.
• Purchase of PGM concentrate (POC) decreased by 18%1 to 287,400 ounces, reflecting the transition of Kroondal to a 4E toll
arrangement, effective from 1 September 20242. Full year POC PGM production was 1,361,300 ounces.
• Refined PGMs production (owned production, excluding tolling) decreased by 14% to 1,027,900 ounces as expected, as the
work-in-progress inventory built-up from prior years has now been released. Full year refined PGM production was
3,916,300 ounces, which is at the upper end of the 2024 refined production guidance.
• PGMs sales volumes (from production, excluding sales from trading) decreased by 14% to 1,002,000 ounces, in line with
lower refined production. Full year sales volume was 4,077,800 ounces, as a result of higher refined production and a draw
down of finished goods.
1 On a like-for-like basis to include 100% of Kroondal volumes in the comparative period.
2 Kroondal has now transitioned to a 4E tolling arrangement effective 1 September 2024, as outlined in the Kroondal sales annou ncement. Prior to this, it was reported as a 100%
third-party purchase of concentrate arrangement.
Craig Miller, CEO of Anglo American Platinum, said:
"We are resolute in our commitment to eliminate fatalities from our workplace and we are redoubling our efforts to ensure that
zero harm becomes a daily reality at our operations. Sadly, two of our colleagues lost their lives during the last quarter, Mr.
Basanda Langeni, at Amandelbult, on 8 October 2024 and Mr. Tshepo Tebele, our colleague at the independently managed
Modikwa joint venture on 29 November 2024. I wish to express our heartfelt condolences to the family, friends and colleagues
of both Messrs Langeni and Tebele.
"Own-mined volume increased by 7% compared to Q3 2024, reflecting strong performance from Mogalakwena and Mototolo
during the quarter, partially offset by lower production at both Amandelbult and Modikwa due to safety stoppages in the fourth
quarter, following the two fatalities. Mogalakwena's production increased by 30% compared to Q3 2024, demonstrating
effective execution of our plans to recover lost production from the primary mill breakdown in July 2024. I am pleased that we
have achieved our total M&C and refined production guidance for 2024, ending the year at 3,553,100 M&C PGM ounces and
3,916,300 refined PGM ounces, largely due to the improvements in our operating performance and the stability of our
processing business throughout the period, and draw down of work-in-progress material.
"We continue to progress towards a responsible and orderly separation from Anglo American which we are aiming to complete
by mid-2025.
"More insights on our performance will be shared when we release our annual results on 17 February 2025."
Anglo American Platinum Q4 2024 Q4 2024 FY 2024
PGM Production Report - Q4 2024 Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 FY 2023
M&C PGM production1 adjusted for Kroondal2 875.7 922.3 921.0 834.1 932.2 (6) % (5)% 3,553.1 3,806.1 (7)%
Own mined volume 3 588.3 552.0 547.2 504.3 579.7 1 % 7% 2,191.8 2,285.6 (4) %
Purchase of concentrate (POC)4 287.4 370.3 373.8 329.8 352.5 (18) % (22)% 1,361.3 1,520.5 (10) %
M&C PGM production1 875.7 922.3 921.0 834.1 932.2 (6) % (5)% 3,553.1 3,806.1 (7) %
Own mined volume - as previously published 588.3 552.0 547.2 504.3 595.7 (1) % 7 % 2,191.8 2,460.2 (11) %
Purchase of concentrate - as previously published 287.4 370.3 373.8 329.8 336.5 (15) % (22) % 1,361.3 1,345.9 1 %
Refined PGM production owned5 1,027.9 1,106.9 1,153.5 628.0 1,191.1 (14) % (7) % 3,916.3 3,800.6 3 %
4E Toll refined production 182.8 153.8 132.9 160.2 175.1 4 % 19 % 629.7 620.6 1 %
Total refined production (owned and toll) 1,210.7 1,260.7 1,286.4 788.2 1,366.2 (11) % (4) % 4,546.0 4,421.2 3 %
PGM sales volume from production 5 1,002.0 1,102.2 1,266.1 707.5 1,166.2 (14) % (9) % 4,077.8 3,925.3 4 %
Trading sales volume 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 %
Total sales volume (production and trading) 3,478.5 3,075.9 3,358.5 1,907.6 2,216.5 57 % 13 % 11,820.5 8,261.7 43 %
Numbers are independently rounded and minor variances might be present when performing additions, subtractions and calculations.
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
Restated for prior periods to exclude Kroondal from mined volume and to include all prior period data for Kroondal as Purchase of concentrate. 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 POC
arrangement. As expected, from 1 September 2024, Kroondal transitioned to a 4E toll arrangement on the same basis as Sibanye-Stillwater.
3
PGM production from Mogalakwena, Amandelbult, Mototolo, Unki and 50% attributable production from joint operation Modikwa.
4
PGM production from third parties, 100% production of Kroondal and 50% purchased from joint operation Modikwa.
5
Refined and sales volumes owned by Anglo American Platinum referencing its annual guidance i.e. excluding toll refining volumes.
6
Trading sales volume - relates to sales of metal not produced by Anglo American Platinum operations.
Review of the quarter
Safety
As previously reported, we regrettably suffered the tragic loss of life of Mr. Basanda Langeni on 8 October 2024 at Dishaba Mine,
Amandelbult. Additionally, we are deeply saddened by the loss of life of Mr. Tshepo Tebele, our colleague at the independently
managed Modikwa joint venture on 29 November 2024. Operational activities were halted at both operations following these
fatalities to ensure that all safety improvement efforts are fully deployed, ensuring the compliance to procedures and standards
and resetting safe work expectations.
Following the fatalities at Amandelbult, lessons learnt were rolled out across our managed operations. Various measures have
been taken to address unsafe working practices and other high risk activities in the workplace. We recognise that our safety
journey is ongoing, and we remain committed to addressing embedded behaviours, cultures and practices that do not conform
to our safety standards, to ensure each one of our colleagues returns home safely.
The total recordable injury frequency rate (TRIFR) increased to 1.92 per million hours at our operations, up from 1.88 per million
hours, predominantly due to fewer hours worked as we embarked on safety stoppages across our operations, as well as a lower
number of employees following the restructuring processes, compared to the prior period.
Metal-in-concentrate (M&C) PGM production
Total PGM production
Total PGM production in Q4 2024 decreased by 6% against the prior period (Q4 2023) to 875,700 ounces, mainly due to the
Kroondal transition to a 4E toll arrangement.
PGM production from own mines
Own-mined production increased by 1%1 compared to the prior period, primarily reflecting higher production from Mogalakwena
and Mototolo, partially offset by lower production from Amandelbult and Modikwa. 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 both the mining activities and concentrators. As a result, Mogalakwena recovered ~75% of the lost production from the
primary mill breakdown in July 2024, recording a 30% production uplift quarter-on-quarter. The 4E built-up head grade was flat
at 3.0g/t for the quarter, due to processing of stockpiled high grade ore which was mined in Q3 2024. The full-year blended grade
of 2.7g/t is in line with guidance. The full-year 2025 blended grade guidance remains unchanged at 2.7-2.9g/t, however, similarly
to Q1 2024, the grades in Q1 2025 will be lower due to a combination of the mining sequence extraction plan, as well as the
blending of the lower-grade stockpile.
Amandelbult PGM production declined by 9% to 136,900 ounces as a result of lower mining volumes, mainly from Dishaba, due
to management's decision to halt all production following the fatal incident on 8 October 2024 in order to conduct audits,
remediate all workplace deviations and reset safety compliance. Some sections at Dishaba resumed production in December
following self-imposed safety clearances, while most of the operations utilised the December period to address safety
performance required to facilitate a safe start-up in 2025.
Mototolo's production increased by 12% to 74,200 ounces, reflecting the implementation and stabilisation of the new seven-day
mining shift cycle, which helped to mitigate the impact of difficult ground conditions as Lebowa shaft reaches its end of life. The
development of the Der Brochen project, which will replace infrastructure closures at Lebowa, is progressing as planned, with
production anticipated to ramp up in late 2025.
1 On a like-for-like basis to include 100% of Kroondal volumes in the comparative period.
Unki production decreased by 2% to 60,300 ounces as the current quarter was impacted by a three-day national power outage.
Modikwa PGM production (50% own-mined) decreased by 8% to 33,400 ounces, due to lower mining volumes mainly from safety
stoppages following the fatal incident on 29 November 2024. On 19 December 2024, the s54 was lifted and production resumed,
however, heavy rains caused flooding which resulted in further disruptions to production.
Purchases of PGM concentrate
Purchase of concentrate volumes decreased by 18%2 to 287,400 ounces, reflecting the transition of Kroondal to a 4E toll
arrangement.
Refined PGM production
Refined PGM production (from owned production, excluding tolling) decreased by 14% to 1,027,900 ounces as expected, as the
build-up in work-in-progress inventory from prior years has now been released. A return to normal stock levels has been driven
by stable and consistent performance from our processing assets, in addition to no Eskom load curtailment in the year.
Toll-refined PGM production increased by 4% to 182,800 PGM ounces, reflecting the transition of Kroondal to a 4E toll
arrangement
Base metal production
We achieved record full year nickel production in 2024 of 25,700 tonnes, 18% higher than in 2023, due to the processing of built-
up furnace matte from prior years, enabled by the stability of our Base Metal Refinery. Copper production in the quarter increased
by 15% to 4,600 tonnes compared to the prior period and outperformed 2023 by 25%. Nickel production in the quarter decreased
by 10% to 6,300 tonnes, as the RBMR was impacted by potable water supply disruption during the water utility shut.
During this quarter, total chrome production amounted to 255,000 tonnes, with 34,700 tonnes attributed to the chrome plant at
Mototolo.
PGM sales volumes
PGM sales volumes (excluding trading) decreased by 14% to 1,002,000 ounces in line with lower refined production.
The average Q4 2024 realised basket price of $1,509/PGM ounce was 8% (or 5% in ZAR terms) higher than Q4 2023,
predominantly due to a 9% higher platinum price and 14% higher ruthenium price. The average 2024 realised basket price of
$1,468/PGM ounce is 11% lower when compared to 2023, mainly due to a 30% lower rhodium realised price and 24% lower
palladium realised price.
2 Kroondal has now transitioned to a 4E tolling arrangement effective 1 September 2024, as outlined in the Kroondal sales announcement. Prior to this, it was reported as a 100% third-
party purchase of concentrate arrangement.
Production guidance for 2025-2027
Production guidance for 2025 for metal in concentrate 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. 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. 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.
2025 guidance 2026 Estimate 2027 Estimate
Platinum Group Metals - M&C production (1) 3.0–3.4 Moz 3.0–3.4 Moz 3.0–3.5 Moz
Own mined volume 2.1–2.3 Moz 2.1–2.3 Moz 2.3–2.5 Moz
Purchase of concentrate (POC) 0.9–1.1 Moz 0.9–1.1 Moz 0.7–1.0 Moz
(2)
Platinum Group Metals - Refined 3.0–3.4 Moz 3.0–3.4 Moz 3.0–3.5 Moz
(1) The average M&C split by metal is Platinum: c.44%, Palladium: c.32% and Other: c.24%.
(2) Refined production excludes toll refined material. Production remains subject to the impact of Eskom load-curtailment.
Anglo American Platinum Q4 2024 Q4 2024 FY 2024
PGM Production Report - Q4 2024 Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 FY 2023
Safety
Fatalities - own managed operations number 1 2 0 0 0 (100) % (50) % 3 0 (100) %
Total recordable injury frequency rate (TRIFR) /million hrs 1.92 1.57 1.48 1.88 1.88 2 % 22 % 1.67 1.61 4 %
Mined production - previously published
PGM ounces produced 000 ounces 588.3 552.0 547.2 504.3 595.7 (1) % 7 % 2,191.8 2,460.2 (11) %
Platinum 000 ounces 267.5 249.8 250.3 229.9 270.9 (1) % 7 % 997.5 1,121.1 (11) %
Palladium 000 ounces 218.0 198.4 197.1 185.2 218.0 —% 10 % 798.7 870.4 (8) %
Rhodium 000 ounces 31.1 32.3 30.9 27.9 33.3 (7) % (4) % 122.2 146.9 (17) %
Other PGMs 000 ounces 71.7 71.5 68.9 61.3 73.5 (2) % —% 273.4 321.8 (15) %
Tonnes milled 000 tonnes 6,219 5,979 6,142 5,921 6,249 —% 4 % 24,261 26,021 (7) %
4E built-up head grade1 g/t 3.34 3.22 3.17 3.05 3.35 —% 4 % 3.20 3.22 (1) %
Mogalakwena
PGM ounces produced 000 ounces 283.5 217.8 232.6 219.5 265.3 7 % 30 % 953.4 973.5 (2) %
Platinum 000 ounces 122.0 92.1 100.2 94.2 113.7 7 % 32 % 408.5 411.6 (1) %
Palladium 000 ounces 129.8 101.2 106.1 100.4 122.1 6 % 28 % 437.5 447.3 (2) %
Rhodium 000 ounces 7.6 6.1 6.3 6.2 7.4 3 % 24 % 26.2 29.3 (11) %
Other PGMs 000 ounces 24.1 18.4 20.0 18.7 22.1 9 % 31 % 81.2 85.3 (5) %
Tonnes milled 000 tonnes 3,701 3,167 3,483 3,515 3,418 8 % 17 % 13,866 13,656 2 %
4E built-up head grade1 g/t 3.00 2.68 2.60 2.45 3.00 — % 12 % 2.69 2.73 (2) %
Amandelbult
PGM ounces produced 000 ounces 136.9 158.2 157.6 127.1 149.9 (9) % (13) % 579.8 634.2 (9) %
Platinum 000 ounces 69.0 79.5 80.5 65.4 76.3 (10) % (13) % 294.4 322.1 (9) %
Palladium 000 ounces 31.8 37.0 36.9 30.0 35.4 (10) % (14) % 135.7 148.3 (8) %
Rhodium 000 ounces 12.6 14.6 14.2 11.5 13.8 (8) % (14) % 52.9 58.0 (9) %
Other PGMs 000 ounces 23.5 27.1 26.0 20.2 24.4 (4) % (13) % 96.8 105.8 (9) %
Tonnes milled 000 tonnes 899 1,101 1,146 924 1,106 (19) % (18) % 4,070 4,385 (7) %
4E built-up head grade1 g/t 4.49 4.44 4.48 4.53 4.27 5 % 1 % 4.48 4.27 5 %
Mototolo
PGM ounces produced 000 ounces 74.2 74.1 66.3 61.9 66.5 12 % —% 276.5 288.7 (4) %
Platinum 000 ounces 34.1 33.6 30.2 27.9 29.8 14 % 1 % 125.8 131.1 (4) %
Palladium 000 ounces 21.5 21.7 19.6 18.5 19.9 8 % (1) % 81.3 85.1 (5) %
Rhodium 000 ounces 6.0 5.9 5.4 5.0 5.3 12 % 2 % 22.3 23.1 (3) %
Other PGMs 000 ounces 12.6 12.9 11.1 10.5 11.5 9 % (3) % 47.1 49.4 (5) %
Tonnes milled 000 tonnes 666 697 617 559 603 11 % (4) % 2,539 2,666 (5) %
4E built-up head grade1 g/t 3.41 3.35 3.42 3.52 3.47 (2) % 2 % 3.42 3.41 —%
Unki
PGM ounces produced 000 ounces 60.3 62.2 54.7 62.8 61.8 (2) % (3) % 240.0 243.8 (2) %
Platinum 000 ounces 27.7 28.1 24.7 28.6 28.3 (2) % (1) % 109.1 111.2 (2) %
Palladium 000 ounces 23.1 24.0 21.1 24.3 23.4 (1) % (4) % 92.5 92.9 —%
Rhodium 000 ounces 2.6 2.8 2.4 2.8 2.7 (3) % (4) % 10.6 10.9 (2) %
Other PGMs 000 ounces 6.9 7.3 6.5 7.1 7.4 (6) % (5) % 27.8 28.8 (4) %
Tonnes milled 000 tonnes 652 687 609 654 666 (2) % (5) % 2,602 2,556 2 %
4E built-up head grade1 g/t 3.43 3.30 3.30 3.49 3.39 1 % 4 % 3.38 3.46 (2) %
Modikwa joint operation (AAP share) 2
PGM ounces produced 000 ounces 33.4 39.7 36.0 33.0 36.3 (8) % (16) % 142.1 145.4 (2) %
Platinum 000 ounces 14.7 16.5 14.7 13.8 15.1 (2) % (11) % 59.7 59.6 —%
Palladium 000 ounces 11.8 14.5 13.4 12.0 13.2 (11) % (19) % 51.7 53.5 (3) %
Rhodium 000 ounces 2.3 2.9 2.6 2.4 2.7 (14) % (20) % 10.2 10.8 (6) %
Other PGMs 000 ounces 4.6 5.8 5.3 4.8 5.3 (12) % (20) % 20.5 21.5 (4) %
Tonnes milled 000 tonnes 301 327 287 269 321 (6) % (8) % 1,184 1,253 (6) %
4E built-up head grade1 g/t 3.72 3.90 3.93 3.81 3.64 2 % (4) % 3.84 3.66 5 %
Kroondal joint operation (AAP share) 3
PGM ounces produced 000 ounces — — — — 15.9 (100) % (100) % — 174.6 (100) %
Platinum 000 ounces — — — — 7.7 (100) % (100) % — 85.5 (100) %
Palladium 000 ounces — — — — 4.0 (100) % (100) % — 43.3 (100) %
Rhodium 000 ounces — — — — 1.4 (100) % (100) % — 14.8 (100) %
Other PGMs 000 ounces — — — — 2.8 (100) % (100) % — 31.0 (100) %
Tonnes milled 000 tonnes — — — — 135 (100) % (100) % — 1,505 (100) %
4E built-up head grade1 g/t — — — — 3.22 (100) % (100) % — 3.46 (100) %
Purchase of concentrate - previously published
PGM ounces produced 000 ounces 287.4 370.3 373.8 329.8 336.5 (15) % (22) % 1,361.3 1,345.9 1 %
Platinum 000 ounces 130.0 171.2 173.9 154.0 158.0 (18) % (24) % 629.1 637.6 (1) %
Palladium 000 ounces 63.7 86.5 89.3 79.5 78.5 (19) % (26) % 319.0 311.5 2 %
Rhodium 000 ounces 17.0 24.9 26.5 23.1 22.9 (26) % (32) % 91.5 90.1 2 %
Other PGMs 000 ounces 76.7 87.6 84.1 73.2 77.1 (1) % (12) % 321.7 306.7 5 %
Anglo American Platinum Q4 2024 Q4 2024 FY 2024
PGM Production Report - Q4 2024 Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
2024 2024 2024 2024 2023 Q4 2023 Q3 2024 2024 2023 FY 2023
Refined production owned
PGM ounces refined 000 ounces 1,027.9 1,106.9 1153.5 628.0 1191.1 (14) % (7) % 3,916.3 3,800.6 3 %
Platinum 000 ounces 482.1 536.9 554.0 272.7 565.2 (15) % (10) % 1,845.7 1,749.1 6 %
Palladium 000 ounces 327.9 341.7 372.5 206.4 400.0 (18) % (4) % 1,248.5 1,268.6 (2) %
Rhodium 000 ounces 67.8 70.2 70.8 39.6 61.3 11 % (3) % 248.4 225.6 10 %
Other PGMs 000 ounces 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 %
Copper tonnes 4,600 4,600 4,600 3,300 4,000 15 % —% 17,100 13,700 25 %
Chrome 000 tonnes 255 247 249 199 265 (4) % 3 % 950 973 (2) %
Toll refining
PGM ounces refined 000 ounces 182.8 153.8 132.9 160.2 175.1 4 % 19 % 629.7 620.6 1 %
Platinum 000 ounces 108.6 90.8 78.0 93.5 103.8 5 % 20 % 370.9 367.7 1 %
Palladium 000 ounces 57.7 48.3 41.8 49.2 54.5 6 % 19 % 197.0 191.8 3 %
Rhodium 000 ounces 13.9 12.4 11.0 15.1 14.1 (1) % 12 % 52.4 50.9 3 %
Gold 000 ounces 2.6 2.3 2.1 2.4 2.6 (3) % 11 % 9.4 10.2 (7) %
Sales volume from production
PGM ounces 000 ounces 1,002.0 1,102.2 1,266.1 707.5 1,166.2 (14) % (9) % 4,077.8 3,925.3 4 %
Platinum 000 ounces 477.7 527.4 583.8 282.0 554.2 (14) % (9) % 1,870.9 1,788.6 5 %
Palladium 000 ounces 334.6 325.2 404.4 229.7 397.0 (16) % 3 % 1,293.9 1,289.1 —%
Rhodium 000 ounces 68.2 69.0 73.6 42.6 62.4 9 % (1) % 253.4 231.1 10 %
Other PGMs 000 ounces 121.5 180.6 204.3 153.2 152.6 (20) % (33) % 659.6 616.5 7 %
Trading4
PGM ounces 000 ounces 2,476.5 1,973.7 2,092.4 1,200.1 1,050.3 136 % 25 % 7,742.7 4,336.4 79 %
Platinum 000 ounces 1,566.5 1,187.8 1,186.2 668.3 565.8 177 % 32 % 4,608.8 2,793.9 65 %
Palladium 000 ounces 830.6 685.9 728.5 450.7 417.7 99 % 21 % 2,695.7 1,268.0 113 %
Rhodium 000 ounces 19.3 25.0 49.9 6.1 6.9 179 % (23) % 100.3 54.4 85 %
Other PGMs 000 ounces 60.1 75.0 127.8 75.0 59.9 —% (20) % 337.9 220.1 54 %
Realised metal, Fx and realised basket prices
Platinum (US$/oz) 945 952 1,000 889 867 9 % (1) % 955 946 1 %
Palladium (US$/oz) 975 1,027 985 1,043 1,034 (6) % (5) % 1,003 1,313 (24) %
Rhodium (US$/oz) 4,607 4,699 4,651 4,563 4,498 2 % (2) % 4,637 6,592 (30) %
Iridium (US$/oz) 4,457 4,484 4,573 4,841 4,782 (7) % (1) % 4,590 4,469 3 %
Ruthenium (US$/oz) 442 345 343 362 388 14 % 28 % 365 408 (11) %
Gold (US$/oz) 2,895 2,800 2,510 2,182 2,054 41 % 3 % 2,559 1,982 29 %
Average Fx achieved on sales ZAR/US$ 17.90 17.84 18.54 18.94 18.73 (4) % —% 18.24 18.48 (1) %
US$ realised basket price (/PGM oz) 1,509 1,477 1,419 1,483 1,400 8 % 2 % 1,468 1,657 (11) %
ZAR realised basket price (/PGM oz) 27,371 25,888 26,011 28,218 26,111 5 % 6 % 26,695 30,679 (13) %
Numbers are independently rounded and minor variances might be present when performing additions, subtractions and calculations.
1
4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are excluded due to variability.
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 POC arrangement. As expected, from 1 September 2024, Kroondal transitioned to a 4E toll arrangement on the same basis as Sibanye-Stillwater.
4
Trading sales volume - relates to sales of metal not produced by Anglo American Platinum operations.
Sponsor:
Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
For further information, please contact:
Investors: Media:
Theto Maake Cindy Maneveld
(SA) +27 (0) 83 489 5215 (SA) +27 (0) 82 201 4779
theto.maake@angloamerican.com cindy.maneveld@angloamerican.com
PlatinumIR@angloamerican.com
Marcela Grochowina
(SA) +27 (0) 82 400 3222
marcela.grochowina@angloamerican.com
PlatinumIR@angloamerican.com
Notes to editors:
Anglo American Platinum Limited is a member of the Anglo American plc Group and is a leading primary producer of platinum
group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting, and refining
operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine in Zimbabwe. Anglo
American Platinum is committed to the highest standards of safety and continues to make a meaningful and sustainable
difference in the development of the communities around its operations.
www.angloamericanplatinum.com
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.
www.angloamerican.com
Date: 06-02-2025 09:00:00
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