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AMS - Anglo American Platinum Limited - Anglo American Platinum Limited

Release Date: 26/01/2012 09:00
Code(s): AMS
Wrap Text

AMS - Anglo American Platinum Limited - Anglo American Platinum Limited quarterly review and production report for the period 01 October 2011 to 31 December 2011 ANGLO AMERICAN PLATINUM LIMITED (formerly Anglo Platinum Limited) Incorporated in the Republic of South Africa Registration number 1946/022452/06 Share code: AMS ISIN: ZAE000013181 ("Anglo American Platinum" or "the company") ANGLO AMERICAN PLATINUM LIMITED QUARTERLY REVIEW AND PRODUCTION REPORT FOR THE PERIOD 01 OCTOBER 2011 TO 31 DECEMBER 2011 KEY FEATURES - Refined platinum production up 10% quarter on quarter to 710 koz due to continued reliability of smelters, as depicted by the absence of any major incident for the past three years - Equivalent refined platinum production down 9% year on year and 13% quarter on quarter to 583 koz due to higher number of safety stoppages, offset by strong performance at Mogalakwena`s North pit and continuing ramp up at Unki mine - Unki mine reached steady state during the fourth quarter of 2011, which is a year ahead of schedule - Mogalakwena`s head grade and recoveries continue to improve - Platinum sales target of 2.6 moz achieved REVIEW OF THE QUARTER There were 32 safety stoppages (S54s) during the fourth quarter of 2011 compared with 14 during the fourth quarter of 2010 and 16 during the third quarter of 2011. This brings the total number of safety stoppages for 2011 to 81 compared with 36 during 2010. The company is continuing to engage proactively with the workforce and the Department of Minerals Resources to implement more effective means of addressing major risks. The higher number of safety stoppages resulted in lower production at Tumela, Dishaba, Union and Rustenburg mines and increased processing of lower grade surface stockpiles. This resulted in a 9% year on year decrease in equivalent refined platinum production (equivalent ounces are mined ounces expressed as refined ounces) for the fourth quarter of 2011. Mined production at 453 koz was down 8% in the fourth quarter of 2011 compared to the same period in 2010. Production at most underground operations was impacted by an increased number of safety related stoppages compared to the same period in 2010. This was partly offset by strong performance at Mogalakwena`s North pit and ramp up at Unki mine. Mogalakwena`s head grade and recoveries improved by 7% and 4% year on year respectively during the fourth quarter of 2011. Unki mine reached steady state during the fourth quarter of 2011, which is a year ahead of schedule. Purchased platinum ounces were 12% lower when compared to the fourth quarter of 2010 due primarily to safety stoppages, limited equipment availability and the implementation of more stringent support systems at Kroondal. Refined platinum production increased by 10% quarter on quarter despite a higher number of safety stoppages. This is due to increased reliability and efficiency of our smelters, as depicted by the absence of any major incident for the past three years. The strong performance from our smelters played a key role in the achievement of our 2010 annual sales volume target of 2.6 million ounces. QUARTERLY PRODUCTION STATISTICS Quarter ended December December September
2011 2010 2011 Production statistics Tonnes mined - opencast 000 (1) 16,812 16,739 20,149 Tonnes broken - 000 underground mines 6,513 6,874 7,161 Tonnes milled 000 10,023 10,416 10,920
Merensky / UG2 / Other per 1 1: 4.2: 1: 3.7 1: 3.9: tonnes (2) Merensky 4.1 :3.5 3.6 tonne Equivalent refined 000 oz platinum production (3) Mined 453.3 494.1 513.7 Purchased 130.5 148.0 154.3 Sold -0.6 -2.0 -1.2 Attributable to Anglo American Platinum 583.2 640.1 666.8 Total refined production Platinum 000 oz 710.0 872.4 646.5 Palladium 000 oz 392.7 502.6 376.0
Rhodium 000 oz 96.8 111.4 75.2 Gold 000 oz 28.0 20.7 17.1
PGMs 000 oz 1,353.0 1,682.8 1,234.8 Nickel 000 tonnes 5.1 5.0 4.9
Copper 000 tonnes 2.9 2.9 3.0 Refined platinum 000 oz production 710.0 872.4 646.5 Mining 000 oz 560.6 679.9 490.4 Purchase of concentrate 000 oz 149.4 192.5 156.1 QUARTERLY PRODUCTION STATISTICS CONTINUED % Change Dec `11 Dec `11
vs vs Dec`10 Dec`10 Production statistics Tonnes mined - opencast (1) 0% -17% Tonnes broken - underground mines -5% -9% Tonnes milled -4% -8% Merensky / UG2 / Other tonnes (2) Equivalent refined platinum production (3) Mined -8% -12% Purchased -12% -15% Sold -70% -50% Attributable to Anglo American -9% -13% Platinum Total refined production Platinum -19% 10% Palladium -22% 4% Rhodium -13% 29% Gold 35% 64% PGMs -20% 10% Nickel 2% 4% Copper 0% -3%
Refined platinum production -19% 10% Mining -18% 14% Purchase of concentrate -22% -4% Notes: (1) Includes Mogalakwena, Modikwa, and Marikana opencast operations (2) Other tonnes includes both Platreef and other surface sources (3) Mine`s production converted to equivalent refined production using Anglo American Platinum`s standard smelting and refining recoveries Johannesburg, South Africa 26 January 2012 For further information, please contact: Investors: Kgapu Mphahlele +27 (0) 11 373 6239 kgapu.mphahlele@angloamerican.com Media: Mary Jane Morifi +27 (0) 11 373 6638 mary-jane.morifi@angloamerican.com Mpumi Sithole +27 (0) 11 373 6246 mpumi.sithole@angloamerican.com Sponsor RAND MERCHANT BANK (a division of FirstRand Bank Limited) Notes to editors: Anglo American Platinum Limited is a member of the Anglo American plc Group and is the world`s 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 and is actively exploring in Brazil. Amplats has a number of joint ventures with several historically disadvantaged South African consortia as part of its commitment to the transformation of the mining industry. Amplats is committed to the highest standards of safety and continues to make meaningful and sustainable difference in the development of the communities around its operations. www.angloamericanplatinum.com Anglo American is one of the world`s largest mining companies, is headquartered in the UK and listed on the London and Johannesburg stock exchanges. Anglo American`s portfolio of mining businesses spans bulk commodities - iron ore and manganese, metallurgical coal and thermal coal; base metals - copper and nickel; and precious metals and minerals - in which it is a global leader in both platinum and diamonds. Anglo American is committed to the highest standards of safety and responsibility across all its businesses and geographies and to making a sustainable difference in the development of the communities around its operations. The company`s mining operations, extensive pipeline of growth projects and exploration activities span southern Africa, South America, Australia, North America, Asia and Europe. www.angloamerican.com Date: 26/01/2012 09:00:54 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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