Wrap Text
Production Report for the fourth quarter ended 31 December 2019
Anglo American plc (the "Company")
Registered office: 20 Carlton House Terrace, London SW1Y 5AN
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM
NEWS RELEASE
23 January 2020
Anglo American plc
Production Report for the fourth quarter ended 31 December 2019
Mark Cutifani, Chief Executive of Anglo American, said: "We have delivered our full year production targets
across the business. Production is up 4%(1) for the quarter led by the continued successful ramp-up at
Minas-Rio in Brazil. Increased production at Metallurgical Coal in Australia was offset by the drought in Chile
impacting water availability at Los Bronces, as well as the anticipated lower production from De Beers as
Venetia transitions to underground in South Africa and Victor reached the end of its mine life in Canada. As
planned, we received the operating licence for the tailings dam raise at Minas-Rio before the end of 2019."
Key highlights
- A 10%(2) increase in platinum and palladium volumes due to higher grades and throughput.
- Strong performance from Collahuasi as well as productivity improvements at Los Bronces have partially
mitigated the impact of production losses at Los Bronces due to the continued drought.
- Continued strong performance from our Bulks business, reflecting the stability of operations under the
Operating Model and progress in driving P101 levels of equipment performance to industry best practice
and beyond.
- Minas-Rio continued its strong operational performance, with 6.2 million tonnes of high grade iron ore
production in Q4. The tailings dam raise operating licence was received in December 2019.
- Kumba iron ore production of 11.8 million tonnes reflected improved run-rates following maintenance
earlier in the year.
- Metallurgical coal production increased by 11% to 6.3 million tonnes due to the timing of longwall
moves, as well as improved wash plant throughput and equipment efficiency.
Q4 2019 Q4 2018 % vs. Q4 2018 2019 2018 % vs. 2018
Diamonds (Mct)(3) 7.8 9.1 (15)% 30.8 35.3 (13)%
Copper (kt)(4) 159 184 (13)% 638 668 (5)%
Platinum (koz)(2)(5) 532 485 10% 2,051 2,021 1%
Palladium (koz)(2)(5) 360 329 10% 1,386 1,379 1%
Iron ore - Kumba (Mt) 11.8 10.2 16% 42.4 43.1 (2)%
Iron ore - Minas-Rio (Mt)(6) 6.2 0.2 n/a 23.1 3.4 n/a
Metallurgical coal (Mt) 6.3 5.6 11% 22.9 21.8 5%
Thermal coal (Mt)(7) 6.8 6.9 (1)% 26.4 28.6 (8)%
Nickel (kt)(8) 11.7 11.4 3% 42.6 42.3 1%
Manganese ore (kt) 903 972 (7)% 3,513 3,607 (3)%
(1) Copper equivalent production is normalised to reflect closure of Voorspoed and Victor (De Beers) and Sibanye-Stillwater Rustenburg material
that has transitioned to a tolling arrangement (Platinum Group Metals). Excluding the impact of Minas-Rio, Group copper equivalent production
is down 1% in the quarter.
(2) Normalised for the transition of Sibanye-Stillwater Rustenburg material from purchased concentrate to a tolling arrangement.
(3) De Beers production is on a 100% basis, except for the Gahcho Kue joint venture which is on an attributable 51% basis.
(4) Contained metal basis. Reflects copper production from the Copper business unit only (excludes copper production from the Platinum Group
Metals business unit).
(5) Produced ounces of metal in concentrate. Reflects own mine production and purchases.
(6) Wet basis.
(7) Reflects export production from South Africa and attributable export production (33.3%) from Colombia.
(8) Reflects nickel production from the Nickel business unit only (excludes nickel production from the Platinum Group Metals business unit).
DE BEERS
Q4 2019 Q4 2019 2019
Q4 Q4 vs. Q3 vs. vs.
De Beers(1) (000 carats) 2019 2018 Q4 2018 2019 Q3 2019 2019 2018 2018
Botswana 5,888 6,346 (7)% 5,699 3% 23,254 24,132 (4)%
Namibia 456 505 (10)% 426 7% 1,700 2,008 (15)%
South Africa 434 1,234 (65)% 535 (19)% 1,922 4,682 (59)%
Canada 1,009 1,043 (3)% 779 30 % 3,900 4,475 (13)%
Total carats recovered 7,787 9,128 (15)% 7,439 5% 30,776 35,297 (13)%
Rough diamond production decreased by 15% to 7.8 million carats, driven by lower production levels in
South Africa and Botswana. While trading conditions have improved since Q3 2019, production was reduced in
response to softer rough diamond demand conditions experienced in the year.
Botswana production decreased by 7% to 5.9 million carats. Orapa production decreased by 29%, caused by a
delay in an infrastructure project and expected lower grades. This was partially offset by a 21% increase at
Jwaneng driven by planned increases in both tonnes treated and grade.
Namibian production decreased by 10% to 0.5 million carats, driven by Debmarine Namibia where production
decreased by 9% to 0.4 million carats due to routine vessel maintenance in Q4 2019.
In South Africa, production decreased by 65% to 0.4 million carats due to lower volumes of ore mined at Venetia
as it approaches the transition from open pit to underground. In addition, Voorspoed production ended in Q4 2018
when it was placed onto care and maintenance in preparation for closure.
Production in Canada decreased by 3% to 1.0 million carats, primarily due to the closure of Victor, which
reached the end of its life in Q2 2019. Gahcho Kue production increased by 28% to 1.0 million carats due to
strong plant performance.
Rough diamond sales totalled 7.0 million carats (6.6 million carats on a consolidated basis) (2) from two sales
cycles, which compares with 9.9 million carats of sales (9.3 million carats on a consolidated basis) (2) from three
sales cycles in Q4 2018.
For the full year, rough diamond sales volumes were 8% lower at 30.9 million carats (29.2 million carats on a
consolidated basis)(2) compared with 33.7 million carats (31.7 million carats on a consolidated basis)(2) in 2018.
In 2019, overall demand for rough diamonds was lower as a result of challenges in the midstream, with higher
polished inventories and caution due to macro-economic uncertainty.
The full year consolidated average realised price of $137/ct was lower (2018: $171/ct), due primarily to a higher
proportion of lower value rough diamonds sold in 2019 and a 6% lower rough diamond price index.
2020 Production Guidance
Production guidance for 2020(1) is unchanged at 32-34 million carats, subject to trading conditions. The higher
production anticipates an improvement in trading conditions compared with 2019, and is driven by an expected
increase in production from Venetia.
(1) De Beers Group production is on a 100% basis, except for the Gahcho Kue joint venture which is on an attributable 51% basis.
(2) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside
De Beers Group from Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total
sales volume (100% basis).
Q4 2019 Q4 2019 2019
Q4 Q3 Q2 Q1 Q4 vs. vs. vs.
De Beers(1) 2019 2019 2019 2019 2018 Q3 2019 Q4 2018 2019 2018 2018
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 3,319 2,584 3,223 3,336 2,744 28% 21% 12,462 11,896 5%
Orapa(2) 2,569 3,115 2,495 2,614 3,602 (18)% (29)% 10,792 12,236 (12)%
Botswana 5,888 5,699 5,718 5,950 6,346 3% (7)% 23,254 24,132 (4)%
Debmarine Namibia 363 320 245 364 400 13% (9)% 1,292 1,436 (10)%
Namdeb (land operations) 93 106 90 119 105 (12)% (11)% 408 572 (29)%
Namibia 456 426 335 483 505 7% (10)% 1,700 2,008 (15)%
Venetia 434 535 571 382 1,141 (19)% (62)% 1,922 4,249 (55)%
Voorspoed — — — — 93 n/a n/a — 433 n/a
South Africa 434 535 571 382 1,234 (19)% (65)% 1,922 4,682 (59)%
Gahcho Kue (51% basis) 1,009 779 883 808 789 30% 28 % 3,479 3,539 (2)%
Victor — — 192 229 254 n/a n/a 421 936 (55)%
Canada 1,009 779 1,075 1,037 1,043 30% (3)% 3,900 4,475 (13)%
Total carats recovered 7,787 7,439 7,699 7,852 9,128 5% (15)% 30,776 35,297 (13)%
Sales volumes
Total sales volume (100)% (Mct)(3) 7.0 7.4 9.0 7.5 9.9 (5)% (29)% 30.9 33.7 (8)%
Consolidated sales volume (Mct)(3) 6.6 7.1 8.3 7.2 9.3 (7)% (29)% 29.2 31.7 (8)%
Number of Sights (sales cycles) 2 3 3 2 3 10 10
(1) De Beers Group production is on a 100% basis, except for the Gahcho Kue joint venture 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 Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
COPPER
Q4 2019 Q4 2019 2019
Q4 Q4 vs. Q3 vs. vs.
Copper(1) (tonnes) 2019 2018 Q4 2018 2019 Q3 2019 2019 2018 2018
Los Bronces 71,700 99,000 (28)% 80,400 (11)% 335,000 369,500 (9)%
Collahuasi (44% share) 72,200 69,200 4% 64,500 12 % 248,800 246,000 1%
El Soldado 14,900 15,300 (3)% 14,000 6% 54,200 52,700 3%
Total Copper 158,800 183,500 (13)% 158,900 0% 638,000 668,300 (5)%
(1) Copper production shown on a contained metal basis. Reflects copper production from the Copper business unit only
(excludes copper production from the Platinum Group Metals business unit).
Copper production decreased by 13% to 158,800 tonnes, largely impacted by a reduction at Los Bronces,
driven by the continued drought conditions in central Chile, partially offset by continued strong plant
performance at Collahuasi.
Production from Los Bronces decreased by 28%, to 71,700 tonnes with a 44% reduction in plant throughput
(7 million tonnes vs 13 million tonnes) resulting from lower water availability. This was partly offset by strong mine
performance, in particular a step-up in shovel productivity as a result of P101 improvements, and planned
higher grades (0.99% vs. 0.81%). Chile´s central zone continues to face unprecedented climate conditions, with
2019 being one of the driest years on record and the driest since the start of the current decade-long drought.
At Collahuasi, attributable production increased by 4% to 72,200 tonnes, another record in copper concentrate
production, with planned lower grades (1.25% vs 1.28%) more than offset by a strong plant performance that
benefited from the ongoing long-term plant improvement plan.
2019 sales volumes were 643,900 tonnes, at an average realised price of 273c/lb ($6,019/t), in line with the average LME price.
2020 Production Guidance
Production guidance for 2020 is unchanged at 620,000-670,000 tonnes, subject to water availability.
Q4 2019 Q4 2019 2019
Copper(1) Q4 Q3 Q2 Q1 Q4 vs. vs. vs.
2019 2019 2019 2019 2018 Q3 2019 Q4 2018 2019 2018 2018
Los Bronces mine(2)
Ore mined 17,373,800 15,560,400 17,302,500 15,678,600 12,675,800 12% 37% 65,915,300 59,207,400 11%
Ore processed - Sulphide 7,146,800 10,977,200 11,813,600 12,070,800 12,669,900 (35)% (44)% 42,008,400 50,583,000 (17)%
Ore grade processed -
Sulphide (% TCu)(3) 0.99 0.78 0.81 0.80 0.81 27% 22% 0.83 0.76 9%
Production - Copper cathode 10,000 10,100 9,300 9,600 10,200 (1)% (2)% 39,000 39,000 0%
Production - Copper in concentrate 61,700 70,300 81,900 82,100 88,800 (12)% (31)% 296,000 330,500 (10)%
Total production 71,700 80,400 91,200 91,700 99,000 (11)% (28)% 335,000 369,500 (9)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined 22,132,200 25,780,000 23,698,300 15,642,800 14,781,300 (14)% 50% 87,253,200 51,886,400 68%
Ore processed - Sulphide 14,728,700 14,478,700 11,626,100 13,299,600 13,638,400 2% 8% 54,133,100 49,470,500 9%
Ore grade processed -
Sulphide (% TCu)(3) 1.25 1.14 1.21 1.16 1.28 9% (2)% 1.19 1.29 (8)%
Production - copper in concentrate 164,200 146,600 124,400 130,200 157,400 12% 4% 565,400 559,100 1%
Anglo American's share of copper
production for Collahuasi(4) 72,200 64,500 54,700 57,300 69,200 12% 4% 248,800 246,000 1%
El Soldado mine(2)
Ore mined 2,721,400 3,299,900 3,017,800 3,089,000 3,233,900 (18)% (16)% 12,128,100 11,613,200 4%
Ore processed - Sulphide 1,854,900 1,911,700 1,861,900 1,809,900 1,951,600 (3)% (5)% 7,438,500 7,598,200 (2)%
Ore grade processed -
Sulphide (% TCu)(3) 1.02 0.92 0.92 0.84 0.94 11% 8% 0.93 0.85 9%
Production - copper in concentrate 14,900 14,000 13,200 12,100 15,300 6% (3)% 54,200 52,700 3%
Chagres Smelter(2)
Ore smelted 30,800 28,800 32,100 30,300 30,900 7% 0% 122,000 142,600 (14)%
Production 29,900 28,000 31,200 29,500 30,100 7% (1)% 118,600 139,200 (15)%
Total copper production(5) 158,800 158,900 159,100 161,100 183,500 0% (13)% 638,000 668,300 (5)%
Total payable copper production 153,100 153,000 153,100 155,000 177,100 0% (14)% 614,300 644,500 (5)%
Total sales volumes 176,500 160,000 165,400 141,900 205,800 10% (14)% 643,900 671,600 (4)%
Total payable sales volumes 170,100 153,800 159,100 136,500 198,400 11% (14)% 619,500 647,700 (4)%
Third party sales(6) 115,300 91,600 88,800 53,400 50,400 26% 129% 349,000 173,700 101%
(1) Excludes copper production from the Platinum Group Metals business unit. Units shown are tonnes unless stated otherwise.
(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) Anglo American's share of Collahuasi production is 44%.
(5) Total copper production includes Anglo American's 44% interest in Collahuasi.
(6) Relates to sales of copper not produced by Anglo American operations.
PLATINUM GROUP METALS (PGMs)
Q4 2019 Q4 2019 2019
Q4 Q4 vs. Q3 vs. vs.
Platinum (000 oz)(1) 2019 2018 Q4 2018 2019 Q3 2019 2019 2018 2018
Metal in concentrate production(2) 531.7 485.4 10 % 526.8 1% 2,050.6 2,020.5 1%
Own mined(3) 361.9 307.5 18 % 351.7 3% 1,378.2 1,323.6 4%
Purchase of concentrate (POC)(2)(4) 169.8 177.9 (5)% 175.1 (3)% 672.4 696.9 (4)%
POC now under tolling arrangement(5) — 116.9 n/a — n/a — 464.2 n/a
Palladium (000 oz)(1)
Metal in concentrate production(2) 360.4 328.5 10 % 351.8 2% 1,385.9 1,379.0 1%
Own mined(3) 275.0 234.8 17 % 262.7 5% 1,049.2 1,013.5 4%
Purchase of concentrate (POC)(2)(4) 85.4 93.7 (9)% 89.0 (4)% 336.7 365.5 (8)%
POC now under tolling arrangement(5) — 58.1 n/a — n/a — 231.8 n/a
Refined production(6)
Platinum 000 oz(1)(7) 629.7 770.9 (18)% 578.6 9% 2,210.9 2,402.4 (8)%
Palladium 000 oz(1)(7) 396.6 493.8 (20)% 362.1 10 % 1,480.5 1,501.8 (1)%
Rhodium 000 oz(1)(7) 90.8 91.3 (1)% 66.5 37 % 293.4 292.8 0%
Tolled material
Platinum 000 oz(1) 104.4 — n/a 100.9 3% 303.2 — n/a
Palladium 000 oz(1) 54.0 — n/a 51.3 5% 154.4 — n/a
(1) Ounces refer to troy ounces.
(2) Excluding purchase of concentrate volumes now treated under tolling arrangement.
(3) Includes managed operations and 50% of joint venture production.
(4) Includes 50% of joint venture production, and the purchase of concentrate from associates (BRPM prior to its disposal) and third parties.
(5) Comparative periods include purchase of concentrate volumes now under tolling arrangement.
(6) Refined production of gold, nickel and copper has been removed from this table but is still shown in the detailed table below.
(7) Refined production excludes toll material but includes in comparative periods material now transitioned to tolling.
Metal in concentrate production
Platinum and palladium production both increased by 10%, to 531,700 ounces and 360,400 ounces, respectively.
Own mined platinum production increased by 18% to 361,900 ounces and palladium production increased by
17% to 275,000 ounces. This was driven by increased production at Mogalakwena due to higher grade and
throughput, and from Amandelbult, due to the ramp-up of the Dishaba lower section, as well as the inclusion of
100% of Mototolo volumes following the acquisition of the remaining 50% of the asset in November 2018. This
was partially offset by the impact of Eskom power outages, which reduced overall own mined volumes by 8,500
platinum ounces and 6,000 palladium ounces.
Purchase of platinum in concentrate decreased by 5% to 169,800 ounces and purchase of palladium in
concentrate decreased by 9% to 85,400 ounces, the result of lower purchases from joint ventures, as Mototolo
became 100% owned in November 2018, as well as lower production from Bafokeng-Rasimone Platinum Mine.
Refined production and sales volumes
Refined platinum production(1) decreased by 18% to 629,700 ounces and refined palladium production(1)
decreased by 20% to 396,600 ounces. Excluding the impact of the tolled volumes that were previously
purchased as concentrate, refined platinum production was flat and palladium decreased by 6% as improved
operational performance at the processing facilities was offset by the impact of Eskom power outages. These
power outages in Q4 resulted in an inventory build-up of circa 45,000 platinum ounces and circa 27,000 palladium ounces.
Platinum sales volumes(1) decreased by 14% to 668,300 ounces and palladium sales volumes(1) decreased by
4% to 435,800 ounces due to lower refined production in the period.
The full year price per platinum ounce for the basket of metals sold increased by 27% to $2,819/ounce
compared to 2018 due to 48% and 73% price increases in palladium and rhodium, respectively.
2020 Production Guidance
Production guidance (metal in concentrate) is unchanged at 2.0-2.2 million ounces of platinum and
approximately 1.4 million ounces of palladium, subject to Eskom power performance.
(1) Does not include tolled volumes.
Q4 2019 Q4 2019 2019
Q4 Q3 Q2 Q1 Q4 vs. vs. vs.
Platinum 2019 2019 2019 2019 2018 Q3 2019 Q4 2018 2019 2018 2018
Produced platinum (000 oz)(1) 531.7 526.8 520.3 471.9 485.4 1% 10% 2,050.6 2,020.5 1%
Own mined 361.9 351.7 342.8 321.9 307.5 3% 18% 1,378.2 1,323.6 4%
Mogalakwena 135.8 123.4 127.9 130.4 108.4 10% 25% 517.5 495.1 5%
Amandelbult 120.1 118.4 116.6 98.5 96.5 1% 24% 453.6 442.7 2%
Unki 23.3 23.7 23.1 19.3 22.0 (2)% 6% 89.4 85.9 4%
Mototolo(2) 30.9 31.4 23.0 26.8 17.5 (2)% 77% 112.0 17.5 540%
Joint ventures(2) 51.8 54.8 52.2 46.9 63.1 (5)% (18)% 205.7 270.8 (24)%
Union — — — — — n/a n/a — 11.6 n/a
Purchase of concentrate(3) 169.8 175.1 177.5 150.0 177.9 (3)% (5)% 672.4 696.9 (4)%
Joint ventures(2) 51.8 54.8 52.2 46.9 63.1 (5)% (18)% 205.7 270.8 (24)%
Associates(4) — — — — 46.9 n/a n/a — 220.2 n/a
Third parties(3) 118.0 120.3 125.3 103.1 67.9 (2)% 74% 466.7 205.9 127%
POC now under tolling
arrangements(5) — — — — 116.9 n/a n/a — 464.2 n/a
Palladium
Produced palladium (000 oz)(1) 360.4 351.8 347.2 326.6 328.5 2% 10% 1,385.9 1,379.0 1%
Own mined 275.0 262.7 260.5 250.9 234.8 5% 17% 1,049.2 1,013.5 4%
Mogalakwena 146.0 130.8 139.5 141.5 118.2 12% 24% 557.9 540.9 3%
Amandelbult 56.0 54.3 53.7 44.9 44.9 3% 25% 208.9 205.1 2%
Unki 20.0 21.3 20.9 17.0 19.6 (6)% 2% 79.2 75.5 5%
Mototolo(2) 19.0 19.4 14.0 16.3 10.9 (2)% 74% 68.7 10.9 530%
Joint ventures(2) 34.0 36.9 32.4 31.2 41.2 (8)% (17)% 134.5 176.0 (24)%
Union — — — — — n/a n/a — 5.2 n/a
Purchase of concentrate(3) 85.4 89.0 86.7 75.7 93.7 (4)% (9)% 336.7 365.5 (8)%
Joint ventures(2) 34.0 36.9 32.4 31.2 41.2 (8)% (17)% 134.5 175.9 (24)%
Associates(4) — — — — 19.3 n/a n/a — 90.2 n/a
Third parties(3) 51.4 52.1 54.3 44.5 33.2 (1)% 55% 202.2 99.4 103%
POC now under tolling
arrangements(5) — — — — 58.1 n/a n/a — 231.8 n/a
Refined production
Platinum (000 oz)(1)(6) 629.7 578.6 590.9 411.7 770.9 9% (18)% 2,210.9 2,402.4 (8)%
Palladium (000 oz)(1)(6) 396.6 362.1 428.2 293.6 493.8 10% (20)% 1,480.5 1,501.8 (1)%
Rhodium (000 oz)(1)(6) 90.8 66.5 84.1 52.0 91.3 37% (1)% 293.4 292.8 0%
Gold (000 oz)(1)(6) 32.4 27.9 21.3 24.0 27.9 16% 16% 105.6 105.5 0%
Nickel (tonnes)(6) 6,400 6,800 5,600 4,200 6,700 (6)% (4)% 23,000 23,100 0%
Copper (tonnes)(6) 4,100 3,400 3,500 3,200 4,200 21% (2)% 14,200 14,300 (1)%
Tolled material
Platinum (000 oz)(1) 104.4 100.9 97.9 — — 3% n/a 303.2 — n/a
Palladium (000 oz)(1) 54.0 51.3 49.1 — — 5% n/a 154.4 — n/a
Platinum sales volumes
(000 oz)(1)(7) 668.3 537.4 595.2 414.2 776.9 24% (14)% 2,215.1 2,424.2 (9)%
Palladium sales volumes
(000 oz)(1)(7) 435.8 316.9 475.9 292.1 455.3 38% (4)% 1,520.7 1,513.1 1%
Platinum 3rd party sales
volumes (000 oz)(1)(8) 10.6 17.5 13.0 5.0 1.5 (39)% 607% 46.1 94.0 (51)%
Palladium 3rd party sales 42.8 79.7 81.0 58.7 16.5 (46)% 159% 262.2 124.5 111%
volumes (000 oz)(1)(8)
4E head grade (g/t milled)(9) 3.67 3.65 3.55 3.58 3.38 1% 9% 3.61 3.48 4%
(1) Ounces refer to troy ounces.
(2) The joint venture operations are Modikwa and Kroondal. Platinum owns 50% of these operations, which is presented under 'Own mined' production,
and purchases the remaining 50% of production, which is presented under 'Purchase of concentrate'. Mototolo is 100% owned from 1 November 2018.
(3) Excluding purchase of concentrate volumes now treated under tolling arrangement.
(4) 33% interest in BRPM until its sale effective 11 December 2018.
(5) Comparative periods include purchase of concentrate volumes now under tolling arrangement.
(6) Refined production excludes tolled material.
(7) Sales from own mined and purchased concentrate, excludes refined metal purchased from third parties.
(8) Relates to sales of metal not produced by Anglo American operations.
(9) 4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material.
IRON ORE
Q4 2019 Q4 2019 2019
Q4 Q4 vs. Q3 vs. vs.
2019 2018 Q4 2018 2019 Q3 2019 2019 2018 2018
Iron Ore (000 t)
Kumba 11,806 10,170 16 % 10,521 12 % 42,388 43,106 (2)%
Minas-Rio(1) 6,164 227 n/a 6,126 1% 23,115 3,382 n/a
(1) Wet basis.
Kumba - Total production volumes increased by 16% to 11.8 million tonnes, due to higher production at both
Sishen and Kolomela.
Sishen's production increased by 19% to 8.3 million tonnes as a result of improved operational performance in Q4 2019.
Kolomela's production increased by 10% to 3.5 million tonnes, reflecting the ramp-up in production following the
temporary closure of the DMS plant for an infrastructure upgrade in Q1 2019 and its subsequent re-opening, on
schedule, in Q4 2019.
Total sales decreased by 10% to 10.5 million tonnes, driven by a 73% decline in domestic sales to 0.2 million
tonnes due to lower domestic customer off-take with the winding down of the Saldanha Steel plant. Export sales
were 5% lower at 10.2 million tonnes.
Total finished stock increased to 6.6 million tonnes(1) at Q4 2019 from 5.1 million tonnes at Q3 2019, as a result
of lower domestic sales. Rail performance improved significantly in 2019, with port stock levels well set for Q1 2020.
In the fourth quarter, the average lump to fines ratio in the Kumba product was 66:34 (full year: 67:33), while the
Fe content averaged 64.1% (full year: 64.2%).
The full year FOB realised price was $97/tonne, reflecting the reversal, driven by price movements, of gains
from provisionally priced sales that supported the first half realised price of $108/tonne.
Minas-Rio - Production of 6.2 million tonnes was driven by continued strong operational performance, stability
due to higher grade ore from the Step 3 mine area and productivity initiatives.
The construction of the tailings dam raise was completed in August 2019 and approval for the conversion of the
installation licence to an operating licence was granted on 23 December.
The full year FOB realised price was $79/tonne, reflecting the reversal, driven by price movements, of gains
from provisionally priced sales that supported the first half realised price of $92/tonne.
2020 Production Guidance
Kumba production guidance for 2020 is unchanged at 42-43 million tonnes.
Minas-Rio production guidance for 2020 is unchanged at 22-24 Mt, which includes a one-month production
stoppage in Q2 to carry out routine internal scanning of the pipeline.
(1) Sales volumes and stock differ to Kumba's standalone Q4 results due to sales to other Group companies.
Q4 2019 Q4 2019 2019
Q4 Q3 Q2 Q1 Q4 vs. vs. vs.
2019 2019 2019 2019 2018 Q3 2019 Q4 2018 2019 2018 2018
Iron Ore (tonnes)
Kumba production 11,806,100 10,521,300 10,544,000 9,516,300 10,170,200 12% 16% 42,387,700 43,105,700 (2)%
Lump 7,898,500 6,955,500 7,111,400 6,544,600 6,878,600 14% 15% 28,510,100 29,171,500 (2)%
Fines 3,907,600 3,565,800 3,432,600 2,971,700 3,291,600 10% 19% 13,877,600 13,934,200 0%
Kumba production by mine
Sishen 8,263,900 7,153,500 7,310,400 6,446,600 6,960,500 16% 19% 29,174,400 29,246,000 0%
Kolomela 3,542,200 3,367,800 3,233,600 3,069,700 3,209,700 5% 10% 13,213,300 13,859,700 (5)%
Kumba sales volumes 10,469,400 10,153,800 10,471,900 10,878,600 11,591,400 3% (10)% 41,973,700 43,256,800 (3)%
Export iron ore (1) 10,237,100 9,670,200 9,755,600 10,130,600 10,723,200 6% (5)% 39,793,500 39,965,700 0%
Domestic iron ore 232,300 483,600 716,300 748,000 868,200 (52)% (73)% 2,180,200 3,291,100 (34)%
Minas-Rio production
Pellet feed (wet basis) 6,163,600 6,126,100 5,915,500 4,909,700 226,700 1% n/a 23,114,900 3,382,000 n/a
Minas-Rio sales volumes
Export - pellet feed (wet basis) 6,570,700 5,734,500 6,590,400 4,031,400 — 15% n/a 22,927,000 3,216,800 n/a
(1) Sales volumes and stock differ to Kumba's standalone Q4 results due to sales to other Group companies.
COAL
Q4 2019 Q4 2019 2019
Q4 Q4 vs. Q3 vs. vs.
Coal(1) (000 t) 2019 2018 Q4 2018 2019 Q3 2019 2019 2018 2018
Metallurgical Coal (Australia) 6,284 5,647 11% 6,569 (4)% 22,852 21,830 5%
Export Thermal Coal (Australia) 389 428 (9)% 438 (11)% 1,411 1,381 2%
Export Thermal Coal (South Africa)(2) 4,515 4,537 0% 4,288 5% 17,796 18,359 (3)%
Export Thermal Coal (Colombia)(3) 2,315 2,357 (2)% 2,055 13 % 8,586 10,220 (16)%
Domestic Thermal Coal (South Africa) 2,511 3,293 (24)% 2,621 (4)% 10,046 13,692 (27)%
(1) Anglo American's attributable share of production.
(2) Includes export primary production, secondary production sold into export markets, production sold domestically at export parity pricing,
and pre-commercial production volumes from Navigation section of Khwezela.
(3) Anglo American's attributable share of Cerrejon production is 33.3%.
Metallurgical Coal - Export metallurgical coal production increased by 11% to 6.3 million tonnes primarily due
to the timing of longwall moves at Grosvenor and Grasstree, as well as improvements in wash plant throughput
at Moranbah-Grosvenor and equipment productivity at Dawson.
In the fourth quarter, the ratio of hard coking coal production to PCI/semi-soft coking coal was 81:19 (full year 2019: 83:17).
Thermal Coal South Africa - Export thermal coal production was flat at 4.5 million tonnes.
Thermal Coal Colombia - Attributable export thermal coal production decreased 2% to 2.3 million tonnes in
response to weak market conditions.
The full year weighted average realised price for export thermal coal from South Africa and Colombia was
$59/tonne. This was 10% lower than the weighted average quoted FOB price from South Africa and Colombia,
due to lower than benchmark energy content coal from South Africa.
2020 Production Guidance
Metallurgical coal production guidance for 2020 is unchanged at 21-23 million tonnes. This reflects the sale of a 12% interest in the Grosvenor mine
that is expected to complete during the year, equalising the ownership across the Moranbah-Grosvenor integrated operations.
Thermal coal production guidance for 2020 is unchanged at circa 26 million tonnes.
Q4 2019 Q4 2019 2019
Q4 Q3 Q2 Q1 Q4 vs. vs. vs.
Coal, by product (tonnes)(1) 2019 2019 2019 2019 2018 Q3 2019 Q4 2018 2019 2018 2018
Metallurgical Coal (Australia) 6,283,600 6,568,900 5,843,500 4,156,200 5,647,100 (4)% 11% 22,852,200 21,830,400 5%
Hard Coking Coal 5,117,500 5,615,900 4,958,600 3,265,100 4,864,600 (9)% 5% 18,957,100 18,798,400 1%
PCI / SSCC 1,166,100 953,000 884,900 891,100 782,500 22% 49% 3,895,100 3,032,000 28%
Thermal Coal 9,730,000 9,402,700 9,460,700 9,245,000 10,613,700 3% (8)% 37,838,300 43,652,100 (13)%
Export (Australia) 389,200 437,900 245,200 338,500 427,600 (11)% (9)% 1,410,700 1,381,300 2%
Export (South Africa)(2) 4,515,100 4,288,400 4,575,000 4,417,000 4,537,100 5% 0% 17,795,600 18,358,600 (3)%
Export (Colombia)(3) 2,314,900 2,055,100 2,016,900 2,199,300 2,356,500 13% (2)% 8,586,100 10,219,900 (16)%
Domestic (South Africa) 2,510,800 2,621,300 2,623,600 2,290,200 3,292,500 (4)% (24)% 10,045,900 13,692,300 (27)%
Total coal production 16,013,600 15,971,600 15,304,200 13,401,200 16,260,800 0% (2)% 60,690,500 65,482,500 (7)%
Sales volumes
Metallurgical Coal (Australia) 6,100,100 6,371,500 5,987,300 3,921,700 5,812,700 (4)% 5% 22,380,600 21,982,800 2%
Hard Coking Coal 5,097,200 5,737,800 4,944,300 3,290,600 5,064,200 (11)% 1% 19,069,900 19,186,600 (1)%
PCI / SSCC 1,002,900 633,700 1,043,000 631,100 748,500 58% 34% 3,310,700 2,796,200 18%
Thermal Coal 12,939,200 12,166,100 12,046,300 12,265,900 13,700,800 6% (6)% 49,417,500 52,615,600 (6)%
Export (Australia) 500,900 584,600 270,900 451,200 582,200 (14)% (14)% 1,807,600 1,565,300 15%
Export (South Africa)(2) 4,880,100 4,073,300 4,932,400 4,262,800 5,918,700 20% (18)% 18,148,400 18,306,600 (1)%
Export (Colombia)(3) 2,260,800 2,068,600 2,244,800 2,199,600 2,297,200 9% (2)% 8,773,800 10,129,400 (13)%
Domestic (South Africa) 2,172,700 3,175,200 2,016,700 2,402,800 1,947,500 (32)% 12% 9,767,500 13,110,800 (26)%
Third party sales 3,124,700 2,264,400 2,581,500 2,949,500 2,955,200 38% 6% 10,920,200 9,503,500 15%
(1) Anglo American's attributable share of production.
(2) Includes export primary production, secondary production sold into export markets, production sold domestically at export parity pricing,
and pre-commercial production volumes from Navigation section of Khwezela.
(3) Anglo American's attributable share of Cerrejon production is 33.3%.
Q4 2019 Q4 2019 2019
Q4 Q3 Q2 Q1 Q4 vs. vs. vs.
Coal, by operation (tonnes)(1) 2019 2019 2019 2019 2018 Q3 2019 Q4 2018 2019 2018 2018
Metallurgical Coal (Australia) 6,283,600 6,568,900 5,843,500 4,156,200 5,647,100 (4)% 11% 22,852,200 21,830,400 5%
Moranbah North 2,332,600 1,973,100 1,603,200 239,500 2,485,200 18% (6)% 6,148,400 6,762,000 (9)%
Grosvenor 1,011,700 1,344,500 1,032,500 1,333,200 356,100 (25)% 184% 4,721,900 3,763,500 25%
Capcoal (incl. Grasstree) 1,270,300 1,709,200 1,738,900 1,213,600 1,357,800 (26)% (6)% 5,932,000 5,642,700 5%
Dawson 842,500 703,200 774,000 633,300 666,100 20% 26% 2,953,000 2,393,400 23%
Jellinbah 826,500 838,900 694,900 736,600 781,900 (1)% 6% 3,096,900 3,268,800 (5)%
Thermal Coal (Australia) 389,200 437,900 245,200 338,500 427,600 (11)% (9)% 1,410,700 1,381,300 2%
Capcoal 123,200 81,300 63,700 64,000 81,000 52% 52% 332,200 284,100 17%
Dawson 222,900 323,200 145,200 263,300 320,500 (31)% (30)% 954,500 986,100 (3)%
Jellinbah 43,100 33,400 36,300 11,200 26,100 29% 65% 124,000 111,100 12%
Total Australia production 6,672,800 7,006,800 6,088,700 4,494,700 6,074,700 (5)% 10% 24,262,900 23,211,700 5%
Thermal (South Africa)(2)
Goedehoop 1,488,800 1,441,100 1,678,500 1,457,700 1,590,700 3% (6)% 6,066,300 5,441,600 11%
Greenside 1,428,700 1,237,200 1,186,700 993,300 1,202,300 15% 19% 4,845,900 4,451,700 9%
Zibulo 1,351,000 1,294,100 1,394,600 1,319,600 1,681,500 4% (20)% 5,359,300 6,376,800 (16)%
Khwezela(3) 1,530,300 1,433,400 1,463,300 1,333,800 1,522,000 7% 1% 5,760,800 5,532,100 4%
Mafube 481,200 450,600 443,900 431,800 464,200 7% 4% 1,807,500 1,144,600 58%
Other(4) — — — — — n/a n/a — 1,680,700 n/a
Eskom-tied operations(5) — — — — — n/a n/a — 2,825,500 n/a
Isibonelo 745,900 1,053,300 1,031,600 1,171,000 1,368,900 (29)% (46)% 4,001,700 4,597,800 (13)%
Total South Africa production 7,025,900 6,909,700 7,198,600 6,707,200 7,829,600 2% (10)% 27,841,500 32,050,900 (13)%
Colombia (Cerrejon)(6) 2,314,900 2,055,100 2,016,900 2,199,300 2,356,500 13% (2)% 8,586,100 10,219,900 (16)%
Total Coal production 16,013,600 15,971,600 15,304,200 13,401,200 16,260,800 0% (2)% 60,690,500 65,482,500 (7)%
(1) Anglo American's attributable share of production.
(2) Export and domestic production; the Eskom-tied operations and Isibonelo produce exclusively domestic volumes.
(3) Includes pre-commercial production volumes from Navigation section.
(4) Other production comes from the recovery of saleable product from mineral residue deposits.
(5) The sale of the Eskom-tied operations was completed on 1 March 2018.
(6) Anglo American's attributable share of Cerrejon production is 33.3%.
NICKEL
Q4 2019 Q4 2019 2019
Q4 Q4 vs. Q3 vs. vs.
Nickel (tonnes) 2019 2018 Q4 2018 2019 Q3 2019 2019 2018 2018
Nickel 11,700 11,400 3% 11,300 4% 42,600 42,300 1%
Nickel production increased by 3% reflecting improved operational stability.
2020 Production Guidance
Production guidance for 2020 is unchanged at 42,000-44,000 tonnes.
Q4 2019 Q4 2019 2019
Q4 Q3 Q2 Q1 Q4 vs. vs. vs.
Nickel 2019 2019 2019 2019 2018 Q3 2019 Q4 2018 2019 2018 2018
Barro Alto
Ore mined 623,300 1,198,800 1,365,400 888,000 816,500 (48)% (24)% 4,075,600 4,667,200 (13)%
Ore processed 609,200 612,000 519,000 525,400 607,300 0% 0% 2,265,700 2,264,200 0%
Ore grade processed -%Ni 1.73 1.66 1.67 1.67 1.74 4% (1)% 1.69 1.71 (1)%
Production 9,500 9,200 7,600 7,700 9,100 3% 4% 33,900 33,500 1%
Codemin
Ore mined — 1,300 39,000 — 8,400 n/a n/a 40,300 8,400 380%
Ore processed 141,600 140,200 148,900 139,900 150,600 1% (6)% 570,500 581,400 (2)%
Ore grade processed -%Ni 1.68 1.69 1.62 1.62 1.68 (1)% 0% 1.65 1.66 (1)%
Production 2,200 2,100 2,300 2,100 2,300 5% (4)% 8,700 8,800 (1)%
Total Nickel production(1) 11,700 11,300 9,800 9,800 11,400 4% 3% 42,600 42,300 1%
Sales volumes 12,500 10,600 8,800 9,800 12,600 18% (1)% 41,700 43,100 (3)%
(1) Excludes nickel production from the PGMs business unit.
MANGANESE
Q4 2019 Q4 2019 2019
Q4 Q4 vs. Q3 vs. vs.
Manganese (000 t) 2019 2018 Q4 2018 2019 Q3 2019 2019 2018 2018
Manganese ore(1) 903 972 (7)% 910 (1)% 3,513 3,607 (3)%
Manganese alloys(1)(2) 32 38 (17)% 29 8% 137 157 (13)%
(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.
Manganese ore production decreased by 7% to 902,900 tonnes, mainly due to mining fleet reliability issues in South Africa.
Manganese alloy production decreased by 17% to 31,600 tonnes due to a furnace outage in Australia.
Q4 2019 Q4 2019 2019
Q4 Q3 Q2 Q1 Q4 vs. vs. vs.
Manganese (tonnes) 2019 2019 2019 2019 2018 Q3 2019 Q4 2018 2019 2018 2018
Samancor
Manganese ore(1) 902,900 910,400 826,100 874,000 971,900 (1)% (7)% 3,513,400 3,606,500 (3)%
Manganese alloys(1)(2) 31,600 29,200 41,200 35,200 38,000 8% (17)% 137,200 156,800 (13)%
Samancor sales volumes
Manganese ore 911,000 897,800 958,400 843,400 959,800 1% (5)% 3,610,600 3,534,500 2%
Manganese alloys 27,200 30,400 44,800 30,100 44,000 (11)% (38)% 132,500 161,100 (18)%
(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.
EXPLORATION AND EVALUATION
Exploration and evaluation expenditure increased by 15% to $92 million. Exploration expenditure increased by
52% to $44 million driven by increased drilling activities in Copper, PGMs and Kumba Iron Ore. Evaluation
expenditure decreased by 4% to $49 million largely due to decreased works in Copper, partially offset by
increased spend in Metallurgical Coal, Thermal Coal and De Beers.
CORPORATE ACTIVITY AND OTHER ITEMS
During the quarter, charges recognised within EBITDA relating to rehabilitation provisions are currently
estimated to be $0.1 billion at De Beers and $0.1 billion at Copper.
REALISED PRICES SUMMARY
2019 H2 2019
H2 H1 vs. vs.
Average realised prices 2019 2018 2019 2019 2018 H1 2019
De Beers
Consolidated average realised price ($/ct)(1) 137 171 121 151 (20)% (20)%
Average price index(2) 116 123 107 118 (6)% (9)%
Copper (USc/lb)(3) 273 283 268 280 (4)% (4)%
PGMs
Platinum (US$/oz) 861 871 886 831 (1)% 7%
Palladium (US$/oz) 1,518 1,029 1,641 1,400 48% 17%
Rhodium (US$/oz) 3,808 2,204 4,726 2,840 73% 66%
Basket price (US$/Pt oz) 2,819 2,219 2,930 2,685 27% 9%
Iron Ore - FOB prices
Kumba Export (US$/dmt)(4) 97 72 86 108 35% (20)%
Minas-Rio (US$/wmt)(5) 79 70 69 92 13% (25)%
Coal
Australia
Metallurgical - HCC (US$/t)(6) 171 194 153 195 (12)% (22)%
Metallurgical - PCI (US$/t)(6) 110 128 98 123 (14)% (20)%
Thermal - Export (US$/t) 70 103 57 88 (32)% (35)%
South Africa
Thermal - Export (US$/t)(7) 61 87 59 64 (30)% (8)%
Thermal - Domestic (US$/t, FOR)(8) 14 19 13 15 (26)% (13)%
Colombia
Thermal - Export (US$/t) 56 83 51 62 (33)% (18)%
Nickel (USc/lb) 624 588 672 563 6% 19%
(1) Consolidated average realised price based on 100% selling value post-aggregation.
(2) Average of the De Beers price index for the Sights within the 12-month period. The De Beers price index is relative to 100 as at December 2006.
(3) The realised price for Copper excludes third party sales volumes.
(4) Average realised export basket price (FOB Saldanha). For 2019 and H2 2019 the realised prices differ to Kumba's standalone Q4 results due to
sales to other Group companies.
(5) Average realised export basket price (FOB Acu) (wet basis).
(6) Weighted average metallurgical coal sales price achieved.
(7) Weighted average export thermal coal price achieved.
(8) Weighted average domestic thermal coal price achieved on all domestic thermal coal sales.
NOTES
- This Production Report for the quarter ended 31 December 2019 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. 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 below 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.
For further information, please contact:
Media
UK
James Wyatt-Tilby
james.wyatt-tilby@angloamerican.com
Tel: +44 (0)20 7968 8759
Marcelo Esquivel
marcelo.esquivel@angloamerican.com
Tel: +44 (0)20 7968 8891
South Africa
Pranill Ramchander
pranill.ramchander@angloamerican.com
Tel: +27 (0)11 638 2592
Sibusiso Tshabalala
sibusiso.tshabalala@angloamerican.com
Tel: +27 (0)11 638 2175
Investors
UK
Paul Galloway
paul.galloway@angloamerican.com
Tel: +44 (0)20 7968 8718
Robert Greenberg
robert.greenberg@angloamerican.com
Tel: +44 (0)20 7968 2124
Emma Waterworth
emma.waterworth@angloamerican.com
Tel: +44 (0)20 7968 8574
Forward-looking statements:
This announcement includes forward-looking statements. All statements other than statements of historical facts
included in this announcement, 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 (including development plans and objectives relating to Anglo American's products, production
forecasts and Ore Reserves and Mineral Resources), 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 commodity market prices, mineral resource exploration and development
capabilities, recovery rates and other operational capabilities, the availability of mining and processing
equipment, the ability to produce and transport products profitably, the availability of transportation
infrastructure, the impact of foreign currency exchange rates on market prices and operating costs, the
availability of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant
areas of the world, the actions of competitors, activities by governmental authorities such as permitting 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 announcement. Anglo American expressly
disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and
Mergers (the "Takeover Code"), the UK Listing Rules, the Disclosure 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 announcement 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 about Anglo American included in this announcement is sourced from publicly available third-party
sources. As such, it has not been independently verified and presents the views of those third parties, though
these 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 third party information.
Notes to editors:
Anglo American is a leading global mining company and our products are the essential ingredients in almost
every aspect of modern life. Our portfolio of world-class competitive mining operations and undeveloped
resources provides the metals and minerals that enable a cleaner, more electrified world and that meet the fast
growing consumer-driven demands of the world's developed and maturing economies. With our people at the
heart of our business, we use innovative practices and the latest technologies to discover new resources and
mine, process, move and market our products to our customers around the world - safely, responsibly and
sustainably.
As a responsible miner - of diamonds (through De Beers), copper, platinum group metals, iron ore, coal, nickel
and manganese - we are the custodians of what are precious natural resources. We work together with our
business partners and diverse stakeholders to unlock the sustainable value that those resources represent for
our shareholders, 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.
www.angloamerican.com
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)
23 January 2020
Date: 23-01-2020 09:00:00
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