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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Anglo American Plc | LSE:AAL | London | Ordinary Share | GB00B1XZS820 | ORD USD0.54945 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 13.50 | 0.62% | 2,182.00 | 2,184.50 | 2,185.00 | 2,200.50 | 2,158.50 | 2,184.50 | 5,451,140 | 16:35:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 30.84B | 283M | 0.2116 | 103.26 | 29.23B |
TIDMAAL
RNS Number : 1975W
Anglo American PLC
26 January 2012
26 January 2012 Anglo American plc Production Report for the fourth quarter ended 31 December 2011
Overview
-- Iron ore production increased by 5% to 12.4 million tonnes mainly due to initial production from Kolomela mine and a continued improvement in performance at Amapa
o 9 Mtpa Kolomela mine commissioned five months ahead of schedule, with first shipment from Saldanha port in December 2011
o Production ramp up schedule for Kolomela mine of 4-5 million tonnes in 2012
-- Metallurgical Coal delivered record production from its Australian open cut metallurgical coal operations, resulting in a 4% increase in metallurgical coal production to 4.1 million tonnes
-- Export thermal coal production from South Africa and Colombia increased by 5% to 8.6 million tonnes
-- Copper production increased by 10% to 170,000 tonnes, and by 22% compared to Q3 2011, due to the commissioning of the Los Bronces expansion and higher ore grades at Los Bronces, Collahuasi and El Soldado
-- Nickel(1) production increased by 125% to 9,900 tonnes, and by 52% compared to Q3 2011, as production from Barro Alto continued to ramp up
-- Platinum refined production decreased by 19% to 710,000 ounces, mainly due to a greater number of safety stoppages resulting in lower mine production and increased processing of lower grade surface stockpiles. Equivalent refined platinum production declined by 9% to 583,200 ounces, due to a higher number of safety stoppages. This was offset by a strong performance at Mogalakwena's North pit and full ramp up at Unki mine
-- Diamond production decreased by 24% to 6.5 million carats. This reduction mainly reflects De Beers' deliberate focus on increasing waste stripping, as well as scheduled maintenance at the Debswana and DBCM operations in recognition of short-term global macro-economic volatility
This Production Report for the fourth quarter ended 31 December 2011 is unaudited.
Preliminary Results for the full year to 31 December 2011 will be announced on 17 February 2012.
(1) Nickel production from the Nickel business unit
Hot Features
Premium
Iron Ore and Manganese Q4 Q4 Q4 2011 Q3 Q4 2011
-------------------------------
2011 2010 vs. 2011 vs.
----------------------- ------
Q4 2010 Q3 2011
----------------------- ------ --------
Iron ore 000 t 12,427 11,808 5% 12,183 2%
----------------------- ------ ------- ------- -------- ------- --------
Manganese ore 000 t 722 732 (1)% 808 (11)%
----------------------- ------ ------- ------- -------- ------- --------
Manganese alloys 000 t 78 77 2% 78 1%
----------------------- ------ ------- ------- -------- ------- --------
Attributable sales
volumes
----------------------- ------ ------- ------- -------- ------- --------
RSA export iron ore 000 t 9,600 8,977 7% 9,167 5%
----------------------- ------ ------- ------- -------- ------- --------
RSA domestic iron ore 000 t 1,242 1,722 (28)% 1,538 (19)%
----------------------- ------ ------- ------- -------- ------- --------
South American export
iron ore 000 t 1,374 1,254 10% 1,452 (5)%
----------------------- ------ ------- ------- -------- ------- --------
Iron Ore - Excellent progress was made at Kolomela mine, which was brought into production ahead of schedule. The plant was successfully commissioned during 2011, delivering production of 1.2 Mt during the fourth quarter, bringing total production for 2011 to 1.5 Mt.Sishen mine's production decreased by 4% year on year to 9.8 Mt and by 6% quarter on quarter. Production from the mine's dense media separation plant was hampered by mining feedstock constraints. Sishen mine proactively supplemented the production by temporarily adjusting the jig plant ore quality in order to operate at above design capacity.
In Brazil, total production of 1.3 Mt was 15% higher compared to Q4 2010 and 3% higher than Q3 2011. The increase in Q4 production was driven by the Pellet Feed Production which was 32% higher compared to Q4 2010 (Q4 2011:495 kt vs. Q4 2010:376 kt) following a process improvement throughout 2011.
Manganese Ore - Production was lower than Q3 2011 as planned maintenance at Hotazel Manganese Mines (South Africa) and lower plant availability due to wet weather at GEMCO (Australia) impacted performance.
Manganese Alloys - Alloy production was in line with prior periods.
Metallurgical Coal(1) Q4 Q4 Q4 2011 Q3 Q4 2011
------------------------------
2011 2010 vs. 2011 vs.
---------------------- ------
Q4 2010 Q3 2011
---------------------- ------ ------ ------ -------- ------ --------
Production
---------------------- ------ ------ ------ -------- ------ --------
Export metallurgical 000 t 4,061 3,892 4% 4,015 1%
---------------------- ------ ------ ------ -------- ------ --------
Thermal 000 t 3,359 3,728 (10)% 3,978 (16)%
---------------------- ------ ------ ------ -------- ------ --------
Weighted average
achieved FOB prices
---------------------- ------ ------ ------ -------- ------ --------
Export metallurgical US$/t 234 201 16% 267 (12)%
---------------------- ------ ------ ------ -------- ------ --------
Export thermal US$/t 103 90 14% 98 5%
---------------------- ------ ------ ------ -------- ------ --------
Domestic thermal US$/t 34 32 6% 35 (3)%
---------------------- ------ ------ ------ -------- ------ --------
Attributable sales
volumes
---------------------- ------ ------ ------ -------- ------ --------
Export metallurgical 000 t 4,010 3,704 8% 3,721 8%
---------------------- ------ ------ ------ -------- ------ --------
Export thermal 000 t 1,850 1,602 15% 1,878 (1)%
---------------------- ------ ------ ------ -------- ------ --------
Domestic thermal 000 t 1,853 2,250 (18)% 1,843 1%
---------------------- ------ ------ ------ -------- ------ --------
(1) In 2011 the Group decided to retain Peace River Coal and to manage it within the Metallurgical Coal business unit. Information presented includes Peace River Coal and comparatives have been reclassified.
Metallurgical Coal - The Australian open cut metallurgical coal operations delivered a record quarterly performance for Q4 2011, as flood recovery actions initiated in the first half of 2011, increased production by 57% compared to Q4 2010. The increase was in part offset by unplanned interruption at the Moranbah underground operation.
Thermal Coal Q4 Q4 Q4 2011 Q3 Q4 2011
------------------------------------
2011 2010 vs. 2011 vs.
---------------------------- ------
Q4 2010 Q3 2011
---------------------------- ------ ------- ------- ------------- ------ --------
Production
---------------------------- ------ ------- ------- ------------- ------ --------
RSA thermal (non-Eskom) 000 t 5,846 5,885 (1)% 5,198 12%
---------------------------- ------ ------- ------- ------------- ------ --------
Eskom 000 t 9,487 9,485 - 8,751 8%
---------------------------- ------ ------- ------- ------------- ------ --------
RSA metallurgical 000 t 84 103 (18)% 76 12%
---------------------------- ------ ------- ------- ------------- ------ --------
Colombia export thermal 000 t 2,753 2,316 19% 2,852 (3)%
---------------------------- ------ ------- ------- ------------- ------ --------
Weighted average
achieved FOB prices
---------------------------- ------ ------- ------- ------------- ------ --------
RSA export thermal US$/t 107 84 27% 115 (7)%
---------------------------- ------ ------- ------- ------------- ------ --------
RSA domestic thermal US$/t 20 20 - 22 (9)%
---------------------------- ------ ------- ------- ------------- ------ --------
Colombia export thermal US$/t 98 79 24% 103 (5)%
---------------------------- ------ ------- ------- ------------- ------ --------
Attributable sales volumes
---------------------------- ------ ------- ------- ------------- ------ --------
RSA export thermal 000 t 5,146 4,358 18% 4,605 12%
---------------------------- ------ ------- ------- ------------- ------ --------
RSA domestic thermal 000 t 10,842 10,546 3% 9,901 10%
---------------------------- ------ ------- ------- ------------- ------ --------
Colombia export thermal 000 t 2,784 2,672 4% 2,901 (4)%
---------------------------- ------ ------- ------- ------------- ------ --------
Thermal Coal - Production in South Africa was in line with Q4 2010, and improved compared to Q3 2011, mainly due to the recovery from industrial action which occurred in Q3 2011. Zibulo commenced commercial production in October 2011. Cerrejon, in Colombia, delivered a strong performance, benefiting from a reduction in weather related stoppages compared to 2010. This performance enabled Cerrejon to exceed, for the first time, its theoretical annual production capacity of 32 Mtpa.
Export sales volumes in South Africa increased 18% on Q4 2010 due to high stock level availability as well as optimised load out efficiencies on the operations complemented by improved Transnet Freight Rail performance.
Copper Q4 Q4 Q4 2011 Q3 Q4 2011
----------------------------------
2011 2010 vs. 2011 vs.
----------------------- ---------
Q4 2010 Q3 2011
----------------------- --------- -------- --------
Copper t 170,000 154,400 10% 139,900 22%
----------------------- --------- -------- -------- -------- -------- --------
Copper - Production of 170,000 tonnes increased by 10%, primarily due to the ramp-up of production from the expansion at Los Bronces following its commissioning in October and higher ore grades at Los Bronces, Collahuasi and El Soldado. The Los Bronces expansion produced 19,000 tonnes during the quarter, this was partly offset by production interruptions at Collahuasi owing to adverse weather conditions in December 2011 and a safety stoppage at Los Bronces after a fatal accident in September 2011.
As at the end of 2011, Anglo American had 138,400 tonnes of copper provisionally priced at 345 c/lb. Provisional pricing of copper sales resulted in a negative operating profit adjustment of $278 million for 2011, versus a positive operating profit adjustment of $195 million in the prior year.
Nickel Q4 Q4 Q4 2011 Q3 Q4 2011
-------------------------------------
2011 2010 vs. 2011 vs.
------------- ----------------------
Q4 2010 Q3 2011
------------- ---------------------- ------ ------ -------- ------ --------
Nickel t 9,900 4,400 125% 6,500 52%
------------- ---------------------- ------ ------ -------- ------ --------
Nickel - Production increased by 125% to 9,900 tonnes reflecting the contribution of Barro Alto which delivered 4,100 tonnes in Q4 2011. At Loma de Niquel, production was 13% higher due to improved equipment availability and increased reliability of power supply for the furnaces. Production at Codemin was 75% higher due to the relining of an electric furnace during Q4 2010.
Platinum Q4 Q4 Q4 2011 Q3 Q4 2011
------------------------------
2011 2010 vs. 2011 vs.
-------------------- --------
Q4 2010 Q3 2011
-------------------- -------- ------
Refined
-------------------- -------- ------ ------ -------- ------ --------
Platinum 000 oz 710 872 (19)% 647 10%
-------------------- -------- ------ ------ -------- ------ --------
Palladium 000 oz 393 503 (22)% 376 4%
-------------------- -------- ------ ------ -------- ------ --------
Rhodium 000 oz 97 111 (13)% 75 29%
-------------------- -------- ------ ------ -------- ------ --------
Nickel t 5,100 5,000 2% 4,900 4%
-------------------- -------- ------ ------ -------- ------ --------
Equivalent refined
-------------------- -------- ------ ------ -------- ------ --------
Platinum 000 oz 583 640 (9)% 667 (13)%
-------------------- -------- ------ ------ -------- ------ --------
Platinum - Equivalent refined platinum production was 9% lower mainly due to a higher number of safety stoppages resulting in lower production from Tumela, Dishaba, Union and Rustenburg and increased processing of lower grade surface stockpiles. This was partly offset by a 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. There were 32 safety stoppages during the fourth quarter of 2011 compared with 14 during the fourth quarter of 2010 and 16 during the third quarter of 2011. Refined production decreased by 19% year on year primarily due to lower mine output.
Palladium, Rhodium & Nickel - Refined production of palladium and rhodium decreased by 22% and 13% respectively, while nickel increased by 2%. These variances are due to a different source mix from operations and different pipeline processing times for each metal.
Diamonds Q4 Q4 Q4 2011 Q3 Q4 2011
--------------------------------
2011 2010 vs. 2011 vs.
------------------ ------------
Q4 2010 Q3 2011
------------------ ------------
Diamonds 000 carats 6,489 8,532 (24)% 9,305 (30)%
------------------ ------------ ------- ------- -------- ------- --------
Diamonds - Carats recovered decreased 24% to 6.5 million carats, and 30% compared to Q3 2011, primarily reflecting a deliberate focus by De Beers to increase waste stripping, as well as scheduled maintenance at the Debswana and DBCM operations in recognition of short-term global macro-economic volatility.
Other Mining and Q4 Q4 Q4 2011 Q3 Q4 2011
Industrial - Core(1)
--------------------------
2011 2010 vs. 2011 vs.
------------------- -----
Q4 2010 Q3 2011
------------------- -----
Phosphates t 274,900 270,900 1% 284,500 (3)%
------------------- ----- -------- -------- -------- -------- --------
Niobium t 1,000 1,200 (17)% 1,100 (9)%
------------------- ----- -------- -------- -------- -------- --------
(1) Assets originally identified for divestment as part of the restructuring programme announced in October 2009, are managed as a separate business unit, Other Mining and Industrial. In 2011 the Group decided to retain Copebras and Catalao.
Phosphates - Phosphates production was in line with Q4 2010, however, the production mix was varied in response to changes in market demand. Production decreased by 3% to 274,900 tonnes compared to Q3 2011, reflecting softening demand.
Niobium - Niobium production decreased by 17% as a result of the significant change in production profile at Boa Vista, as the mine advanced further into the transition ore between weathered material and unoxidised ore, resulting in lower niobium recoveries. Niobium ore grades from the Copebras mine were also lower leading to a decreasing niobium output from the tailings plant.
Production summary
The figures below include the entire output of consolidated entities and the Group's attributable share of joint ventures, joint arrangements and associates where applicable, except for De Beers which is quoted on a 100% basis.
% Change
--------------------------------------------------------------- ------------------
Q4 2011 Q4 2011
Q4 Q3 Q2 Q1 Q4 vs. vs.
2011 2011 2011 2011 2010 Q3 2011 Q4 2010
--------------------------- ----------- ----------- ----------- ----------- ----------- -------- --------
Iron Ore and Manganese
segment (tonnes)
Iron ore 12,427,300 12,182,900 11,534,100 9,944,800 11,807,700 2% 5%
Manganese ore(1) 722,500 807,600 716,100 540,600 731,600 (11)% (1)%
Manganese alloys(1)(2) 78,000 77,600 76,100 68,800 76,800 1% 2%
--------------------------- ----------- ----------- ----------- ----------- ----------- -------- --------
Metallurgical
Coal segment (tonnes)(3)
Export metallurgical 4,060,600 4,015,000 3,949,400 2,164,700 3,891,500 1% 4%
Thermal 3,358,700 3,978,000 3,087,500 3,002,300 3,727,500 (16)% (10)%
--------------------------- ----------- ----------- ----------- ----------- ----------- -------- --------
Thermal Coal segment
(tonnes)
RSA thermal (non-Eskom) 5,846,000 5,198,400 5,264,400 5,079,300 5,885,000 12% (1)%
Eskom 9,487,000 8,751,400 8,782,600 8,275,000 9,484,800 8% -
RSA metallurgical 84,500 75,600 83,800 79,500 103,000 12% (18)%
Colombia export
thermal 2,752,700 2,851,800 2,537,700 2,609,500 2,315,700 (3)% 19%
Copper segment
(tonnes)(4) 170,000 139,900 150,300 138,800 154,400 22% 10%
--------------------------- ----------- ----------- ----------- ----------- ----------- -------- --------
Nickel segment
(tonnes)(5) 9,900 6,500 6,600 6,100 4,400 52% 125%
--------------------------- ----------- ----------- ----------- ----------- ----------- -------- --------
Platinum segment
Platinum (troy
ounces) 710,000 646,500 640,700 532,900 872,400 10% (19)%
Palladium (troy
ounces) 392,700 376,000 373,800 288,200 502,600 4% (22)%
Rhodium (troy
ounces) 96,800 75,200 79,900 85,700 111,400 29% (13)%
Nickel (tonnes) 5,100 4,900 5,500 4,800 5,000 4% 2%
Equivalent refined
Platinum (troy
ounces) 583,200 666,800 592,500 567,600 640,100 (13)% (9)%
--------------------------- ----------- ----------- ----------- ----------- ----------- -------- --------
Diamonds segment
(De Beers) (diamonds
recovered - carats)
Total diamonds
production for
De Beers 6,489,000 9,305,000 8,138,000 7,396,000 8,532,000 (30)% (24)%
Anglo American's
share of diamonds
production for
De Beers 2,920,000 4,187,000 3,662,000 3,328,000 3,839,000 (30)% (24)%
Other Mining and
Industrial segment
(tonnes)(6)
Phosphates 274,900 284,500 260,700 240,800 270,900 (3)% 1%
Niobium 1,000 1,100 900 900 1,200 (9)% (17)%
South Africa Steel
Products 163,100 158,000 183,100 173,200 151,000 3% 8%
--------------------------- ----------- ----------- ----------- ----------- ----------- -------- --------
Coal production
by commodity (tonnes)
Metallurgical 4,145,100 4,090,600 4,033,200 2,244,200 3,994,500 1% 4%
Thermal 11,957,400 12,028,200 10,889,600 10,691,100 11,928,200 (1)% -
Eskom 9,487,000 8,751,400 8,782,600 8,275,000 9,484,800 8% -
--------------------------- ----------- ----------- ----------- ----------- ----------- -------- --------
(1) Saleable production.
(2) Production includes Medium Carbon Ferro Manganese.
(3) Includes Peace River Coal which in 2011 was reclassified from Other Mining and Industrial to Metallurgical Coal to align with internal management reporting. Comparatives have been reclassified to align with current year presentation.
(4) Excludes Platinum and Black Mountain mine copper production.
(5) Excludes Platinum nickel production.
(6) Excludes Tarmac.
Exploration and evaluation expenditure
Anglo American continued to progress with its strong exploration and evaluation programme during 2011. Exploration and evaluation operating expenditure for 2011 across all business units was $539 million, an increase of 51% compared to 2010. This was driven primarily by the advancement of prioritised expansion project studies in Australian Metallurgical Coal, Copper and Nickel, including Quellaveco, Michiquillay, Pebble and Jacare, and increased exploration expenditure in Metallurgical Coal and Copper.
Production figures are sometimes more precise than the rounded numbers shown in this report. The percentage change will reflect the percentage change using the unrounded production figures shown in this report.
Forward looking statements:
This contains certain forward looking statements which involve risk and uncertainty because they relate to events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.
For further information, please contact:
Media Investors
UK UK
James Wyatt-Tilby Leng Lau
Tel: +44 (0)20 7968 8759 Tel: +44 (0)20 7968 8540
Emily Blyth Caroline Crampton (nee
Tel: +44 (0)20 7968 8481 Metcalfe)
Tel: +44 (0)20 7968 2192
South Africa Leisha Wemyss
Pranill Ramchander Tel: +44 (0)20 7968 8607
Tel: +27 (0)11 638 2592
Notes to editors:
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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