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ANGLO AMERICAN PLATINUM LIMITED - PGM Production Report for the first quarter ending 31 March 2020 & Update to Response on Covid-19

Release Date: 23/04/2020 08:00
Code(s): AMS     PDF:  
Wrap Text
PGM Production Report for the first quarter ending 31 March 2020 & Update to Response on Covid-19

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")


23 April 2020

ANGLO AMERICAN PLATINUM LIMITED
PGM PRODUCTION REPORT FOR THE FIRST QUARTER ENDING 31 MARCH 2020 & UPDATE TO
RESPONSE ON COVID-19


OVERVIEW - PRODUCTION
- Commitment to elimination of fatalities – no fatalities occurred in Q1 2020, continuing the record fatal free
    period at managed operations
- Total PGM production (expressed as 5E+Au metal in concentrate) decreased 7% against prior year (Q1
    2019) to 954,800 ounces, largely due to the impact of shutdowns implemented by the Government of the
    Republic of South Africa (RSA) in response to curbing the outbreak of COVID-19. This led to a loss of 61,000
    PGM ounces in the quarter
- Own managed mines PGM production decreased by 7% to 560,100 ounces due to the COVID-19
    shutdowns and some impact from Eskom power outages earlier in the quarter
- Joint venture PGM production (mined and purchase of concentrate) decreased by 10% to 188,800 ounces
    largely due to the COVID-19 shutdowns
- Refined PGM production including tolling decreased by 15% to 743,900 ounces. This was due to the
    temporary closure of the Anglo Converter Plant (ACP) and the declaration of force majeure to secure a safe
    operating environment
- PGM sales volumes (excluding tolling and 4E POC sales that are now tolled) decreased 13% to 681,300
    ounces due to lower refined production, partially supplemented by a drawdown in refined palladium inventory

OVERVIEW – UPDATE ON RESPONSE TO COVID-19
-   Safe shutdowns implemented across all operations, with limited surface operations at Mogalakwena, later
    extended to limited mining operations at Mogalakwena and the start-up of Polokwane Smelter in April
-   ACP Phase B repairs continued throughout the lockdown period, making good progress and on schedule
-   Employees continue to be paid during the lockdown including full fixed pay, as well as pension and
    medical benefits and housing allowances where applicable
-   Local host communities continue to be supported through a comprehensive response plan focusing on
    providing food and water provisions, and training and supply of equipment to clinics and hospitals
-     Supporting small business – supplier response plan in place to deliver range of support for suppliers
-     Strong financial position – in a net cash position of R11.8 billion at 31 March 2020 (unaudited) with
      committed facilities of R20.5 billion
-     Cash conservation measures identified – cost and capex savings of over R4.0 billion identified for 2020

 Anglo American Platinum                                                                                                               Q1 2020    Q1 2020
 PGM Production Report - Q1 2020                                                        Q1      Q4        Q3        Q2        Q1          vs        vs
 1 January 2020 - 31 March 2020                                                        2020    2019      2019      2019      2019      Q1 2019    Q4 2019
 Total M&C production (mined and purchase of concentrate)
 Total PGM production (5E + Au)                                               000 oz   954.8   1,152.7   1,141.2   1,118.7   1,028.2       (7)%      (17)%
    Own managed mines                                                         000 oz   560.1    675.2     642.5     633.6     600.9       (7)%      (17)%
      Mogalakwena                                                             000 oz   282.3    317.5     287.7     302.5     307.2       (8)%      (11)%
      Amandelbult                                                             000 oz   167.7    238.7     232.9     229.0     192.8      (13)%      (30)%
      Unki                                                                    000 oz    49.0     52.0      53.8      52.5      43.3       13%        (6)%
      Mototolo                                                                000 oz    61.2     66.9      68.1      49.6      57.7        6%        (9)%
    Joint venture production                                                  000 oz   188.8    231.2     248.2     228.2     210.4      (10)%      (18)%
   Third party purchase of concentrate                                        000 oz   205.9    246.3     250.5     256.9     216.9       (5)%      (16)%
 Refined production
 Total refined PGM (5E+Au) production (excluding tolling and 4E purchase of
 concentrate now tolled)(1)                                                   000 oz   612.2   1,308.8   1,168.4   1,216.2    787.3      (22)%      (53)%
 Total refined PGM (5E+Au) production (including tolling)                     000 oz   743.9   1,492.1   1,360.7   1,426.9    871.2      (15)%      (50)%
 Sales volume excluding trading
 PGM sales excluding 4E POC sales now tolled in all periods (5E+Au) (1)       000 oz   681.3   1,414.1   1,022.9   1,205.6    786.6      (13)%      (52)%
 Total PGM sales (5E+Au)                                                      000 oz   681.3   1,425.3   1,048.4   1,275.1    884.9      (23)%      (52)%

     (1) PGM refined and sales volume excluding Sibanye-Stillwater 4E POC in all periods


REVIEW OF THE QUARTER


SAFETY

Anglo American Platinum remains committed to the elimination of fatalities and reports zero fatalities in the period
at managed operations. The Company continues its record fatal-free period as a result of the commitment made
by every employee to maintaining safety standards. The Total Recordable Case Frequency Rate (“TRCFR”) per
million hours at managed operations for the quarter improved 20% to 2.39 compared to 2.97 in the prior period.


PGM PRODUCTION

Total PGM production of 954,800 ounces decreased 7% (against prior period Q1 2019), with platinum production
down 7% to 440,900 ounces and palladium production down 7% to 303,100 ounces. The impact of the shutdowns
implemented by the Government of the Republic of South Africa (RSA) in response to curbing the outbreak of
COVID-19 led to a loss of 61,000 PGM ounces in the quarter. Eskom load-shedding also impacted production,
largely at Amandelbult, resulting in a loss of 8,300 PGM ounces.


PGM production from own managed mines

Total PGM production from own managed mines decreased 7% to 560,100 ounces (platinum production
decreased by 6% to 257,500 ounces and palladium production decreased 7% to 204,500 ounces), largely due
to the COVID-19 shutdowns.




                                                                              2
Mogalakwena PGM production decreased 8% to 282,300 ounces (platinum decreased by 7% to 121,900 ounces
and palladium production decreased by 9% to 128,700 ounces), primarily due to maintenance on the North
concentrator mill which impacted tonnes milled, as well as the impact from COVID-19 shutdowns.


Amandelbult PGM production decreased 13% to 167,700 ounces (platinum and palladium production both
decreased by 13%, to 85,500 ounces and 39,100 ounces respectively), due to Eskom load shedding power
outages in January and February, as well as the COVID-19 shutdowns.


Mototolo PGM production increased by 6% to 61,200 ounces (platinum production increased by 5% to 28,300
ounces and palladium increased by 5% to 17,200 ounces), due to higher throughput and grade, despite the
impact of COVID-19 shutdowns.


Unki PGM production increased 13% to 49,000 ounces (platinum production increased by 13% to 21,800 ounces
and palladium production increased by 15% to 19,600 ounces), due to improved concentrator throughput and
recovery supported by mining volume increases.


PGM production from joint ventures (50% own mined production and 50% purchase of concentrate)

Joint venture PGM production, decreased by 10% to 188,800 ounces (platinum production decreased by 11% to
83,800 ounces and palladium production decreased by 9% to 56,800 ounces). This was largely due to the impact
of COVID-19 shutdowns.


In addition, due to the temporary closure of the ACP resulting in the declaration of force majeure to purchase of
concentrate suppliers, it was agreed that 50% of the concentrate produced by Kroondal (a pool and share
agreement) will be sold to, and processed by Sibanye-Stillwater for the duration of the force majeure period. As
a result, Sibanye-Stillwater purchased and will market and sell material, equivalent to 12,000 PGM ounces in Q1.


Purchases of PGM concentrate from third parties

Purchase of PGM concentrate (POC) from third parties, decreased by 5% to 205,900 ounces (platinum POC
decreased by 3% to 99,600 ounces and palladium POC decreased by 6% to 41,800 ounces), due to the impact
of COVID-19 shutdowns, and the agreement that purchase of concentrate from Platinum Mile would be made by
Sibanye-Stillwater for the duration of the force majeure period.


Refined PGM production

Refined PGM production, excluding tolling and 4E production now tolled, decreased by 22% to 612,200 ounces
(refined platinum production decreased 34% to 240,300 ounces and refined palladium production decreased by
26% to 197,100 ounces). Refined production was largely impacted by the temporary closure of the ACP on 6
March 2020, to repair the Phase B unit, which led to a temporary increase in work-in-progress inventory.


ACP Repair




                                                        3
The ACP was temporarily closed on 6 March 2020 to secure a safe operating environment. Repairs started on
Phase B unit, with most of the replacement equipment (i.e. waffle coolers) obtained from the undamaged waffle
coolers in the Phase A unit or spares available in inventory. All procurement of additional equipment was from
within South Africa, so no supply chain disruptions have been experienced.


The original estimated time for repairs was 80 days, with a completion date of around 25 May 2020. The ACP
Phase B repairs were able to continue during the lockdown period in South Africa and are progressing well and
on schedule. Repairs will be followed by significant testing to ensure stability and a safe operating environment
before re-commissioning of the ACP.


PGM sales volumes

PGM sales volumes, excluding the impact of 4E toll treated material and trading, decreased 13% to 681,300
ounces, with platinum sales volumes down 33% to 239,900 ounces and palladium sales volumes down 14% to
222,500 ounces due to the decrease in refined production, supplemented by a drawdown in refined palladium
inventory.




UPDATE ON RESPONSE TO COVID-19


Overview

On 23 March 2020 President Cyril Ramaphosa of the Republic of South Africa declared a national lockdown for
21 days effective from midnight of 26 March 2020. On 9 April 2020, Pres. Ramaphosa extended the lockdown
period in South Africa for an additional two-weeks, ending at midnight on 30 April 2020.


On the 28 March 2020, President Emmerson Mnangagwa of Zimbabwe declared a national lockdown for 21 days
effective from midnight of the 30 March 2020 until midnight of the 19 April 2020. On 19 April 2020, Pres.
Mnangagwa extended the lockdown for an additional two weeks, ending on 3 May 2020.


Anglo American Platinum’s priority remains ensuring the safety and health of our employees and surrounding
communities. The Company completed safe shutdown, placing all assets on care and maintenance, which was
successfully completed without any incidents by midnight on Thursday 26th March, except for Mogalakwena
surface material which was treated through the concentrators on a scaled back basis. Operations which were
classified as essential mining operations were safely re-started in April at limited operating capacity, in line with
government guidelines.


Supporting employees, communities and small businesses

Anglo American Platinum is thankful to be in a position where all employees are paid their full fixed pay, pension
and medical benefits, as well as housing allowances where applicable, for the full duration of the extended
lockdown period. This includes all employees who have not been able to work as a result of the lockdown period.




                                                         4
The Board and Executive Committee of Anglo American Platinum notes and fully supports the call by President
Cyril Ramaphosa to contribute to supporting the national fight against the spread of COVID-19. The non-
executive directors have elected to contribute 30% of their fees for three months to charitable organisations that
are aiding the pandemic relief effort. The CEO and Finance Director will also donate 30% of their salaries for
three months to charities associated with Anglo American Platinum’s relief efforts in its host communities. The
Executive team have elected to contribute to the employee matching scheme supported by the Anglo American
Foundation, and many employees have been forthcoming in making contributions to charities of their choice.


During the lockdown period, essential services relating to care and maintenance needed to be carried out,
including pumping, critical maintenance, supervision, engineering, medical services, ventilation, transport and
security has been resourced with critical services employees. The necessary permits and delegations of authority
were all completed and issued to allow passage to the operations. There have been no material issues since the
lockdown commenced and attendance of essential services employees remains high and they are receiving an
extra allowance during the lockdown period in recognition of their commitment.


The medical and occupational health response to the pandemic continues. Essential services workers are
receiving the necessary medical screening, health information, being socially distanced and provided with the
required personal protective equipment (PPE) to prevent infection. To date no COVID-19 cases have been
reported.


The Company continues to provide a wide range of essential services in its host communities in South Africa and
Zimbabwe, to provide additional support to help alleviate the health and economic effects of COVID-19. In
partnership with Gift of the Givers, the University of Pretoria and other stakeholders, the Company is expanding
water supply to communities that do not have access to water; supporting local clinics and hospitals with training,
PPE and other equipment to assist them to respond effectively to the pandemic; undertaking awareness
campaigns; and delivering food parcels to vulnerable families.


Anglo American Platinum has developed a supplier response plan which delivers a range of support including
reviewing payment terms, committing as far as possible to early settlement of invoices for small businesses and
assisting in directing small business owners for help from Government and other NGO assistance programs.


Limited production during the lockdown period


During the lockdown period, limited production at select operations was able to commence, but only after
extensive engagement with Unions and employees was conducted, to ensure that all aspects of health and safety
risks were considered. During March, limited surface operations commenced at the Mogalakwena North
Concentrator. This was later extended to limited mining operations at Mogalakwena and the re-heating and start-
up of the Polokwane smelter in April 2020, and in Zimbabwe, Unki mine was able to recommence limited
operations.


1. Mogalakwena complex




                                                        5
   At Mogalakwena mine, surface processing operations were allowed to continue during the shutdown in South
   Africa and surface ore stockpiles were fed to the North concentrator. With the successful start-up of North
   concentrator, South concentrator went through a safe start-up on 2 April at 75% capacity. Based on its status
   as an essential mining operation, limited mining operations started on 8 April which continued for the duration
   of the lockdown period.




2. Unki complex

    Unki operations were placed on care and maintenance when the lockdown period commenced in Zimbabwe
    on 30 March. Approval was granted by the Government of Zimbabwe for the operations to resume with a
    requirement to comply with the strict measures to prevent the spread of COVID-19. The mining operations
    reopened on 7 April following implementation of these measures, with the Concentrator scheduled to start
    at the beginning of May whilst the Smelter remains on care and maintenance.


3. Polokwane smelter

    Polokwane smelter was placed on care and maintenance when the lockdown period commenced. A safe
    start-up plan, integrating social distancing and safe procedures was established and Polokwane smelter
    was ramped-up on 14 April 2020. Polokwane smelter is running at full capacity to smelt the material from
    Mogalakwena mine.


4. Other operations

   Our own operations that did not operate or start-up during the lockdown period include:
        -     Amandelbult mine
        -     Mototolo mine
        -     Joint venture operation – Modikwa mine
        -     Joint venture operation – Kroondal mine
        -     Mortimer smelter
        -     Waterval smelter
        -     ACP (although repairs continue) and the magnetic concentrator plant (MCP)
        -     Base metal and precious metal refineries

    Some third-party purchase of concentrate production was started at a limited capacity during the lockdown
    period.


M&C Production impact from the lockdown period


The PGM production impact for Q1 2020 from the COVID-19 related shutdowns amounted to 61,000 PGM
ounces. The Company estimates that the full impact of the shutdown in South Africa and Zimbabwe to the end
of the extended lockdown period to 30 April 2020 will be approximately 331,000 PGM ounces.



                                                         6
                                                                     Actual         Estimate        Total estimate
    COVID-19 lockdown M&C production losses                          Q1 2020          April           to 30 April
     Own managed mines
    PGM (5E+Au)                                             000 oz             31          145                176
     Platinum                                               000 oz             14              65              79
     Palladium                                              000 oz             10              50              60
     Joint Venture Mines (AAP share)
    PGM (5E+Au)                                             000 oz             7               35              42
     Platinum                                               000 oz             3               15              18
     Palladium                                              000 oz             2               10              12
     Purchase of concentrate (JV and third parties)
    PGM (5E+Au)                                             000 oz             23              90             113
     Platinum                                               000 oz             12              45              57
      Palladium                                             000 oz             6               20              26
    Total M&C production
    PGM (5E+Au)                                             000 oz             61          270                331
     Platinum                                               000 oz             30          125                155
     Palladium                                              000 oz             18              80              98




Unaudited financial position and committed facilities


At the end of the 2019 reporting period (31 December 2019), Anglo American Platinum was in a net cash position
of R17.3 billion, including the customer prepayment of R9.4 billion. On 9 March 2020, the Company paid the year
end base dividend and special dividend totalling R11.1 billion.


As at 31 March 2020 the Company remains in a net cash position of R11.8 billion (unaudited), including the
customer prepayment and early settlement of the deferred consideration for the sale of the Company’s 33%
share of the Bafokeng-Rasimone Platinum Mine to Royal Bafokeng Platinum Limited. Anglo American Platinum
also has R20.5 billion of committed facilities available.


Despite the strong financial position, the Company is undertaking a cash conservation programme, with
measures amounting to annual cost and capex savings for 2020 of over R4.0 billion including:
-     Cost cutting measures implemented to eliminate all non-essential costs
-     Non-essential capital expenditure delays
-     For employees not at work, the reduction in payment of overtime and production bonuses resulting in labour
      cost reductions



Capital expenditure savings


In line with cash conservation measures, the Company has been able to look at the deferral of non-essential
capital for 2020. The approach pursued was to deliver capex reductions that supported the updated production
profile whilst ensuring the long-term asset integrity and maximising immediate reduction in planned spend.



                                                            7
Further reductions arose from the impact of the COVID-19 pandemic and lockdowns on project equipment
delivery schedules and the lead time to project site start up with the implementation of social distancing and
hygiene protocols for construction.


The SIB reductions largely relate to non-production support equipment replacement, general infrastructure
upgrades, non-plant asset replacement and deferment of rebuilds, which will not impact the integrity of the assets
or business continuity. These are partially offset by the additional SIB capital required to repair Phase B and
Phase A units of the ACP, which amount to R200m and R500m respectively in 2020. This guidance does not
include any potential insurance proceeds receivable. Project capital has also been reduced largely by delaying
the start of certain breakthrough and digitalisation projects which can be deferred without adverse impact on the
business.




                    Previous FY2020     ACP Phase B         ACP Phase A      Capital expenditure     New FY2020
    Rm              Capex Guidance        Repairs             Repairs            reductions        Capex Guidance

                     February 2020          2020                2020                2020              April 2020

    SIB               4,200 - 4,400         +200                +500            (800) - (1,100)      3,800 - 4,300

    Projects          2,600 - 3,100                                              (700) - (900)       1,700 - 2,400

    Total             6,800 - 7,500         +200                +500           (1,500) - (2,000)     5,500 - 6,700



Full-year guidance


Referencing the SENS announcement made on 19 March 2020, with regards to the update on the impact of the
temporary closure of the ACP, the Company provided updated M&C production and refined production guidance.


As a result of the precautions and shutdown in South Africa and Zimbabwe to curb the spread of COVID-19, the
production outlook is difficult to quantify. There are several variables that could impact production including:
-      The ability to complete safe start-up at our own managed mines, joint ventures operations and third parties
       we purchase concentrate from
-      Ongoing social distance and de-densification measures to keep employees safe from COVID-19 and the
       potential impact this has on production
-      Further Government policy leading to shutdowns or extensions thereof that could impact production
-      Possibility of infections at operations, despite significant efforts to implement safety and hygiene measures
-      Ensuring all stakeholders agree with the approach to establish safe working practices

Considering this, we have revised our FY2020 M&C production and refined production guidance on our best
estimates of the outlook for the year, cautioning that production guidance will remain fluid, and further downside
risk is possible.

At our new revised M&C production level, all material should be refined in 2020.




                                                           8
Guidance                                 M&C Production FY2020                        Refined Production FY2020

('000) ounces             Previous          Lost to 30 April          New           Previous              New

Platinum                 2,000 - 2,200           (155)             1,450 - 1,650   1,500 - 1,700      1,450 - 1,650

Palladium                  c.1,400                (98)             1,000 - 1,150   1,100 - 1,200      1,000 - 1,150

Rhodium                       --                   --                   --           250 -350              --

Total PGMs (5E + gold)   4,200 - 4,600           (331)             3,100 - 3,600   3,300 - 3,800      3,100 - 3,600




                                                               9
Anglo American Platinum                                                                         Q1 2020    Q1 2020
PGM Production Report - Q1 2020             Q1         Q4          Q3        Q2        Q1          vs        vs
1 January 2020 - 31 March 2020             2020       2019        2019      2019      2019      Q1 2019    Q4 2019
M&C production (mined and purchase of concentrate)
PGM production (5E+Au)           000 oz      954.8    1,152.7     1,141.2   1,118.7   1,028.2       (7)%      (17)%
  Platinum                       000 oz      440.9     531.7       526.8     520.3     471.9        (7)%      (17)%
  Palladium                      000 oz      303.1     360.4       351.8     347.1     326.6        (7)%      (16)%
Tonnes milled                    000         6,498     7,454       7,328     7,271     6,879        (6)%      (13)%
Built-up head grade (4E)         g/t           3.44     3.67        3.65      3.55      3.59        (4)%       (6)%
Mined operations
Total mined production
PGM production (5E+Au)           000 oz      654.5     790.8       766.6     747.7     706.1        (7)%      (17)%
  Platinum                       000 oz      299.4     361.9       351.7     342.6     322.0        (7)%      (17)%
  Palladium                      000 oz      232.9     275.0       262.8     260.5     250.8        (7)%      (15)%
Tonnes milled                    000         6,498     7,453       7,327     7,270     6,878        (6)%      (13)%
Built-up head grade (4E)         g/t           3.44     3.67        3.65      3.55      3.59        (4)%       (6)%
Own managed mines
  PGM production (5E+Au)         000 oz      560.1     675.2       642.5     633.6     600.9        (7)%      (17)%
    Platinum                     000 oz      257.5     310.0       296.8     290.5     275.1        (6)%      (17)%
    Palladium                    000 oz      204.5     241.0       225.9     228.1     219.7        (7)%      (15)%
  Tonnes milled                  000         5,708     6,479       6,340     6,372     5,984        (5)%      (12)%
 Built-up head grade (4E)        g/t           3.38     3.66        3.64      3.53      3.57        (5)%       (8)%
Mogalakwena mine
    PGM production (5E+Au)       000 oz      282.3     317.5       287.7     302.5     307.2        (8)%      (11)%
      Platinum                   000 oz      121.9     135.8       123.4     127.9     130.4        (7)%      (10)%
      Palladium                  000 oz      128.7     146.0       130.8     139.5     141.5        (9)%      (12)%
    Tonnes milled                000         3,250     3,487       3,331     3,506     3,385        (4)%       (7)%
  Built-up head grade (4E)       g/t           3.18     3.51        3.46      3.34      3.49        (9)%       (9)%
Amandelbult mine
    PGM production (5E+Au)       000 oz      167.7     238.7       232.9     229.0     192.8       (13)%      (30)%
      Platinum                   000 oz        85.5    120.1       118.4     116.5      98.5       (13)%      (29)%
      Palladium                  000 oz        39.1     56.0        54.3      53.7      44.9       (13)%      (30)%
    Tonnes milled                000         1,366     1,824       1,803     1,840     1,590       (14)%      (25)%
   Built-up head grade (4E)      g/t           3.88     4.15        4.15      3.98      3.88        (0)%       (6)%
Unki mine
    PGM production (5E+Au)       000 oz        49.0     52.0        53.8      52.5      43.3        13%        (6)%
      Platinum                   000 oz        21.8     23.3        23.6      23.1      19.3        13%        (7)%
      Palladium                  000 oz        19.6     20.0        21.4      20.9      17.0        15%        (2)%
    Tonnes milled                000           516       545         556       538       454        14%        (5)%
   Built-up head grade (4E)      g/t           3.41     3.41        3.45      3.47      3.47        (2)%        0%
Mototolo mine
    PGM production (5E+Au)       000 oz        61.2     66.9        68.1      49.6      57.7         6%        (9)%
      Platinum                   000 oz        28.3     30.9        31.4      23.0      26.8         5%        (8)%
      Palladium                  000 oz        17.2     19.0        19.4      14.0      16.3         5%       (10)%
    Tonnes milled                000           576       624         651       488       556         4%        (8)%
    Built-up head grade (4E)  g/t              3.27     3.30        3.24      3.16      3.23         1%        (1)%
Joint venture mined production
  PGM production (5E+Au)         000 oz        94.4    115.6       124.1     114.1     105.2       (10)%      (18)%
    Platinum                     000 oz        41.9     51.8        54.9      52.1      46.9       (11)%      (19)%
    Palladium                    000 oz        28.4     34.0        36.9      32.4      31.2        (9)%      (17)%
  Tonnes milled                  000           790       974         987       898       894       (12)%      (19)%
 Built-up head grade (4E)        g/t           3.86     3.75        3.75      3.72      3.71         4%         3%
Purchase of concentrate
Total purchase of concentrate production
PGM production (5E+Au)           000 oz      300.3     361.9       374.6     371.0     322.1        (7)%      (17)%
  Platinum                       000 oz      141.5     169.8       175.1     177.6     149.9        (6)%      (17)%
  Palladium                   000 oz           70.2     85.3        89.0      86.6      75.7        (7)%      (18)%
Joint ventures purchase of concentrate
  PGM production (5E+Au)         000 oz        94.4    115.6       124.1     114.1     105.2       (10)%      (18)%
    Platinum                     000 oz        41.9     51.8        54.9      52.1      46.9       (11)%      (19)%
    Palladium                 000 oz           28.4     34.0        36.9      32.4      31.2        (9)%      (17)%
Third party purchase of concentrate production
  PGM production (5E+Au)         000 oz      205.9     246.3       250.5     256.9     216.9        (5)%      (16)%
    Platinum                     000 oz        99.6    118.0       120.3     125.5     102.9        (3)%      (16)%
    Palladium                    000 oz        41.8     51.3        52.1      54.2      44.6        (6)%      (19)%




                                                             10
 Anglo American Platinum                                                                                   Q1 2020   Q1 2020
 PGM Production Report - Q1 2020                      Q1          Q4         Q3          Q2        Q1         vs       vs
 1 January 2020 - 31 March 2020                      2020        2019       2019        2019      2019     Q1 2019   Q4 2019
 Refined production excluding tolling and 4E purchase of concentrate now tolled in all periods
 PGM (5E+Au)                      000 oz               612.2    1,308.8     1,168.4     1,216.2    787.3     (22)%     (53)%
   Platinum                       000 oz               240.3      624.9      564.4       559.0     364.1     (34)%     (62)%
   Palladium                      000 oz               197.1      394.4      355.4       410.8     267.6     (26)%     (50)%
 Base metal production
   Nickel                         tonnes               3,129      6,388      6,827       5,591     4,231     (26)%     (51)%
   Copper                         tonnes               3,014      4,157      3,343       3,554     3,157      (5)%     (27)%
   Chrome                         000 t                196.4      247.6      236.9       240.9     183.3       7%      (21)%
 Toll refined production
   4E                             000 oz               131.6      174.7      168.7       153.4       -                   4%
   Platinum                       000 oz                78.6      104.4      100.9        97.9       -                   3%
  Palladium                   000 oz                    40.4         54.0       51.4      49.1       -                   5%
 Refined production excluding tolling
 PGM Production (5E+Au)           000 oz               612.2    1,317.4     1,192.0     1,272.5    868.1     (29)%     (54)%
   Platinum                       000 oz               240.3      629.7      578.5       591.0     411.7     (42)%     (62)%
   Palladium                      000 oz               197.1      396.6      362.0       428.4     293.6     (33)%     (50)%
  Minor PGMs and gold         000 oz           174.9     291.0    251.5       253.2      162.9                 7%      (40)%
 Sales volume excluding trading and 4E purchase of concentrate now tolled in all periods
 PGM (5E+Au)                      000 oz               681.3    1,414.1     1,022.9     1,205.6    786.6     (13)%     (52)%
   Platinum                       000 oz               239.9      662.0      522.2       557.8     358.2     (33)%     (64)%
  Palladium                   000 oz                   222.5      432.7      309.7       451.3     259.9     (14)%     (49)%
 Sales volume excluding trading
 PGM (5E+Au)                      000 oz               681.3    1,425.3     1,048.4     1,275.1    884.9     (23)%     (52)%
   Platinum                       000 oz               239.9      668.4      537.4       595.2     414.2     (42)%     (64)%
   Palladium                      000 oz               222.5      435.8      316.9       475.9     292.1     (24)%     (49)%
 Trading sales volume (2)
 PGM (5E+Au)                      000 oz               248.6         54.3    110.1       117.0      67.7     267%      358%
   Platinum                       000 oz                62.1         10.6       17.5      13.0       5.0    1142%      488%
  Palladium                    000 oz                  169.2         42.8       79.6      81.0      58.7     188%      296%
 Realised metal, Fx and realised basket prices
 Platinum                         (US$/oz)               919         895          877      837      823       12%        3%
 Palladium                        (US$/oz)             2,222      1,758      1,501       1,400     1,399      59%       26%
 Rhodium                          (US$/oz)             8,998      5,525      3,791       3,006     2,631     242%       63%
 Average Fx achieved on sales     ZAR/US$              15.36      14.68      14.70       14.38     14.09       9%        5%
 US$ realised basket price        (/Pt oz)             5,905      3,187      2,611       2,731     2,620     125%       85%
 ZAR realised basket price        (/Pt oz)            90,758     46,748     38,343      39,266    36,924     146%       94%
 US$ realised basket price        (/PGM oz)            2,079      1,494      1,338       1,275     1,226      70%       39%
 ZAR realised basket price        (/PGM oz)           31,954     21,921     19,653      18,329    17,283      85%       46%

(2) Trading sales volume – not produced by Anglo American Platinum operations

Note: (5E+Au) refers to Platinum, Palladium, Rhodium, Iridium, Ruthenium + Gold
      (4E) refers to Platinum, Palladium, Rhodium, Gold



Sponsor
Merrill Lynch South Africa Proprietary Limited



For further information, please contact:
Investors:                                                  Media:
Emma Chapman                                                Jana Marais
(SA) +27 (0) 11 373 6239                                    (SA) +27 (0) 11 638 2607
emma.chapman@angloamerican.com                              jana.marais@angloamerican.com




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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 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.
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 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




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Date: 23-04-2020 08:00:00
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