Wrap Text
Production Report for the second quarter ended 30 June 2020
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
16 July 2020
Anglo American plc
Production Report for the second quarter ended 30 June 2020
Mark Cutifani, Chief Executive of Anglo American, said: "Anglo American has shown resilience in
addressing the challenges posed by Covid-19, acting quickly to help safeguard the lives and livelihoods of
our workforce and host communities. Our comprehensive response supported the continuity of the majority
of our operations during varying degrees of lockdown in different jurisdictions, albeit at reduced capacity in
many cases. Continued strong performances from our Minas-Rio iron ore operation in Brazil and the
Collahuasi copper operation in Chile helped mitigate our overall decrease in production to 18% (1), as we also
addressed operational issues at our metallurgical coal and PGM operations. Building up from a production
level of around 60%(1) of total capacity in April, we continue to increase and had reached about 90% (1) of
production capacity by the end of June.
"Beyond the current business imperatives, we continue to ensure that our business is well positioned for the
long term, including the nature of our portfolio evolution and societal responsibilities. During the quarter, we
have confirmed our plans to work towards an exit from our remaining thermal coal operations in South Africa,
in line with our overall trajectory towards later cycle products. And, benefiting from the ongoing
transformation of our physical processes through our FutureSmart Mining™ programme, we set out our clear
aim of achieving carbon neutrality across our operations by 2040 - an ambitious and important commitment
for us as a business, for our employees and our diverse stakeholders."
Q2 highlights
- Minas-Rio in Brazil continued its strong operational performance, with 6.2 million tonnes of high quality
iron ore production, reflecting ongoing P101 productivity improvements.
- Collahuasi in Chile increased copper production by 38% due to strong performance.
- Metallurgical coal production decreased by 32% to 4.0 million tonnes due to two incidents underground,
at Moranbah and Grosvenor, as well as longwall moves at Grosvenor and Grasstree.
- Covid-19 lockdowns across southern Africa affected De Beers, PGMs, Kumba and Thermal Coal, with
lower refined PGMs production due to the repairs and ramp-up of the ACP.
Q2 2020 Q2 2019 % vs. Q2 H1 2020 H1 2019 % vs. H1
2019 2019
Diamonds (Mct)(2) 3.5 7.7 (54)% 11.3 15.6 (27)%
Copper (kt)(3) 167 159 5% 314 320 (2)%
Platinum (koz)(4) 307 520 (41)% 748 992 (25)%
Palladium (koz)(4) 228 347 (34)% 532 674 (21)%
Iron ore - Kumba (Mt) 8.5 10.5 (20)% 17.9 20.1 (11)%
Iron ore - Minas-Rio (Mt)(5) 6.2 5.9 5% 12.6 10.8 17%
Metallurgical coal (Mt) 4.0 5.8 (32)% 7.8 10.0 (22)%
Thermal coal (Mt)(6) 4.4 6.6 (34)% 10.5 13.2 (20)%
Nickel (kt)(7) 10.8 9.8 10% 21.7 19.6 11%
Manganese ore (kt) 796 826 (4)% 1,639 1,700 (4)%
(1) Copper equivalent production is normalised to reflect closure of Victor (De Beers) and Sibanye-Stillwater Rustenburg
material that has transitioned to a tolling arrangement (Platinum Group Metals).
(2) De Beers production is on a 100% basis, except for the Gahcho Kue joint venture which is on an attributable 51% basis.
(3) Contained metal basis. Reflects copper production from the Copper business unit only (excludes copper production from
the Platinum Group Metals business unit).
(4) Produced ounces of metal in concentrate. Reflects own mine production and purchases.
(5) Volumes are reported as wet metric tonnes. Product is shipped with ~8-9% moisture.
(6) Reflects export production from South Africa and attributable export production (33.3%) from Colombia.
(7) Reflects nickel production from the Nickel business unit only (excludes nickel production from the Platinum Group Metals business unit).
DE BEERS
Q2 2020 Q2 2020 H1 2020
De Beers(1) (000 carats) Q2 Q2 vs. Q1 vs. H1 H1 vs.
2020 2019 Q2 2019 2020 Q1 2020 2020 2019 H1 2019
Botswana 1,825 5,718 (68)% 5,644 (68)% 7,469 11,668 (36)%
Namibia 358 335 7% 511 (30)% 869 818 6%
South Africa 555 571 (3)% 751 (26)% 1,306 953 37%
Canada 789 1,075 (27)% 844 (7)% 1,633 2,112 (23)%
Total carats recovered 3,527 7,699 (54)% 7,750 (54)% 11,277 15,551 (27)%
Rough diamond production decreased by 54% to 3.5 million carats, primarily due to the Covid-19 lockdowns
in southern Africa. Mining operations resumed following regional lockdowns with Covid-19 measures in place
to safeguard the workforce; with production at lower levels reflecting reduced demand for rough diamonds
due to the pandemic.
In Botswana, production decreased by 68% to 1.8 million carats, principally due to a nationwide lockdown
from 2 April to 18 May and the implementation of Covid-19 measures to safeguard the workforce. Operations
restarted from mid-May, with production targeted at levels to meet the lower demand.
Namibia production increased by 7% to 0.4 million carats as the Mafuta crawler vessel was under planned
maintenance in Q2 2019. With targeted regional lockdowns in Namibia in response to Covid-19, marine
operations implemented measures to enable operational continuity while safeguarding the workforce. This
more than offset the decrease in production from Covid-19 at the land operations.
South African production decreased by 3% to 0.6 million carats primarily due to Covid-19 measures. The
production shutdown was partly offset by higher grades from the open pit material prior to transition to the
underground. The treatment plant restarted mid-April ramping up to normal capacity by the end of April.
Production in Canada decreased by 27% to 0.8 million carats, primarily due to Victor reaching the end of its
life in Q2 2019. At Gahcho Kue, production decreased by 11% to 0.8 million carats due to Covid-19 measures.
During Q2, the demand for rough diamonds was significantly impacted by a combination of Covid-19
restrictions impacting consumer demand and access to southern Africa, as well as severely limited
midstream cutting and polishing capacity due to lockdowns, particularly in India. Rough diamond sales
totalled 0.3 million carats (0.2 million carats on a consolidated basis) (2) compared with 9.0 million carats
(8.3 million carats on a consolidated basis)(2) in Q2 2019. The third Sight of 2020 was cancelled due to Covid-19-
related travel restrictions and, in response to the unprecedented industry conditions, De Beers also offered
Sightholders the option to defer up to 100% of their allocations at the fourth and fifth Sights. Rough diamond
consolidated sales(2) in Q2 2020 decreased to $56 million (Q2 2019: $1.3 billion), driven by lower volumes
and prices.
The H1 2020 average realised rough diamond price decreased by 21% to $119/carat (H1 2019: $151/carat),
driven by a higher proportion of lower value rough diamonds sold and an 8% reduction in the average rough
price index.
Full Year Guidance
Production guidance is unchanged at 25-27 million carats (100% basis), subject to continuous review based
on the disruptions related to Covid-19 as well as the timing and scale of the recovery in demand.
(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).
Q2 2020 Q2 2020 H1 2020
De Beers(1) Q2 Q1 Q4 Q3 Q2 vs. vs. H1 H1 vs.
2020 2020 2019 2019 2019 Q2 2019 Q1 2020 2020 2019 H1 2019
Carats recovered (000 carats)
100% basis (unless stated)
Jwaneng 1,138 3,200 3,319 2,584 3,223 (65)% (64)% 4,338 6,559 (34)%
Orapa(2) 687 2,444 2,569 3,115 2,495 (72)% (72)% 3,131 5,109 (39)%
Botswana 1,825 5,644 5,888 5,699 5,718 (68)% (68)% 7,469 11,668 (36)%
Debmarine Namibia 305 417 363 320 245 24% (27)% 722 609 19%
Namdeb (land operations) 53 94 93 106 90 (41)% (44)% 147 209 (30)%
Namibia 358 511 456 426 335 7% (30)% 869 818 6%
Venetia 555 751 434 535 571 (3)% (26)% 1,306 953 37%
South Africa 555 751 434 535 571 (3)% (26)% 1,306 953 37%
Gahcho Kue (51% basis) 789 844 1,009 779 883 (11)% (7)% 1,633 1,691 (3)%
Victor - - - - 192 n/a n/a - 421 n/a
Canada 789 844 1,009 779 1,075 (27)% (7)% 1,633 2,112 (23)%
Total carats recovered 3,527 7,750 7,787 7,439 7,699 (54)% (54)% 11,277 15,551 (27)%
Sales volumes
Total sales volume (100)% (Mct)(3) 0.3 8.9 7.0 7.4 9.0 (97)% (97)% 9.2 16.5 (44)%
Consolidated sales volume (Mct)(3) 0.2 8.3 6.6 7.1 8.3 (98)% (98)% 8.5 15.5 (45)%
Number of Sights (sales cycles) 2(4) 2 2 3 3 4(4) 5
(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).
(4) Sight 3 in Q2 2020 was cancelled due to COVID-19-related restrictions on the movement of people and product.
COPPER
Q2 2020 Q2 2020 H1 2020
Copper(1) (tonnes) Q2 Q2 vs. Q1 vs. H1 H1 vs.
2020 2019 Q2 2019 2020 Q1 2020 2020 2019 H1 2019
Los Bronces 80,700 91,200 (12)% 68,700 17% 149,400 182,900 (18)%
Collahuasi (44% share) 75,700 54,700 38% 66,500 14% 142,200 112,000 27%
El Soldado 10,400 13,200 (21)% 11,900 (13)% 22,300 25,300 (12)%
Total Copper 166,800 159,100 5% 147,100 13% 313,900 320,200 (2)%
(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 increased by 5% to 166,800 tonnes due to continued strong plant performance at
Collahuasi, partially offset by expected lower production at Los Bronces due to lower water availability
resulting from the unprecedented drought conditions in central Chile. Current Covid-19 measures to
safeguard our people and communities, including reductions in workforce, while preserving the longer term
integrity of the assets are not expected to significantly impact production in 2020.
Production from Los Bronces decreased by 12%, to 80,700 tonnes, as a 15% reduction in plant throughput
(10 million tonnes vs 12 million tonnes) due to lower water availability was partially offset by planned higher
grades (0.85% vs 0.81%).
At Collahuasi, attributable production increased by 38% to 75,700 tonnes, a historical record for the
operation, driven by higher throughput (14 million tonnes vs 12 million tonnes) and record copper recovery
(92.0% vs 87.3%), reflecting plant improvement projects implemented during 2019, as well as planned
higher grades (1.31% vs 1.21%).
Production from El Soldado decreased by 21% to 10,400 tonnes as a result of lower grades (0.76% vs. 0.92%).
Sales volumes of 293,800 tonnes in H1 2020 were impacted by temporary port closures in Chile due to
heavy tidal swells limiting vessel availability in June. The average realised price of these sales was 250c/lb
($5,512/t), broadly in line with the average LME price.
Full Year Guidance
Production guidance for the year remains unchanged at 620,000-670,000 tonnes, subject to water
availability and the impact of the Covid-19 pandemic.
Q2 2020 Q2 2020 H1 2020
Copper(1) Q2 Q1 Q4 Q3 Q2 vs. vs. H1 H1 vs.
2020 2020 2019 2019 2019 Q2 2019 Q1 2020 2020 2019 H1 2019
Los Bronces mine(2)
Ore mined 9,237,400 10,013,000 17,373,800 15,560,400 17,302,500 (47)% (8)% 19,250,400 32,981,100 (42)%
Ore processed - Sulphide 9,987,200 7,059,500 7,146,800 10,977,200 11,813,600 (15)% 41% 17,046,700 23,884,400 (29)%
Ore grade processed -
Sulphide (% TCu)(3) 0.85 0.98 0.99 0.78 0.81 5% (13)% 0.90 0.81 12%
Production - Copper cathode 9,900 9,900 10,000 10,100 9,300 6% 0% 19,800 18,900 5%
Production - Copper in concentrate 70,800 58,800 61,700 70,300 81,900 (14)% 20% 129,600 164,000 (21)%
Total production 80,700 68,700 71,700 80,400 91,200 (12)% 17% 149,400 182,900 (18)%
(Anglo American share 44%)
Ore mined 18,035,100 19,402,000 22,132,200 25,780,000 23,698,300 (24)% (7)% 37,437,100 39,341,100 (5)%
Ore processed - Sulphide 14,192,800 14,097,800 14,728,700 14,478,700 11,626,100 22% 1% 28,290,600 24,925,700 13%
Ore grade processed -
Sulphide (% TCu)(3) 1.31 1.20 1.25 1.14 1.21 9% 9% 1.26 1.18 7%
Production - Copper in concentrate 172,000 151,000 164,200 146,600 124,400 38% 14% 323,000 254,600 27%
Anglo American's share of copper
production for Collahuasi(4) 75,700 66,500 72,200 64,500 54,700 38% 14% 142,200 112,000 27%
El Soldado mine(2)
Ore mined 1,378,100 1,915,300 2,721,400 3,299,900 3,017,800 (54)% (28)% 3,293,400 6,106,800 (46)%
Ore processed - Sulphide 1,771,600 1,458,900 1,854,900 1,911,700 1,861,900 (5)% 21% 3,230,500 3,671,800 (12)%
Ore grade processed -
Sulphide (% TCu)(3) 0.76 1.02 1.02 0.92 0.92 (18)% (26)% 0.87 0.88 (1)%
Production - Copper in concentrate 10,400 11,900 14,900 14,000 13,200 (21)% (13)% 22,300 25,300 (12)%
Chagres Smelter(2)
Ore smelted(5) 24,300 30,800 30,800 28,800 32,100 (24)% (21)% 55,100 62,400 (12)%
Production 23,700 30,000 29,900 28,000 31,200 (24)% (21)% 53,700 60,700 (12)%
Total copper production(6) 166,800 147,100 158,800 158,900 159,100 5% 13% 313,900 320,200 (2)%
Total payable copper production 160,300 141,700 153,100 153,000 153,100 5% 13% 302,000 308,100 (2)%
Total sales volumes 154,200 139,600 176,500 160,000 165,400 (7)% 10% 293,800 307,300 (4)%
Total payable sales volumes 148,200 134,300 170,100 153,800 159,100 (7)% 10% 282,500 295,600 (4)%
Third party sales(7) 130,800 76,300 115,300 91,600 88,800 47 % 71% 207,100 142,200 46%
(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) Copper contained basis.
(6) Total copper production includes Anglo American's 44% interest in Collahuasi.
(7) Relates to sales of copper not produced by Anglo American operations.
PLATINUM GROUP METALS (PGMs)
Q2 2020 Q2 2020 H1 2020
Platinum (000 oz)(1) Q2 Q2 vs. Q1 vs. H1 H1 vs.
2020 2019 Q2 2019 2020 Q1 2020 2020 2019 H1 2019
Metal in concentrate production 307.4 520.3 (41)% 440.9 (30)% 748.3 992.2 (25)%
Own mined(2) 188.7 342.8 (45)% 299.4 (37)% 488.1 664.7 (27)%
Purchase of concentrate (POC)(3) 118.7 177.5 (33)% 141.5 (16)% 260.2 327.5 (21)%
Palladium (000 oz)(1)
Metal in concentrate production 228.4 347.2 (34)% 303.1 (25)% 531.6 673.8 (21)%
Own mined(2) 173.3 260.5 (33)% 232.9 (26)% 406.3 511.4 (21)%
Purchase of concentrate (POC)(3) 55.1 86.7 (36)% 70.2 (22)% 125.3 162.4 (23)%
Refined production
Platinum 000 oz(1)(4) 160.6 590.9 (73)% 240.3 (33)% 400.9 1,002.6 (60)%
Palladium 000 oz(1)(4) 147.4 428.2 (66)% 197.1 (25)% 344.5 721.8 (52)%
Rhodium 000 oz(1)(4) 30.6 84.1 (64)% 47.3 (35)% 77.9 136.1 (43)%
Tolled material
Platinum 000 oz(1) 58.4 97.9 (40)% 78.6 (26)% 137.0 97.9 40%
Palladium 000 oz(1) 30.0 49.1 (39)% 40.4 (26)% 70.4 49.1 43%
(1) Ounces refer to troy ounces.
(2) Includes managed operations and 50% of joint venture production.
(3) Includes 50% of joint venture production, and the purchase of concentrate from third parties.
(4) Refined production excludes toll material but includes in comparative periods material now transitioned to tolling.
Metal in concentrate production
Platinum and palladium production decreased by 41% to 307,400 ounces and 34% to 228,400 ounces,
respectively.
Own mined platinum production decreased by 45% to 188,700 ounces and palladium production decreased
by 33% to 173,300 ounces. This was largely driven by Covid-19 lockdowns with Mogalakwena operating at
c.50% through April before ramping up to normal levels by the end of the quarter. Amandelbult was not
operating during April but ramped up to c.50% production at the end of the quarter and is expected to reach
85% production levels by the end of the year.
Purchase of platinum in concentrate decreased by 33% to 118,700 ounces and purchase of palladium in
concentrate decreased by 36% to 55,100 ounces, largely due to the impact of Covid-19 lockdowns.
Refined production and sales volumes
Refined production for platinum and palladium decreased by 73% to 160,600 and 66% to 147,400,
respectively. This was largely driven by a force majeure incident at the ACP (Anglo Converter Plant) on 10
February, which led to the closure of both Phase A and Phase B units from 6 March, with Phase B returning
to steady state on 12 May. Following a subsequent closure during the first two weeks of June, the ACP
Phase B has since ramped-up and is operating at full capacity. Repairs to Phase A are ahead of schedule
with completion estimated at the end of Q4 2020.
Platinum sales volumes decreased by 67% to 195,700 ounces and palladium sales volumes decreased by
66% to 160,800 ounces due to lower refined production in the period, which was partially offset by a
drawdown in refined metal inventory to supplement sales.
Full Year Guidance
Production guidance (metal in concentrate) is unchanged at 1.5-1.7 million ounces of platinum and 1.0-1.2
million ounces of palladium, subject to the extent of any further Covid-19 related disruptions.
Q2 2020 Q2 2020 H1 2020
Q2 Q1 Q4 Q3 Q2 vs. vs. H1 H1 vs.
Platinum 2020 2020 2019 2019 2019 Q2 2019 Q1 2020 2020 2019 H1 2019
Produced platinum
(000 oz)(1) 307.4 440.9 531.7 526.8 520.3 (41)% (30)% 748.3 992.2 (25)%
Own mined 188.7 299.4 361.9 351.7 342.8 (45)% (37)% 488.1 664.7 (27)%
Mogalakwena 117.3 121.9 135.8 123.4 127.9 (8)% (4)% 239.2 258.3 (7)%
Amandelbult 25.3 85.5 120.1 118.4 116.6 (78)% (70)% 110.8 215.1 (48)%
Unki 13.9 21.8 23.3 23.7 23.1 (40)% (36)% 35.7 42.4 (16)%
Mototolo 9.5 28.3 30.9 31.4 23.0 (59)% (66)% 37.8 49.8 (24)%
Joint ventures(2) 22.7 41.9 51.8 54.8 52.2 (57)% (46)% 64.6 99.1 (35)%
Purchase of concentrate 118.7 141.5 169.8 175.1 177.5 (33)% (16)% 260.2 327.5 (21)%
Joint ventures(2) 22.7 41.9 51.8 54.8 52.2 (57)% (46)% 64.6 99.1 (35)%
Third parties 96.0 99.6 118.0 120.3 125.3 (23)% (4)% 195.6 228.4 (14)%
Palladium
Produced palladium
(000 oz)(1) 228.4 303.1 360.4 351.8 347.2 (34)% (25)% 531.6 673.8 (21)%
Own mined 173.3 232.9 275.0 262.7 260.5 (33)% (26)% 406.3 511.4 (21)%
Mogalakwena 128.9 128.7 146.0 130.8 139.5 (8)% 0% 257.6 281.0 (8)%
Amandelbult 11.7 39.1 56.0 54.3 53.7 (78)% (70)% 50.8 98.6 (48)%
Unki 12.1 19.6 20.0 21.3 20.9 (42)% (38)% 31.7 37.9 (16)%
Mototolo 5.8 17.2 19.0 19.4 14.0 (59)% (66)% 23.0 30.3 (24)%
Joint ventures(2) 14.8 28.4 34.0 36.9 32.4 (54)% (48)% 43.2 63.6 (32)%
Purchase of concentrate 55.1 70.2 85.4 89.0 86.7 (36)% (22)% 125.3 162.4 (23)%
Joint ventures(2) 14.8 28.4 34.0 36.9 32.4 (54)% (48)% 43.2 63.6 (32)%
Third parties 40.3 41.8 51.4 52.1 54.3 (26)% (4)% 82.1 98.8 (17)%
Refined production
Platinum (000 oz)(1)(3) 160.6 240.3 629.7 578.6 590.9 (73)% (33)% 400.9 1,002.6 (60)%
Palladium (000 oz)(1)(3) 147.4 197.1 396.6 362.1 428.2 (66)% (25)% 344.5 721.8 (52)%
Rhodium (000 oz)(1)(3) 30.6 47.3 90.8 66.5 84.1 (64)% (35)% 77.9 136.1 (43)%
Gold (000 oz)(1)(3) 11.8 27.9 32.4 27.9 21.3 (45)% (58)% 39.7 45.3 (12)%
Nickel (tonnes)(3) 2,000 3,100 6,400 6,800 5,600 (64)% (35)% 5,100 9,800 (48)%
Copper (tonnes)(3) 1,500 3,000 4,100 3,400 3,500 (57)% (50)% 4,500 6,700 (33)%
Tolled material
Platinum (000 oz)(1) 58.4 78.6 104.4 100.9 97.9 (40)% (26)% 137.0 97.9 40%
Palladium (000 oz)(1) 30.0 40.4 54.0 51.3 49.1 (39)% (26)% 70.4 49.1 43%
Platinum sales volumes
(000 oz)(1)(4) 195.7 239.9 668.3 537.4 595.2 (67)% (18)% 435.6 1,009.4 (57)%
Palladium sales volumes
(000 oz)(1)(4) 160.8 222.5 435.8 316.9 475.9 (66)% (28)% 383.3 768.0 (50)%
Platinum third party sales volumes (000 oz) (1)(5) 84.2 62.1 10.6 17.5 13.0 548% 36% 146.3 18.0 713%
Palladium third party sales volumes (000 oz)(1)(5) 123.1 169.2 42.8 79.7 81.0 52% (27)% 292.3 139.7 109%
4E head grade (g/t milled)(6) 3.44 3.44 3.67 3.65 3.55 (3)% 0% 3.44 3.57 (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'.
(3) Refined production excludes toll material but includes in comparative periods material now transitioned to tolling.
(4) Sales from own mined and purchased concentrate, excludes refined metal purchased from third parties.
(5) Relates to sales of metal not produced by Anglo American operations.
(6) 4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material.
IRON ORE
Q2 2020 Q2 2020 H1 2020
Iron Ore (000 t) Q2 Q2 vs. Q1 vs. H1 H1 vs.
2020 2019 Q2 2019 2020 Q1 2020 2020 2019 H1 2019
Kumba 8,475 10,544 (20)% 9,449 (10)% 17,924 20,060 (11)%
Minas-Rio(1) 6,198 5,916 5% 6,424 (4)% 12,622 10,825 17%
(1) Volumes are reported as wet metric tonnes. Product is shipped with ~8-9% moisture.
Kumba - Total production volumes decreased by 20% to 8.5 million tonnes. This reflects lower workforce
levels in response to the Covid-19 lockdown, the subsequent re-opening of operations with reduced
workforce levels of c.50% and the ramp-up in production to normal run-rates in June.
Sishen production reduced by 21% to 5.8 million tonnes and Kolomela's by 17% to 2.7 million tonnes.
Sales volumes decreased by 23% to 8.1 million tonnes (1) due to Covid-19 logistics constraints affecting
Transnet and poor weather conditions, as well as no domestic offtake.
Finished stock levels increased to 6.2 million tonnes(1) from 5.6 million tonnes(1) as at 31 March 2020 due to
the impact of the Covid-19 restrictions at the port.
In the first half of 2020, the average lump to fines ratio in the Kumba product was 65:35 (H1 2019: 68:32),
while the Fe content averaged 64.4% (H1 2019: 64.3%).
Minas-Rio - Production increased by 5% to 6.2 million tonnes, reflecting a continued strong performance,
with P101 productivity initiatives supported by robust operational stability. Current Covid-19 measures in
place to safeguard the workforce and communities are not expected to significantly affect 2020 production.
In the first half of 2020, the Fe content of Minas-Rio pellet feed product averaged 67.2% (H1 2019: 66.9%).
Full Year Guidance
Kumba production guidance is unchanged at 37-39 million tonnes, subject to the extent of further Covid-19
related disruption.
Minas-Rio production guidance is unchanged at 22-24 million tonnes, subject to the extent of further Covid-
19 related disruption. The planned one month production stoppage to carry out routine internal scanning of
the pipeline, originally scheduled for Q2, has been postponed to the second half of the year due to Covid-19
related constraints.
(1) Sales volumes and stock differ to Kumba's standalone results due to sales to other Group companies.
Q2 2020 Q2 2020 H1 2020
Iron Ore (tonnes) Q2 Q1 Q4 Q3 Q2 vs. vs. H1 H1 vs.
2020 2020 2019 2019 2019 Q2 2019 Q1 2020 2020 2019 H1 2019
Kumba production 8,474,900 9,449,300 11,806,100 10,521,300 10,544,000 (20)% (10)% 17,924,200 20,060,400 (11)%
Lump 5,709,800 6,387,900 7,898,500 6,955,500 7,111,400 (20)% (11)% 12,097,700 13,656,100 (11)%
Fines 2,765,100 3,061,400 3,907,600 3,565,800 3,432,600 (19)% (10)% 5,826,500 6,404,300 (9)%
Kumba production by mine
Sishen 5,782,200 6,579,600 8,263,900 7,153,500 7,310,400 (21)% (12)% 12,361,800 13,757,000 (10)%
Kolomela 2,692,700 2,869,700 3,542,200 3,367,800 3,233,600 (17)% (6)% 5,562,400 6,303,300 (12)%
Kumba sales volumes 8,084,000 10,683,500 10,469,400 10,153,800 10,471,900 (23)% (24)% 18,767,500 21,350,500 (12)%
Export iron ore(1) 8,084,000 10,331,900 10,237,100 9,670,200 9,755,600 (17)% (22)% 18,415,900 19,886,200 (7)%
Domestic iron ore - 351,600 232,300 483,600 716,300 n/a n/a 351,600 1,464,300 (76)%
Minas-Rio production
Pellet feed (wet basis) 6,198,000 6,424,100 6,163,600 6,126,100 5,915,500 5% (4)% 12,622,100 10,825,200 17%
Minas-Rio sales volumes
Export - pellet feed (wet basis) 6,611,600 6,081,200 6,570,700 5,734,500 6,590,400 0% 9% 12,692,800 10,621,800 19%
(1) Sales volumes differ to Kumba's standalone results in H1 2020, Q2 2020, Q1 2020 and Q4 2019 due to sales to other Group companies.
COAL
Q2 2020 Q2 2020 H1 2020
Coal(1) (000 t) Q2 Q2 vs. Q1 vs. H1 H1 vs.
2020 2019 Q2 2019 2020 Q1 2020 2020 2019 H1 2019
Metallurgical Coal (Australia) 3,977 5,844 (32)% 3,826 4% 7,803 10,000 (22)%
Export Thermal Coal (South Africa)(2) 3,588 4,575 (22)% 4,195 (14)% 7,783 8,992 (13)%
Export Thermal Coal (Colombia)(3) 767 2,017 (62)% 1,978 (61)% 2,745 4,216 (35)%
(1) Anglo American's attributable share of production.
(2) Includes export primary production, secondary production sold into export markets and production sold domestically at export parity pricing.
(3) Anglo American's attributable share of Cerrejon production is 33.3%.
Metallurgical Coal - Export metallurgical coal production decreased by 32% to 4.0 million tonnes, principally
due to two incidents underground as well as longwall moves at Grosvenor and Grasstree. In January, a fall
of ground at Moranbah delayed the completion of a longwall move with the operation restarting ahead of
schedule in mid-May. At Grosvenor, operations have been suspended since the beginning of May following a
gas ignition incident underground. The investigation into the incident at Grosvenor is under way and mining
operations will restart only when it is safe to do so, with any additional safety measures in place. Disruption
to operations from Covid-19 has been limited, with measures in place to help safeguard the workforce and
local communities. Open cut operations have been scaled back at Dawson and Capcoal in response to
reduced demand for lower quality metallurgical coal.
As a result of the lower volumes following these operational issues, the H1 2020 unit cost is expected to be
circa $97/tonne.
The ratio of hard coking coal production to PCI/semi-soft coking coal was 81:19, lower than in Q2 2019
(85:15), due to a lower proportion of product coming from the underground operations.
Thermal Coal South Africa - Export thermal coal production decreased by 22% to 3.6 million tonnes due to
Covid-19 lockdown restrictions, as well as sections at Goedehoop that reached their end of life.
All mines operated at c.50% at the start of lockdown in late March, with open pit operations ramping up to
70% as lockdown measures were eased in May. Since June, all mines have been operating at circa 80%
due to the impact of Covid-19 measures to safeguard the workforce. Similar measures in the logistics chain
have affected the loading of volumes onto trains resulting in higher stockpiles at operations.
Thermal Coal Colombia - Attributable export thermal coal production decreased by 62% to 0.8 million
tonnes as a result of the impact of the local Covid-19 lockdown and planned lower production in response to
demand. Mining operations recommenced in early May and are expected to progressively ramp-up over the
course of Q3.
The H1 2020 weighted average realised price for export thermal coal from South Africa and Colombia was
$56/tonne. This was 7% lower than the weighted average quoted FOB price from South Africa and Colombia
principally due to discounts for energy content of coal.
Full Year Guidance
Following the temporary suspension of operations at Grosvenor since the start of May, production guidance
for metallurgical coal is revised to 16-18 million tonnes (previously 19-21 million tonnes), subject to the
extent of further Covid-19 related disruption.
Production guidance for export thermal coal is revised to c.21 million tonnes (previously c.22 million tonnes)
due to the impact of Covid-19 related restrictions and lower production in response to demand at Cerrejon
and remains subject to the extent of further Covid-19 related disruption.
Q2 2020 Q2 2020 H1 2020
Coal, by product (tonnes)(1) Q2 Q1 Q4 Q3 Q2 vs. vs. H1 H1 vs.
2020 2020 2019 2019 2019 Q2 2019 Q1 2020 2020 2019 H1 2019
Metallurgical Coal - Australia 3,977,200 3,826,200 6,283,600 6,568,900 5,843,500 (32)% 4% 7,803,400 9,999,700 (22)%
Hard Coking Coal 3,221,500 3,012,200 5,117,500 5,615,900 4,958,600 (35)% 7% 6,233,700 8,223,700 (24)%
PCI / SSCC 755,700 814,000 1,166,100 953,000 884,900 (15)% (7)% 1,569,700 1,776,000 (12)%
Thermal Coal 8,761,000 9,083,600 9,730,000 9,402,700 9,460,700 (7)% (4)% 17,844,700 18,705,600 (5)%
Export - Australia 468,000 403,200 389,200 437,900 245,200 91% 16% 871,300 583,700 49%
Export - South Africa(2) 3,587,600 4,195,100 4,515,100 4,288,400 4,575,000 (22)% (14)% 7,782,700 8,991,900 (13)%
Export - Colombia(3) 767,400 1,977,900 2,314,900 2,055,100 2,016,900 (62)% (61)% 2,745,300 4,216,200 (35)%
Domestic - South Africa 3,938,000 2,507,400 2,510,800 2,621,300 2,623,600 50% 57% 6,445,400 4,913,800 31%
Sales volumes
Metallurgical Coal - Australia 3,901,300 3,850,300 6,100,100 6,371,500 5,987,300 (35)% 1% 7,751,700 9,909,000 (22)%
Hard Coking Coal 3,305,000 2,867,400 5,097,200 5,737,800 4,944,300 (33)% 15% 6,172,400 8,234,900 (25)%
PCI / SSCC 596,300 982,900 1,002,900 633,700 1,043,000 (43)% (39)% 1,579,300 1,674,100 (6)%
Thermal Coal 11,154,600 11,796,200 12,939,200 12,166,100 12,046,300 (7)% (5)% 22,950,900 24,312,400 (6)%
Export - Australia 651,700 407,200 500,900 584,600 270,900 141% 60% 1,058,900 722,100 47%
Export - South Africa(2) 3,264,300 3,924,000 4,880,100 4,073,300 4,932,400 (34)% (17)% 7,188,300 9,195,200 (22)%
Export - Colombia(3) 1,142,500 2,028,000 2,260,800 2,068,600 2,244,800 (49)% (44)% 3,170,600 4,444,500 (29)%
Domestic - South Africa 3,558,700 2,408,400 2,172,700 3,175,200 2,016,700 76% 48% 5,967,100 4,419,500 35%
Third party sales 2,537,400 3,028,600 3,124,700 2,264,400 2,581,500 (2)% (16)% 5,566,000 5,531,100 1%
(1) Anglo American's attributable share of production.
(2) Includes export primary production, secondary production sold into export markets and production sold domestically at export parity pricing.
(3) Anglo American's attributable share of Cerrejon production is 33.3%.
Q2 2020 Q2 2020 H1 2020
Coal, by operation (tonnes)(1) Q2 Q1 Q4 Q3 Q2 vs. vs. H1 H1 vs.
2020 2020 2019 2019 2019 Q2 2019 Q1 2020 2020 2019 H1 2019
Metallurgical Coal - Australia 3,977,200 3,826,200 6,283,600 6,568,900 5,843,500 (32)% 4% 7,803,400 9,999,700 (22)%
Moranbah North 761,800 450,800 2,332,600 1,973,100 1,603,200 (52)% 69% 1,212,600 1,842,700 (34)%
Grosvenor 560,900 540,900 1,011,700 1,344,500 1,032,500 (46)% 4% 1,101,800 2,365,700 (53)%
Capcoal (incl. Grasstree) 1,221,900 1,383,300 1,270,300 1,709,200 1,738,900 (30)% (12)% 2,605,200 2,952,500 (12)%
Dawson 638,400 741,200 842,500 703,200 774,000 (18)% (14)% 1,379,600 1,407,300 (2)%
Jellinbah 794,200 710,000 826,500 838,900 694,900 14% 12% 1,504,200 1,431,500 5%
Thermal Coal - Australia 468,000 403,200 389,200 437,900 245,200 91% 16% 871,300 583,700 49%
Capcoal 82,200 114,700 123,200 81,300 63,700 29% (28)% 197,000 127,700 54%
Dawson 340,000 263,100 222,900 323,200 145,200 134% 29% 603,100 408,500 48%
Jellinbah 45,800 25,400 43,100 33,400 36,300 26% 80% 71,200 47,500 50%
Thermal Coal - South Africa(2) 7,525,600 6,702,500 7,025,900 6,909,700 7,198,600 5% 12% 14,228,100 13,905,700 2%
Goedehoop 1,192,500 1,207,400 1,488,800 1,441,100 1,678,500 (29)% (1)% 2,399,900 3,136,100 (23)%
Greenside 1,179,100 1,177,900 1,428,700 1,237,200 1,186,700 (1)% 0% 2,357,000 2,180,000 8%
Zibulo 1,331,100 1,291,700 1,351,000 1,294,100 1,394,600 (5)% 3% 2,622,800 2,714,100 (3)%
Khwezela 1,383,700 1,619,400 1,530,300 1,433,400 1,463,300 (5)% (15)% 3,003,100 2,797,100 7%
Mafube 339,200 484,600 481,200 450,600 443,900 (24)% (30)% 823,800 875,700 (6)%
Other(3) 2,100,000 921,500 745,900 1,053,300 1,031,600 104% 128% 3,021,500 2,202,700 37%
Thermal Coal - Colombia (Cerrejon)(4) 767,400 1,977,900 2,314,900 2,055,100 2,016,900 (62)% (61)% 2,745,300 4,216,200 (35)%
(1) Anglo American's attributable share of production.
(2) Export and domestic production; Isibonelo and Rietvlei produce exclusively domestic volumes.
(3) Other includes Isibonelo and Rietvlei.
(4) Anglo American's attributable share of Cerrejon production is 33.3%.
NICKEL
Q2 2020 Q2 2020 H1 2020
Nickel (tonnes) Q2 Q2 vs. Q1 vs. H1 H1 vs.
2020 2019 Q2 2019 2020 Q1 2020 2020 2019 H1 2019
Nickel 10,800 9,800 10% 10,900 (1)% 21,700 19,600 11%
Nickel production increased by 10%, benefiting from improved operational stability and the effect of a
planned stoppage at Barro Alto that finished in early Q2 2019. Current Covid-19 measures in place to
safeguard the workforce and communities are not expected to significantly affect 2020 production.
Full Year Guidance
Production guidance is unchanged at 42,000-44,000 tonnes, subject to the extent of further Covid-19 related disruption.
Q2 2020 Q2 2020 H1 2020
Nickel Q2 Q1 Q4 Q3 Q2 vs. vs. H1 H1 vs.
2020 2020 2019 2019 2019 Q2 2019 Q1 2020 2020 2019 H1 2019
Barro Alto
Ore mined 1,166,200 318,000 623,300 1,198,800 1,365,400 (15)% 267% 1,484,200 2,253,400 (34)%
Ore processed 625,900 610,100 609,200 612,000 519,000 21% 3% 1,236,000 1,044,500 18%
Ore grade processed - %Ni 1.60 1.57 1.73 1.66 1.67 (4)% 2% 1.60 1.67 (4)%
Production 8,800 8,700 9,500 9,200 7,600 16% 1% 17,500 15,200 15%
Codemin
Ore mined - - - 1,300 39,000 n/a n/a - 39,000 n/a
Ore processed 145,800 145,800 141,600 140,200 148,900 (2)% 0% 291,600 288,800 1%
Ore grade processed - %Ni 1.59 1.62 1.68 1.69 1.62 (2)% (2)% 1.61 1.62 (1)%
Production 2,000 2,200 2,200 2,100 2,300 (13)% (9)% 4,200 4,400 (5)%
Total Nickel production(1) 10,800 10,900 11,700 11,300 9,800 10% (1)% 21,700 19,600 11%
Sales volumes 9,800 10,600 12,500 10,600 8,800 11% (8)% 20,400 18,600 10%
(1) Excludes nickel production from the PGMs business unit.
MANGANESE
Q2 2020 Q2 2020 H1 2020
Manganese (000 t) Q2 Q2 vs. Q1 vs. H1 H1 vs.
2020 2019 Q2 2019 2020 Q1 2020 2020 2019 H1 2019
Manganese ore(1) 796 826 (4)% 843 (6)% 1,639 1,700 (4)%
Manganese alloys(1)(2) 23 41 (44)% 24 (5)% 48 76 (37)%
(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.
Manganese ore production decreased by 4% to 796,000 tonnes, as the impact from the Covid-19 lockdowns
in South Africa were largely offset by improved production in Australia due to strong concentrator performance.
Manganese alloy production decreased by 44% to 23,200 tonnes, largely due to Covid-19 lockdown in South Africa.
Q2 2020 Q2 2020 H1 2020
Manganese (tonnes) Q2 Q1 Q4 Q3 Q2 vs. vs. H1 H1 vs.
2020 2020 2019 2019 2019 Q2 2019 Q1 2020 2020 2019 H1 2019
Samancor
Manganese ore(1) 796,000 842,900 902,900 910,400 826,100 (4)% (6)% 1,638,900 1,700,100 (4)%
Manganese alloys(1)(2) 23,200 24,400 31,600 29,200 41,200 (44)% (5)% 47,600 76,400 (38)%
Samancor sales volumes
Manganese ore 810,700 805,400 911,000 897,800 958,400 (15)% 1% 1,616,100 1,801,800 (10)%
Manganese alloys 23,400 32,800 27,200 30,400 44,800 (48)% (29)% 56,200 75,000 (25)%
(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.
EXPLORATION AND EVALUATION
Exploration and evaluation expenditure decreased by 39% to $43 million. Exploration expenditure decreased
by 42% to $18 million driven by decreased activities across most products, in particular diamonds, due to
Covid-19. Evaluation expenditure decreased by 36% to $25 million, driven by decreased works in
Metallurgical Coal and at Sakatti (Copper / PGMs).
CORPORATE ACTIVITY AND OTHER ITEMS
By the end of the quarter, there was a circa $1.3 billion build-up of working capital, largely due to Covid-19
impacts on demand for diamonds, ACP repairs affecting refining activity at PGMs and late June weather
impacts on vessel loading at both Copper and Kumba.
H1 2020 vs. H1 2020 vs.
Average realised prices H1 2020 H2 2019 H1 2019 FY 2019 H1 2019 H2 2019
De Beers
Consolidated average realised
price ($/ct)(1) 119 121 151 137 (21)% (2)%
Average price index(2) 109 107 118 116 (8)% 2%
Copper (USc/lb)(3) 250 268 280 273 (11)% (7)%
PGMs
Platinum (US$/oz) 857 886 831 861 3% (3)%
Palladium (US$/oz) 2,141 1,641 1,400 1,518 53% 30%
Rhodium (US$/oz) 8,985 4,726 2,840 3,808 216% 90%
Basket price (US$/Pt oz) 5,520 2,930 2,685 2,819 106% 88%
Iron Ore - FOB prices
Kumba Export (US$/dmt)(4) 93 86 108 97 (14)% 8%
Minas-Rio (US$/wmt)(5) 88 69 92 79 (5)% 27%
Metallurgical Coal
HCC (US$/t)(6) 123 153 195 171 (37)% (20)%
PCI (US$/t)(6) 98 98 123 110 (21)% 0%
Thermal Coal
Australia - Export (US$/t) 58 57 88 70 (34)% 2%
South Africa - Export (US$/t)(7) 61 59 64 61 (5)% 3%
Colombia - Export (US$/t) 46 51 62 56 (26)% (10)%
Nickel (USc/lb) 502 672 563 624 (11)% (25)%
(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 six-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 as product is shipped with ~8-9% moisture).
(6) Weighted average metallurgical coal sales price achieved.
(7) Weighted average export thermal coal price achieved.
PRODUCTION OUTLOOK SUMMARY
2020 production guidance is summarised as follows:
2020 production guidance(1)
Diamonds(2) 25-27 Mct
Copper(3) 620-670 kt
Platinum - M&C(4) 1.5-1.7 Moz
Palladium - M&C(4) 1.0-1.2 Moz
Kumba Iron Ore(5) 37-39 Mt
Minas-Rio Iron Ore(6) 22-24 Mt
Metallurgical Coal(7) 16-18 Mt
Previously 19-21 Mt
Thermal Coal(8) ~21 Mt
Previously ~22 Mt
Nickel(9) 42-44 kt
(1) Subject to further COVID-19 related disruption.
(2) On a 100% basis except for the Gahcho Kue joint venture, which is on an attributable 51% basis.
(3) Copper business unit only. On a contained-metal basis.
(4) Produced metal in concentrate ounces. Includes production from joint operations, associates and third-parties.
Platinum ~65% own mined production, palladium ~75% own mined production.
(5) Dry basis. Subject to rail and port performance.
(6) Volumes are reported as wet metric tonnes. Product is shipped with ~8-9% moisture.
(7) Excludes thermal coal production in Australia.
(8) Export South Africa and Colombia production.
(9) Nickel business unit only.
NOTES
- This Production Report for the quarter ended 30 June 2020 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
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For further information, please contact:
Media Investors
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Tel: +44 (0)20 7968 8891 Tel: +44 (0)20 7968 2124
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Tel: +27 (0)11 638 2175
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 operations, development projects and undeveloped
resources, provides many of the metals and minerals that enable a cleaner, greener, more sustainable world and that
meet the fast growing consumer-driven demands of developed and maturing economies. With our people at the heart of
our business, we use innovative practices and the latest technologies to mine, process, move and market our products
to our customers - and to discover new resources - safely and sustainably.
As a responsible producer of diamonds (through De Beers), copper, platinum group metals, the steelmaking ingredients
of iron ore and metallurgical coal, and nickel - with crop nutrients in development and thermal coal operations planned
for divestment - we are committed to being carbon neutral across our operations by 2040. We work together with our
business partners and diverse stakeholders to unlock sustainable value from precious natural resources for the benefit
of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American
is re-imagining mining to improve people's lives.
Forward-looking statements and third-party information:
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 Resource estimates), 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 effects of global pandemics and outbreaks of infectious diseases, 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.
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the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any
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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
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16 July 2020
Date: 16-07-2020 08:00:00
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