Wrap Text
Production Report for the first quarter ended 31 March 2021
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")
22 April 2021
Anglo American Platinum Limited
Production Report for the first quarter ended 31 March 2021
Overview – Q1 2021 performance against prior period Q1 2020
– Safety performance – no work-related fatalities in Q1 2021.
– Total PGMs production (expressed as 5E+Au metal-in-concentrate) increased by 7% against prior year (Q1
2020) to 1,021,200 ounces, despite being impacted by the Covid-19 second wave.
– Own-managed mines PGMs production increased by 6% to 594,500 ounces, including a 17% production
increase from Mogalakwena.
– Joint operations PGMs production (mined and purchase of concentrate) increased by 6% to 200,700 ounces.
– Refined PGMs production (owned production) increased by 59% to 973,000 ounces, as the processing assets
were back at normal operating capacity, with the ACP smelting more tonnes and performing ahead of
expectations.
– PGMs sales volumes (excluding sales from trading) increased by 66% to 1,131,100 ounces as sales from
production were supplemented by the drawdown of minor metals from refined inventory in support of increased
demand.
– Full year guidance retained, with PGMs production of between 4.2 - 4.6 million ounces and refined PGMs
production of between 4.6 -5.0 million ounces.
Natascha Viljoen, CEO of Anglo American Platinum, said:
“We have had a strong production and refined production performance this quarter, despite the ongoing implications
of Covid-19. Although we had no work-related fatalities in the quarter, we are disappointed with the increase in injuries
and plans are in place to continue safety improvements and ensure a sustained turnaround.
Total PGMs production increased by 7%, largely due to a 17% increase in production from Mogalakwena, and despite
continuing implications from Covid-19 which led to a longer return-to-work process particularly at Amandelbult and
Mototolo. We saw a strong recovery in our refined production, which increased by 59% compared to Q1 2020, as
processing operations were back at normal operating capacity following the completion of the ACP rebuild in
November 2020. Since then, the ACP has been performing ahead of expectations, and able to smelt more tonnes
from Polokwane smelter. Refined production, however, was affected by the planned maintenance at the Base Metals
Refinery. Sales volumes were strong in Q1, increasing 66% as refined production was supplemented by the drawdown
of minor metals from refined inventory, following robust demand for these metals.”
Anglo American Platinum Q1 2021 Q1 2021
PGM Production Report - Q1 2021 Q1 Q4 Q3 Q2 Q1 vs vs
1 January 2021 - 31 March 2021 2021 2020 2020 2020 2020 Q1 2020 Q4 2020
M&C PGM¹ production (000 ounce)² 1,021.2 1,076.1 1,112.9 665.1 954.8 7% (5)%
Own-managed mines 594.6 617.8 652.0 379.4 560.2 6% (4)%
Joint operations owned volume 100.3 99.1 95.3 50.8 94.4 6% 1%
Joint operations purchase of concentrate 100.3 99.0 95.3 50.8 94.4 6% 1%
Third party purchase of concentrate 226.0 260.2 270.2 184.1 205.9 10 % (13)%
Refined PGM production owned (000 ounce)² 973.0 673.1 1,020.7 407.0 612.2 59 % 45 %
4E Toll refined production 175.9 146.5 129.4 96.0 131.6 34 % 20 %
Total refined production (owned and toll) 1,148.9 819.7 1,150.0 503.0 743.9 54 % 40 %
PGM sales volume from production (000 ounce) 1,131.1 754.3 884.9 548.0 681.3 66 % 50 %
Trading sales volume³ 221.5 370.8 341.0 210.5 248.6 (11)% (40)%
Total sales volume (production and trading) 1,352.6 1,125.1 1,225.9 758.5 929.9 45 % 20 %
¹ PGM is the sum total of platinum, palladium, rhodium, iridium, ruthenium and gold ounces.
² Referencing AAP guidance.
³ Trading sales volume not produced by Anglo American Platinum operations.
Review of the quarter
Safety
Anglo American Platinum reported no fatalities during the quarter at its own-managed operations.
The Total Recordable Case Frequency Rate (“TRCFR”) per million hours at managed operations disappointingly
regressed to 2.53 per million hours, compared to 2.39 per million hours in the prior period, and plans are in place to
address the increase in injuries, to ensure a sustained turnaround in safety performance.
PGM production
Total PGM production increased by 7% to 1,021,200 ounces (against prior period Q1 2020), with platinum production
6% higher at 468,100 ounces, and palladium production increasing by 9% to 330,500 ounces. The improved
performance was principally attributable to the lower impact from Covid-19 in the quarter. The second wave of Covid-
19 infections led to a staggered return-to-work process in order to ensure effective management of Covid-19 protocols.
This impacted January production, particularly at Amandelbult and Mototolo and led to a loss of 27,000 PGM ounces,
compared to the prior period, when 61,000 PGM ounces were lost owing to Covid-19 related shutdowns.
PGM production from own-managed mines
Total PGM production from own-managed mines increased by 6% to 594,500 ounces (platinum production increased
by 4% to 267,600 ounces, while palladium production rose by 10% to 224,400 ounces).
Mogalakwena PGM production increased by 17% to 328,900 ounces (platinum increased by 13% to 138,000 ounces
and palladium production increased by 18% to 152,000 ounces), owing to higher concentrator throughput and grade,
as well as the prior period being affected by the national lockdowns to mitigate the spread of Covid-19.
Amandelbult PGM production decreased by 7% to 156,000 ounces (platinum decreased by 7% to 79,900 ounces and
palladium production decreased by 9%, to 35,600 ounces). Production was affected by the impact of the second wave
of Covid-19, which led to higher employee infection rates and resulted in the staggered and delayed return to work
from the December break, to enable effective management of Covid-19 testing of all employees. Production returned
to normal levels from February.
Mototolo PGM production decreased by 4% to 58,600 ounces (platinum production decreased by 5% to 27,000 ounces
and palladium decreased by 2% to 16,800 ounces). Production was also impacted by the second wave of Covid-19,
as well as lower grades. In March, the mine successfully completed the concentrator debottlenecking project, which
will increase monthly concentrator capacities from 210,000 tonnes to 240,000 tonnes.
Unki PGM production increased by 4% to 50,900 ounces (platinum production increased by 4% to 22,600 ounces and
palladium production increased by 2% to 20,000 ounces), as the mine recovered from the impact of Covid-19 in the
prior period, as well as benefiting from an increase in grade.
PGM production from joint operations (50% own-mined production and 50% purchase of concentrate)
PGM production from Joint Operations increased by 6% to 200,700 ounces (platinum production increased by 7% to
89,600 ounces and palladium production increased by 5% to 59,800 ounces). This was largely due to a reduced Covid-
19 impact in Q1 2021 compared to Q1 2020.
Kroondal PGM production increased by 10% to 128,900 ounces (platinum and palladium production increased by 10%
to 61,500 ounces and 32,700 ounces respectively). In Q1 2020, 12,000 PGM ounces were sold to a third-party after
the declaration of force majeure at the ACP.
Modikwa PGM production was flat at 71,800 ounces (platinum and palladium production were flat at 28,100 ounces
and 27,100 ounces respectively). The mine increased throughput but it was mainly from low-grade ore, which adversely
affected the built-up head grade and concentrator recoveries.
Purchases of PGM concentrate from third parties
Purchase of PGM concentrate (POC) from third parties increased by 10% to 226,000 ounces (platinum POC increased
by 11% to 110,900 ounces and palladium POC increased by 11% to 46,300 ounces). The increase was mainly due to
the impact of Covid-19 on production in the prior period.
Refined PGM production
Refined PGM production owned increased by 59% to 973,000 ounces (refined platinum production increased by 91%
to 457,800 ounces and refined palladium production increased by 61% to 317,000 ounces). This reflected the ACP
Phase A unit being fully operational following completion of the rebuild in November 2020. The focus on planned
maintenance to rebuild the reliability required at the Base Metals Refinery affected refined production in the quarter.
The ACP Phase B rebuild is on schedule for completion in H2 2021.
Toll refined PGM production increased by 34% to 175,900 PGM ounces.
PGM sales volumes
PGM sales volumes (excluding trading) increased by 66% to 1,131,100 ounces, as a result of higher refined production,
supplemented by a drawdown in minor metals from refined inventory due to strong demand for the metals. Platinum
sales volumes increased by 81% to 434,700 ounces. Palladium sales volumes increased by 20% to 267,200 ounces,
which was lower than refined production as refined inventory levels were rebuilt to more normalised levels.
PGM sales volumes from trading decreased 11% to 221,500 ounces, as trading activity was higher than normal in Q1
2020 in order to mitigate the effects on of supply of metal to customers, following last year’s temporary closure of the
ACP.
The year to date average realised basket price of $2,219 per PGM ounce reflects strong prices, particularly for rhodium
and minor metals, partly skewed by higher than normal sales of ruthenium. The sales mix is expected to revert to
normalised levels for the rest of the year.
Full-year guidance
Production guidance (metal-in-concentrate) is unchanged at 4.2? 4.6 million ounces. Refined production guidance is
also unchanged at 4.6? 5.0 million ounces. Both are subject to the extent of further Covid-19 related disruption.
Anglo American Platinum Q1 2021 Q1 2021
PGM Production Report - Q1 2021 Q1 Q4 Q3 Q2 Q1 vs vs
1 January 2021 - 31 March 2021 2021 2020 2020 2020 2020 Q1 2020 Q4 2020
Total M&C PGM production 000 oz 1,021.2 1,076.1 1,112.9 665.1 954.8 7% (5) %
Platinum 000 oz 468.0 497.8 516.5 307.4 440.9 6% (6) %
Palladium 000 oz 330.5 338.4 352.2 228.3 303.2 9% (2) %
Tonnes milled 000 6,707.0 6,736.4 6,951.6 4,665.4 6,498.1 3% —%
4E Built-up head grade g/t 3.54 3.67 3.65 3.44 3.44 3% (3) %
Own mined volume
Total mined production
Total M&C PGM production 000 oz 694.7 716.8 747.3 430.2 654.6 6 % (3) %
Platinum 000 oz 312.3 324.7 337.8 188.7 299.4 4 % (4) %
Palladium 000 oz 254.3 256.0 266.8 173.3 233.0 9 % (1) %
Tonnes milled 000 6,707.0 6,736.3 6,951.5 4,665.5 6,498.1 3 % —%
4E Built-up head grade g/t 3.54 3.67 3.65 3.44 3.44 3 % (3) %
Own managed mines
Total M&C PGM production 000 oz 594.6 617.8 652.0 379.4 560.2 6 % (4) %
Platinum 000 oz 267.5 279.6 295.1 166.0 257.5 4 % (4) %
Palladium 000 oz 224.4 227.9 238.6 158.5 204.6 10 % (2) %
Tonnes milled 000 5,894.6 5,928.8 6,189.9 4,264.4 5,708.4 3 % (1) %
4E Built-up head grade g/t 3.52 3.67 3.64 3.41 3.38 4 % (4) %
Mogalakwena mine
Total M&C PGM production 000 oz 328.9 306.7 315.0 277.6 282.3 17 % 7%
Platinum 000 oz 138.0 129.5 132.0 117.3 121.9 13 % 7%
Palladium 000 oz 152.0 141.7 146.0 128.9 128.7 18 % 7%
Tonnes milled 000 3,553.0 3,367.2 3,612.9 3,301.2 3,249.9 9 % 6%
4E Built-up head grade g/t 3.39 3.46 3.31 3.31 3.18 7 % (2) %
Amandelbult mine
Total M&C PGM production 000 oz 156.0 185.5 204.8 50.1 167.7 (7) % (16) %
Platinum 000 oz 79.9 93.4 102.8 25.3 85.5 (7) % (14) %
Palladium 000 oz 35.6 44.0 48.3 11.7 39.1 (9) % (19) %
Tonnes milled 000 1,243.1 1,365.0 1,404.8 380.1 1,365.9 (9) % (9) %
4E Built-up head grade g/t 4.04 4.31 4.59 4.25 3.88 4% (6) %
Unki mine
Total M&C PGM production 000 oz 50.9 55.8 60.0 31.3 49.0 4 % (9) %
Platinum 000 oz 22.6 24.6 27.0 13.9 21.8 4 % (8) %
Palladium 000 oz 20.0 22.0 23.6 12.1 19.6 2 % (9) %
Tonnes milled 000 521.3 550.4 515.4 377.5 516.3 1 % (5) %
4E Built-up head grade g/t 3.52 3.62 3.65 3.64 3.41 3 % (3) %
Mototolo mine
Total M&C PGM production 000 oz 58.6 69.8 72.2 20.4 61.2 (4) % (16) %
Platinum 000 oz 27.0 32.1 33.3 9.5 28.3 (5) % (16) %
Palladium 000 oz 16.8 20.2 20.7 5.8 17.2 (2) % (17) %
Tonnes milled 000 577.2 646.2 656.8 205.6 576.3 —% (11) %
4E Built-up head grade g/t 3.20 3.40 3.41 3.13 3.27 (2) % (6) %
Joint operations mined production
Total M&C PGM production 000 oz 100.3 99.1 95.3 50.8 94.4 6% 1%
Platinum 000 oz 44.8 45.1 42.7 22.7 41.9 7% (1) %
Palladium 000 oz 29.9 28.1 28.2 14.8 28.4 5% 6%
Tonnes milled 000 812.4 807.5 761.6 401.1 789.7 3% 1%
4E Built-up head grade g/t 3.70 3.67 3.75 3.70 3.86 (4) % 1%
Modikwa mine
Total M&C PGM production 000 oz 35.9 24.9 30.7 15.9 35.8 —% 44 %
Platinum 000 oz 14.0 9.8 12.0 6.2 14.1 (1) % 43 %
Palladium 000 oz 13.5 9.3 11.6 6.0 13.5 —% 45 %
Tonnes milled 000 287.5 204.4 246.9 129.7 250.0 15 % 41 %
4E Built-up head grade g/t 3.89 3.78 3.84 3.83 4.25 (9) % 3 %
Kroondal mine
Total M&C PGM production 000 oz 64.4 74.1 64.6 43.1 58.5 10 % (13) %
Platinum 000 oz 30.8 35.3 30.6 19.8 27.9 10 % (13) %
Palladium 000 oz 16.3 18.9 16.6 10.5 14.9 9% (14) %
Tonnes milled 000 524.9 603.2 514.8 271.3 539.6 (3) % (13) %
4E Built-up head grade g/t 3.60 3.63 3.70 3.63 3.68 (2) % (1) %
Anglo American Platinum Q1 2021 Q1 2021
PGM Production Report - Q1 2021 Q1 Q4 Q3 Q2 Q1 vs vs
1 January 2021 - 31 March 2021 2021 2020 2020 2020 2020 Q1 2020 Q4 2020
Purchase of concentrate
Total purchase of concentrate
PGM production 000 oz 326.3 359.2 365.5 234.9 300.3 9% (9)%
Platinum 000 oz 155.7 173.1 178.7 118.7 141.5 10 % (10)%
Palladium 000 oz 76.2 82.4 85.4 55.0 70.2 9% (8)%
Joint operations purchase of
concentrate
PGM production 000 oz 100.3 99.0 95.3 50.8 94.4 6% 1%
Platinum 000 oz 44.8 45.1 42.7 22.7 41.9 7% (1)%
Palladium 000 oz 29.9 28.1 28.2 14.8 28.4 5% 6%
Third party purchase of concentrate
PGM production 000 oz 226.0 260.2 270.2 184.1 205.9 10 % (13)%
Platinum 000 oz 110.9 128.0 136.0 96.0 99.6 11 % (13)%
Palladium 000 oz 46.3 54.3 57.2 40.2 41.8 11 % (15)%
Refined PGM production - owned
PGM ounces 000 oz 973.0 673.1 1,020.7 407.0 612.2 59 % 45 %
Platinum 000 oz 457.8 296.4 503.8 160.6 240.3 91 % 54 %
Palladium 000 oz 317.0 206.8 354.1 147.4 197.1 61 % 53 %
Rhodium 000 oz 63.0 47.1 48.9 30.6 47.3 33 % 34 %
Minor PGMs and gold 000 oz 135.2 122.9 113.9 68.4 127.5 6% 10 %
Base metal production - owned
Nickel tonnes 4,848.0 3,709.4 5,038.7 1,997.0 3,129.0 55 % 31 %
Copper tonnes 3,672.6 2,974.2 2,838.1 1,532.6 3,014.5 22 % 23 %
Chrome 000t 188.4 229.1 295.8 64.6 196.4 (4) % (18)%
Toll refined production
Total 4E toll refined production 000 oz 175.9 146.5 129.4 96.0 131.6 34 % 20 %
Platinum 000 oz 105.7 89.2 75.7 58.4 78.6 35 % 18 %
Palladium 000 oz 53.4 46.3 35.5 30.0 40.4 32 % 15 %
PGM Sales volume from production
PGM ounces 000 oz 1,131.1 754.3 884.9 548.0 681.3 66 % 50 %
Platinum 000 oz 434.7 311.2 448.5 195.7 239.9 81 % 40 %
Palladium 000 oz 267.2 258.2 261.7 160.9 222.5 20 % 3%
Trading sales volume?
PGM ounces 000 oz 221.5 370.8 341.0 210.5 248.6 (11) % (40)%
Platinum 000 oz 101.9 176.3 105.0 84.2 62.1 64 % (42)%
Palladium 000 oz 101.3 172.8 214.6 123.1 169.2 (40) % (41)%
Realised prices and exchange rate
Platinum (US$/oz) 1,142 862 900 798 934 22 % 32 %
Palladium (US$/oz) 2,424 2,341 2,160 2,120 2,198 10 % 4%
Rhodium (US$/oz) 20,224 14,430 9,851 8,947 8,703 132 % 40%
Iridium (US$/oz) 4,465 1,751 1,634 1,586 1,492 199 % 155%
Ruthenium (US$/oz) 292 246 246 250 230 27 % 19%
Gold (US$/oz) 1,737 1,855 1,897 1,726 1,603 8% (6)%
Average FX achieved on sales AR/US$ 14.96 15.80 16.84 18.08 15.36 (3)% (5)%
US$ realised basket price (/PGM oz) 2,219 2,503 1,747 1,757 2,116 5% (11)%
ZAR realised basket price (/PGM oz) 33,184 39,569 29,595 31,765 32,489 2% (16)%
US$ realised basket price (/Pt oz) 5,774 6,067 3,447 4,920 6,010 (4)% (5)%
ZAR realised basket price (/Pt oz) 86,348 95,917 58,388 88,937 92,277 (6)% (10)%
4 Trading sales volume - not produced by Anglo American Platinum operations.
Sponsor:
Merrill Lynch South Africa Proprietary Limited
For further information, please contact:
Media Investors
Jana Marais Emma Chapman
jana.marais@angloamerican.com emma.chapman@angloamerican.com
Tel: +27 (0)79 932 1586 Tel: +27 (0)11 373 6239
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 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.
www.angloamerican.com
Date: 22-04-2021 08:00:00
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