Future-Enabling Growth Strategy Update
Unit costs performance by Business Unit
De Beers (US$/ct)1
Copper (C1 USc/lb)²
PGMs (US$/PGM oz)³
57
~62
~65
~140
~870
~900
113
~120
713
2020
2021F
2022F
2020
2021F
2022F
2020
2021F
2022F
Iron Ore (FOB US$/t)4
Met Coal (US$/t)5
Nickel (C1 USc/lb)6
~34
~35
~105
~450
27
27
86
~80
334
~360
2020
2021F
2022F
2020
2021F
Note: Unit costs are subject to any further effects of Covid-19 and exclude royalties, depreciation and include direct support costs only.
FX rates for 2022 costs: ~16 ZAR:USD, -1.4 AUD:USD, -5.6 BRL:USD, -830 CLP:USD, -4 PEN:USD.
2022F
2020
2021F
2022F
1. De Beers unit cost is based on De Beers' share of production. The 2022 unit cost increase reflects the impact of inflation.
2. For 2022F, the total copper unit cost is the weighted average of Copper Chile and Copper Peru based on the mid-point of production guidance (the 2020 and 2021F unit cost represents Copper Chile only). Copper Chile unit cost of ~145c/lb
(2021F of 120c/lb), the 2022 unit cost increase reflects lower production volumes, the impact of inflation, higher input costs and water purchases, as well as lower by-product credits. Copper Peru unit cost of ~125c/lb, represents all costs
allocated to cost of production and no normalization of production levels.
3. Unit cost is per own mined 5E+gold PGMs metal in concentrate ounce. The 2022 unit cost increase reflects the impact of inflation, higher input costs and labour.
4. Wet basis. Total iron ore is the weighted average of Kumba and Minas-Rio based on the mid-point of production guidance. Kumba unit cost of $41/tonnes (2021F-$40/tonnes) and Minas-Rio unit cost of -$25/tonnes (2021F ~$23/tonnes),
both reflecting the impact of inflation and higher input costs.
5. Metallurgical Coal FOB/t unit cost comprises managed operations and excludes royalties and study costs. The 2022 unit cost guidance reflects the benefit of higher production volumes from Moranbah and Grosvenor in 2022, offset by the impact
of inflation and higher input costs.
6. Nickel 2022 unit cost increase reflects impact of inflation, higher input costs and lower production volumes.
Anglo American
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