Unlocking Value and Performance Outlook
Production outlook - supplementary guidance
Copper1
Units
2022
2024F
2023F
Chile: 562
kt
Peru: 102
Chile: ~505
(prev. ~520)
Peru: ~320
(prev. 310-350)
Chile: 430-460
(prev. 550-600)
Peru: 300-330
(prev. 360-400)
2025F
Chile: 380-410
(prev. 530-580)
Peru: 310-340
(prev. 310-350)
2026F (new)
Chile: 440-470
Peru: 320-350
Own mined: ~2.5 Own mined: 2.1-2.3 Own mined: 2.1-2.3 Own mined: 2.1-2.3
Own mined: 2.6
Platinum Group Metals - M&C by source³
Moz
POC: 1.4
POC: ~1.3
POC: 1.2-1.4
POC: 0.9-1.1
~3.8
Platinum Group Metals - Refined
Iron Ore (Kumba)³
Iron Ore (Minas-Rio)⁹
Moz
3.8
(prev. 3.6-4.0)
3.3-3.7
(prev. 3.6-4.0)
3.0-3.4
(prev. 3.3-3.7)
POC: 0.9-1.1
3.0-3.4
Mt
38
Mt
22
35-36
(prev. 35-37)
~24
(prev. 22-24)
35-37
(prev. 37-39)
35-37
(prev. 39-41)
35-37
23-25
23-25
(prev. 24-26)
22-24
(prev. 25-27)
1. Copper business unit only. On a contained-metal basis. Total copper is the sum of Chile and Peru. In 2023, Chile production is lower due to unfiltered concentrate build at Collahuasi expected to unwind in 2024, and operational issues at El Soldado. Chile 2023
sales volumes will be lower than production, impacted by recent port closures due to high-swells and moisture levels. Chile guidance for the next three years is impacted by lower production at Los Bronces due to lower grades and ore hardness with one of the
two processing plants being put on care & maintenance in 2024, as well as the impact of a revised mine plan at El Soldado. In 2025, grades decline at all operations in Chile. In 2026, production benefits from improved grades at Collahuasi. Production guidance
in Chile for H2 2024 and 2025 is subject to water availability. Peru production is impacted by a revised mine plan to safely navigate a known geotechnical fault line.
Nickel operations
2.
Brazil only. The Group also produces approximately 20kt of nickel on an annual basis as a co-product from the PGM operations. Nickel production is impacted by declining grades.
3. 5E+ gold produced metal in concentrate (M&C) ounces. Includes own mined production and purchased concentrate (POC) volumes - please see split in above table. The average M&C split by metal is Platinum: -45%, Palladium: -35% and Other: -20%. Metal in
concentrate production from own mined remains broadly at current levels (excluding Kroondal), but POC volumes will be lower as POC agreements reach their contractual conclusion. Kroondal is expected to move from 100% third-party POC to a toll
arrangement (3E metals) at the end of H1 2024. In 2025, the Siyanda POC contract will transition to a tolling arrangement (3E metals). At the end of 2026, the Sibanye-Stillwater toll agreement concludes (impacting POC due to the minor metal volumes
retained).
4. Production on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis. Venetia continues to transition to underground operations with full production ramp-up expected over the next few years. 2026 production benefits
from an expansion at the Gahcho Kué joint operation.
5. Total iron ore is the sum of Kumba and Minas-Rio on a wet basis.
6. Production excludes thermal coal by-product and reflects the challenging operating environment of the longwalls due to the gas, depth and strata as well as safety operating protocols.
7. 5E+ gold produced refined ounces. Includes own mined production and POC volumes. Subject to the impact of Eskom load-curtailment.
8. Volumes are reported as wet metric tonnes (wmt). Product is shipped with -1.6% moisture and subject to the third-party rail and port performance. Production is impacted by third-party rail & port availability and performance, and the UHDMS plant remains
under review and is not captured in guidance.
9. Volumes are reported as wet metric tonnes (wmt). Product is shipped with -9% moisture. Pipeline inspections impact 2020 and 2025 volumes.
Anglo American
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