Sustainable Focus and Growth Outlook
Unit costs performance by Business Unit
De Beers (US$/ct)1
Copper (C1 USc/lb)²
Previously
-159c/lb
Nickel (C1 USC/lb)³
Previously
-495c/lb
~80
~157
~156
58
~65
~500
~515
120
377
2021
2022F
2023F
(new)
2021
2022F
2023F
(new)
2021
2022F
2023F
(new)
PGMs (US$/PGM oz)4
Iron Ore (FOB US$/t)5
868
~950
~1,025
33
35
Steelmaking Coal (US$/t)6
~40
~39
105
~110
~105
2021
2022F
2023F
(new)
2021
2022F
2023F
(new)
2021
2022F
2023F
(new)
Spot FX rates used for 2023F costs: ~17 ZAR:USD, ~1.5 AUD:USD, ~5.3 BRL:USD, ~900 CLP: USD, ~3.8 PEN:USD
Note: Unit costs are subject to any further effects of Covid-19 and exclude royalties, depreciation and include direct support costs only. FX rates used for H2 2022F costs: ~17 ZAR:USD, ~1.5 AUD:USD, ~5.3 BRL:USD (prev. ~5.5 BRL:USD), ~950
CLP:USD, ~4 PEN:USD.
1. De Beers unit cost is based on De Beers' share of production. Increase in 2023 is primarily driven by change in production mix, as Venetia transitions to underground operations with a slower than expected ramp-up.
2. The total copper unit cost for 2022F and 2023F is the weighted average of Copper Chile and Copper Peru based on the mid-point of production guidance. Chile 2022 unit cost is c.160c/lb. Peru 2022 unit cost is c.140c/lb (previously c. 150c/lb)
and is based on progressing the ramp-up of production volumes. Chile 2023 unit cost is c.190c/lb. Peru 2023 unit cost is c. 100c/lb.
3. Nickel 2022 unit cost increase is mainly due to the stronger Brazilian real and slightly lower volumes.
4. Unit cost is per own mined 5E+gold PGMs metal in concentrate ounce.
5. Wet basis. Total iron ore is the weighted average of Kumba and Minas-Rio based on the mid-point of production guidance. 2022 unit cost guidance for Kumba is c.$44/t and for Minas-Rio is c. $34/t (previously c. $32/t), mainly due to the stronger
Brazilian real and slightly lower volumes. 2023 unit cost guidance for Kumba is c.$44/t and Minas-Rio is c.$32/t.
6. Steelmaking Coal FOB/t unit cost comprises managed operations and excludes royalties and study costs.
Anglo American
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