Investor Presentaiton
H1 2023 simplified earnings by Business - notes
PGMs basket price
Iron Ore realised price
Steelmaking Coal blended price
Own mined
PGMs basket
Market price
Sales Volume
Realised price
Volume
Revenue
Total iron ore
Kumba
Minas-Rio
HCC
$294/t
5.4Mt
Platinum
$1,033/oz
511koz
$528m
Market price31
$123/t
$118/t
$132/t
PCI
$261/t
1.5Mt
Palladium
$1,544/oz
442koz
$682m
Freight
$(17)/t
$(14)/t
$(21)/t
Weighted average steelmaking coal
$287/t
6.9Mt
Rhodium
$8,994/oz
68koz
$612m
Moisture content32
$(5)/t
$(2)/t
$(10)/t
Iridium, ruthenium & gold
164koz
$204m
Lump premium
$3/t
$5/t
Base metals & other 30
$324m
Fe premium⁹
$3/t
$3/t
$4/t
Total revenue
$2,350m
Other⁹
$(2)/t
$(4)/t
$(1)/t
PGM volume4
1,185koz
Realised FOB price
$105/t
$106/t
$104/t
Basket price (per PGM oz) 13
$1,983/oz
1. Total of Chile and Peru. Prices and costs are weighted average of Chile and Peru.
2. Wet basis. Total of Kumba and Minas-Rio. Prices and costs are weighted average of Kumba and Minas-Rio.
3. Manganese ($138m), Crop Nutrients ($(20)m), Exploration ($(65)m), corporate activities and unallocated costs ($55m gain).
4. Own mined sales volumes including proportionate share of joint operation volumes. PGM ounces are reported on a 5E+Au
basis.
5. Proportionate share of sales volumes (19.2% Botswana, 50% Namibia): 6.2Mct.
6. Excludes thermal coal by-product sales.
7. LME price, c/lb converted to $/tonne (2,204.62 lbs/tonne).
8. Weighted average of HCC/PCI prices, FOB Aus. See Steelmaking Coal blended price table above.
9. Kumba: 63.3% Fe content, -67% of volume attracting lump premium; Minas-Rio: 67% Fe content, pellet feed. Includes 'other' of
product premium and provisional pricing. See Iron Ore realised price table above, difference exists in "Other" total due to
rounding.
10. Sales volumes -78% HCC, averaging 95% realisation of quoted low vol HCC price.
11. Provisional pricing & timing differences on sales.
12. Freight and moisture. See Iron Ore realised price table above.
13.Price for basket of own mined product per 5E+Au PGM oz. See PGMs basket price table above.
14. The realised price for proportionate share (19.2% Debswana, 50% Namibia) excluding the 2% trading margin achieved.
15. Realised price adjusted to include Jellinbah. Unit cost is for managed operations only.
17. Royalties for Nickel, in Brazil, are based on production costs incurred.
18. Weighted average. Kumba: $2/t; Minas-Rio: $4/t.
19. Includes market development & strategic projects, exploration & evaluation costs, restoration & rehabilitation costs and other
corporate costs.
20. Weighted average. Chile: 56c/lb; Peru: 22c/lb. Chile is higher than previous period due to FX movements and lower sales
volumes. Difference exists in the copper total due to rounding.
21. Higher than previous period as H1 2022 benefitted from a one-off credit.
22. Higher than previous period partly reflecting lower sales volumes.
23. Higher than previous period largely due to lower earnings from Element Six, brands and consumer markets and lower equity
sales volumes.
24. Weighted average. Kumba: $7/t; Minas-Rio: $9/t. Difference exists in the iron ore total due to rounding.
s the benefit of the margin achieved on the sales of thermal coal by-product and favourable contribution from non-
25.naged operations.
26. Principally processing & trading of product purchased from third parties.
27. Reflecting a reduction in POC margins and the negative impact of POC inventory adjustments due to lower PGM prices.
28. Weighted average. Chile: -91%; Peru: 60%.
29.Weighted average.
. Kumba: -53%; Minas-Rio: 100%.
30. Nickel, copper, chrome & other metals.
16. Royalties for Copper Chile and Peru are recorded in the income tax expense line, after EBITDA. From 2024, the new Chile 31.Kumba: Platts 62% Fe CFR China; Minas-Rio: MB 65% Fe concentrate CFR.
mining royalty on sales will impact EBITDA.
32. Moisture adjustment converts dry benchmark to wet product. Kumba: -1.6%; Minas-Rio: -9%.
Anglo American
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