Anglo American Report 5% QoQ Dip in Iron Ore Production

Anglo American Chief Executive Mr Duncan Wanblad said “Our performance stepped up 16% quarter-on-quarter amid a challenging operating environment, driven by the ongoing ramp-up of our Steelmaking Coal longwall operations and continued strong performance at De Beers. Our new world-class copper mine in Peru, Quellaveco, continues to ramp-up production with shipments to customers now under way. Production in the third quarter was broadly flat compared to the same period in 2021, as higher production from Quellaveco, Steelmaking Coal and De Beers was offset primarily by expected lower copper ore grades in Chile and some operational challenges at our Kumba iron ore business.” Q3 2022 highlights Iron ore production decreased by 5% primarily due to Kumba, which was impacted by the slow ramp-up after the safety intervention in the second quarter and Eskom load-shedding, primarily in September, while production at Minas-Rio was flat Steelmaking coal production increased by 28%, reflecting the ongoing ramp-up of the longwall operations Copper production decreased by 6%, due to planned lower grades at all our operations in Chile, as well as unfavourable ore characteristics at Los Bronces, partly offset by the first production of copper from Quellaveco in Peru Nickel production decreased by 4%, primarily due to lower grades. Metal in concentrate production from our Platinum Group Metals (PGMs) operations decreased by 6%, due to the impact of Eskom load-shedding (power outages) primarily in September, infrastructure closures at Amandelbult and lower grade at Mogalakwena Rough diamond production increased by 4%, principally reflecting the treatment of higher grade ore at Orapa (Botswana) as well as continued strong performance in Namibia He added “As we move through the final quarter, we are focused on maintaining this operational momentum to deliver our full year guidance. The continued safe ramp-up of our steelmaking coal operations, as well as further performance improvements at our iron ore businesses, are priorities to set the platform for delivery into next year. We do continue to feel the effects of dislocations in the global economy on our business - in energy and across supply chains and labour markets - and are planning accordingly for 2023, confident in the strategic position of our business.”