Anglo American Q2 2015 Production Report

16 July 2015

 

Anglo American plc

Production Report for the second quarter ended 30 June 2015

 

Overview

 

	Q2 2015	Q2 2014	% vs. Q2 2014	H1 2015	H1 2014	% vs. H1 2014
Iron ore - Kumba (Mt)	10.4	11.5	(9)%	22.6	22.8	(1)%
Iron ore - Minas-Rio (Mt)(1)	1.8	-	nm(2)	3.0	-	nm(2)
Export metallurgical coal (Mt)	5.3	4.8	9%	10.2	10.9	(6)%
Export thermal coal (Mt)	8.6	8.1	5%	17.3	16.0	8%
Copper (t)(3) (4)	184,500	194,400	(5)%	356,300	396,400	(10)%
Nickel (t)(5)	6,300	10,600	(41)%	13,000	19,800	(34)%
Platinum (equivalent refined) (koz)(6)	572	358	60%	1,108	715	55%
Diamonds (Mct)(7)	8.0	8.5	(6)%	15.6	16.0	(3)%

 

·       Solid Q2 2015 production performance, broadly in line with Anglo American expectations.

·       Iron ore production from Kumba decreased by 9% to 10.4 million tonnes due to mining feedstock constraints to the plants at Sishen.

·       Minas-Rio produced 1.8 million tonnes (wet basis) of iron ore, a 55% increase compared to Q1 2015, reflecting the ongoing ramp up of the operation.

·       Export metallurgical coal production increased by 9% to 5.3 million tonnes with higher production from Moranbah, due to a longwall move in Q2 2014, and development coal from the Grosvenor project.

·       Export thermal coal production increased by 5% to 8.6 million tonnes, primarily due to higher production in Australia largely the result of a change in mix.

·       Copper production decreased by 5% to 184,500 tonnes, as expected and mainly due to the temporary shutdowns of the processing plants at Los Bronces to manage water reserve levels and plant stability issues at Collahuasi.

·       Nickel production decreased by 41% to 6,300 tonnes as expected, due to the planned Barro Alto furnace rebuilds. 

·       Equivalent refined platinum production increased by 60% to 572,000 ounces benefitting from reduced industrial stoppages compared to 2014.

·       Diamond production decreased by 6% to 8.0 million carats, mainly due to lower grades and reduced plant availability at Orapa. In addition, operational flexibility at the Venetia and Jwaneng tailings treatment plants was utilised to reduce production marginally, in response to softer trading conditions.

·       The first six months of 2015 have seen significant further weakness and ongoing volatility in the prices of the bulk commodities, particularly iron ore and metallurgical coal. Anglo American has therefore reviewed its near and longer term commodity price assumptions at the mid-year, while also noting the gradual and ongoing reduction of consensus prices within what remains a wide range of forecasts. As a result, Anglo American expects to record non-cash impairments within special items at 30 June 2015 relating to Minas-Rio and certain Australian coal assets of approximately $3.0 - 4.0 billion on a post-tax basis.

(1) Wet basis; (2) Not meaningful (nm); (3) Copper production from the Copper business unit; (4) Copper production shown on a contained metal basis; (5) Nickel production from the Nickel business unit; (6) Equivalent refined is the mines' production and purchases of metal in concentrate, secondary metals and other metals converted to equivalent refined production using Anglo American Platinum's standard smelting and refining recoveries; (7) De Beers production on 100% basis

IRON ORE AND MANGANESE

 

Iron Ore and Manganese		Q2 2015	Q2 2014	Q2 2015 vs. Q2 2014		Q1 2015	Q2 2015 vs. Q1 2015	H1 2015	H1 2014	H1 2015 vs.   H1 2014
Iron ore - Kumba	000 t	10,385	11,465		(9)%	12,167	(15)%	22,552	22,793	(1)%
Iron ore - Minas-Rio(1)	000 t	1,826	-		nm	1,177	55%	3,003	-	nm
Manganese ore(2)	000 t	806	868		(7)%	787	2%	1,568	1,561	0%
Manganese alloys(3)	000 t	54	73		(27)%	73	(27)%	126	137	(8)%

 

(1)       Wet basis

(2)       Saleable production

(3)       Production includes medium carbon ferro-manganese

 

 

Kumba Iron Ore - Production from Kumba Iron Ore decreased by 9% to 10.4 million tonnes.

 

Sishen produced 7.2 million tonnes, a decrease of 14%, and 19% lower compared to the previous quarter, largely due to mining feedstock constraints to the plants. Waste removal at the mine increased by 22% to 58 million tonnes compared to Q2 2014.

 

Kolomela continued its strong operational performance, producing 2.9 million tonnes.

 

Record export sales of 11.7 million tonnes were achieved, an increase of 14%, due to sale of stock at Saldanha and Qingdao, as inventory levels continue to be managed downward to optimum levels of ~4 million tonnes. In addition, reclaimer maintenance impacted prior year sales export volumes from Kolomela. Total finished product stocks decreased to 4 million tonnes as at 30 June 2015, compared with 6.5 million tonnes at year end.

 

 

Iron Ore Brazil - The ramp up of Minas-Rio is progressing well, and production gained momentum during the second quarter, with 1.8 million tonnes (wet basis) produced, 55% higher than Q1 2015. Year to date production volumes are marginally behind plan due to early adjustments required in the filtration plant. This has been addressed and remediation actions put in place, increasing productivity and availability in May and June.  

 

 

Manganese ore - Manganese ore production decreased by 7% during Q2 2015 with volumes impacted by planned shutdowns in the South African operations, combined with unplanned industrial action during the period. The decreased volumes in South Africa were slightly offset by improvement in the Australian operations where higher yield and plant utilisation contributed to improved equipment reliability.

 

 

Manganese alloy - Manganese alloy production decreased by 27% as a result of the suspension of operations at Metalloys in South Africa. Initially the suspension was a result of a fatality at the operations, with only one furnace subsequently restarted due to market conditions.

 

 

COAL

 

Coal		Q2 2015	Q2 2014	Q2 2015 vs. Q2 2014	Q1 2015	Q2 2015 vs. Q1 2015	H1 2015	H1 2014	H1 2015 vs.   H1 2014
Australia & Canada
Metallurgical - Export	000 t	5,253	4,831	9%	4,996	5%	10,248	10,884	(6)%
Thermal - Export	000 t	1,327	958	38%	1,433	(7)%	2,760	1,728	60%
Thermal - Domestic	000 t	1,622	1,846	(12)%	1,650	(2)%	3,272	3,074	6%
South Africa
Thermal - Export	000 t	4,297	4,274	1%	4,342	(1)%	8,638	8,423	3%
Thermal - Domestic (Eskom)	000 t	6,774	8,147	(17)%	6,951	(3)%	13,725	15,554	(12)%
Thermal - Domestic (Non-Eskom)	000 t	1,590	1,611	(1)%	1,702	(7)%	3,292	2,971	11%
Colombia
Thermal - Export	000 t	2,944	2,908	1%	2,975	(1)%	5,919	5,856	1%

 

 

Australia and Canada - Export metallurgical coal production increased by 9% to 5.3 million tonnes as Moranbah production was higher due to a longwall move in Q2 2014, and first development coal was delivered from Grosvenor, more than offsetting Peace River Coal being placed on care and maintenance in December 2014. Strong productivity at Grasstree resulted in only marginally lower production despite a longwall move in Q2 2015.

 

Australian export thermal coal production increased by 38% to 1.3 million tonnes due to Callide producing an export coal product and a change in mix (to thermal coal) at Dawson due to the impact of Cyclone Marcia on the mine sequencing. Export thermal volumes decreased by 7% compared to Q1 2015 as Drayton production was impacted by severe weather in April.

 

South Africa - Export thermal coal production was broadly flat at 4.3 million tonnes as productivity improvements across all operations, were partially offset by industrial action at Kleinkopje and a planned closure of one of the 11 sections at Goedehoop.

 

Export thermal sales were 16% higher than production in the quarter following a planned draw down of stock.

 

Eskom production decreased by 17% to 6.8 million tonnes owing mainly to reduced demand at New Denmark and New Vaal, industrial action and changing domestic requirements at Kleinkopje, as well as planned reductions at Kriel prior to the move to the new mining areas.

 

Colombia - Cerrejón's production was slightly higher at 2.9 million tonnes, supported by improved productivity of loading and hauling fleets, combined with favorable weather conditions.

  

 

COPPER

 

Copper		Q2 2015	Q2 2014	Q2 2015 vs. Q2 2014	Q1 2015	Q2 2015 vs. Q1 2015	H1 2015	H1 2014	H1 2015 vs.   H1 2014
Copper (1)	t	184,500	194,400	(5)%	171,800	7%	356,300	396,400	(10)%

 

(1)       Copper production shown on a contained metal basis

 

Copper - As expected, copper production decreased by 5% to 184,500 tonnes, but was 7% higher than in Q1 2015.

 

Production from Los Bronces decreased by 8% to 97,400 tonnes due to lower throughput following the temporary shutdowns of Plant 1 and Confluencia processing plants for 29 days and 8 days respectively to manage water reserve levels, partially offset by higher grades, with a net impact on production of ~8,000 tonnes during the quarter. This brings the total net impact of water constraints on production to 28,000 tonnes for H1 2015. The expected water supply constraints form part of the mining and processing plans for the year, which include actively managing the use of the two processing plants based on available water. Central Chile continues to experience abnormally low levels of precipitation, with June 2015 the driest on record. Additional water efficiency and supply projects were implemented during the period and longer term initiatives are progressing; however, full year production remains partially dependent on weather conditions in the second half.  

 

At Collahuasi, attributable production decreased by 8% to 49,300 tonnes. This was primarily due to lower ore feed as a result of speed restrictions on the two smaller processing lines after vibrations were detected. This issue is being addressed in H2 2015.

 

El Soldado production increased by 19% to 10,000 tonnes due to higher grades in the quarter, driven by early ore availability from Phase III.  Production increased by 64% compared to Q1 2015 on higher grades and throughput.

 

Production from Mantos Blancos and Mantoverde increased by 5% in aggregate to 27,800 tonnes, due to continued operational improvements.

 

Taking into account the effect of provisional pricing, the realised copper price for the six months ending 30 June 2015 was 253c/lb.

 

At the period end, there were 174,000 tonnes of sales outstanding priced at 261c/lb.

 

NICKEL

 

Nickel		Q2 2015	Q2 2014	Q2 2015 vs. Q2 2014	Q1 2015	Q2 2015 vs. Q1 2015	H1 2015	H1 2014	H1 2015 vs.   H1 2014
Nickel	t	6,300	10,600	(41)%	6,700	(6)%	13,000	19,800	(34)%

 

Nickel - As expected, nickel production decreased by 41% to 6,300 tonnes, due to the planned furnace rebuilds at Barro Alto. The Furnace 2 rebuild was concluded ahead of schedule, with first metal tapped in April 2015 and production is now at nameplate capacity (throughput 1.2 million tonnes per year for each furnace, equivalent to an average of ~18,000 tonnes of nickel per furnace for the first ten years). The Furnace 1 rebuild commenced ahead of schedule given the successful completion of  Furnace 2, and is planned to complete in October 2015.

 

Production from Codemin increased by 10% to 2,200 tonnes mainly due to maintenance being rescheduled to Q3 2015.

 

 

NIOBIUM

 

Niobium		Q2 2015	Q2 2014	Q2 2015 vs. Q2 2014	Q1 2015	Q2 2015 vs. Q1 2015	H1 2015	H1 2014	H1 2015 vs. H1 2014
Niobium	t	1,600	1,100	45%	1,300	23%	2,900	2,200	32%

 

 

Niobium - Niobium production increased by 45% to 1,600 tonnes following the ramp up of the Boa Vista Fresh Rock (BVFR) plant. Production is expected to increase to 6,800 tonnes per year once the BVFR plant reaches nameplate capacity in 2017.

 

 

PHOSPHATES

 

Phosphates		Q2 2015	Q2 2014	Q2 2015 vs. Q2 2014	Q1 2015	Q2 2015 vs. Q1 2015	H1 2015	H1 2014	H1 2015 vs.   H1 2014
Phosphates
Concentrate	t	303,300	349,500	(13)%	319,300	(5)%	622,600	697,400	(11)%
Phosphoric Acid	t	62,400	81,300	(23)%	63,200	(1)%	125,600	135,100	(7)%
Fertiliser	t	274,200	275,700	(1)%	238,800	15%	513,000	542,900	(6)%
Dicalcium phosphate (DCP)	t	38,700	43,600	(11)%	36,200	7%	74,900	75,200	(0)%

 

 

Phosphates - Concentrate production decreased by 13% to 303,300 tonnes mainly due to a maintenance stoppage being brought forward at the beneficiation plants (originally planned for Q3), throughput reductions and material feed characteristics. Phosphoric acid production decreased by 23% to 62,400 tonnes due to the rescheduling of the annual maintenance shutdown at Cubatão from Q1 2015 to Q2 2015.

 

 

PLATINUM

 

Platinum		Q2 2015	Q2 2014	Q2 2015 vs. Q2 2014	Q1 2015	Q2 2015 vs. Q1 2015	H1 2015	H1 2014	H1 2015 vs.   H1 2014
Refined
Platinum	000 oz	561	421	33%	542	3%	1,103	856	29%
Palladium	000 oz	388	295	32%	348	11%	736	551	33%
Rhodium	000 oz	77	49	58%	65	18%	142	109	30%
Copper - Refined	t	4,000	3,900	3%	3,900	3%	7,900	7,100	11%
Copper - Matte(1)	t	0	2,300	(100)%	300	(100)%	300	3,500	(91)%
Nickel - Refined	t	6,000	5,600	7%	5,700	5%	11,700	10,500	11%
Nickel - Matte(1)	t	0	2,700	(100)%	400	(100)%	400	4,100	(90)%
Gold	000 oz	30	27	14%	30	1%	61	52	16%
Equivalent refined
Platinum	000 oz	572	358	60%	536	7%	1,108	715	55%

 

(1)       Nickel and copper refined through third parties is shown as production of nickel matte and copper matte

 

Platinum - Equivalent refined platinum production increased by 60% to 572,000 ounces compared to 358,000 ounces in Q2 2014, which was impacted by industrial action.

 

Own mines and tailings retreatment platinum production more than doubled to 372,000 ounces as operations reached full ramp-up following the strike in H1 2014. Lost production in Q2 2014 as a result of the strike was approximately 229,000 ounces plus an additional 16,000 ounces lost during ramp-up upon settlement of the strike on 24 June 2014. In addition, as part of the on-going optimisation of Union mine, production was 16,000 ounces lower in Q2 2015 following the closure of the mine declines at the end of 2014. 

 

Mogalakwena production increased by 5% to 101,000 ounces due to continued strong mining performance, higher achieved head grade and improved recoveries at the concentrator. Rustenburg increased equivalent refined platinum production from 13,000 ounces to 108,000 ounces; Union mine increased from 4,000 to 30,000 ounces; and Amandelbult from 14,000 to 102,000 ounces due to the industrial action that impacted production in H1 2014.

 

Independently managed production (mined and purchased) decreased by 3% to 183,000 ounces driven mainly by lower production at BRPM and Mototolo. Production was impacted as a result of section 54 safety stoppages and lower grades.

 

Refined platinum production increased by 33% to 561,000 ounces, following a return to normal production after the industrial action in H1 2014. Refined palladium and rhodium increased for similar reasons. The mix of metals returned to normal compositions as all mines produced at normal rates.

 

DIAMONDS

 

Diamonds (100% basis)		Q2 2015	Q2 2014	Q2 2015 vs. Q2 2014	Q1 2015	Q2 2015 vs. Q1 2015	H1 2015	H1 2014	H1 2015 vs. H1 2014
Diamonds	000 carats	7,963	8,515	(6)%	7,665	4%	15,628	16,046	(3)%

 

De Beers - Diamond production decreased by 6% to 8.0 million carats, mainly due to lower grades and reduced plant availability at Orapa. In addition, operational flexibility at the Venetia and Jwaneng tailings treatment plants was utilised to reduce production marginally in response to softer trading conditions.

 

Debswana's production decreased by 6% to 5.9 million carats, mainly due to Orapa output as described above.

 

Production at DBCM (South Africa) decreased by 5%, largely as a result of lower grades at the Venetia open-pit mine.

 

Production in Namibia decreased slightly as a result of lower grades and throughput at the land operations, due in part to short-term industrial action. 

 

Production in Canada decreased by 11% due mainly to lower grades at Victor, together with lower volumes from Snap Lake which was affected by water management challenges.

 

Total rough diamond sales volumes (on a 100% basis including all sales by JVs) for the first six months of 2015 decreased on the prior half year by 26% to 14.0 million carats and consolidated sales volumes decreased by 27% to 13.3 million carats. This reflected relatively low levels of re-stocking by the midstream in 2015, in contrast with particularly strong sales conditions in the first half of 2014.

 

The De Beers rough price index was on average 4% lower for the first half of 2015 compared to the first half of 2014; however a 7% higher average realised selling price of $206 per carat was achieved, due to a higher quality product mix sold relative to the comparable period in 2014.

  

 

EXPLORATION AND EVALUATION

 

Exploration and Evaluation expenditure for Q2 2015 totalled $69 million, a decrease of 31%. Exploration expenditure was $34 million, a decrease of 17%, mainly attributable to Iron Ore and Diamonds. Evaluation expenditure for the quarter was $35 million, a decrease of 39%, primarily in the Kumba Iron Ore and Copper businesses.

 

 

PRODUCTION GUIDANCE

 

Anglo American will, as usual, update production guidance as part of its Interim Financial Results on 24 July 2015.

 

 

NOTE

 

This Production Report for the second quarter ended 30 June 2015 is unaudited.

 

  

 

PRODUCTION SUMMARY

 

The figures below include the entire output of consolidated entities and the Group's attributable share of joint operations, associates and joint ventures where applicable, except for De Beers' joint ventures which are quoted on a 100% basis.

 

Iron Ore (tonnes)	Q2 2015	Q1 2015	Q4 2014	Q3 2014	Q2 2014	Q2 2015 vs. Q1 2015	Q2 2015 vs. Q2 2014	H1 2015	H1 2014	H1 2015 vs. H1 2014
Kumba Iron Ore
Lump	6,761,800	7,889,900	8,048,000	8,235,700	7,480,100	(14)%	(10)%	14,651,700	14,985,100	(2)%
Fines	3,622,900	4,277,500	4,383,600	4,736,400	3,984,900	(15)%	(9)%	7,900,400	7,807,700	1%
Total Kumba production	10,384,700	12,167,400	12,431,600	12,972,100	11,465,000	(15)%	(9)%	22,552,100	22,792,800	(1)%
Sishen	7,176,200	8,885,500	9,286,300	9,260,200	8,336,600	(19)%	(14)%	16,061,700	16,994,100	(5)%
Kolomela	2,880,300	2,972,500	2,727,800	3,379,000	2,948,400	(3)%	(2)%	5,852,800	5,461,300	7%
Thabazimbi	328,200	309,400	417,500	332,900	180,000	6%	82%	637,600	337,400	89%
Total Kumba production	10,384,700	12,167,400	12,431,600	12,972,100	11,465,000	(15)%	(9)%	22,552,100	22,792,800	(1)%
Kumba sales volumes
RSA export iron ore	11,732,600	11,471,600	11,699,000	9,058,800	10,287,200	2%	14%	23,204,200	19,709,900	18%
RSA domestic iron ore	1,348,000	1,434,600	901,800	1,129,200	1,374,000	(6)%	(2)%	2,782,600	2,788,800	0%
Minas-Rio
Pellet feed (wet basis)	1,826,200	1,176,700	687,700	-	-	55%	nm	3,002,900	-	nm
Minas-Rio sales volumes
Export - pellet feed (wet basis)	1,344,400	1,294,300	239,600	-	-	4%	nm	2,638,700	-	nm
Samancor
Manganese ore(1)	805,700	786,700	882,100	866,000	868,300	2%	(7)%	1,567,800	1,560,500	0%
Manganese alloys(1)(2)	53,600	72,800	80,400	68,400	72,500	(26)%	(26)%	126,200	137,300	(8)%
Samancor sales volumes
Manganese ore	720,700	829,900	841,100	853,000	854,100	(13)%	(16)%	1,552,400	1,688,000	(8)%
Manganese alloys	55,300	63,600	72,800	68,400	74,400	(13)%	(26)%	118,900	153,600	(23)%

 

 

 

Coal (tonnes)	Q2 2015	Q1 2015	Q4 2014	Q3 2014	Q2 2014	Q2 2015 vs. Q1 2015	Q2 2015 vs. Q2 2014	H1 2015	H1 2014	H1 2015 vs. H1 2014
Australia
Metallurgical - Export Coking	3,743,800	3,746,900	3,364,400	3,196,200	2,917,700	-	28%	7,490,700	6,881,700	9%
Metallurgical - Export PCI	1,508,800	1,248,800	1,395,800	1,493,900	1,441,800	21%	5%	2,757,600	3,101,100	(11)%
	5,252,600	4,995,700	4,760,200	4,690,100	4,359,500	5%	20%	10,248,300	9,982,800	3%
Thermal - Export	1,326,600	1,433,200	1,871,600	1,574,600	958,400	(7)%	38%	2,759,800	1,727,700	60%
Thermal - Domestic	1,622,400	1,649,900	1,966,300	2,074,400	1,846,000	(2)%	(12)%	3,272,300	3,073,900	6%
	2,949,000	3,083,100	3,837,900	3,649,000	2,804,400	(4)%	5%	6,032,100	4,801,600	26%
Canada
Metallurgical - Export Coking	-	-	160,200	385,000	439,200	-	-	-	848,400	-
Metallurgical - Export PCI	-	-	11,200	15,000	32,000	-	-	-	52,800	-
	-	-	171,400	400,000	471,200	-	-	-	901,200	-
South Africa
Thermal - Export	4,296,700	4,341,700	4,782,800	5,007,600	4,273,600	(1)%	1%	8,638,400	8,422,700	3%
Thermal - Domestic (Eskom)	6,774,000	6,950,700	7,434,600	8,000,200	8,146,800	(3)%	(17)%	13,724,700	15,553,700	(12)%
Thermal - Domestic (Non-Eskom)	1,590,000	1,702,000	1,761,400	1,862,800	1,611,200	(7)%	(1)%	3,292,000	2,970,700	11%
	12,660,700	12,994,400	13,978,800	14,870,600	14,031,600	(3)%	(10)%	25,655,100	26,947,100	(5)%
Colombia
Thermal - Export	2,944,400	2,975,000	3,002,300	2,368,800	2,907,700	(1)%	1%	5,919,400	5,855,900	1%
	2,944,400	2,975,000	3,002,300	2,368,800	2,907,700	(1)%	1%	5,919,400	5,855,900	1%
Total Metallurgical coal production	5,252,600	4,995,700	4,931,600	5,090,100	4,830,700	5%	9%	10,248,300	10,884,000	(6)%
Total Export Thermal coal production	8,567,700	8,749,900	9,656,700	8,951,000	8,139,700	(2)%	5%	17,317,600	16,007,800	8%
Total Domestic Thermal coal production	9,986,400	10,302,600	11,162,300	11,937,400	11,604,000	(3)%	(14)%	20,289,000	21,596,900	(6)%
Total Coal production	23,806,700	24,048,200	25,750,600	25,978,500	24,574,400	(1)%	(3)%	47,854,900	48,488,600	(1)%
Sales volumes (own mined)
Australia and Canada
Metallurgical - Export(4)	5,103,100	5,113,400	5,025,600	5,003,800	5,152,600	-	(1)%	10,216,500	10,538,800	(3)%
Thermal - Export	1,505,800	1,418,200	2,345,400	1,703,800	897,300	6%	68%	2,924,000	1,917,000	53%
Thermal - Domestic	1,670,500	1,591,000	1,989,400	2,102,300	1,870,000	5%	(11)%	3,261,500	3,201,400	2%
South Africa
Thermal - Export	4,967,400	5,195,200	5,139,300	4,473,700	3,982,500	(4)%	25%	10,162,600	7,959,700	28%
Thermal - Domestic	8,203,900	8,746,600	8,770,400	9,690,900	9,677,500	(6)%	(15)%	16,950,500	18,756,100	(10)%
Colombia
Thermal - Export	2,765,700	3,005,100	2,732,000	3,076,800	2,858,100	(8)%	(3)%	5,770,800	5,505,400	5%

  

 

 

Coal by mine (tonnes)	Q2 2015	Q1 2015	Q4 2014	Q3 2014	Q2 2014	Q2 2015 vs. Q1 2015	Q2 2015 vs. Q2 2014	H1 2015	H1 2014	H1 2015 vs. H1 2014
Australia
Callide	1,789,300	1,857,000	2,164,700	2,318,500	1,844,600	(4)%	(3)%	3,646,300	3,073,800	19%
Capcoal (incl. Grasstree)	1,793,500	2,259,100	2,074,300	1,816,300	1,847,500	(21)%	(3)%	4,052,600	3,752,200	8%
Dawson	1,375,500	663,800	1,074,800	1,041,400	1,101,200	107%	25%	2,039,300	2,124,000	(4)%
Drayton	462,800	707,500	920,200	817,000	708,500	(35)%	(35)%	1,170,300	1,367,600	(14)%
Foxleigh	511,200	478,300	579,200	551,200	471,200	7%	8%	989,500	904,100	9%
Grosvenor	121,800	51,600	-	-	-	136%	nm	173,400	-	nm
Jellinbah	766,400	763,900	757,100	732,800	756,300	-	1%	1,530,300	1,433,800	7%
Moranbah North	1,381,100	1,297,600	1,027,800	1,061,900	434,600	6%	218%	2,678,700	2,128,900	26%
	8,201,600	8,078,800	8,598,100	8,339,100	7,163,900	2%	14%	16,280,400	14,784,400	10%
Canada
Peace River Coal	-	-	171,400	400,000	471,200	-	-	-	901,200	-
	-	-	171,400	400,000	471,200	-	-	-	901,200	-
South Africa
Goedehoop	1,106,100	1,133,800	1,245,800	1,210,200	1,177,200	(2)%	(6)%	2,239,900	2,315,600	(3)%
Greenside	992,300	927,500	1,010,700	1,003,400	806,500	7%	23%	1,919,800	1,610,000	19%
Zibulo	1,385,000	1,281,100	1,367,900	1,450,000	1,122,500	8%	23%	2,666,100	2,235,900	19%
Kleinkopje	572,000	860,300	950,200	1,011,500	1,142,700	(34)%	(50)%	1,432,300	1,950,200	(27)%
Landau	1,065,000	979,900	1,208,800	1,195,900	870,900	9%	22%	2,044,900	3,773,600	15%
Mafube	344,500	361,500	414,700	525,400	413,500	(5)%	(17)%	706,000	735,300	(4)%
New Vaal	4,211,200	3,548,600	3,701,400	4,755,200	4,321,200	19%	(3)%	7,759,800	8,216,200	(5)%
New Denmark	441,100	872,600	1,312,400	724,900	1,091,800	(49)%	(60)%	1,313,700	1,730,600	(24)%
Kriel	1,546,000	1,813,300	1,462,400	1,614,000	1,756,200	(15)%	(12)%	3,359,300	3,801,700	(11)%
Isibonelo	997,500	1,215,800	1,304,500	1,380,100	1,329,100	(18)%	(25)%	2,213,300	2,578,000	(14)%
	12,660,7000	12,994,400	13,978,800	14,870,600	14,031,600	(3)%	(10)%	25,655,100	26,947,100	(5)%
Colombia
Carbones del Cerrejón	2,944,400	2,975,000	3,002,300	2,368,800	2,907,700	(1)%	1%	5,919,400	5,855,900	1%
	2,944,400	2,975,000	3,002,300	2,368,800	2,907,700	(1)%	1%	5,919,400	5,855,900	41%
Total Coal production	23,806,700	24,048,200	25,750,600	25,978,500	24,574,400	(1)%	(3)%	47,854,900	48,488,600	(1)%

 

 

Copper (tonnes) on a contained metal basis unless stated otherwise(5)	Q2 2015	Q1 2015	Q4 2014	Q3 2014	Q2 2014	Q2 2015 vs. Q1 2015	Q2 2015 vs. Q2 2014	H1 2015	H1 2014	H1 2015 vs. H1 2014
Collahuasi 100% basis (Anglo American share 44%)
Ore mined	20,130,700	18,094,700	15,594,200	16,442,500	16,248,500	11%	24%	38,225,400	33,808,600	13%
Ore processed - Oxide	1,835,700	1,333,300	1,552,300	1,744,800	1,659,900	38%	11%	3,169,000	3,360,400	(6)%
Ore processed - Sulphide	10,464,200	11,060,300	11,991,600	11,689,600	13,194,500	(5)%	(21)%	21,524,500	25,254,900	(15)%
Ore grade processed - Oxide (% ASCu)(6)	0.60	0.69	0.68	0.78	0.72	(13)%	(17)%	0.64	0.72	(12)%
Ore grade processed - Sulphide (% TCu)(7)	1.15	1.08	1.10	1.12	1.03	6%	12%	1.12	1.06	5%
Production - Copper cathode	6,600	6,500	9,100	6,200	4,400	2%	50%	13,100	9,700	35%
Production - Copper in concentrate	105,500	98,000	110,400	104,000	117,400	8%	(10)%	203,500	231,000	(12)%
Total copper production for Collahuasi	112,100	104,500	119,500	110,200	121,800	7%	(8)%	216,600	240,700	(10)%
Anglo American's share of copper production for Collahuasi(8)	49,300	46,000	52,600	48,500	53,600	7%	(8)%	95,300	105,900	(10)%
Anglo American Sur
Los Bronces mine(9)
Ore mined	13,345,700	13,548,000	15,655,600	14,215,400	15,483,900	(1)%	(14)%	26,893,700	27,795,200	(3)%
Marginal ore mined	10,929,100	8,916,800	8,993,400	7,012,900	4,949,400	23%	121%	19,845,900	10,229,800	94%
Ore processed - Sulphide	10,447,300	9,250,100	12,739,000	14,202,100	13,911,500	13%	(25)%	19,697,400	27,206,600	(28)%
Ore grade processed - Sulphide (% TCu)	0.98	1.07	0.75	0.71	0.81	(8)%	21%	1.02	0.84	22%
Production - Copper cathode	7,800	9,000	8,300	9,100	8,900	(13)%	(12)%	16,800	18,800	(11)%
Production - Copper in concentrate	89,600	85,700	78,900	86,600	97,100	5%	(8)%	175,300	202,800	(14)%
Production total	97,400	94,700	87,200	95,700	106,000	3%	(8)%	192,100	221,600	(13)%
El Soldado mine(9)
Ore mined	1,915,700	1,060,800	563,900	210,700	450,300	81%	325%	2,976,500	2,343,800	27%
Ore processed - Sulphide	1,752,100	1,214,000	1,762,700	1,806,600	1,777,400	44%	(1)%	2,966,100	3,634,300	(18)%
Ore grade processed - Sulphide (% TCu)	0.71	0.66	0.55	0.53	0.58	8%	22%	0.69	0.63	9%
Production - Copper cathode	0	200	400	300	300	(100)%	(100)%	200	500	(60)%
Production - Copper in concentrate	10,000	5,900	7,000	6,400	8,100	69%	23%	15,900	17,800	(11)%
Production total	10,000	6,100	7,400	6,700	8,400	64%	19%	16,100	18,300	(12)%
Chagres Smelter(9)
Ore smelted	36,200	37,100	28,900	33,300	33,200	(2)%	9%	73,300	69,900	5%
Production	35,300	36,000	28,300	32,300	32,400	(2)%	9%	71,300	67,900	5%
Total copper production for Anglo American Sur	107,400	100,800	94,600	102,400	114,400	7%	(6)%	208,200	239,900	(13)%
Anglo American Norte
Mantos Blancos mine
Ore processed  - Sulphide	1,043,300	1,073,800	1,059,300	1,156,100	1,109,000	(3)%	(6)%	2,117,100	2,187,000	(3)%
Ore grade processed - Sulphide (% TCu)	0.79	0.75	0.75	0.68	0.64	5%	23%	0.77	0.62	24%
Production - Copper cathode	8,500	6,900	7,300	6,500	7,900	23%	8%	15,400	12,900	19%
Production - Copper in concentrate	6,800	6,800	6,800	6,500	6,300	0%	8%	13,600	12,400	10%
Production total	15,300	13,700	14,100	13,000	14,200	12%	8%	29,000	25,300	15%
Mantoverde mine
Ore processed - Oxide	2,487,900	2,279,400	2,582,100	2,634,100	2,566,100	9%	(3)%	4,767,300	5,096,600	(6)%
Ore processed - Marginal ore	2,790,000	1,496,800	2,274,500	2,077,300	2,189,100	86%	27%	4,286,800	4,294,300	(0)%
Ore grade processed - Oxide (% ASCu)	0.54	0.51	0.49	0.47	0.48	8%	13%	0.53	0.49	7%
Ore grade processed - Marginal ore (% ASCu)	0.21	0.22	0.23	0.23	0.23	(3)%	(9)%	0.21	0.24	(12)%
Production - Copper cathode	12,500	11,300	13,500	13,000	12,200	11%	2%	23,800	25,300	(6)%
Total copper production for Anglo American Norte	27,800	25,000	27,600	26,000	26,400	11%	5%	52,800	50,600	4%
Total Copper segment copper production	247,300	230,300	241,700	238,600	262,600	7%	(6)%	477,600	531,200	(10)%
Total Attributable copper production(10)	184,500	171,800	174,800	176,900	194,400	7%	(5)%	356,300	396,400	(10)%
Total Attributable payable copper production	179,000	166,800	169,700	171,700	186,600	7%	(4)%	345,800	384,500	(10)%
Total Attributable sales volumes	179,400	164,800	187,400	179,300	180,800	9%	(1)%	344,200	388,400	(11)%
Total Attributable payable sales volumes	173,800	160,100	181,700	173,900	175,400	9%	(1)%	333,900	377,000	(11)%

 

 

  

 

 

Nickel (tonnes) unless stated otherwise (11)	Q2 2015	Q1 2015	Q4 2014	Q3 2014	Q2 2014	Q2 2015 vs. Q1 2015	Q2 2015 vs. Q2 2014	H1 2015	H1 2014	H1 2015 vs. H1 2014
Barro Alto
Ore mined	903,300	235,300	400,500	1,019,300	736,600	284%	23%	1,138,600	1,090,600	4%
Ore processed	281,100	294,600	276,000	531,900	555,500	(5)%	(49)%	575,700	1,019,500	(44)%
Ore grade processed - %Ni	1,80	1.77	1.86	1.86	1.78	1%	1%	1,78	1.78	0%
Production	4,100	4,400	4,500	8,300	8,600	(7)%	(52)%	8,400	15,500	(46)%
Codemin
Ore mined	8,600	-	-	-	6,800	-	26%	8,600	6,800	26%
Ore processed	145,700	151,400	151,500	154,100	140,800	(4)%	3%	297,100	288,000	3%
Ore grade processed - %Ni	1.71	1.66	1.66	1.67	1.67	3%	2%	1,68	1.67	1%
Production	2,200	2,300	2,200	2,400	2,000	(4)%	10%	4,500	4,300	5%
Total Nickel segment nickel production	6,300	6,700	6,700	10,700	10,600	(6)%	(41)%	13,000	19,800	(34)%
Sales volumes	8,600	7,500	8,400	8,800	8,900	15%	(4)%	16,100	18,900	(15)%

 

Niobium (tonnes) unless stated otherwise	Q2 2015	Q1 2015	Q4 2014	Q3 2014	Q2 2014	Q2 2015 vs. Q1 2015	Q2 2015 vs. Q2 2014	H1 2015	H1 2014	H1 2015 vs. H1 2014
Niobium
Ore mined	605,600	291,100	166,300	424,900	356,200	108%	70%	896,700	394,700	127%
Ore processed	570,400	501,800	377,700	237,900	238,700	14%	139%	1,072,200	468,400	129%
Ore grade processed - %Nb	0.93	0.96	1.05	1.08	1.10	(3)%	(15)%	0.95	1.01	(6)%
Production	1,600	1,300	1,300	1,200	1,100	23%	45%	2,900	2,200	32%
Sales volumes	1,500	1,300	1,100	1,200	1,200	15%	25%	2,800	2,300	22%

 

 

Phosphates (tonnes) unless stated otherwise	Q2 2015	Q1 2015	Q4 2014	Q3 2014	Q2 2014	Q2 2015 vs. Q1 2015	Q2 2015 vs. Q2 2014	H1 2015	H1 2014	H1 2015 vs. H1 2014
Phosphates
Concentrate	303,300	319,300	355,600	362,700	349,500	(5)%	(13)%	622,600	697,400	(11)%
Concentrate grade - %P2O5	36.9	36.9	36.8	37.3	37.1	0%	(0)%	36.9	37.0	(0)%
Phosphoric acid	62,400	63,200	78,600	81,300	81,300	(1)%	(23)%	125,600	135,100	(7)%
Fertiliser	274,200	238,800	284,900	284,700	275,700	15%	(1)%	513,000	542,900	(6)%
High analysis fertiliser	56,100	37,500	50,200	60,200	44,200	50%	27%	93,700	74,300	26%
Low analysis fertiliser	218,100	201,200	234,600	224,500	231,500	8%	(6)%	419,300	468,600	(10)%
Dicalcium phosphate (DCP)	38,700	36,200	44,800	44,100	43,600	7%	(11)%	74,900	75,200	(0)%
Fertiliser sales volumes	317,500	208,500	277,400	311,700	241,000	52%	32%	526,000	507,500	4%

 

 

Platinum		Q2 2015		Q1 2015		Q4 2014		Q3 2014		Q2 2014		Q2 2015 vs. Q1 2015		Q2 2015 vs. Q2 2014	H1 2015	H1 2014	H1 2015 vs. H1 2014
Refined production
Platinum (troy oz)		560,600		542,400		573,700		460,000		420,600		3%		33%	1,103,000	855,800	29%
Palladium (troy oz)		387,700		348,100		357,700		316,400		294,600		11%		32%	735,800	551,300	33%
Rhodium (troy oz)		76,900		65,000		71,700		48,400		48,700		18%		58%	141,900	109,300	30%
Copper  refined (tonnes)(12)		4,000		3,900		2,600		2,800		3,900		3%		3%	7,900	7,100	11%
Copper  matte (tonnes)(12)		0		300		1,400		1,300		2,300		(100)%		(100)%	300	3,500	(91)%
Nickel refined (tonnes)(12)		6,000		5,700		4,800		5,200		5,600		5%		7%	11,700	10,500	11%
Nickel matte (tonnes)(12)		0		400		1,800		1,800		2,700		(100)%		(100)%	400	4,100	(90)%
Gold (troy oz)		30,400		30,100		28,900		14,600		26,700		1%		14%	60,500	52,100	16%
Equivalent refined
Platinum (troy oz)		572,100		536,000		593,900		532,800		358,200		7%		60%	1,108,100	715,200	55%
4E built-up head grade (g/tonne milled)(13)		3.27		3.14		3.19		3.06		2.77		4%		18%	3.21	2.82	14%
Platinum sales volumes		635,600		523,900		523,400		546,600		511,900		21%		24%	1,159,500	1,044,800	11%
De Beers	Q2 2015		Q1 2015		Q4 2014		Q3 2014		Q2 2014		Q2 2015 vs. Q1 2015		Q2 2015 vs. Q2 2014		H1 2015	H1 2014		H1 2015 vs. H1 2014
Carats recovered
100% basis
Orapa	2,792,000		2,610,000		2,732,000		2,651,000		3,487,000		7%		(20)%		5,402,000	6,691,000		(19)%
Letlhakane	111,000		188,000		83,000		157,000		177,000		(41)%		(37)%		299,000	308,000		(3)%
Damtshaa	60,000		57,000		94,000		83,000		70,000		5%		(14)%		117,000	126,000		(7)%
Jwaneng	2,950,000		2,777,000		3,080,000		3,333,000		2,532,000		6%		17%		5,727,000	4,899,000		17%
Debswana	5,913,000		5,632,000		5,989,000		6,224,000		6,266,000		5%		(6)%		11,545,000	12,024,000		(4)%
Namdeb	131,000		96,000		121,000		156,000		199,000		36%		(34)%		227,000	336,000		(33)%
Debmarine Namibia	300,000		366,000		375,000		293,000		310,000		(18)%		(3)%		666,000	605,000		10%
Namdeb Holdings	431,000		462,000		496,000		449,000		509,000		(7)%		(15)%		893,000	941,000		(5)%
Kimberley	182,000		221,000		202,000		207,000		154,000		(18)%		18%		403,000	313,000		29%
Venetia	763,000		624,000		1,060,000		776,000		834,000		22%		(9)%		1,387,000	1,365,000		2%
Voorspoed	172,000		216,000		140,000		143,000		186,000		(20)%		(8)%		388,000	428,000		(9)%
DBCM	1,117,000		1,061,000		1,402,000		1,126,000		1,174,000		5%		(5)%		2,178,000	2,106,000		3%
Snap Lake	352,000		328,000		301,000		253,000		379,000		7%		(7)%		680,000	647,000		5%
Victor	150,000		182,000		178,000		141,000		187,000		(18)%		(20)%		332,000	328,000		1%
De Beers Canada	502,000		510,000		479,000		394,000		566,000		(2)%		(11)%		1,012,000	975,000		4%
Total carats recovered	7,963,000		7,665,000		8,366,000		8,193,000		8,515,000		4%		(6)%		15,628,000	16,046,000		(3)%

 

 

(1)              Saleable production

(2)              Production includes medium carbon ferro-manganese

(3)              Within export coking and export PCI coals there are different grades of coal with different weighted average prices compared to benchmark

(4)              Includes both hard coking coal and PCI sales volumes

(5)              Excludes Anglo American Platinum's copper production

(6)              ASCu = acid soluble copper

(7)              TCu = total copper

(8)              Anglo American's share of Collahuasi production is 44%

(9)              Anglo American ownership interest of Anglo American Sur is 50.1%. Production is stated at 100% as Anglo American consolidates Anglo American Sur

(10)            Difference between total copper production and attributable copper production arises from Anglo American's 44% interest in Collahuasi

(11)            Excludes Anglo American Platinum's nickel production

(12)            Nickel and copper refined through third parties is now shown as production of nickel matte and copper matte.

(13)            4E: the grade measured as the combined content of the four most valuable precious metals: platinum, palladium, rhodium and gold

 

 

 

 

 

ACHIEVED PRICES SUMMARY

 

 

Average achieved prices	H1 2015	H2 2014	H1 2014	FY 2014	H1 2015 vs. H2 2014	H1 2015 vs.  H1 2014
Iron Ore - FOB prices
Kumba Export (US$/dmt)	61	80	104	91	(23)%	(41)%
Minas-Rio (US$/wmt)	50	nm	-	nm	n/a	n/a
Coal
Australia and Canada
Metallurgical - Export (U$/t)	100	105	117	111	(5)%	(15)%
Thermal - Export (U$/t)	61	68	81	72	(10)%	(25)%
Thermal - Domestic (U$/t, FOR)	29	33	37	35	(12)%	(22)%
South Africa
Thermal - Export (U$/t)	60	66	75	70	(9)%	(20)%
Thermal - Domestic (U$/t, FOR)	18	20	19	19	(10)%	(5)%
Colombia
Thermal - Export (U$/t)	58	66	68	67	(12)%	(15)%
Copper (USc/lb)	253	294	307	300	(14)%	(18)%
Nickel (USc/lb)	578	749	716	731	(23%)	(19%)
PGMs
Platinum (US$/oz)	1,160	1,337	1,436	1,386	(13)%	(19)%
Palladium (US$/oz)	779	832	773	803	(6)%	1%
Rhodium (US$/oz)	1,133	1,234	1,069	1,147	(8)%	6%
Basket price (US$/oz)	2,157	2,355	2,474	2,413	(8)%	(13)%
Basket price (ZAR/oz)	25,748	25,951	26,493	26,219	(1)%	(3)%
De Beers
Total sales volume - carats (100%) (Mct)	14.0	15.4	19.0	34.4	(9)%	(26)%
Total consolidated sales volume - carats (Mct)	13.3	14.6	18.1	32.7	(9)%	(27)%
Consolidated average realised       price ($/Ct)	206	204	192	198	1%	7%
De Beers Index price (1)	139	149	145	147	(7)%	(4)%

(1)       Average of the De Beers index price for the Sights within the six month period. De Beers index price relative to 100 as at December 2006

 

 

 

 

Note:

 

Production figures are sometimes more precise than the rounded numbers shown in the commentary of this report. The percentage change will reflect the percentage change using the production figures shown in the Production Summary of this report.

 

Forward-looking statements:

 

This contains certain forward looking statements which involve risk and uncertainty because they relate to events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.

 

For further information, please contact:

 

Media		Investors
UK James Wyatt-Tilby Tel: +44 (0)20 7968 8759		UK Paul Galloway Tel: +44 (0)20 7968 8718
Emily Blyth Tel: +44 (0)20 7968 8481		Edward Kite Tel: +44 (0)20 7968 2178
South Africa Pranill Ramchander Tel: +27 (0)11 638 2592   Shamiela Letsoalo Tel: +27 (0)11 638 3112		Sarah McNally Tel: +44 (0)20 7968 8747

 

Notes to editors:

Anglo American is a global and diversified mining business that provides the raw materials essential for economic development and modern life. Our people are at the heart of our business. It is our people who use the latest technologies to find new resources, plan and build our mines and who mine, process and move and market our products - from bulk commodities and base metals to precious metals and diamonds (through De Beers) - to our customers around the world. Our diversified portfolio of products spans the economic development cycle and, as a responsible miner, we are the custodians of precious resources. We work together with our key partners and stakeholders to unlock the long-term value that those resources represent for our shareholders, but also for the communities and countries in which we operate - creating sustainable value and making a real difference. Our mining operations, growth projects and exploration and marketing activities extend across southern Africa, South America, Australia, North America, Asia and Europe.

 

www.angloamerican.com