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Anglo American plc Interim Management Statement for the first quarter ended 31 March 2012 |
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OVERVIEW
· All three strategic growth projects delivered in 2011 are ramping up well, achieving between 74% and 86% of nameplate capacity during the quarter
· Iron ore production increased by 17% to 11.7 million tonnes mainly due to the ramp-up of production from Kolomela mine and a continued improvement in performance at Amapá. Kolomela mine is expected to produce between 4 and 5 million tonnes in 2012, ramping up to 9 Mtpa capacity in 2013, on schedule
· Metallurgical Coal's production of export metallurgical coal increased by 73% to 3.7 million tonnes following the Q1 2011 floods in Australia and decreased by 8% compared to Q4 2011 due to wet weather
· Export thermal coal production from South Africa and Colombia increased by 6% to 8.2 million tonnes
· Copper production increased by 21% to 168,400 tonnes, and was in line with Q4 2011, due to the continued ramp-up of the Los Bronces expansion and higher ore grades at El Soldado, partly offset by expected lower grades and weather related and other operational issues at Collahuasi
· Nickel production from the Nickel business unit increased by 97% to 12,000 tonnes, and by 21% compared to Q4 2011, as the Barro Alto operation continues to ramp up
· Platinum equivalent refined production increased by 5% to 593,200 ounces, mainly due to a lower number of safety stoppages, a strong performance from the Mogalakwena open pit mine and ramp-up of the Unki mine. Refined platinum production declined by 24% to 402,800 ounces, due to planned converter plant maintenance
· Diamond production decreased by 16% to 6.2 million carats, and by 4% compared to Q4 2011, mainly reflecting De Beers' continued scheduled maintenance and waste stripping activities
· During the quarter, the Group issued $1.9 billion in corporate bonds with maturities ranging from five to ten years. On 23 March, Anglo American gave notice that it had exercised its right to redeem the $1.7 billion 4.00% convertible bonds due 2014 on 22 May 2012. These bonds may still be converted to equity at any time up to 15 May 2012
· De Beers acquisition received all competition approvals; completion on track for H2 2012
