ANGLO AMERICAN PLATINUM LIMITED Anglo American Platinum Limited ("Anglo American Platinum" or "the Company") announces that despite the challenging labour environment, underlying operational performance has improved for key assets this year (excluding the strike impacted period). Following the quick and successful ramp-up, the Company will likely deliver 1.8 million platinum ounces, at the upper end of guidance provided in Q3 for FY2014. Production guidance will increase to between 2.3-2.4 million platinum ounces in 2015, 2.4-2.5 million platinum ounces in 2016 and 2.5-2.6 million platinum ounces in 2017 primarily due to the commencement of production from Styldrift, our joint venture with Royal Bafokeng Platinum, anticipated increase in purchase of concentrate from third party projects, and productivity improvements at own productions.
Operational performance at Mogalakwena remains a highlight, with the business improvement plans delivering sterling results. Average daily tonnes mined at Mogalakwena for Q4 2014 increased to 297 tonnes, a 79% increase compared to the average daily tonnes mined in Q1 2013. As a result Mogalakwena should meet production guidance of 350 koz for FY14 (including c.20 koz of production from Baobab).
The repositioning of the portfolio remains ongoing with the disposal process for Union and Rustenburg underway. Pre-marketing for Union has commenced and the Company is finalising preparations for Rustenburg as a sustainable and standalone business.
CEO, Chris Griffith commented: "In line with Anglo American's strategy, we will be disciplined with our deployment of resources to focus on the assets that provide us with the most value accretive options. With the majority of the restructuring work complete, our focus remains on repositioning the portfolio to create a more profitable and sustainable business. We have a world class portfolio of resources to enable this, and have started the process of exiting assets that do not fit our portfolio as well as improving the performance of the assets we plan to retain."
Further information will be provided at the Anglo American plc Investor Day, where Chris Griffith, CEO will present as part of the Anglo American leadership team. The presentation for investors and analysts will provide a detailed update on Anglo American's operational turnaround and the next phase of transformation to position the business to outperform by realising its full potential and delivering enhanced and sustainable returns to shareholders.
The presentation, which is available on the Anglo American website, will begin at 1.30pm (UK time) / 3:30pm (SA time) and is expected to finish at 4.30pm (UK time) / 6:30pm (SA time). The presentation will be available on the Anglo American and Anglo American Platinum websites and can be viewed via live webcast: www.angloamerican.com/investors
Following the presentation, the next update on Anglo American Platinum will be given at the Company's 2014 annual results presentation on 9 February 2015.
This announcement contains forward-looking statements which are based on the Company's current beliefs and expectations about future events. The operational and financial forecasts provided in this announcement are estimates and have not been reviewed and reported on by the Company's external auditors.
Johannesburg
9 December 2014
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
For further information, please contact:
Media:
Mpumi Sithole
Tel: +27 (0)11 373 6246
mpumi.sithole@angloamerican.com
Investors:
Emma Chapman
Tel (UK): +44 (0)20 7968 8451
Tel (SA): +27 (0)11 373 6239
emma.chapman@angloamerican.com
Notes to editors:
Anglo American Platinum Limited is a member of the Anglo American plc Group and is the world's leading primary producer of platinum group metals. The company is listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting and refining operations are based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine in Zimbabwe and is actively exploring in Brazil. Anglo American Platinum has a number of joint ventures with several historically disadvantaged South African consortia as part of its commitment to the transformation of the mining industry. Anglo American Platinum is committed to the highest standards of safety and continues to make meaningful and sustainable difference in the development of the communities around its operations. www.angloamericanplatinum.com
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.
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