AMS
PGM Production Report for the fourth quarter ending 31 December 2020
ANGLO AMERICAN PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1946/022452/06)
Share Code: AMS
ISIN: ZAE000013181
(The Company" or "Anglo American Platinum")
28 January 2021
ANGLO AMERICAN PLATINUM LIMITED
PGM PRODUCTION REPORT FOR THE FOURTH QUARTER ENDING 31 DECEMBER 2020
OVERVIEW - Q4 2020 performance against prior period Q4 2019
Safety performance there were no work-related fatalities in Q4 2020 at own-managed operations.
Covid-19 protocols are embedded, and own-managed operations reached 100% of normal production
capacity by the end of the quarter.
PGM production at own-managed mines decreased by 8% to 617,800 ounces due to the closure of mined-
out infrastructure at Amandelbult and community-related disruptions at Mogalakwena. Unki and Mototolo
delivered strong production.
Joint operations PGM production (mined and purchase of concentrate) decreased by 14% to 198,000
ounces. This was largely due to self-imposed safety stoppages at Modikwa following the fatal incidents, as
well as unprotected strike action at both Kroondal and Modikwa.
Refined PGM production, excluding tolling, decreased by 49% to 673,100 ounces. The lower output was
due to the Anglo Converter Plant (ACP) unit B closure in the quarter.
Completed repair of ACP Phase A ahead of schedule and safely recommissioned on 24 November 2020.
Total PGM sales volumes decreased 24% to 1,125,100 ounces largely due to lower refined production. The
decline was offset by a drawdown of refined inventory and trading activities to mitigate the impact to
customers.
Natascha Viljoen, CEO of Anglo American Platinum, said:
We had no work-related fatalities at our own-managed operations during the quarter, however we did see a
regression in our safety performance as the uncertainty relating to Covid-19 impacted on stability at the
operations. Mitigation plans throughout the quarter significantly improved our performance by year-end, but the
average for the quarter was higher than Q4 2019. Tragically, we had a work-related fatality at our independently
managed joint operation, Modikwa. We extend our deepest condolences to the family and friends of Mr. Johannes
Mahlalela. The safety and health of our employees is our first priority and our focus remains on the elimination of
fatalities, adherence to Covid-19 measures, including extensive screening and testing protocols, at our operations.
Production performance was strong considering the ongoing implications of Covid-19. We reached 100% normal
capacity by the end of the quarter, due to protocols being embedded and work routines put in place. Whilst refined
production was lower, we successfully and safely completed the rebuild of the ACP Phase A unit ahead of
schedule and recommissioned the plant on 24 November 2020. We were able to reduce the impact of lower
refined production on sales by drawing down on refined inventory as well as utilising trading activities to mitigate
the impact to customers. As part of our Covid-19 protocols, we have put additional measures in place to test and
screen employees returning from hotspot areas after the December break. The second wave of Covid-19 has led
to an increase in employee infection rates, however we are past the peak and are starting to see a reduction in
active cases. As a result, we are currently operating at ~90% of normal production capacity.
Anglo American Platinum Q4 2020 Q4 2020 FY 2020
PGM Production Report - Q4 2020 Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
1 October 2020 - 31 December 2020 2020 2020 2020 2020 2019 Q4 2019 Q3 2020 2020 2019 FY 2019
M&C PGM production (000 oz)
Own managed mines 617.8 652.0 379.4 560.2 675.1 (8)% (5)% 2,209.4 2,552.3 (13)%
Joint operations owned volume 99.0 95.3 50.8 94.4 115.6 (14)% 4% 339.5 459.0 (26)%
Joint operations purchase of concentrate 99.0 95.3 50.8 94.4 115.6 (14)% 4% 339.5 459.0 (26)%
Third party purchase of concentrate 260.20 270.2 184.1 205.9 246.3 6% (4)% 920.4 970.6 (5)%
Total M&C PGM production 1,076.1 1,112.9 665.1 954.8 1,152.7 (7)% (3)% 3,808.9 4,440.8 (14)%
Refined PGM production owned (000 oz) 673.1 1,020.7 407.0 612.2 1,317.4 (49)% (34)% 2,713.0 4,650.0 (42)%
4E Toll refined production 146.5 129.4 96.0 131.6 174.7 (16)% 13% 503.5 496.9 1%
Total refined production (Owned and toll) 819.7 1,150.0 503.0 743.9 1,492.1 (45)% (29)% 3,216.6 5,150.9 (38)%
PGM Sales volume from production (000 oz) 754.3 884.9 548.0 681.3 1,425.3 (47)% (15)% 2,868.5 4,633.7 (38)%
Trading sales volume 370.8 341.0 210.5 248.6 54.3 583% 9% 1,171.0 349.0 235%
Total sales volume (production and trading) 1,125.1 1,225.9 758.5 929.9 1,479.6 (24)% (8)% 4,039.5 4,982.7 (19)%
PGM is the sum total of platinum, palladium, rhodium, iridium, ruthenium and gold ounces.
Referencing AAP guidance.
Trading sales volume - not produced by Anglo Platinum operations.
REVIEW OF THE QUARTER
SAFETY
Anglo American Platinum reported zero loss of life during the quarter at its own-managed operations. Tragically,
our independently-managed joint operation, Modikwa, had a loss of life. Mr Johannes Mahlalela, a team leader,
sustained an injury to his right arm on 7 October and was stable post an operation. Sadly, he collapsed in hospital
on 11 October 2020 and subsequently passed away. We once again extend our deepest condolences to his
family, friends and colleagues, and are steadfast in eliminating fatalities.
The Total Recordable Case Frequency Rate (TRCFR) per million hours at managed operations for the quarter
regressed to 2.25 per million hours, compared to 1.79 per million hours in Q4 2019. Measures put in place
following the fatal incident in September resulted in a steady decrease in TRCFR in the quarter to 1.77 in
December 2020. The positive trend was due to the implementation of mitigation plans, which included greater
risk management, an increase in management time at the operations and safety stoppages to strengthen our
elimination of fatalities work and address the increase in TRCFR. In addition, a large focus was placed on
ensuring mental wellness. The uncertainty related to direct Covid-19 infections and the growing infection rate has
2
led to mental strain on employees and impacted stability at the operations, which is evident in the deterioration
of the TRCFR. Human factors and mental health are a key focus area given their impact on behaviour at work.
PGM PRODUCTION
Total PGM production of 1,076,100 ounces decreased 7% against Q4 2019, with safety controls and restrictions
remaining in place to protect employees from Covid-19. Platinum and palladium production was down 6% to
497,800 ounces and 338,400 ounces respectively.
PGM production from own managed mines
PGM production at Mogalakwena decreased by 3% to 306,700 ounces, as continued strong operational
performance was impacted by community unrest that resulted in fewer milling shifts as employees were not able
to get to work, as well as minor operational issues at the North concentrator plant. These issues both led to lower
milled volumes. Platinum production decreased by 5% to 129,500 ounces and palladium production decreased
by 3%, to 141,700 ounces.
Amandelbult PGM production was down 22% to 185,500 ounces as the Tumela Upper section and surface
production come to the end of their life of mine. These sections contributed 11,600 PGM ounces and 12,400
PGM ounces respectively in Q4 2019, with the balance largely due to self-imposed safety stoppages following
the fatality in Q3 2020. Platinum production decreased by 22% to 93,400 ounces and palladium production
decreased by 21%, to 44,000 ounces.
Mototolo PGM production increased by 4% to 69,800 ounces due to higher throughput resulting from improved
concentrator runtime and plant stability, as well as an improvement in the 4E built-up head grade as the prior
period had geological features that negatively impacted grade. Platinum production increased by 4% to 32,100
ounces and palladium increased by 6% to 20,200 ounces.
Unki PGM production increased by 7% to 55,800 ounces, largely due to higher 4E built-up head grade and higher
throughput. Platinum production increased by 6% to 24,600 ounces and palladium production increased by 10%
to 22,000 ounces.
PGM production from joint operations (50% own-mined production and 50% purchase of concentrate)
PGM production from joint operations decreased by 14% to 198,000 ounces. Platinum production decreased by
13% to 90,200 ounces and palladium production decreased by 17% to 56,200 ounces.
Modikwa PGM production decreased by 31% to 49,800 ounces, due to the safety stoppages following the tragic
work-related fatalities in September and October, as well as an unprotected employee strike in November due to
the misinterpretation of housing-related benefits which were overpaid in the prior quarter. Platinum production
decreased by 30% to 19,600 ounces and palladium decreased by 31% to 18,600 ounces.
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Kroondal PGM production decreased by 7% to 148,200 ounces also as a result of an unprotected strike by
contractors installing underground support in November due to salary-related concerns. Platinum decreased by
6% to 70,700 ounces and palladium production decreased by 8% to 37,800 ounces.
REFINED PGM PRODUCTION
Refined PGM production from own material (excluding toll-treated material) decreased by 49% to 673,100 ounces,
as the ACP Phase B unit was closed earlier than planned on 5 November 2020 to ensure an ongoing safe
operating environment, protect employees and protect the integrity of the plant. The rebuild of the ACP Phase A
unit was successfully completed ahead of schedule on 24 November 2020, with first converter matte dispatched
to the Base Metal Refinery for further processing on 7 December 2020. The ACP Phase A unit continues to
perform well and in line with normal operating expectations. The ACP Phase B unit is now undergoing its
expected full rebuild that is scheduled to be completed in the second half of 2021 at an estimated capital cost of
R550-R600 million.
The ACP stoppages during 2020 have resulted in an increase in work-in-progress inventory of ~1.0 million PGM
ounces, which is expected to be released over the next 24 months.
Refined platinum production decreased by 53% to 296,400 ounces and refined palladium production decreased
by 48% to 206,800 ounces.
Toll refined 4E production decreased 16% to 146,500 ounces due to lower inputs received and the impact of the
ACP interruptions.
PGM SALES VOLUMES
PGM sales volume from production (excluding trading activities) decreased by 47% to 754,300 ounces, driven
by lower refined production, but partially offset by a drawdown of refined inventory. Platinum sales volume
decreased by 53% to 311,200 ounces and palladium sales volumes decreased by 41% to 258,200 ounces.
PGM sales volume from trading increased 583% to 370,800 (platinum trading volumes increased to 176,300
ounces and palladium trading volumes increased to 172,800 ounces), to support customers following a reduction
in refined metal production.
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Anglo American Platinum Q4 2020 Q4 2020 FY 2020
PGM Production Report - Q4 2020 Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
1 October 2020 - 31 December 2020 2020 2020 2020 2020 2019 Q4 2019 Q3 2020 2020 2019 FY 2019
Total M&C PGM production 000 oz 1,076.1 1,112.9 665.1 954.8 1,152.7 (7)% (3)% 3,808.9 4,440.8 (14)%
Platinum 000 oz 497.8 516.5 307.4 440.9 531.7 (6)% (4)% 1,762.6 2,050.8 (14)%
Palladium 000 oz 338.4 352.2 228.3 303.2 360.3 (6)% (4)% 1,222.1 1,385.9 (12)%
Tonnes milled 000 6,736 6,952 4,665 6,498 7,454 (10)% (3)% 24,852 28,932 (14)%
4E Built-up head grade g/t 3.67 3.65 3.44 3.44 3.67 (0)% 0% 3.56 3.62 (2)%
Own mined volume
Total mined production
Total M&C PGM production 000 oz 716.8 747.3 430.2 654.6 790.7 (9)% (4)% 2,548.9 3,011.3 (15)%
Platinum 000 oz 324.7 337.8 188.7 299.4 361.9 (10)% (4)% 1,150.6 1,378.3 (17)%
Palladium 000 oz 256.0 266.8 173.3 233.0 275.0 (7)% (4)% 929.1 1,049.2 (11)%
Tonnes milled 000 6,736 6,952 4,666 6,498 7,454 (10)% (3)% 24,851 28,932 (14)%
4E Built-up head grade g/t 3.67 3.65 3.44 3.44 3.67 (0)% 0% 3.56 3.62 (2)%
Own managed mines
Total M&C PGM production 000 oz 617.8 652.0 379.4 560.2 675.1 (8)% (5)% 2,209.4 2,552.3 (13)%
Platinum 000 oz 279.6 295.1 166.0 257.5 310.1 (10)% (5)% 998.2 1,172.5 (15)%
Palladium 000 oz 227.9 238.6 158.5 204.6 241.0 (5)% (4)% 829.6 914.7 (9)%
Tonnes milled 000 5,929 6,190 4,264 5,708 6,480 (9)% (4)% 22,092 25,179 (12)%
4E Built-up head grade g/t 3.67 3.64 3.41 3.38 3.66 0% 1% 3.54 3.60 (2)%
Mogalakwena mine
Total M&C PGM production 000 oz 306.7 315.0 277.6 282.3 317.5 (3)% (3)% 1,181.6 1,215.0 (3)%
Platinum 000 oz 129.5 132.0 117.3 121.9 135.8 (5)% (2)% 500.7 517.5 (3)%
Palladium 000 oz 141.7 146.0 128.9 128.7 146.0 (3)% (3)% 545.3 557.9 (2)%
Tonnes milled 000 3,367 3,613 3,301 3,250 3,488 (3)% (7)% 13,531.2 13,710 (1)%
4E Built-up head grade g/t 3.46 3.31 3.31 3.18 3.51 (1)% 5% 3.32 3.45 (4)%
Amandelbult mine
Total M&C PGM production 000 oz 185.5 204.8 50.1 167.7 238.7 (22)% (9)% 608.1 893.3 (32)%
Platinum 000 oz 93.4 102.8 25.3 85.5 120.1 (22)% (9)% 307.0 453.6 (32)%
Palladium 000 oz 44.0 48.3 11.7 39.1 56.0 (21)% (9)% 143.1 208.9 (31)%
Tonnes milled 000 1,365 1,405 380 1,366 1,824 (25)% (3)% 4,515.8 7,057 (36)%
4E Built-up head grade g/t 4.31 4.59 4.25 3.88 4.15 4% (6)% 4.26 4.05 5%
Unki mine
Total M&C PGM production 000 oz 55.8 60.0 31.3 49.0 52.0 7% (7)% 196.1 201.7 (3)%
Platinum 000 oz 24.6 27.0 13.9 21.8 23.3 6% (9)% 87.3 89.4 (2)%
Palladium 000 oz 22.0 23.6 12.1 19.6 20.0 10% (7)% 77.3 79.2 (2)%
Tonnes milled 000 550 515 378 516 545 1% 7% 1,959.6 2,092 (6)%
4E Built-up head grade g/t 3.62 3.65 3.64 3.41 3.41 6% (1)% 3.58 3.45 4%
Mototolo mine
Total M&C PGM production 000 oz 69.8 72.2 20.4 61.2 66.9 4% (3)% 223.6 242.3 (8)%
Platinum 000 oz 32.1 33.3 9.5 28.3 30.9 4% (4)% 103.2 112.0 (8)%
Palladium 000 oz 20.2 20.7 5.8 17.2 19.0 6% (2)% 63.9 68.7 (7)%
Tonnes milled 000 646 657 206 576 624 4% (2)% 2,084.9 2,320 (10)%
4E Built-up head grade g/t 3.40 3.41 3.13 3.27 3.30 3% (0)% 3.34 3.23 3%
Joint operations mined production
Total M&C PGM production 000 oz 99.0 95.3 50.8 94.4 115.6 (14)% 4% 339.5 459.0 (26)%
Platinum 000 oz 45.1 42.7 22.7 41.9 51.8 (13)% 6% 152.4 205.8 (26)%
Palladium 000 oz 28.1 28.2 14.8 28.4 34.0 (17)% (0)% 99.5 134.5 (26)%
Tonnes milled 000 808 762 401 790 974 (17)% 6% 2,759.9 3,754 (26)%
4E Built-up head grade g/t 3.67 3.75 3.70 3.86 3.75 (2)% (2)% 3.75 3.73 0%
Modikwa mine
Total M&C PGM production 000 oz 24.9 30.7 15.9 35.8 35.9 (31)% (19)% 107.3 145.5 (26)%
Platinum 000 oz 9.8 12.0 6.2 14.1 14.1 (30)% (18)% 42.1 57.1 (26)%
Palladium 000 oz 9.3 11.6 6.0 13.5 13.5 (31)% (20)% 40.4 54.5 (26)%
Tonnes milled 000 204 247 130 250 272 (25)% (17)% 831.0 1,118 (26)%
4E Built-up head grade g/t 3.78 3.84 3.83 4.25 4.05 (7)% (2)% 3.95 4.04 (2)%
Kroondal mine
Total M&C PGM production 000 oz 74.1 64.6 43.1 58.5 79.7 (7)% 15% 240.3 313.5 (23)%
Platinum 000 oz 35.4 30.7 19.8 27.9 37.7 (6)% 15% 113.7 148.6 (23)%
Palladium 000 oz 18.9 16.6 10.5 14.9 20.5 (8)% 14% 60.9 80.0 (24)%
Tonnes milled 000 603 515 271 540 701 (14)% 17% 1,928.9 2,636 (27)%
4E Built-up head grade g/t 3.63 3.70 3.63 3.68 3.64 (0)% (2)% 3.67 3.60 2%
5
Anglo American Platinum Q4 2020 Q4 2020 FY 2020
PGM Production Report - Q4 2020 Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
1 October 2020 - 31 December 2020 2020 2020 2020 2020 2019 Q4 2019 Q3 2020 2020 2019 FY 2019
Purchase of concentrate
Total purchase of concentrate production
PGM production 000 oz 359.2 365.5 234.9 300.3 361.9 (1)% (2)% 1,259.9 1,429.6 (12)%
Platinum 000 oz 173.1 178.7 118.7 141.5 169.8 2% (3)% 612.0 672.5 (9)%
Palladium 000 oz 82.4 85.4 55.0 70.2 85.3 (3)% (4)% 293.0 336.7 (13)%
Joint operations purchase of concentrate
PGM production 000 oz 99.0 95.3 50.8 94.4 115.6 (14)% 4% 339.5 459.0 (26)%
Platinum 000 oz 45.1 42.7 22.7 41.9 51.8 (13)% 6% 152.4 205.8 (26)%
Palladium 000 oz 28.1 28.2 14.8 28.4 34.0 (17)% (0)% 99.5 134.5 (26)%
Third party purchase of concentrate production
PGM production 000 oz 260.2 270.2 184.1 205.9 246.3 6% (4)% 920.4 970.6 (5)%
Platinum 000 oz 128.0 136.0 96.0 99.6 118.0 8% (6)% 459.6 466.7 (2)%
Palladium 000 oz 54.3 57.2 40.2 41.8 51.3 6% (5)% 193.5 202.2 (4)%
Anglo American Platinum Q4 2020 Q4 2020 FY 2020
PGM Production Report - Q4 2020 Q4 Q3 Q2 Q1 Q4 vs vs FY FY vs
1 October 2020 - 31 December 2020 2020 2020 2020 2020 2019 Q4 2019 Q3 2020 2020 2019 FY 2019
Refined PGM production owned (000 oz)
PGM ounces 000 oz 673.1 1,020.7 407.0 612.2 1,317.4 (49)% (34)% 2,713.0 4,650.0 (42)%
Platinum 000 oz 296.4 503.8 160.6 240.3 629.7 (53)% (41)% 1,201.1 2,210.9 (46)%
Palladium 000 oz 206.8 354.1 147.4 197.1 396.6 (48)% (42)% 905.4 1,480.5 (39)%
Minor PGMs and gold 000 oz 170.0 162.8 99.0 174.9 291.0 (42)% 4% 606.7 958.5 (37)%
Base metal production
Nickel tonnes 3,709 5,039 1,997 3,129 6,388 (42)% (26)% 13,874 23,036 (40)%
Copper tonnes 2,974 2,838 1,533 3,015 4,157 (28)% 5% 10,359 14,211 (27)%
Chrome 000 t 229.1 295.8 64.6 196.4 247.6 (7)% (23)% 785.9 908.7 (14)%
Toll refined production
4E 000 oz 146.5 129.4 96.0 131.6 174.7 (16)% 13% 503.5 496.9 1%
Platinum 000 oz 89.2 75.7 58.4 78.6 104.4 (15)% 18% 301.9 303.2 (0)%
Palladium 000 oz 46.3 35.5 30.0 40.4 54.0 (14)% 31% 152.2 154.4 (1)%
PGM Sales volume from production (000 oz)
PGM ounces 000 oz 754.3 884.9 548.0 681.3 1,425.3 (47)% (15)% 2,868.5 4,633.7 (38)%
Platinum 000 oz 311.2 448.5 195.7 239.9 668.4 (53)% (31)% 1,195.3 2,215.1 (46)%
Palladium 000 oz 258.2 261.7 160.9 222.5 435.8 (41)% (1)% 903.3 1,520.7 (41)%
Trading sales volume
PGM ounces 000 oz 370.8 341.0 210.5 248.6 54.3 583% 9% 1,171.0 349.0 235%
Platinum 000 oz 176.3 105.0 84.2 62.1 10.6 1571% 68% 427.5 46.1 828%
Palladium 000 oz 172.8 214.6 123.1 169.2 42.8 304% (20)% 679.7 262.2 159%
Realised metal, Fx and realised basket prices
Platinum (US$/oz) 862 900 798 934 894 (4)% (4)% 880 861 2%
Palladium (US$/oz) 2,341 2,160 2,120 2,198 1,756 33% 8% 2,214 1,520 46%
Rhodium (US$/oz) 14,430 9,851 8,947 8,703 5,519 161% 46% 10,628 3,810 179%
Average Fx achieved on sales ZAR/US$ 15.80 16.84 18.08 15.36 14.68 8% (6)% 16.34 14.50 13%
US$ realised basket price (/Pt oz) 6,067 3,447 4,920 6,010 3,187 90% 76% 4,885 2,819 73%
ZAR realised basket price (/Pt oz) 95,917 58,388 88,937 92,277 46,748 105% 64% 79,961 40,862 96%
US$ realised basket price (/PGM oz) 2,503 1,747 1,757 2,116 1,494 67% 43% 2,035 1,347 51%
ZAR realised basket price (/PGM oz) 39,569 29,595 31,765 32,489 21,921 81% 34% 33,320 19,534 71%
(4) Trading sales volume - not produced by Anglo Platinum operations.
Sponsor:
Merrill Lynch South Africa Proprietary Limited
For further information, please contact:
Investors: Media:
Emma Chapman Jana Marais
(SA) +27 (0) 11 373 6239 (SA) +27 (0) 11 638 2607
emma.chapman@angloamerican.com jana.marais@angloamerican.com
6
Notes to editors:
Anglo American Platinum Limited is a member of the Anglo American plc Group and is a 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. 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 a meaningful
and sustainable difference in the development of the communities around its operations.
www.angloamericanplatinum.com
Anglo American is a leading global mining company and our products are the essential ingredients in almost
every aspect of modern life. Our portfolio of world-class competitive mining operations and undeveloped
resources provides the metals and minerals that enable a cleaner, more electrified world and that meet the fast
growing consumer-driven demands of the worlds developed and maturing economies. With our people at the
heart of our business, we use innovative practices and the latest technologies to discover new resources and
mine, process, move and market our products to our customers around the world safely, responsibly and
sustainably.
As a responsible miner of diamonds (through De Beers), copper, platinum group metals, iron ore, coal, nickel
and manganese we are the custodians of what are precious natural resources. We work together with our
business partners and diverse stakeholders to unlock the sustainable value that those resources represent for
our shareholders, the communities and countries in which we operate, and for society as a whole. Anglo American
is re-imagining mining to improve peoples lives.
www.angloamerican.com
7
Date: 28-01-2021 09:00:00
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ANGLO AMERICAN PLATINUM LIMITED - PGM Production Report for the fourth quarter ending 31 December 2020
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