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AMS AMSP
ANANP
AMSP - Anglo Platinum Quarterly Review and Production Report for the Period
1 January 2009 to 31 March 2009
Anglo Platinum Limited
Incorporated in the Republic of South Africa
Registration No. 1946/022452/06
JSE Code: AMSP
ISIN: ZAE000054474
("Anglo Platinum or the Company")
ANGLO PLATINUM QUARTERLY REVIEW AND PRODUCTION REPORT FOR THE PERIOD 1 JANUARY
2009 TO 31 MARCH 2009
REVIEW OF THE QUARTER
The safety principles and programmes implemented across all the managed
operations of Anglo Platinum are showing positive results with a further
reduction in the lost time injury frequency rate achieved during the first
quarter of 2009 to 1.44 per 200,000 hours worked, compared to 1.52 in the fourth
quarter of 2008 and 1.82 in the first quarter of 2008. This was supported by the
notable achievement of 7 million fatality free shifts at Union Mine, a mining
industry milestone.
Mining operations performed as expected during the first quarter, with
equivalent refined platinum ounces from mining and purchase of concentrate
activities attributable to Anglo Platinum increasing 19% or 95,900 ounces to
613,400 ounces compared to the first quarter of 2008.
Refined production of 404,000 ounces in the first quarter decreased by 5.7%
compared to the first quarter of 2008. Refined production was reduced by
shutdowns for furnace maintenance at the Waterval and Polokwane smelters. At the
Polokwane smelter, the complete set of furnace lower copper coolers, in service
since 2005, was replaced. Higher than normal refined metal stocks at the start
of the quarter avoided any disruption of supply to the market.
Rhodium production was higher than the first quarter of 2008 as it has a longer
processing time and was therefore not impacted in the first quarter by the
shutdown at the Waterval smelter. Palladium and Nickel production were lower in
the period relative to the first quarter of 2008 for the same reasons associated
with platinum production.
Following the decision in December 2008 to produce 2.4 million ounces of refined
platinum in 2009, a number of cost management and value management initiatives
were implemented. Labour has reduced by 4,195 since December 2008 in line with
the announced reduction of 10,000 employees by the end of 2009. At Mogalakwena,
mining output has been reduced by 50%, with full concentrating throughput being
maintained from surface ore stockpiles. At Siphumelele Mine`s Bleskop shaft in
Rustenburg, the process to suspend mining operations has been initiated and
unions are being consulted.
Cash operating costs per equivalent refined platinum ounce decreased by over 7%
in the first quarter of 2009 compared to the fourth quarter of 2008.
Good progress was made in the period with the efficiency enhancing operational
restructuring at the Rustenburg and Amandelbult operations - now five and two
separate mines respectively. The restructuring was undertaken to establish
separate entities that are more easily manageable with an increased focus on
costs and productivity. Reporting on these separate entities will commence in
July 2009 when Anglo Platinum reports on its interim results.
The tables below outline the new names and comprising shafts and the General
Managers appointed:
Mine / Area Rustenburg Shafts General Manager
Bathopele Mine Waterval shaft Christo Marais
Siphumelele Bleskop, Brakspruit, & Ivano Manini
Mine Turffontein
Thembelani Mine Paardekraal 1 and 2 shafts Tom van der Nest
Khuseleka Mine Boschfontein & Townlands Tom van den Berg
Khomanani Mine Frank 1 and 2 shafts Peter van Dorssen
Central n/a CJ Labuschagne
services
Mine Amandelbult Shafts General Manager
Tumela Mine No 1 shaft (West Upper, West Bruce Chantler
Lower) & Central
Dishaba Mine No 2 shaft (East Upper & East Velile Nhlapo
Lower)
QUARTERLY PRODUCTION STATISTICS
Quarter ended % Change
March March December March March
Q09 Q09
2009 Act 2008 Act 2008 Act vs vs Dec
March Q08
Q08
Production
statistics
Tonnes mined 000 -47.9% -53.9%
- opencast
12,860 24,698 27,894
Tonnes broken 000 22.4% -18.6%
- underground 10,167 8,309 12,486
mines
Tonnes milled 000 18.8% -7.2%
10,429 8,781 11,235
Merensky / per 1
UG2 / Merensky 1:3.0:1.3 1:3.0:0.6 1:3.1:1.1
Platreef tonne
ratio
4E Built-up g/tonne 5.1% 2.6%
head grade milled 3.52 3.35 3.43
Mines 3.8% 2.4%
3.83 3.69 3.74
Western Limb -4.3% 0.9%
Tailings 1.11 1.16 1.10
Retreatment
Equivalent 000 oz
refined
platinum
production *
Mined 19.8% -6.1%
513.2 428.3 546.7
Purchased 9.8% -5.6%
109.9 100.1 116.4
Sold -11.0% -8.5%
-9.7 -10.9 -10.6
Attributable 18.5% -6.0%
to Anglo 613.4 517.5 652.5
Platinum
Total refined
production
Platinum 000 oz -5.7% -52.0%
404.0 428.6 842.3
Palladium 000 oz -4.4% -47.8%
235.1 245.8 450.4
Rhodium 000 oz 28.1% -31.0%
73.8 57.6 107.0
Gold 000 oz -12.2% -9.6%
20.8 23.7 23.0
PGMs 000 oz 0.1% -46.6%
839.2 838.4 1,572.6
Nickel 000 -10.8% -19.5%
tonnes 3.3 3.7 4.1
Copper 000 -4.8% -13.0%
tonnes 2.0 2.1 2.3
Pipeline
stock
adjustment
Refined 000 oz -5.7% -52.0%
platinum 404.0 428.6 842.3
production
Mining 000 oz -5.4% -52.8%
330.7 349.5 701.1
Purchase of 000 oz -7.3% -48.1%
concentrate 73.3 79.1 141.2
Platinum 000 oz
pipeline 209.4 88.9 (189.8)
movement
Employees
Own enrolled 10.4% -0.7%
employees 55,616 50,394 56,000
Contractor -21.4% -23.8%
employees 21,566 27,443 28,293
Total -0.8% -8.4%
employees 77,182 77,837 84,293
Includes Mogalakwena,
Kroondal and Marikana
opencast operations
^ Excludes Western Limb
Tailings Retreatment
plant production
* Mine`s production converted to equivalent refined
production using Anglo Platinum`s standard smelting and
refining recoveries
CAPITAL PROJECTS AND BALANCE SHEET
Capital expenditure for the quarter was R2.3 billion, excluding capitalised
interest, 49% lower than the fourth quarter of 2008. Project management and
capital expenditure control has intensified since the last quarter of 2008 and
continues to be a priority for management. The Company expects to incur R9.1
billion of capital expenditure for the year, excluding capitalised interest.
Anglo Platinum is confident that its committed debt facilities are adequate to
meet its anticipated funding requirements.
BLACK ECONOMIC EMPOWERMENT TRANSACTIONS
Anglo Platinum expects finalisation of its empowerment deals with Anooraq
Resources Corporation and Mvelaphanda Resources Limited with respect to its
Lebowa and Booysendal assets respectively in the second quarter of 2009.
GUIDANCE FOR THE BALANCE OF 2009
Anglo Platinum continues to target platinum output of 2.4 million ounces in 2009
and expects the platinum price to continue trading at levels above $1,000 per
ounce.
Johannesburg, South Africa
30 April 2009
For further information please contact:
Anna Poulter
+44 (0) 7789 746 126
apoulter@angloamerican.co.uk
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 30/04/2009 08:00:01 Produced by the JSE SENS Department.
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