Anglo American Platinum provides an update on its operational outlook and guidance, to coincide with the Anglo American plc market update.

Natascha Viljoen, Chief Executive Officer of Anglo American Platinum, commented: 'We have been able to bring production back to almost normal capacity levels despite the impact of Covid-19 on our operations and people this year. This shows the incredible way our people have adapted to new working environments and embraced new protocols that help protect the health and safety of our employees and host communities. As a result of embedding these protocols, we expect to return to normal production levels from 2021 onwards, barring any new restrictions in the event of further Covid-19 waves.

'We are pleased that we have safely and successfully rebuilt the ACP Phase A unit and brought it to full operation ahead of schedule in early December. We have begun to re-establish the processing pipeline to finished metals. The installed capacity of the ACP will allow us to refine the metal we produce, as well as release the build-up in work-in-progress inventory, which will likely take up to 24 months.'

Operational outlook and guidance

Shareholders are referred to the SENS announcement on 7 December 2020 in relation to the safe and successful rebuild of the ACP Phase A unit. As a result of the early completion of this work, the Company upgraded refined production guidance for 2020 to between 2.6 - 2.7 million PGM ounces. Sales volumes have also been upgraded to c.2.8 million PGM ounces, as minor metal refined inventories are drawn down.

Despite the effects of the pandemic, metal in concentrate (M&C) production returned to close to normal operating capacity in the second half of 2020. As a result, M&C production for 2020 will be between 3.6 - 3.8 million PGM ounces.

Due to the temporary closure of the ACP during the year, there will be a build-up of c.1 million PGM ounces in work-in-progress inventory by the end of the year, including the impact of processing recovery losses. The release of work-in-progress inventory built up in 2020 is expected to take up to 24 months. Due to planned maintenance on other processing assets in 2021, we expect greater release of work-in-progress inventory in 2022 than 2021.

Contact:

Emma Chapman

Tel: +27 (0)76 480 1570

Email: emma.chapman@angloamerican.com

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, as well as its two joint venture operations. Elsewhere in the world, the Group owns Unki Platinum Mine in Zimbabwe. 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.

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 operations, development projects and undeveloped resources, provides many of the metals and minerals that enable a cleaner, greener, more sustainable world and that meet the fast growing consumer-driven demands of developed and maturing economies. With our people at the heart of our business, we use innovative practices and the latest technologies to mine, process, move and market our products to our customers and to discover new resources safely and sustainably.

As a responsible producer of diamonds (through De Beers), copper, platinum group metals, the steelmaking ingredients of iron ore and metallurgical coal, and nickel with crop nutrients in development and thermal coal operations planned for divestment we are committed to being carbon neutral across our operations by 2040. We work together with our business partners and diverse stakeholders to unlock sustainable value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people's lives.

(C) 2020 Electronic News Publishing, source ENP Newswire