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ARM Platinum 54 ARM Integrated annual report 2020 ARM PLATINUM Key features for F2020 Thando Mkatshana Chief executive – R1 billion increase in Significant increase ARM Platinum headline earnings in average realised PGM prices Production and sales Strict protocols to volumes impacted by prevent spread of Covid-19 operational challenges implemented at all in 1H F2020 and the operations lockdown in 2H F2020 Scale down of Nkomati Mine is progressing well. Cessation of production is planned for February 2021 Material matters • Grade decline at Two Rivers Mine mainly due • Continued engagement with stakeholders to split-reef mining impacted by Nkomati Mine scale-down • Operational performance and constrained including employees, contractors, mining flexibility at Modikwa Mine communities and suppliers • Lockdown impact on production volumes, unit • Supporting host communities during costs and project execution. Covid-19 pandemic and lockdown. • Ensuring appropriate protocols to manage spread of Covid-19 • Provision for rehabilitation at • Declining safety performance at Modikwa Nkomati Mine. Mine. MODIKWA SOUTH AFRICA PLATINUM MINE LIMPOPO TWO RIVERS PLATINUM MINE MPUMALANGA GAUTENG NKOMATI NICKEL MINE NORTH WEST FREE STATE KWAZULU-NATAL NORTHERN CAPE LESOTHO EASTERN CAPE WESTERN CAPE Operational reviews ARM Platinum 55 17% Modikwa communities 100% ARM Mining 83% 50% 50% Anglo American Consortium Modikwa Platinum 54% Two Rivers 46% Impala Platinum 50% Nkomati 50% Norilsk Nickel PRODUCTION PROCESS PGMs Extracts Sized ore valuable material Ore extraction Crushing Froth flotation Drying and smelting at 1 500ºC Separation and PGM Refinery Converter Converter purification (electrolysis) matte air blower Copper Nickel Cobalt Insoluble PGM Platinum Palladium Rhodium Gold Iron sulphur 56 ARM Integrated annual report 2020 ARM PLATINUM continued SCORECARD TWO RIVERS MINE F2020 OBJECTIVES F2021 OBJECTIVES Produce 334 000 6E PGM NOT Produce 277 000 6E PGM ounces ounces by improving the ACHIEVED by improving the selective mining selective mining of split reef of split reef and increasing mining Production volumes were lower at and increasing mining flexibility. Focus on improving the 261 024 6E PGM ounces, impacted by flexibility while improving the mine’s position on the global operational challenges in the flotation mine’s position on the global PGM cost curve circuit in 1H F2020, combined with the PGM cost curve lockdown in 2H F2020. The lower volumes negatively impacted unit costs Approve and begin Completion of the concentrator ACHIEVED construction of concentrator plant expansion is scheduled for plant expansion the third quarter of F2022 Expansion of the concentrator plant was approved in December 2019 and construction commenced in July 2020. The project has been delayed by 3 months due mainly due to the lockdown Achieve sales volumes of NOT Achieve sales volumes of 230 000 tonnes of chrome ACHIEVED 209 000 tonnes of chrome concentrate concentrate Chrome concentrate sales volumes were 172 000 tonnes, impacted by grade challenges and the lockdown Operational reviews ARM Platinum 57 MODIKWA MINE F2020 OBJECTIVES F2021 OBJECTIVES Achieve 340 000 6E PGM NOT Produce 261 000 6E PGM ounces ounces and improve the mine’s ACHIEVED and improve the mine’s position on position on the global PGM the global PGM cost curve Production volumes were lower at cost curve 259 360 6E PGM ounces impacted by Accelerate strike development to grade challenges in 1H F2020 and the improve mining flexibility lockdown in 2H F2020 Continue South 2 shaft PARTIALLY Continue South 2 shaft ramp-up ramp-up and achieve ACHIEVED and achieve 55 000 tonnes per 55 000 tonnes per month month The South 2 shaft system hoisted an average of 58 000 tonnes for the first half of F2020. The second half of the year was negatively impacted by the lockdown while the system was still ramping up production. The South 2 shaft system hoisted an average of 46 000 tonnes for F2020 Begin constructing the chrome Complete construction and ACHIEVED plant for completion in the commission the chrome plant in the second quarter of F2021 fourth quarter of F2021 Design, procurement and bulk earthworks have largely been completed, with good progress on civil works, structural, mechanical, plate work and piping fabrication and installation NKOMATI MINE F2020 OBJECTIVES F2021 OBJECTIVES Manage cash flow with minimal Preserve cash to reduce partner ACHIEVED funding requirements from funding for the rehabilitation partners provision The mine required R132 million of funding from each partner during F2020 Manage mine’s scale down Cease production by ACHIEVED responsibly end-February 2021 Engagement with affected stakeholders is ongoing. The rehabilitation and decommissioning provision has been increased in line with updated designs and requirements. Cessation of production has been deferred to end-February 2021 due to mining optimisations and the impact of the lockdown 58 ARM Integrated annual report 2020 ARM PLATINUM continued COMMODITY PRICES ARM PLATINUM REVENUE PER COMMODITY (F2019 comparative period in brackets) PGM prices fared well in F2020 with average realised prices for platinum, palladium and rhodium increasing by 6%, 54% and Other – 5% (6%) 144% respectively. The strong prices, coupled with the weaker Chrome – 6% (6%) ( ) rand/US dollar exchange rate, resulted in the average rand per Copper – 2% 2% Platinum – 25% (30%) 6E kilogram basket price increasing by 73% and 66% to R850 909/kg (F2019: R491 723/kg) and R775 857/kg (F2019: Nickel – 14% (17%) R467 994/kg) for Modikwa and Two Rivers mines, respectively. US dollar nickel prices were 13% higher, while a 21% decrease in Nkomati Mine’s rand chrome price adversely affected the Rhodium – 15% (11%) mine’s results. Palladium – 33% (28%) Average US dollar metal prices Average for 12 months ended 30 June FINANCIAL PERFORMANCE % Unit 2020 2019 change Delivering financial returns Platinum US$/oz 871 825 6 to shareholders and other Palladium US$/oz 1 901 1 233 54 providers of capital Rhodium US$/oz 6 275 2 567 144 Nickel US$/t 13 964 12 343 13 Copper US$/t 5 647 6 176 (9) ARM Platinum attributable headline earnings increased by Cobalt US$/lb 16 23 (30) R1 030 million to R1 142 million in F2020 (F2019: R112 million) UG2 chrome as the PGM operations benefited from higher average realised concentrate – platinum, palladium and rhodium prices. Two Rivers Mine Two Rivers (CIF1) US$/t 134 155 (14) headline earnings were R1 065 million (F2019: R322 million) High sulphur chrome while Modikwa Mine headline earnings were R781 million concentrate – (F2019: 105 million). Nkomati Mine reported an attributable Nkomati (FOT2) US$/t 48 66 (27) headline loss of R704 million for F2020 (F2019: R315 million) as 1 Cost, insurance and freight. scaling down in preparation for care and maintenance 2 Free on truck. progressed. Average rand metal prices Due to Nkomati Mine approaching the end of its economic life and the planned care and maintenance, the following expenses Average for the 12 months and provisions were included in the mine’s attributable headline ended 30 June earnings: % • A provision relating to an increase in rehabilitation and Unit 2020 2019 change decommissioning obligations of R384 million Exchange rate R/US$ 15.68 14.19 11 • A provision relating to a tax diesel rebate currently under Platinum US$/oz 13 658 11 713 17 dispute with the South African Revenue Services of Palladium US$/oz 29 812 17 497 70 R131 million Rhodium US$/oz 98 399 36 420 170 • A provision for restructuring costs of R77 million Nickel US$/t 218 948 175 140 25 • An inventory write-down of R76 million Copper US$/t 88 549 87 636 1 • Offtake penalties for out-of-specification concentrate of Cobalt US$/lb 257 327 (21) R99 million. UG2 chrome concentrate – Chrome concentrate sales at Nkomati Mine declined by 50%. Two Rivers (CIF1) US$/t 2 100 2 206 (5) This, combined with a 27% reduction in average realised High sulphur chrome US dollar chrome prices, resulted in cash operating profit from concentrate – chrome decreasing to R42 million (F2019: R314 million). Nkomati (FOT2) US$/t 748 942 (21) 1 Cost, insurance and freight. 2 Free on truck. Operational reviews ARM Platinum 59 Investing in the current business • South 2 shaft project – Scope included establishing a decline system south of the current South 1 shaft Total capital expenditure for ARM Platinum was R1 451 million infrastructure. The first phase is expected to enhance (100% basis). mining flexibility while contributing to the overall production build-up of the mine. Phase 1 has been completed and ARM Platinum capital expenditure – 100% basis South 2 shaft is ramping up to steady-state production. Rm F2020 F2019 Notes The Modikwa Mine chrome recovery plant project was approved Two Rivers Mine 813 587 R220 million was spent for construction in 1H F2020. It comprises constructing a on fleet replacement chrome spiral plant to recover chrome concentrate from the and refurbishment while UG2 concentrator plant tailings stream. Nameplate capacity R317 million related to will be 288 000 tonnes of chrome concentrate per annum. deepening the Main Construction is on schedule and expected to be completed in and North declines. 2H F2021. Modikwa Mine 638 260 R131 million related to fleet refurbishment and OPERATIONAL PERFORMANCE critical spares, R48 million to the construction of the chrome recovery plant, Continuously improve another R48 million for operational performance the North shaft project and 4% for the South shaft project. Nkomati Mine – 336 Two Rivers Mine Total 1 451 1 183 PGM volumes decreased by 17% to 261 024 6E PGM ounces (F2019: 313 406 6E ounces). The lower PGMs produced were partially due to challenges in the flotation circuit in July 2019 Expansion of the Two Rivers Mine concentrator plant to add and the lockdown in 2H F2020. The flotation challenges have 40 000 tonnes per month milling capacity, was approved in since been addressed and plant recoveries returned to December 2019.
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