Anglo American Copper production decreased by 13% in Q1

Copper production decreased by 13% to 139,500 tonnes due to planned lower grades. Production from Los Bronces decreased by 17% to 65,400 tonnes due to planned lower grades (0.6% vs 0.7%) and lower copper recovery (80% vs 83%). The impact of expected low water availability following the record low levels of precipitation in 2021 was offset by initiatives to maximise water efficiency.

At Collahuasi, attributable production decreased by 8% to 65,700 tonnes driven by planned lower grades (1.2% vs 1.3%) and planned plant maintenance reducing throughput.

Production from El Soldado decreased by 15% to 8,400 tonnes due to planned lower grades (0.6% vs 0.7%).

Chile’s central zone continues to face severe drought conditions and the outlook for the remainder of the year remains very dry.

The average realised price of 462c/lb, includes 154,100 tonnes of copper provisionally priced on 31 March at an average of 471c/lb.

2022 GUIDANCE

Production guidance for 2022 is unchanged at 660,000-750,000 tonnes (Chile 560,000-600,000 tonnes; Peru 100,000-150,000 tonnes). Production is subject to the extent of further Covid-19-related disruptions and in Chile, to water availability.

2022 unit cost guidance for Chile is revised to c.150c/lb (previously c.145c/lb), reflecting the impact of the stronger Chilean peso, higher input costs and inflation.

2022 unit cost guidance for Peru is revised to c.135c/lb (previously c.125c/lb), reflecting the impact of inflation.