Anglo American Platinum –2024 Annual Results
17 February, 2025
Salient features - 2024 performance against prior period 2023
- We regrettably recorded three fatalities at Amandelbult’s Dishaba Mine
- Total metal-in-concentrate (M&C) production reduced by 7% to 3.6 million ounces following the transition of Kroondal to a 4E tolling arrangement
- Refined PGM production increased by 3% to 3.9 million ounces through the draw down of work-in-progress inventory built-up from prior years
- Sales volumes increased by 4% to 4.1 million ounces
- Achieved R12 billion of annual cost savings, significantly exceeding our 2024 target of R10 billion
- All-in sustaining cost (AISC) was 13% lower at US$986 per 3E ounce and below target of US$1,050
- Unit cost decreased by 2% to R17,540 per PGM ounce; more than offsetting the 11% decline in “as previously reported” own-mined production and inflation.
- EBITDA of R19.8 billion down 19%, primarily due to a 13% decline in realised ZAR PGM prices
- Headline earnings of R8.4 billion (or R32.05 per share), down 40%
- Generated R14.6 billion in operating free cash flow, up from R3.2 billion in 2023
- Strong net cash position of R17.6 billion at year end, including the customer prepayment
- Ahead of the demerger the Company will be establishing its independent capital structure consistent with its commitment to maintain a strong balance sheet able to support delivery of its strategic priorities and allow shareholders to participate in value creation
- There will be no change to the Company’s capital return policy following the demerger and intends to maintain leverage at less than 1.0x Net Debt/EBITDA through the cycle
- A final dividend of R3 per share, totalling R800 million has been declared, equivalent to a 40% payout of headline earnings and in line with our capital allocation framework
- In order to set its independent capital structure in the most efficient manner ahead of the demerger the Company has declared an additional cash dividend of R59 per share, totalling R15.7 billion.
Read the full announcement (322 KB, opens in a new window)
Download the Annual Results for the year ended 31 December 2024 (2.5 MB, opens in a new window)