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Anglo American has reflected on its 2023 performance and provided an expenditure and production outlook for the next three years.

Anglo American chief executive Duncan Wanblad emphasised the strong prospects for mined products as the company heads into 2024.

“We are confident in our actions to sustain the competitiveness of our world-class assets and deliver on our outstanding growth opportunities in the metals and minerals that are so critical now and for generations to come,” he said.

“We expect to deliver lower unit costs in 2024, despite high inflation, and $1.8 billion lower capital expenditure in the 2023 to 2026 period.”

With a production increase of three per cent in 2023, Wanblad said the company is building a platform for strengthened and sustainable operational and financial performance.

“We took early action in 2023 to increase business resilience in the face of ongoing economic and geopolitical volatility and the current cyclical weakness in platinum group metals and diamonds,” he said.

“As a result, we have already gone a long way towards reducing our business support costs by $500 million by mid-2024, with an additional $500 million in annual cost efficiencies identified across our global businesses that we expect to deliver in 2024.”

Wanblad underlined that the overall fundamental supply and demand outlook for metals and minerals is increasing its attraction.

“Many of the world’s major economies are focusing their resources on meeting global decarbonisation timelines and, as the global population grows, continues to urbanise and demands higher living standards, we expect unprecedented demand for responsibly produced raw materials,” he said.

“We are improving our resilience and ensuring we are set up to grow the value of our business into the major demand trends, drawing on the bench of well sequenced margin-enhancing project options within Anglo American.”