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• Noteworthy Areas:(1) Q4’23 production is strong vs JPMe: Iron Ore production of 13.8Mt is 10% vs JPMe (Kumba 11% , Minas Rio 10%), while Q4 Iron Ore sales of 16.4Mt were beat, 13% vs JPMe. Copper output of 230kt is 2% vs JPMe (10% vs Q3), though Met Coal exports of 3.8Mt is miss -13% vs JPMe (-19% QoQ). Diamonds are notably stronger 21% vs JPMe and Nickel 10% , whilst PGMs (refined) is broadly in line vs JPMe. (2) Impairments in Diamonds and Nickel: Anglo flags likely asset impairments at De Beers and Barro Alto due to weak market conditions and prices - “the prospects for economic growth in many major economies remain uncertain and it may take some time for rough diamond demand to fully recover, which has led to the Group currently assessing its carrying value of De Beers”. As at 30th Jun’23, reported capital employed at De Beers was $7.2bn and $1.0bn in Nickel.