ANGLO AMERICAN PLC - Anglo American confirms decision to withdraw from Michiquillay project in Peru

Anglo American confirms decision to withdraw from Michiquillay project in Peru

Anglo American plc
Incorporated in the United Kingdom
(Registration number: 3564138)
Short name JSE: Anglo
Share code JSE: AGL
Short name NSX: Anglo-AMRC NM
Share code: NSX: ANM
ISIN number: GB00B1XZS820
(the "Company")


Anglo American confirms decision to withdraw from Michiquillay project in Peru

Anglo American announces that its wholly owned subsidiary, Anglo American Michiquillay S.A.,
has given notice to the government of Peru to terminate the 2007 privatisation agreement
which will result in it withdrawing from the exploration phase Michiquillay copper project. Under
the terms of the 2007 privatisation agreement, Anglo American Michiquillay S.A. has begun the
appropriate legal processes to return the project to Activos Mineros S.A.C.

In the current economic environment, in which Anglo American is bringing increased focus to its
portfolio and prioritising its capital to drive greater returns, Anglo American believes that the
prospects for the development of the Michiquillay project would be improved under different
ownership.

Anglo American’s immediate priority is to ensure a responsible exit from the Michiquillay project,
which includes the successful transfer of its role in the existing Michiquillay Social Fund to the
government.

Duncan Wanblad, CEO of Anglo American’s Base Metals and Minerals business, said: “While
Michiquillay represents an attractive copper deposit, we have made the decision to withdraw
following a comprehensive evaluation of the potential of our long-dated project options. We
have reduced the capital required to sustain projects during the pre-approval phases of their
development as we focus the portfolio and prioritise our capital on the projects and assets that
offer the greatest source of potential value to us, over the short and long term.”

Anglo American continues to progress its Quellaveco copper project in southern Peru and is
targeting submission of that project to its Board in 2015.



For further information, please contact:

Media                                                     Investors
UK                                                        UK
James Wyatt-Tilby                                         Paul Galloway
Tel: +44 (0)20 7968 8759                                  Tel: +44 (0)20 7968 8718

Emily Blyth                                               Edward Kite
Tel: +44 (0)20 7968 8481                                  Tel: +44 (0)20 7968 2178

South Africa                                              Sarah McNally
Pranill Ramchander                                       Tel: +44 (0)20 7968 8747
Tel: +27 (0)11 638 2592

Shamiela Letsoalo
Tel: +27 (0)11 638 3112



Notes to editors:

Anglo American is a global and diversified mining business that provides the raw materials
essential for economic development and modern life. Our people are at the heart of our
business. It is our people who use the latest technologies to find new resources, plan and build
our mines and who mine, process and move and market our products – from bulk commodities
and base metals to precious metals and diamonds (through De Beers) – to our customers
around the world. Our diversified portfolio of products spans the economic development cycle
and, as a responsible miner, we are the custodians of precious resources. We work together
with our key partners and stakeholders to unlock the long-term value that those resources
represent for our shareholders, but also for the communities and countries in which we operate
– creating sustainable value and making a real difference. Our mining operations, growth
projects and exploration and marketing activities extend across southern Africa, South America,
Australia, North America, Asia and Europe.

www.angloamerican.com




5 December 2014


Sponsor: UBS South Africa (Pty) Ltd

Date: 05/12/2014 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.