Wrap Text
Annual financial report and notice of AGM
Anglo American plc (the "Company")
Registered office: 17 Charterhouse Street, London EC1N 6RA
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM
ANNUAL FINANCIAL REPORT AND NOTICE OF AGM
In accordance with Listing Rule 9.6 and Disclosure Guidance and Transparency Rule ("DTR") 4.1, the
Company announces that the following documents are today published on its website:
www.angloamerican.com
- Integrated Annual Report for the year ended 31 December 2022 (the "2022 Annual Report")
- Notice of the 2023 Annual General Meeting ("AGM") to be held on 26 April 2023
- Sustainability Report 2022
- Climate Change Report 2022
- Ore Reserves and Mineral Resources Report 2022
- Tax and Economic Contribution Report 2022
The 2022 Annual Report, Notice of the 2023 AGM and the 2023 AGM proxy form ("Proxy Form") have
been submitted to the Financial Conduct Authority via the National Storage Mechanism and will shortly
be made available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The above mentioned documents (except for the Proxy Form) are available on our website at
www.angloamerican.com/investors/annual-reporting and
www.angloamerican.com/investors/shareholder-information/agm/agm2023 respectively, and will be
posted to shareholders on 24 March 2023. Shareholders can obtain additional copies of the Proxy
Form from our Registrar, Equiniti Limited at Aspect House, Spencer Road, Lancing, West Sussex
BN99 6DA or view online at www.shareview.co.uk.
This announcement should be read in conjunction with the Company's Preliminary Results
announcement issued on 23 February 2023. Together these constitute the material required by DTR
6.3.5 to be communicated to the media in full unedited text through a Regulatory Information Service.
This material is not a substitute for reading the Company’s 2022 Annual Report. Page references and
references to notes to the financial statements, refer to those contained in the 2022 Annual Report.
An indication of the important events that occurred in 2022 and their impact on the consolidated financial
statements and the consolidated financial statements themselves were announced to the London Stock
Exchange on 23 February 2023, forming part of the Preliminary Results announcement for the year
ended 31 December 2022. Additional content forming part of the management report are set out in the
appendices to this announcement.
AGM Timetable
In accordance with JSE Listing Requirement 18.20 the Company confirms the following dates in respect
of its AGM which will be held at The Queen Elizabeth II Centre, Broad Sanctuary, Westminster, London
SW1P 3EE, and virtually via the Lumi platform on Wednesday, 26 April 2023 at 11:00 UK time.
AGM Date Wednesday, 26 April 2023
Record date – to determine which shareholders Friday, 24 February 2023
were entitled to receive the notice of meeting
Notice of Meeting Publication date Monday, 6 March 2023
Last day to trade to determine eligible Wednesday, 19 April 2023 (for South Africa
shareholders that may attend, speak and vote at shareholders)
the Meeting Thursday, 20 April 2023 (for UK shareholders)
Record date – to determine eligible shareholders Monday 24 April 2023 at 18:30 UK time
that may attend, speak and vote at the meeting
Meeting deadline date (for administrative Monday 24 April 2023 at 11:00 UK time or
purposes, forms of proxy for the meeting to be 12:00 South African time
lodged)
Results of meeting released As soon as practicable after the conclusion of
the AGM
Clare Davage
Deputy Company Secretary
6 March 2023
The Company has a primary listing on the Main Market of the London Stock Exchange and secondary
listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock
Exchange and the SIX Swiss Exchange.
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Anglo American is a leading global mining company and our products are the essential ingredients in
almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad
range of future development options, provides many of the future-enabling metals and minerals for a
cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions
of consumers. With our people at the heart of our business, we use innovative practices and the latest
technologies to discover new resources and to mine, process, move and market our products to our
customers – safely and sustainably.
As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium
quality iron ore and steelmaking coal, and nickel – with crop nutrients in development – we are
committed to being carbon neutral across our operations by 2040. More broadly, our Sustainable Mining
Plan commits us to a series of stretching goals to ensure we work towards a healthy environment,
creating thriving communities and building trust as a corporate leader. We work together with our
business partners and diverse stakeholders to unlock enduring value from precious natural resources
for the benefit of the communities and countries in which we operate, for society as a whole, and for
our shareholders. Anglo American is re-imagining mining to improve people’s lives.
Forward-looking statements and third-party information
This document includes forward-looking statements. All statements other than statements of historical facts included in this
document, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment
strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including
development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral
Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions,
targets, visions, milestones and aspirations, are forward-looking statements. By their nature, such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of Anglo American or industry results to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such forward-looking statements are based on numerous assumptions regarding Anglo American’s present and future business
strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo
American’s actual results, performance or achievements to differ materially from those in the forward-looking statements include,
among others, levels of actual production during any period, levels of global demand and commodity market prices, unanticipated
downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and
project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental
incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our
information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the
outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs
in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including
transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource
estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and
operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict,
political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving
societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to
acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and
governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance
of Anglo American’s assets and changes in taxation or safety, health, environmental or other types of regulation in the countries
where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo
American’s most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors
and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the
date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law,
the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct
Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the
Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any
updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American’s expectations
with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will necessarily match
or exceed its historical published earnings per share. Certain statistical and other information about Anglo American included in
this document is sourced from publicly available third-party sources. As such it has not been independently verified and presents
the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American
expressly disclaims any responsibility for, or liability in respect of, such information.
APPENDIX A – Principal risks
We define a principal risk as a risk or combination of risks that would threaten the business model,
future performance, solvency or liquidity of Anglo American. In addition to these principal risks, we
continue to be exposed to other risks related to currency, inflation, community relations, environment,
litigation and regulatory proceedings, changing societal expectations, infrastructure and human
resources. These risks are subject to our normal procedures to identify, implement and oversee
appropriate mitigation actions, supported by internal audit work to provide assurance over the status of
controls or mitigating actions. These principal risks are considered over the next three years as a
minimum, but we recognise that many of them will be relevant for a longer period.
For more on Principal risks see pages 69 – 73
Catastrophic risks
We also face certain risks that we deem catastrophic risks. These are very high severity, very low
likelihood events that could result in multiple fatalities or injuries, an unplanned fundamental change to
strategy or the way we operate, and have significant financial consequences. We do not consider
likelihood when assessing these risks, as the potential impacts mean these risks must be treated as a
priority. Catastrophic risks are included as principal risks.
For more on catastrophic risks see page 69
Risk appetite
We define risk appetite as ‘the nature and extent of risk Anglo American is willing to accept in relation
to the pursuit of its objectives’. We look at risk appetite from the context of severity of the consequences
should the risk materialise, any relevant internal or external factors influencing the risk, and the status
of management actions to mitigate or control the risk. A scale is used to help determine the limit of
appetite for each risk, recognising that risk appetite will change over time.
If a risk exceeds appetite, it will threaten the achievement of objectives and may require a change to
strategy. Risks that are approaching the limit of the Group’s risk appetite may require management
actions to be accelerated or enhanced to ensure the risks remain within appetite levels.
For catastrophic and operational risks, our risk appetite for exceptions or deficiencies in the status of
our controls that have safety implications is very low. Our internal audit programme evaluates these
controls with technical experts at operations and the results of that audit work will determine the risk
appetite evaluation, along with the management response to any issues identified.
For more on the risk management and internal control systems and the review of their effectiveness
See pages 157-159
Summary
Our risk profile evolved in 2022, mainly due to external factors. Macro-economic uncertainty increased
as a result of the Russia’s invasion of Ukraine, global inflation and economic slowdowns in key markets.
The regulatory environment in which we operate remains impacted by political and societal changes in
key countries, which could affect future production and delay the deployment of new technologies to
support future production and sustainability objectives. Operationally, we have identified reliance on
third-party infrastructure and power supply as a heightened risk, particularly in South Africa. Climate
change remains one of the defining challenges of our era and our unequivocal commitment to being
part of the global response presents both opportunities and risks. A number of our principal risks are
directly or indirectly related to climate change and our strategies to reduce its impact on our business,
and the planet.
Our catastrophic risks are the highest priority risks, given the potential consequences.
1. Catastrophic risks
We are exposed to the Impact: Multiple fatalities and Risk appetite: Operating
following risks we deem as injuries, damage to assets, within the limits of our appetite.
potentially catastrophic: environmental damage,
tailings dam failure; production loss, reputational Commentary: These very high
geotechnical failure; damage and loss of licence to impact but very low frequency
mineshaft failure; and fire operate. Financial costs risks are treated with the
and explosion. associated with recovery and highest priority.
liability claims may be
Root cause: Any of these risks significant. Regulatory issues
may result from inadequate may result and community
design or construction, adverse relations may be affected.
geological conditions,
shortcomings in operational Mitigation: Technical
performance, natural events standards exist that provide
such as seismic activity or minimum criteria for design
flooding, and failure of and operational performance
structures or machinery and requirements, the
equipment implementation of which is
regularly inspected by
technical experts. Additional
assurance work is conducted
to assess the adequacy of
controls associated with these
risks.
2. Product prices
Global macro-economic Impact: Low product prices Risk appetite: Operating
conditions leading to can result in lower levels of within the limits of our appetite.
sustained low product prices cash flow, profitability and
and/or volatility. valuation. Debt costs may rise Commentary: Macro-
owing to ratings agency economic conditions remain
Root cause: Factors that downgrades and the possibility uncertain; that may result in
could contribute to this risk of restricted access to funding. price volatility in the products
include a deep and protracted The Group may be unable mined, and marketed, by Anglo
slowdown in economic growth, to complete any divestment American.
armed conflict involving major programme within the desired
world powers, trade war timescales or achieve
between major economies and expected values. The capacity
a disrupted recovery from to invest in growth projects is
the Covid-19 pandemic as a constrained during periods
result of new variants being of low product prices – which
resistant to vaccines. may, in turn, affect future
performance.
Mitigation: Maintaining a
conservative balance sheet
and proactive management of
debt facilities and the delivery
of cash improvement and
operational performance
targets are the key mitigation
strategies for this risk.
Regular updates of economic
analysis and product price
assumptions are discussed
with executive management
and the Board.
3. Cyber security
Loss or harm to our Impact: Theft or loss of Risk appetite: Operating
technical infrastructure and intellectual property, financial within the limits of our appetite.
the use of technology within losses, increased costs,
the organisation from reputational damage, Commentary: During 2022,
malicious or unintentional operational disruption and we further strengthened our
sources. compromise of safety systems. control environment. Our
controls responded as planned
Root cause: Attacks motivated Mitigation: We have a and no cyber attack attempt
by fraud, ransomware, and/ dedicated Global Information resulted in negative impacts
or access to sensitive data or Management Security team for Anglo American.
information. with appropriate specialist
third-party support to oversee
our network security. We
have aligned to the
internationally recognised NIST
Cyber Security Framework, as
well as ISO27001 in sensitive
areas. Additionally, we employ
the IRAM2 risk assessment
methodology to large scale
projects and maintain an
ongoing cyber awareness
programme across the Group.
4. Political
Global, regional and Impact: Global supply chains Risk appetite: Operating
national political tensions may be impacted by the within the limits of our appetite.
and disputes may negatively threat of or actual disputes
impact our business. between major economies. Commentary: Global
Regional and national political economic conditions can have
Root cause: Geopolitical tensions may result in a significant impact on
disputes between major social unrest affecting our countries whose economies
economic countries, regional operations and employees. are exposed to commodities,
and national political Uncertainty over future placing greater pressure on
tensions. The effectiveness of business conditions leads to a governments to find alternative
national governance in lack of confidence in making means of raising revenues,
countries in which we operate investment decisions, which and increasing the risk of
may be compromised can influence future financial social and labour unrest.
by corruption, weak policy performance. Increased costs
framework and ineffective can be incurred through
enforcement of the law. additional regulations or
resource taxes, while the ability
to execute strategic initiatives
that reduce costs or divest
assets may also be restricted,
all of which may reduce
profitability and affect future
performance. These may
adversely affect the Group’s
operations or performance of
those operations.
Mitigation: Anglo American
has an active engagement
strategy with governments,
regulators and other
stakeholders within the
countries in which we operate,
or plan to operate, as well as at
an international level. We
make significant efforts to
contribute to public policy
objectives such as socio-
economic development to
demonstrate the broader value
of our presence. We assess
portfolio capital investments
against political risks and avoid
or minimise exposure to
jurisdictions with unacceptable
risk levels. We actively monitor
regulatory and political
developments at a national
level, as well as global themes
and international policy trends,
on a continuous basis. See
page 16 for more detail on how
we engage with our key
stakeholders.
5. Community and Social Relations
Failure to maintain healthy Impact: A breakdown in trust Risk appetite: Operating
relationships with local with local communities and within the limits of our appetite.
communities and society society at large threatens
at large. Anglo American’s ‘licence to Commentary: Through the
operate’, potentially leading to Social Way 3.0, we ensure that
Root cause: Failure to identify, increased costs, future growth policies and systems are in
understand and respond to being impacted, business place at all Anglo American
community and societal needs interruption and reputational managed sites to support
and expectations. damage. effective engagement with
communities, avoid or minimise
Mitigation: The Anglo adverse social impacts,
American Social Way 3.0 is our and maximise development
integrated management opportunities. For further
system for social performance, information on how we engage
adopted and implemented at with key stakeholders, see
all managed sites. In addition, pages 16–19. For more
the commitments we have information on our Sustainable
made as part of the Thriving Mining Plan commitments, see
Communities pillar of our page 42.
Sustainable Mining Plan will
deliver tangible and valued
benefits to host communities.
6. Regulatory and permitting
Failure to comply with Impact: Delays to projects and Risk appetite: Operating
permitting and other mining disruption to existing within the limits of our appetite.
regulations. operations may impact future
production, delays in deploying Commentary: Annual
Root cause: Regulations new technologies that support assessments of compliance
impacting the mining industry future growth and sustainability with the Anglo American
are evolving as a result of objectives, legal claims and Minimum Permitting
political developments, regulatory actions, fines and Requirements are
changes in societal reputational damage. undertaken, as well as periodic
expectations and the public independent audits.
perception of mining activities. Mitigation: All operations must
Failure to comply with comply with our Minimum
management processes Permitting Requirements,
which is a management
will threaten the ability to system to ensure necessary
adhere to regulations and permits and other regulatory
permits. requirements are identified and
embedded in life of asset
plans and management
routines. Through our
Sustainable Mining Plan, we
make considerable efforts to
meet community aspirations for
socio-economic development
and carefully manage the
environmental impacts of our
business to avoid causing
harm and nuisance.
7. Operational Performance
Unplanned operational Impact: Inability to achieve Risk appetite: Operating
stoppages affecting production, cash flow or within the limits of our appetite.
production and profitability. profitability targets. There are
potential safety-related risks Commentary: There were no
Root cause: We are exposed associated with unplanned material unplanned operational
to risks of interruption to operational stoppages, along incidents in 2022, although
power supply and the failure of with a loss of investor power outages in South Africa
critical third-party-owned confidence. impacted our operations.
and -operated infrastructure;
e.g. rail networks and ports. Mitigation: We maintain
Failure to implement and ongoing engagement with
embed our Operating Model, critical power and infrastructure
maintain critical plant, suppliers and maintain
machinery and infrastructure, appropriate business continuity
and operate in compliance with and emergency preparedness
Anglo American’s Technical plans. Implementation of our
Standards, will affect our Operating Model and
performance levels. Our compliance with Technical
operations may also be Standards, supported by
exposed to natural operational risk management
catastrophes and extreme and assurance processes, are
weather events. key to the mitigation against
this risk. Regular tracking and
monitoring of progress against
the underlying production plans
is undertaken.
8. Safety
Failure to eliminate fatalities. Impact: A fatal incident is Risk appetite: Operating
devastating for the bereaved within the limits of our appetite.
Root cause: Fatalities may family, friends and colleagues.
result from operational leaders, Over the longer term, failure Commentary: During 2022,
employees and contractors to provide a safe working there were two work-related
failing to apply safety rules environment threatens our fatalities in our managed
and poor hazard identification licence to operate. operations. Management
and control, including remains fully committed to the
non-compliance with critical Mitigation: All operations elimination of fatalities.
controls. continue to implement safety
improvement plans, with a
focus on: effective
management of critical controls
required to manage significant
safety risks; learning from high
potential incidents and
hazards; embedding a safety
culture; and leadership
engagement and
accountability. Our Elimination
of Fatalities Taskforce
oversees targeted
improvement initiatives to
further improve safety
performance.
9. Climate Change
Climate change is the Impact: Potential loss of Risk appetite: Operating
defining challenge of our era stakeholder confidence, within the limits of our appetite.
and our commitment to negative impact on reputation,
being part of the global financial performance and Commentary: For more
response presents both valuation. information on our Sustainable
opportunities and risks. Mining Plan and approach to
Mitigation: We have climate change, see pages 42
Root cause: We are articulated our climate change and 45–49, and for further
committed to the alignment of plans, policies and progress information on how we engage
our portfolio with the needs of and engage with key with key stakeholders, see
a low carbon world in a stakeholders to ensure they pages 16–19. For more on the
responsible manner; however, understand them. Our extreme weather events that
different stakeholder Sustainable Mining Plan have affected the operating
expectations continue to includes operation-specific and performance of our business
evolve and are not always Group targets for reductions in units, see pages 84–111.
aligned. Long term demand for carbon emissions, power and
metals and minerals mined and water usage.
marketed by Anglo American
may deviate from assumptions
based on climate change
abatement initiatives.
Changing weather patterns
and an increase in extreme
weather events may impact
operational stability and our
local communities. Our Scope
1 and 2 carbon emission
reduction targets are partly
reliant on new technologies
that are at various stages of
development, and our Scope 3
reduction ambition is reliant on
the adoption of greener
technologies in the
steelmaking industry.
10. Pandemic
Large scale outbreak Impact: As has been Risk appetite: Operating
of infectious disease witnessed by the Covid-19 within the limits of our appetite.
increasing morbidity and pandemic, widespread
mortality over a wide consequences include the Commentary: For more
geographic area. physical and mental health and information on our response to
well-being of our people and the Covid-19 pandemic, see
Root cause: Human local communities; economic pages 59–60.
population growth, shocks and disruption; social
urbanisation, changes in land unrest; an increase in political
use, loss of biodiversity, stresses and tensions, a rise in
exploitation of the natural criminal acts; and the potential
environment, viral disease from for increased resource
animals, and increased global nationalism.
travel and integration are all
contributory causes of health Mitigation: Anglo American
pandemics. actively monitors global
pandemic-potential diseases.
In the event of a pandemic,
our Group Crisis Management
Team is activated at an early
stage to direct the Group’s
response, prioritising the well-
being of our people, their
families and our host
communities, and ensuring the
continuity of the operations.
11. Corruption
Bribery or other forms of Impact: Potential criminal Risk appetite: Operating
corruption committed by an investigations, adverse media within the limits of our appetite.
employee or agent of Anglo attention and reputational
American. damage. A possible negative Commentary: Group
impact on licensing processes Compliance Committee
Root cause: Anglo American and valuation. oversees the organisation’s
has operations in some anti-bribery management
countries where there is a Mitigation: A comprehensive system to ensure its continuing
higher prevalence of anti-bribery and corruption suitability, adequacy and
corruption. policy and programme, effectiveness.
including risk assessment,
training and awareness, with
active monitoring, are in place.
12. Water
Inability to obtain or sustain Impact: Loss of production Risk appetite: Operating
the level of water security and inability to achieve within the limits of our appetite.
needed to support cash flow or volume
operations over the current improvement targets. Damage Commentary: This continues
life of asset plan or future to stakeholder relationships or to be a risk to the majority of
growth options. reputational damage can result our operations. For more
from failure to manage this information on our Sustainable
Root cause: Poor water critical resource. Mining Plan, see page 42.
resource management or
inadequate on site storage, Mitigation: Various projects
combined with reduced water have been implemented at
supply at some operations as operations most exposed to
weather patterns change, can this risk, focused on: water
affect production. Water is a efficiency; water security; water
shared resource with local treatment; and discharge
communities and permits to management; as well as
use water in our operations are alternative supplies. New
at risk if we do not manage the technologies are being
resource in a responsible developed that will reduce
and sustainable manner. water demand.
13. Future demand
Demand for metals and Impact: Potential for negative Risk appetite: Operating
minerals produced and impact on revenue, cash flow, within the limits of our appetite.
marketed by Anglo American profitability and valuation.
may deviate from our Commentary: We monitor new
assumptions. Mitigation: Regular reviews of business opportunities in line
production and financial with our strategy to secure,
Root cause: Technological plans, as well as longer term develop and operate a portfolio
developments and/or product portfolio decisions, are based of high quality and long life
mineral assets, from which we
substitution leading to reduced on extensive research. Our will deliver leading shareholder
demand, growth in the businesses invest in marketing returns. Our Ethical Value
circular economy and shifts in and other activities to enhance Chain commitments within the
consumer preferences. the inherent value of Trusted Corporate Leader pillar
the products we produce, of our Sustainable Mining Plan
including building consumer ensure we operate in line with
confidence in the ethical stakeholder expectations for
provenance of our products. responsible mining. For more
information on our ethical
value chains and responsible
mining certification, see page
54.
APPENDIX B – Related party transactions
The Group has related party relationships with its subsidiaries, joint operations, associates and joint
ventures (see notes 34 and 35). Members of the Board and the Group Management Committee are
considered to be related parties.
The Company and its subsidiaries, in the ordinary course of business, enter into various sale, purchase
and service transactions with joint operations, associates, joint ventures and others in which the Group
has a material interest. These transactions are under terms that are no less favourable to the Group
than those arranged with third parties.
Associates Joint ventures Joint operations
US$ million 2022 2021 2022 2021 2022 2021
Transactions with related parties
Sale of goods and services - - 16 - 181 158
Purchase of goods and services - - (190) (169) (4,253) (3,466)
Balances with related parties
Trade and other receivables from related parties - - 7 1 17 18
Trade and other payables to related parties - - (18) (16) (250) (273)
Loans receivable from related parties 2 2 147 76 - -
Balances and transactions with joint operations or joint operation partners represent the portion that the
Group does not have the right to offset against the corresponding amount recorded by the respective
joint operations. These amounts primarily relate to purchases by De Beers and Platinum Group Metals
from their joint operations in excess of the Group’s attributable share of their production.
Loans receivable from related parties are included in Financial asset investments on the Consolidated
balance sheet.
Remuneration and benefits received by directors are disclosed in the Remuneration report.
Remuneration and benefits of key management personnel, including directors, are disclosed in note
26. Information relating to pension fund arrangements is disclosed in note 27.
APPENDIX C – Statement of directors’ responsibilities in respect of the financial statements
The directors are responsible for preparing the Integrated Annual Report and the financial statements
in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that
law the directors have prepared the Group financial statements in accordance with UK-adopted
International Accounting Standards and the Parent Company financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards,
comprising FRS 101 “Reduced Disclosure Framework”, and applicable law).
Under company law, directors must not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the Group and Parent Company and of the profit
or loss of the Group for that period.
In preparing the financial statements, the directors are required to:
- Select suitable accounting policies and then apply them consistently
- State whether applicable UK-adopted International Accounting Standards have been
followed for the Group financial statements and United Kingdom Accounting Standards,
comprising FRS 101 have been followed for the Parent Company financial statements,
subject to any material departures disclosed and explained in the financial statements
- Make judgements and accounting estimates that are reasonable and prudent
- Prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the Group and Parent Company will continue in business
The directors are responsible for safeguarding the assets of the Group and Parent Company and hence
for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are also responsible for keeping adequate accounting records that are sufficient to show
and explain the Group’s and Parent Company’s transactions and disclose with reasonable accuracy at
any time the financial position of the Group and Parent Company and enable them to ensure that the
financial statements and the Directors’ Remuneration Report comply with the Companies Act 2006.
The directors are responsible for the maintenance and integrity of the Parent Company’s website.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
Directors’ responsibility statement
for the year ended 31 December 2022
The directors consider that the Integrated Annual Report and accounts, taken as a whole, is fair,
balanced and understandable and provides the information necessary for shareholders to assess the
Group’s and Parent Company’s position and performance, business model and strategy.
We confirm that to the best of our knowledge:
- the Group financial statements, which have been prepared in accordance with UK-adopted
international accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit of the Group
- the Parent Company financial statements, which have been prepared in accordance with
United Kingdom Accounting Standards, comprising FRS 101, give a true and fair view of the
assets, liabilities and financial position of the Parent Company and
- the Strategic Report includes a fair review of the development and performance of the
business and the position of the Group and Parent Company, together with a description of
the principal risks and uncertainties that it faces.
By order of the Board
Duncan Wanblad Stephen Pearce
Chief Executive Finance Director
Date: 06-03-2023 11:00:00
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