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ANGLO AMERICAN PLC - Anglo American update re Anglo American Platinum

Release Date: 19/08/2013 16:55
Code(s): AGL     PDF:  
Wrap Text
Anglo American update re Anglo American Platinum

Anglo American plc (“the Company”)
Incorporated in the United Kingdom
(Registration number: 3564138)
Short name: Anglo
Share code: AGL
ISIN number: GB00B1XZS820

19 August 2013

Anglo American update re. Anglo American Platinum

Anglo American plc draws attention to an announcement issued by Anglo American Platinum
Limited, the text of which is set out below:

Anglo American Platinum concludes restructuring consultations

Anglo American Platinum Limited (“Anglo American Platinum” or “the Company”) has
concluded consultations with key stakeholders and unions on the plans to restructure its
business.

In January, the Company announced its proposals to reduce costs and reconfigure marginal
operations following an extensive review of its business which commenced in February 2012.
The review is aimed at restoring the Company`s profitability to ensure its long-term
sustainability and increase its competitiveness in the global platinum mining industry.

Following the consultation with the Department of Mineral Resources and recognised unions in
a process facilitated by the CCMA, the Company will be proceeding with the implementation of
its plans which are:

   •   baseline production to 2.2 - 2.4 million Platinum ounces per annum in the short to
       medium term;

   •   consolidating the Rustenburg operations into three operating mines by integrating the
       Khuseleka 2 and Khomanani 1 and 2 mines into the surrounding mines. Khuseleka 1
       will remain operational. The rationalisation and reconfiguration of marginal operations
       will result in a reduction in production capacity of approximately 250,000 ounces per
       annum and by an additional approximately 100,000 ounces per annum in the medium
       term;

   •   consolidation of Union North and South Mines into one mine. The disposal of the mine
       is still planned to take place in due course;

   •   reducing overhead costs and improving efficiencies;

   •   as previously communicated, the number of operational jobs that are affected is
       approximately 6,000. In addition, approximately 900 corporate and overhead
       employees will also be affected. However, the ultimate number of retrenchments will
       depend on the conclusion of the retrenchment avoidance measures; which include
       voluntary severance packages, early retirement, redeployments and the filling of
       internal vacancies.

Chris Griffith, Chief Executive Officer of Anglo American Platinum, said “We are at a critical
stage of the process and this restructuring will be a crucial step to enable us to return to
profitability and to focus capital allocations on our mines that are best placed to sustain the
business and create employment opportunities over the long term.”

“A month`s notice period for affected employees will commence on 1 September. We are very
aware of the impact this process has on our employees and we are working hard to finalise the
details of our Social Impact Mitigation Plan aimed at minimising the impact on employees and
affected communities.”

“The implementation of our proposals will help us create stability for the business and we look
forward to working constructively with all our key stakeholders during this time for the benefit of
all. Once we have restructured the business, we expect to be in a better position to provide
more secure employment for our employees and add the much needed value to all our key
stakeholders,” he concluded.

For further information, please contact:

Media:
Mpumi Sithole
Tel: +27 (0)14 591 3741
mpumi.sithole@angloamerican.com

Investors:
Kgapu Mphahlele
+27 (0) 11 373 6239
kgapu.mphahlele@angloamerican.com

Sponsor: UBS South Africa (Pty) Ltd

Notes to editors:

Anglo American Platinum Limited is a member of the Anglo American plc Group and is the
world’s leading primary producer of platinum group metals. The company is listed on the
Johannesburg Securities Exchange (JSE). Its mining, smelting and refining operations are
based in South Africa. Elsewhere in the world, the Group owns Unki Platinum Mine in
Zimbabwe and is actively exploring in Brazil. Anglo American Platinum has a number of joint
ventures with several historically disadvantaged South African consortia as part of its
commitment to the transformation of the mining industry. Anglo American Platinum is
committed to the highest standards of safety and continues to make meaningful and
sustainable difference in the development of the communities around its operations.
www.angloamericanplatinum.com

Anglo American is one of the world’s largest mining companies, is headquartered in the UK
and listed on the London and Johannesburg stock exchanges. Our portfolio of mining
businesses meets our customers’ changing needs and spans bulk commodities – iron ore and
manganese, metallurgical coal and thermal coal; base metals and minerals – copper, nickel,
niobium and phosphates; and precious metals and minerals – in which we are a global leader
in both platinum and diamonds. At Anglo American, we are committed to working together with
our stakeholders – our investors, our partners and our employees – to create sustainable value
that makes a real difference, while upholding the highest standards of safety and responsibility
across all our businesses and geographies. The company’s mining operations, pipeline of
growth projects and exploration activities span southern Africa, South America, Australia, North
America, Asia and Europe.
www.angloamerican.com

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