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ANGLO AMERICAN PLC - Half Year Financial Results

Release Date: 25/07/2014 08:00
Code(s): AGL     PDF:  
Wrap Text
Half Year Financial Results

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

HALF YEAR FINANCIAL REPORT 
for the six months ended 30 June 2014 

25 July 2014     

Anglo American Interim Results 2014

Continuing improvement in operating performance against backdrop of weaker commodity prices• 
- Improved business performance, reflecting a greater focus on mining processes and costs, underpins 
  turnaround strategy• 
- Higher volumes across most of the portfolio, with cash costs down 2% in real terms• 
- Headwinds of weaker commodity prices ($1.0 billion underlying operating profit impact) and the effects of the platinum 
  strike ($385 million underlying operating profit impact)• 
- Group underlying operating profit(1) of $2.9 billion for the half year, a 10% decrease• 
- Long term net debt target of $10 to $12 billion, supported by increased operating 
  cash flows and divestment proceeds from refocusing of portfolio         

Financial highlights                                  6 months                                    6 months
US$ million, unless                                      ended                                       ended
otherwise stated                                     June 2014                                30 June 2013               Change 
Underlying operating profit(1)                           2,932                                       3,262                  (10)% 
Underlying earnings(2)                                   1,284                                       1,250                    3% 
Group revenue (incl. associates and 
JVs)(3)                                                 16,144                                      16,193                    – 
Profit before tax(4)                                     2,945                                       1,994                   48% 
Profit for the financial period 
attributable to equity shareholders of 
the Company(4)                                           1,464                                         403                  263% 
Underlying earnings per share (US$)(2)                    1.00                                        0.98                    2% 
Interim dividend per share (US$)                          0.32                                        0.32                    – 
Attributable ROCE%(5)                                       10%                                         11%                       
                                                                                                                                 
(1) Underlying operating profit is presented before special items and remeasurements and includes the Group’s 
    attributable share of associates’ and joint ventures’ operating profit before special items and remeasurements 
    - see notes 4 and 5 to the Condensed financial statements. For the definition of special items and remeasurements, see note 
    6 to the Condensed financial statements. 
(2) See note 10 to the Condensed financial statements for basis of calculation of underlying earnings. 
(3) Includes the Group’s attributable share of associates’ and joint ventures’ revenue of $1,923 million 
    (H1 2013: $1,788 million). See note 4 to the Condensed financial statements. 
(4) Stated after special items and remeasurements. See note 6 to the Condensed financial statements. For the six months 
    ended 30 June 2014, special items and remeasurements, including the attributable share of associates and joint ventures, 
    and after tax and non-controlling interests, amounted to a gain of $180 million (H1 2013: loss of $847 million). 
(5) Attributable ROCE is based on underlying performance and reflects the realised prices and foreign exchange during the 
    period, and is in line with commitments made as part of the Driving Value initiatives. Where ROCE relates to a period of 
    less than one year, the return for the period has been annualised (with the exception of De Beers – see footnote on 
    page 25). 

Mark Cutifani, Chief Executive of Anglo American, said: “Anglo American’s improved business performance, 
assisted by depreciating producer currencies, partially offset the headwinds of input cost inflation, the effect of the 
platinum strike and lower prices, primarily in bulk commodities. This performance underlines the merits of our business 
strategy of commodity and geographic diversification. 

“Looking at our allocation of capital across the portfolio, we have resolved to refocus on those assets that offer us 
the greatest source of potential value – over the short and long term – and that best match our chosen areas of 
focus and skills to drive returns. In Platinum, we have already outlined plans to reposition the portfolio through the 
planned divestment of Rustenburg and Union mines and our interest in the Pandora JV operation. We plan to divest a number 
of other assets at the appropriate time and to redeploy that capital to support our drive for higher returns. I expect our 
divestments and improved business performance to support a long term net debt target of $10 to $12 billion. 

“Our Driving Value programme is delivering improved operational performance, reflecting a greater focus on mining 
processes and costs. Across the portfolio, production volumes were up, with the notable exception of Platinum. At Sishen, 
where the recovery plan is being implemented, we have seen improved mining and production volumes of 5% and expect a 
further increase in waste volumes in the second half. In our Copper business, the 12% increase in production also 
demonstrates the benefits of greater mine efficiency and throughput gains. 

“I can also report that we are on track to ship first iron ore from our Minas-Rio project in Brazil by the end of 
this year. At the end of June, we had completed 95% of the project required to achieve this objective. We are commissioning 
all areas of the operation and expect to complete within the budgeted total capital cost of $8.8 billion.” 

Mark Cutifani, added: “Safety is the clearest indicator of how we are managing the business and is always my first 
priority. We recorded the first quarter of 2014 with no loss of life and this positive trend in safety performance is 
continuing, with the key indicators all showing improvement. Our total recordable case frequency rate of 0.74 is a 31% 
improvement compared to FY 2013 and the lowest level ever achieved by Anglo American, while recognising that the Platinum 
strike did contribute to some of the safety improvements. We have made progress but it is unacceptable that three of our 
people have lost their lives in the first six months of this year and that others suffered injury. We are focused on five 
key areas which are characteristic of effective and sustainable safety management: leadership, planning, risk management, 
incident management and effective frontline supervision. 

“The first six months of 2014 for the mining industry have seen ongoing soft demand and declines in average realised 
prices for most of the commodities Anglo American produces, compared to both the first half of 2013 and 2013 as a whole, 
reflecting uncertainty surrounding global economic growth prospects in the developed and developing economies. 

“Looking at the operational improvements in more detail, we have started to make good progress at our Copper 
business’s two largest operations in Chile at Los Bronces and Collahuasi, where mine planning improvements, stripping 
volumes and process tonnages, as well as strong grades in H1, delivered a 12% increase in copper production. At the 
constrained Sishen iron ore mine in South Africa, a redesign of the pit and changes to core operating processes are 
beginning to increase production. Kumba’s Kolomela mine continues to perform strongly, at above production design 
capacity, and serves to partially offset the current challenges at Sishen. De Beers continued its upward performance 
trajectory, increasing output by 12% driven by stronger production performance and sales into rising demand. In Coal, we 
saw record first half metallurgical coal production of 10.9 Mt, a 21% increase, having improved underground longwall 
cutting hours at Grasstree by 60% and at Moranbah North by 5%. These improvements helped to partially offset the sharply 
lower price environment. 

“As we look at the global economic outlook, uncertainty is likely to persist for the balance of 2014, though there 
are some encouraging signs that activity is strengthening in our key markets. Our diversified portfolio positions us well 
for the potential significant further urbanisation and industrialisation required to support growth in China and other 
emerging economies, while an expanding middle class is expected to support a rising intensity of consumption for our late 
cycle products. Over the long term, we expect new supply to be constrained and to see tightening market fundamentals and a 
recovery in price performance.” 

Financial review of Group results for the six months ended 30 June 2014 

Anglo American’s underlying earnings for the first half of 2014 were $1.3 billion, 3% higher than for the same period 
in 2013, with an underlying operating profit of $2.9 billion, a 10% decrease from $3.3 billion. Continuing weak global 
economic growth, coupled with increases in seaborne commodity supply, led to a further decline in many commodity prices. 
The lower price environment and platinum strike impact more than offset currency gains and improved business performance. 

Generally lower realised prices of commodities resulted in a reduction of $1.0 billion in underlying operating profit. The 
lower prices included a 23% decrease in achieved Australian export metallurgical coal prices, a 17% decrease in achieved 
iron ore prices at Kumba and a 3% decrease in realised copper prices. Despite a decrease in unit costs at Copper and De Beers,
 driven by increased production and at Coal Australia and Canada, due to improved operating efficiencies leading to 
higher production, costs elsewhere were affected by cost pressures and higher waste-stripping. 

The decrease in underlying operating profit was partly offset by the weakening of producer currencies ($0.8 billion) and 
improved operational performance. Production increases were delivered at the Coal, Iron Ore, Copper, De Beers, and Nickel 
businesses. Other businesses were impacted by a number of events, including strikes and inclement weather. 

Attributable ROCE was 10% versus 11% in the same period in the prior year. This was a consequence of lower operating profit 
coming from Kumba Iron Ore, Anglo American Platinum and Coal Australia and Canada. Average attributable capital employed 
increased from $39 billion at 30 June 2013 to $41 billion at 30 June 2014, primarily due to increased capital expenditure 
during the 12 month period. 

Underlying operating profit/(loss) 
                                                                                6 months ended                    6 months ended
US$ million                                                                        30 June 2014                     30 June 2013 
Iron Ore and Manganese                                                                    1,229                            1,653 
Coal(1)                                                                                     260                              345 
Copper                                                                                      760                              635 
Nickel                                                                                       26                              (11)
Niobium(1)                                                                                   34                               42 
Phosphates(1)                                                                                 9                               48 
Platinum                                                                                     (1)                             187 
De Beers                                                                                    765                              571 
Corporate and other(1)                                                                     (150)                            (208)
                                                                                          2,932                            3,262 
(1) Refer to note 4 in the Condensed financial statements for changes in reporting segments. Comparatives have been 
    reclassified to align with current year presentation. 

Iron Ore and Manganese recorded an underlying operating profit of $1,229 million, 26% lower than the corresponding period 
in 2013. This was driven by a 17% decrease in achieved iron ore prices at Kumba and higher costs, due to the ramp-up in 
waste volumes and cost pressures. Samancor also contributed to the fall in underlying operating profit, with a decrease in 
realised prices. 

Production of iron ore increased by 5% to 22.8 Mt. Kolomela is performing above production design capacity and the 
execution of the recovery plan at Sishen is under way. Manganese ore production decreased by 6% to 1.6 Mt, while manganese 
alloy production increased 5% to 137,300 tonnes. 

Coal delivered an underlying operating profit of $260 million, a 25% decrease on the first half of 2013. This was primarily 
due to the impact of lower realised export prices and a decrease in self-insurance recovery amounts by $23 million. This 
was compensated for in part by strong cost management at Coal Australia and Canada, resulting in a 4% decrease in unit cash 
costs at the Australian export operations and a $22 million profit on sale of reserves in South Africa. 
Total production of coal increased by 3% to 48.5 Mt. Record export metallurgical coal production of 10.9 Mt was driven by 
productivity improvements at both the open-cut and underground operations. A focus on high-margin products resulted in a 
favourable product mix towards higher-quality coking coal. Export thermal coal production from South Africa increased by 6% 
through productivity improvements. Production at Cerrejón increased by 29%, primarily due to the strike impact in Q1 2013. 

Copper recorded an underlying operating profit of $760 million, 20% higher than for the first half of 2013, due to a 15% 
increase in sales volumes and lower unit costs of production, offset by a 3% decline in the average realised copper price. 
The increase in sales volumes was driven by higher production, which increased by 12% to 396,400 tonnes. This was driven by 
improved performance at Los Bronces and Collahuasi, the result of continued improvement in throughput and higher grades, as 
well as by higher recoveries at Los Bronces. Production is expected to decline in H2 2014, as forecast, due to lower grades 
at Los Bronces and Collahuasi. 

Nickel reported an underlying operating profit of $26 million, a $37 million improvement, due to a $26 million favourable 
exchange-rate gain on Loma de Níquel as well as improved cash costs at Codemin and lower study-cost spend at 
projects. Underlying operating profit from the Barro Alto project continues to be capitalised as the asset is not yet in 
commercial production. Production increased by 35% to 19,800 tonnes following improved operational stability at Barro Alto. 

Niobium’s underlying operating profit decreased by 19% to $34 million, due to lower sales prices, the effects of 
inflation and higher cash costs. Sales volumes of 2,300 tonnes and production of 2,200 tonnes were both in line with the 
first six months of 2013. 

Phosphates’ underlying operating profit decreased by 81% to $9 million, due to softer sales prices and inflation, 
partially offset by the devaluation of the Brazilian real. Fertiliser production decreased by 5% to 542,900 tonnes, as a 
consequence of maintenance stoppages, throughput constraints and weather induced power shortages. 

Platinum’s underlying operating loss was $1 million, compared to an underlying operating profit of $187 million in 
the first half of 2013, as a result of the five-month-long industrial action by the AMCU trade union at the Union, 
Rustenburg and Amandelbult operations. Sales volumes were maintained at H1 2013 levels, as production was supplemented by 
sales from stock, which reduced the impact of the prolonged strike on the financial results of the business. 

Equivalent refined platinum production of 715,200 ounces decreased by 39% owing to the impact of the industrial action. 
Refined platinum production of 855,800 ounces, however, was only 16% lower as pipeline stock was drawn down. 

De Beers recorded an underlying operating profit of $765 million, an increase of 34%. The increase was primarily due to 
solid demand across key markets, resulting in strong revenue growth, together with favourable exchange rate trends. 

Production increased by 12% to 16.0 million carats following a strong performance by Debswana and the South African 
operations. This rise in output reflected improvements in productivity and the business’s ability to cope with 
adverse weather conditions, together with the recovery from the impacts in 2013 of the Jwaneng slope failure clean-up and 
Orapa’s planned plant maintenance. 

Corporate and other’s underlying operating loss was $150 million, a 28% improvement on the same period last year, 
driven mainly by improved performance from the Lafarge Tarmac joint venture. 

Corporate costs considered to be directly value adding are allocated to each business unit. Costs reported externally as 
Group corporate costs only comprise costs associated with parental or direct shareholder related activities. 

Underlying Earnings 

Group underlying earnings were $1,284 million, a 3% increase (H1 2013: $1,250 million). 

                                                                                                                    30 June 2014
                                                                         Net finance                                  
                                                     Underlying            costs and                   Non-
                                                      operating           income tax            controlling          Underlying
US$ million                                         profit/(loss)            expense              interests            earnings 
Iron Ore and Manganese                                   1,229                  (399)                 (387)                 443  
Coal(1)                                                    260                   (95)                   (4)                 161  
Copper                                                     760                  (274)                 (177)                 309 
Nickel                                                      26                     3                     –                   29  
Niobium(1)                                                  34                   (11)                    –                   23  
Phosphates(1)                                                9                     1                     –                   10  
Platinum                                                    (1)                   (9)                    9                   (1)  
De Beers                                                   765                  (200)                  (96)                 469  
Corporate and other(1)                                    (150)                  (16)                    7                 (159)  
                                                         2,932                (1,000)                 (648)               1,284  
(1) Refer to note 4 in the Condensed financial statements for changes in reporting segments. 

Net finance costs 
Net finance costs, before special items and remeasurements, excluding associates and joint ventures, were $73 million (30 
June 2013: $201 million). Interest costs were lower primarily due to an increase in the amount of interest capitalised, 
mainly at the Minas-Rio and Grosvenor projects. 

Tax 
The effective rate of tax before special items and remeasurements including attributable share of associates’ and 
joint ventures’ tax was 31.5%. This was lower than the equivalent effective rate of 32.7% in the six months ended 
30 June 2013 due to the impact of various prior year adjustments. In future periods it is expected that the effective 
tax rate will remain above the United Kingdom corporate tax rate. 

Reconciliation to profit for the period from underlying earnings

                                                                                 6 months ended                    6 months ended
US$ million                                                                        30 June 2014                     30 June 2013 
Underlying earnings                                                                       1,284                            1,250 
Operating special items                                                                     (61)                            (410)
Operating remeasurements                                                                    179                             (402)
Non-operating special items                                                                  19                              (83)
Financing special items and remeasurements                                                   45                              (35)
Special items and remeasurements tax                                                         (4)                              75 
Non-controlling interests on special items and remeasurements                                (4)                              45 
Share of associates’ and joint ventures’ special 
items and remeasurements                                                                      6                              (37)
Profit for the financial period attributable to equity 
shareholders of the Company                                                               1,464                              403 
Underlying earnings per share (US$)                                                        1.00                             0.98 

Special items and remeasurements 

Operating special items of $61 million relate to restructuring costs, principally in respect of organisational changes as 
part of the Driving Value programme (H1 2013: $410 million principally relating to impairments at the Isibonelo and 
Kleinkopje operations in Coal South Africa, and the remaining reversal of the De Beers inventory uplifts relating to 
inventory which was fair valued on acquisition and subsequently sold). Operating remeasurements reflect net gains (H1 2013: 
losses) on derivatives, mainly related to capital expenditure in Iron Ore Brazil. 

The net non-operating special items gain of $19 million includes a $22 million gain on the Atlatsa refinancing transaction 
in the Platinum segment and the Kumba Envision Trust charge of $19 million (H1 2013:$26 million). Further non-operating 
special items in H1 2013 included a loss of $46 million on the revaluation of Amapá assets held for sale, a 
$55 million loss on the formation of the Lafarge Tarmac joint venture, and a gain of $44 million on deferred proceeds from the 
sale of undeveloped coal assets in Australia in 2010. 

Financing special items and remeasurements reflect a net gain of $45 million (H1 2013: net loss of $35 million) principally 
comprising gains on derivatives relating to debt. 

Special items and remeasurements tax amounts to a charge of $4 million (H1 2013: credit of $75 million). This comprises a 
tax charge on special items and remeasurements of $82 million (H1 2013: tax credit of $241 million) and a tax remeasurement 
credit of $78 million (H1 2013: charge of $166 million). Tax remeasurements relate to foreign exchange impacts arising in 
US dollar functional currency entities where tax calculations are generated based on local currency financial information 
and hence deferred tax is susceptible to currency fluctuations. 

Capital expenditure 

                                                                                 6 months ended                   6 months ended
US$ million                                                                        30 June 2014                     30 June 2013 
Iron Ore and Manganese                                                                    1,312                              877 
Coal(1)                                                                                     457                              476 
Copper                                                                                      333                              472 
Nickel(2)                                                                                   (26)                             (18)
Niobium(1)                                                                                   90                               64 
Phosphates(1)                                                                                18                                8 
Platinum                                                                                    245                              235 
De Beers                                                                                    320                              255 
Corporate and other(1)                                                                       15                               28 
                                                                                          2,764                            2,397 
(1) Refer to note 4 in the Condensed financial statements for changes in reporting segments. Comparatives have been 
    reclassified to align with current year presentation. 
(2) Cash capital expenditure for Nickel of $35 million (H1 2013: $19 million) is offset by the capitalisation of $61 
    million (H1 2013: $37 million) of net operating cash flows generated by Barro Alto which has not yet reached commercial 
    production. 

Capital expenditure was $2,764 million, 15% higher than for the first half of 2013, driven by the Minas-Rio iron ore 
project, partially offset by lower expenditure in Copper. Capital expenditure guidance for 2014 is between $6.5 billion and 
$7.0 billion, including $0.8 billion of deferred stripping capital expenditure. 

Cash flow 
Net cash inflows from operating activities were $3,510 million (H1 2013: $3,167 million), an increase of 11% despite the 8% 
decrease in underlying EBITDA. This was primarily driven by a reduction in working capital investment in 2014. 

Inflows on working capital in the current period of $180 million (H1 2013: outflows of $735 million) reflected $123 million 
inflow on inventories, primarily due to release of stock at Platinum during the strike action in the first half of 2014, as 
well as debtor decreases of $494 million, due to high year end debtors at Kumba and Copper, following strong production 
performance in the closing months on 2013, being received in the period. 

Net cash used in investing activities of $2,753 million (H1 2013: $2,436 million) was primarily attributable to capital 
expenditure of $2,764 million (H1 2013: $2,397 million). 

Net cash used in financing activities was $39 million (H1 2013: $1,682 million). This included cash receipts on issuance of 
bonds of $3,165 million offset by net repayments of borrowings of $1,517 million, dividend payments to Company shareholders 
and non-controlling interests totalling $1,198 million, as well as interest payments of $503 million. 

Capital structure 
Net debt (including related hedges) of $11,515 million was $863 million higher than at 31 December 2013 and $1,759 million 
higher than at 30 June 2013. The increase in net debt compared to full year 2013 was driven by capital expenditure of 
$2,764 million, the payment of dividends of $696 million to Company shareholders and $502 million to non-controlling 
interests, and interest payments of $503 million. This was partially offset by cash from operating activities of $3,510 million. 

Following the issue of $3.5 billion of bonds in 2013, the Group issued further bonds of $3.2 billion consisting of 
$1.0 billion through accessing the US bond markets, $2.1 billion under the Euro Medium Term Note programme and $0.1 billion 
under the South African Domestic Medium Term Note programme during the period. 

Anglo American’s objective is to maintain a strong investment grade rating, which demands rigorous capital 
discipline. However, we recognise that over the next year and a half we will have limited flexibility due to heavier 
capital expenditure commitments as we complete the development of Minas-Rio, in Brazil, and Grosvenor, in Australia, after 
which we expect capital expenditure to be moderated. Anglo American is targeting a long term net debt level of $10 to $12 billion. 

Liquidity and funding 
Net debt at 30 June 2014 comprised $19,961 million of debt and derivative liabilities, offset by $8,446 million of cash and 
cash equivalents. At 30 June 2014 the gearing level was 23.1%, compared with 22.2% at 31 December 2013. At 30 June 2014, 
the Group had undrawn committed bank facilities of $9.1 billion. 

The Group’s forecasts and projections, taking account of reasonably possible changes in trading performance, indicate 
the Group’s ability to operate within the level of its current facilities for the foreseeable future. 

Dividends 
An interim dividend of 32 US cents per share (H1 2013: 32 US cents per share) has been declared, in line with the 
Board’s commitment to provide a base dividend, which will be maintained or increased through the cycle. 

The Board 
On 1 January 2014, Dr Judy Dlamini joined the Board as a non-executive director. Dr Dlamini is a successful businesswoman 
with longstanding public company board experience across a range of geographies. On 24 April, Sir CK Chow and David Challen 
retired from the Board, having served since 2008 and 2002 respectively. The effect of these changes is that since the 
appointment of Sir John Parker as chairman in August 2009, there has been a 100% change in the Company’s 
non-executive directors. 

In addition to the above appointment and retirements, Sir Philip Hampton was appointed senior independent non-executive 
director in place of David Challen on 24 April and, on the same date, Dr Byron Grote took over the chairmanship of the 
Audit Committee from David Challen. 

Related party transactions 
Related party transactions are disclosed in note 16 to the Condensed financial statements. 

Principal risks and uncertainties 
Anglo American is exposed to a variety of risks and uncertainties which may have a financial, operational or reputational 
impact on the Group and which may also have an impact on the achievement of social, economic and environmental objectives. 

The principal risks and uncertainties facing the Group at the year end were set out in detail in the operating and 
financial review section of the Annual Report 2013 (pages 46-53), and have not changed significantly since. Key headline 
risks relate to the following: 

- Commodity prices 
- Liquidity risk 
- Currency risk 
- Inflation 
- Safety and health 
- Environment 
- Political, legal and regulatory 
- Operational performance and project delivery 
- Event risk 
- Employees 
- Infrastructure 
- Community relations 
- Information and cyber security 

The Group is exposed to changes in the economic environment, as with any other business. Details of any key risks and 
uncertainties specific to the period are covered in the operations review section. 

The Annual Report 2013 is available on the Group’s website www.angloamerican.com 

Operations review for the six months ended 30 June 2014 

In the operations review on the following pages, underlying operating profit includes the attributable share of 
associates’ and joint ventures’ operating profit and is before special items and remeasurements unless 
otherwise stated. Capital expenditure relates to cash expenditure on property, plant and equipment including cash flows on 
related derivatives. 

IRON ORE AND MANGANESE 

                                                                                 6 months ended                   6 months ended
US$ million (unless otherwise stated)                                              30 June 2014                     30 June 2013 
Underlying operating profit                                                               1,229                            1,653 
    Kumba Iron Ore                                                                        1,182                            1,596 
    Iron Ore Brazil                                                                          (9)                             (12)
    Samancor                                                                                 99                              116 
    Projects and corporate                                                                  (43)                             (47)
Underlying EBITDA                                                                         1,381                            1,787 
Capital expenditure                                                                       1,312                              877 
    Kumba Iron Ore                                                                          305                              248 
    Iron Ore Brazil                                                                       1,007                              629 
Share of Group underlying operating profit                                                  42%                              51% 
Attributable return on capital employed %                                                   13%                              22% 
    Kumba Iron Ore                                                                          80%                             113% 
    Iron Ore Brazil                                                                        (0)%                             (1)% 
    Samancor                                                                                23%                              24% 

Underlying operating profit for Iron Ore and Manganese declined by 26% to $1,229 million. This was attributable to 
softening average iron ore export prices at Kumba, which were 17% weaker, and a marginal increase in operating expenses, 
mainly as a result of higher mining volumes. 

Markets(1) 
Iron ore 

At 30 June, global crude steel production had increased by 4% year on year to 819 Mt, (H1 2013: 790 Mt), with China’s 
record H1 2014 production of 409 Mt(2) being 5% higher (H1 2013: 389 Mt(2)). Following seasonal trends, Chinese steel mills 
drew down their iron ore inventory in early 2014, and this served to reduce apparent iron ore demand in the first half of 
the year. Global seaborne iron ore supply increased to almost 700 Mt, driven by strong export growth of 25% from Australia, 
with a further 8% growth from Brazil. Chinese imports of iron ore grew strongly and displaced some of the high cost 
domestic material. 

Average prices (CFR China 62% Fe) were down 19% at $111/t (H1 2013: $137/t). Prices have steadily declined from $134/t at 
the beginning of the year, with the index price ending the first half of 2014 at $93/t. 

Operating performance 

                                                                                 6 months ended                   6 months ended
US$ million (unless otherwise stated)                                              30 June 2014                     30 June 2013 
Attributable iron ore production (tonnes)                                            22,792,800                       21,612,800 

(1) 30 June 2014 volumes are based on Anglo American estimates
(2) According to figures from the World Steel Association      

Kumba Iron Ore 
At Sishen mine, iron ore production increased by 5% to total 17.0 Mt (H1 2013: 16.1 Mt), in line with the mining plan to 
ramp up production to 37 Mt by 2016. Total tonnes mined increased by 5% to 107.2 Mt (H1 2013: 102.5 Mt), of which waste 
mined made up 86.9 Mt (H1 2013: 82.1 Mt), an increase of 6%. Sishen’s pit continued to be mined according to the 
production recovery plan, although excessive rainfall hampered waste pre-stripping operations. Waste mining plans for the 
second half of the year were completed and are being executed, which includes further ramp-up and fleet-efficiency 
improvements. 

Key initiatives of the improved mining plan to achieve 37 Mt production in 2016 include: 

- a focus on productivity through improved scheduling of work by implementation of the Business Process Framework; 
- the Dingleton project; 
- construction of two new waste dumps; and 
- the five year fleet plan and associated infrastructure. 

The Dingleton project to facilitate the expansion of Sishen to the west has commenced and construction of the houses, 
businesses, churches and schools is underway. 

Kolomela mine continued to perform strongly, producing 5.5 Mt, an increase of 4%. Total tonnes mined rose by 11% to 31.3 Mt 
(H1 2013: 28.2 Mt), of which waste mined accounted for 24.4 Mt (H1 2013: 21.7 Mt), an increase of 12%. 

Kumba’s sales rose by 2% to 22.5 Mt (H1 2013: 22.1 Mt), mainly as a result of a 39% increase in domestic sales 
volumes in line with the new supply agreement with ArcelorMittal South Africa Limited. Export sales volumes were marginally 
down at 19.7 Mt (H1 2013: 20.1 Mt). Finished product inventory held at the mines and ports increased to 3.6 Mt from 2.9 Mt 
as at 31 December 2013 (H1 2013: 3.6 Mt). 

Iron Ore Brazil 
Iron Ore Brazil generated an underlying operating loss of $9 million (H1 2013: loss of $12 million), largely reflecting the 
non-capitalised costs for the construction of the Minas-Rio project. 

Samancor 
Underlying operating profit decreased by 15% to $99 million, this was driven by lower prices, offset to some extent by 
higher sales volumes and a renewed focus on cost control. 

Production of manganese ore decreased by 6% to 1.6Mt (attributable basis) due to a greater number of weather-related 
stoppages at GEMCO in Australia and planned maintenance shutdowns in South Africa. 

Production of manganese alloys increased by 5% to 137,300 tonnes (attributable basis) owing to blend optimisation and other 
productivity improvements at TEMCO in Australia. 

Projects 
Iron Ore Brazil 
Construction continues at the 26.5 Mtpa Minas-Rio project, with significant progress made towards delivering first ore on 
ship by the end of 2014. During the first six months of 2014, key development milestones were achieved and commissioning 
has commenced. At the beneficiation plant, first ore feed to the primary crusher was achieved in May and ore to the mill in 
July, using the fresh-water pumping system which was completed in May. The 529 km pipeline to the port at Açu has 
been laid. Water pumping tests started in early June from pumping station 2 to the port, and from pumping station 1 to 
pumping station 2 later in the month, following finalisation of all pressure and geometric tests on the main line. At the 
port, construction is continuing as scheduled and good progress has been made on the breakwater, with 26 of 33 caissons 
installed for first ore on ship. Further progress continues to be made in obtaining the outstanding licences required: the 
port operation licence was granted in May and the licences for the mine/beneficiation plant and the pipeline are expected 
for Q3. A temporary licence was issued for the power transmission line, to be converted into a definitive one once the 
remaining licences are obtained. 

Project capital expenditure remains in line with the estimate provided in January 2013 of $8.8 billion. $6.6 billion has 
been spent to date, with $1.2 billion expected over the second half of 2014. This would leave around $1 billion for 
remaining capital expenditure for 2015, including the full extension of the breakwater, and mine equipment for the ramp up. 

Legal 

Kumba Iron Ore 
There have been no significant changes to the legal matters reported on for the year ended 31 December 2013. SIOC has not 
yet been awarded the 21.4% Sishen mining right, for which it applied following the Constitutional Court judgment on the matter 
in December 2013. 

Outlook 
Kumba Iron Ore 
The production outlook for Sishen mine remains at around 35 Mt for 2014 as a whole. The Sishen pit, however, remains 
constrained; therefore, the planned waste ramp-up is continuing as part of the strategy to improve mining flexibility over 
the longer term. It is expected that waste tonnages will reach ~220 Mt for the year. At Kolomela, output remains at 
approximately 10 Mt, in line with production design capacity, with waste mined at 40-50 Mt. Kumba aims to increase current 
production through de-bottlenecking and optimisation of the plant. Export sales volumes for the year are also expected to 
be in line with 2013 levels. 2014 production guidance for iron ore is maintained at 44-46 Mt, excluding Thabazimbi. 

Steel fundamentals remain under pressure. Although recent data points to a recovery in economic growth in China, the 
construction market continues to be fragile as concern persists over housing prices. Iron ore prices are expected to remain 
around the current level as supply exceeds demand in the second six months, though restocking by steel mills and a slowdown 
in Chinese domestic iron ore production in winter, is expected to support prices towards the end of the year. 

COAL 
                                                                                 6 months ended                   6 months ended
US$ million (unless otherwise stated)                                              30 June 2014                     30 June 2013 
Underlying operating profit                                                                 260                              345 
    Australia and Canada                                                                     18                              130 
    South Africa                                                                            178                              171 
    Colombia                                                                                 95                               96 
    Corporate and projects                                                                  (31)                             (52)
Underlying EBITDA                                                                           638                              726 
Capital expenditure                                                                         457                              476 
    Australia and Canada                                                                    403                              420 
    South Africa                                                                             54                               56 
Share of Group underlying operating profit                                                    9%                              11% 
Attributable return on capital employed %                                                     7%                              10% 
    Australia and Canada                                                                      0%                               4% 
    South Africa                                                                             28%                              26% 
    Colombia                                                                                 19%                              19% 

Australia and Canada 
Underlying operating profit decreased by 86% to $18 million, primarily due to the impact of lower export prices, with the 
average realised metallurgical coal price reducing by 23%; there was also a decrease in self-insurance recovery amounts of 
$23 million. These impacts were mitigated by increased volumes from productivity improvements, with export metallurgical 
sales volumes increasing by 17%, and by lower unit costs through the continuation of the cost-reduction programme, which 
led to a 4% reduction in FOB cash unit costs at the Australian export operations. 

South Africa 
Underlying operating profit increased by 4% to $178 million, with a $22 million profit on sale of reserves in South Africa 
offsetting a 7% reduction in the average realised export thermal coal price. Profits were further supported by a 5% 
reduction in the US$ FOB unit cash cost, with the weaker South African rand offsetting the high mining inflation 
environment. 

Colombia 
At Cerrejón, underlying operating profit decreased by 1% to $95 million, driven by lower thermal coal prices, offset 
largely by the recovery in volumes following the strike in Q1 2013. 

Markets 

The strengthening of the Australian dollar against the US dollar (appreciating during the first half of 2014) has reduced 
profitability for thermal and metallurgical producers in Australia, thereby forcing further cost savings and productivity 
improvements. 

Metallurgical coal 
Seaborne metallurgical coal prices are traded at historically low levels this year, with the Q2 quarterly HCC benchmark 
price reaching a record low of $120/t. Strong Australian production and resilient US supply has resulted in excess 
availability of seaborne metallurgical coal, with buyers exercising increased optionality. The average quarterly HCC 
benchmark price of $132/t for the first six months of 2014 was 22% lower than the respective period in 2013. Semi-soft and 
PCI prices, however, experienced some relief, with a narrowing of the price differential between premium quality and lower 
grade coking coals. 

Thermal coal 
Global seaborne prices declined on average by 13%. The Newcastle reference price dropped below $72/t in June, its lowest 
price in five years, as aggressive domestic coal pricing in China dragged seaborne prices lower. Delivered prices into 
Europe also broke the $72/t mark. 

The global market remained well supplied despite an interrupted delivery from South Africa due to a force majeure event at 
Richards Bay in February as well as enforcement of a regulation requiring direct loading in Colombia that reduced supply 
temporarily. 

Demand from India picked up as absolute prices fell and the rupee strengthened. 

Australia and Canada 

Anglo American weighted average achieved sales prices  
                                                                                 6 months ended                   6 months ended 
($/tonne)                                                                          30 June 2014                     30 June 2013 
Export metallurgical coal (FOB)                                                             117                              151 
Export thermal coal                                                                          81                               87 
Domestic thermal coal                                                                        37                               39 

Attributable sales volumes 
                                                                                 6 months ended                   6 months ended 
(‘000 tonne)                                                                       30 June 2014                     30 June 2013 
Export metallurgical coal                                                                10,539                            9,003 
Export thermal coal                                                                       1,917                            3,012 
Domestic thermal coal                                                                     3,201                            2,809 

South Africa 

Anglo American weighted average achieved sales prices 
                                                                                 6 months ended                   6 months ended 
($/tonne)                                                                          30 June 2014                     30 June 2013 
Export thermal coal (FOB)                                                                    75                               80 
Domestic thermal coal                                                                        19                               20 

Attributable sales volumes 
                                                                                 6 months ended                   6 months ended 
(‘000 tonne)                                                                       30 June 2014                     30 June 2013 
Export thermal coal(1)                                                                    7,960                            7,964 
Domestic thermal coal                                                                    18,756                           19,809 
(1) Excludes traded coal sales of 53,000 tonnes (30 June 2013: 145,000 tonnes). 

Colombia 

Anglo American weighted average achieved sales prices 
                                                                                 6 months ended                   6 months ended 
($/tonne)                                                                          30 June 2014                     30 June 2013 
Export thermal coal (FOB)                                                                    68                               76 

Attributable sales volumes 
                                                                                 6 months ended                   6 months ended 
(‘000 tonne)                                                                       30 June 2014                     30 June 2013 
Export thermal coal                                                                       5,505                            4,931 

Operating performance 

Australia and Canada 

Attributable production 
                                                                                 6 months ended                   6 months ended 
(‘000 tonne)                                                                       30 June 2014                     30 June 2013 
Export metallurgical coal                                                                10,884                            9,010 
Export thermal coal                                                                       1,728                            3,007 
Domestic thermal coal                                                                     3,074                            2,798 

Export metallurgical coal production increased by 21% to 10.9 Mt, a record first half-year performance. The underground 
operations delivered a 14% increase in output, with improvements in longwall cutting hours at Grasstree and Moranbah of 60% 
and 5%, respectively. Both underground sites successfully completed planned longwall moves during H1, in contrast to a 
single longwall move at Moranbah in 2013. At Dawson, the implementation of asset optimisation initiatives at the open cut 
site led to a 70% increase in metallurgical coal production. In addition, production performance was not subject to flood 
and rail closures, as had occurred in Q1 2013. 

Export thermal coal production was down 43% at 1.7 Mt, due to a product-mix change to higher margin metallurgical coal, and 
lower production from Drayton, as the mine is approaching the end of its life. 

South Africa 

Attributable production 
                                                                                 6 months ended                   6 months ended 
(‘000 tonne)                                                                       30 June 2014                     30 June 2013 
Export thermal coal                                                                       8,443                            7,924 
Eskom coal                                                                               15,554                           16,896 
Domestic other                                                                            2,971                            3,093 

Production was 3% lower, owing to an 8% reduction in production for Eskom, though this was mainly compensated by a 6% 
increase in export production on the back of productivity gains at Goedehoop and Greenside. Production was further 
supported by an improved safety performance, mitigating the safety-related stoppages in 2013. 

Colombia 

Attributable production 
                                                                                 6 months ended                   6 months ended 
(‘000 tonne)                                                                       30 June 2014                     30 June 2013 
Colombia export thermal coal                                                              5,856                            4,526 

Cerrejón’s output increased 29% to 5.9 Mt, primarily owing to the recovery in production following the strike 
in Q1 2013 as well as the production ramp-up associated with the P40 expansion project. 

Projects 

Australia and Canada 
The greenfield Grosvenor metallurgical coal project in Queensland continues to make progress, with all permits and licences 
in place. The surface infrastructure is nearing completion, with commissioning under way, while development of the first 
drift has also been completed. Underground development works are expected to commence on schedule in October. Longwall 
production remains on schedule and is forecast to commence in late 2016. 

South Africa 
In South Africa, the 12 Mtpa New Largo project has reached the feasibility stage-gate. Discussions continue with Eskom to 
determine empowerment structures prior to joint implementation approval. 

Colombia 
In Colombia, the expanded port is currently being commissioned as part of the Cerrejón P40 project. Utilisation of 
the incremental capacity will be limited in the short to medium term due to operational and market constraints. The current 
plan is to produce and sell approximately 35 Mtpa for the next few years. 

Outlook 
Metallurgical coal 
Strong production from Australia and high US export volumes will ensure the seaborne metallurgical coal market continues to 
be well supplied in the near term. However, announcements of supply rationalisation and improving demand from traditional 
markets should support a tightening in fundamentals over the medium to long term. 

2014 production guidance for metallurgical coal is increased to approximately 20 Mt (previously 18-20 Mt). 

Thermal coal 
Pricing pressure resulting from a well-supplied thermal market looks set to continue in the short term. Expansions in 
Australia are largely pre-committed for the next one to two years, and this will continue to keep pressure on prices. 
US export volumes are falling as fixed-price contracts roll off and a modest increase in imports to the US, mainly from 
Colombia, is likely. 

Chinese import levels will depend on the competitive position of domestic coals, but the growth rate of imported coal will 
be weaker than in previous years. India will continue to increase its imports of thermal coal owing to the shortage of coal 
in the medium term. 

2014 production guidance for thermal coal (South African export and Colombia) is reduced to 28-29 Mt (previously 29-30 Mt).
 
BASE METALS & MINERALS - COPPER 

                                                                                 6 months ended                   6 months ended
US$ million (unless otherwise stated)                                              30 June 2014                     30 June 2013 
Underlying operating profit                                                                 760                              635 
Underlying EBITDA                                                                         1,106                              942 
Capital expenditure                                                                         333                              472 
Share of Group underlying operating profit                                                   26%                              19% 
Attributable return on capital employed %                                                    22%                              17% 

Copper generated an underlying operating profit of $760 million, 20% higher than the same period in 2013, as a result of a 
15% increase in sales volumes, offset by a 3% decline in average realised copper prices. C1 unit costs reduced by 7%, owing 
to a combination of improved operating efficiencies, higher grades and a weaker Chilean peso, which more than offset higher 
expenditure on mine development at Los Bronces. 

Markets 

                                                                                 6 months ended                   6 months ended
                                                                                   30 June 2014                     30 June 2013 
Average market prices (c/lb)                                                                314                              342 
Average realised prices (c/lb)                                                              307                              318 

The copper price started 2014 at 337c/lb before it softened and then registered a steep decline in early March on the back 
of growing concerns of a slowdown in the Chinese economy. Since then, government stimulus has assuaged some of these 
concerns although the market is still expected to be in surplus for the year. 

The London Metal Exchange (LME) copper price at the end of June was 315c/lb, averaging 314c/lb for the half year, 8% lower 
than for the same period in 2013. A negative provisional pricing adjustment of $64 million was recorded (H1 2013: negative 
$189 million), resulting in an average realised price of 307c/lb (H1 2013: 318c/lb). 

Operating performance 

                                                                                 6 months ended                   6 months ended
                                                                                   30 June 2014                     30 June 2013 
Attributable copper production (tonnes)                                                 396,400                          353,300 

Attributable copper production rose by 12% to 396,400 tonnes. 

Production at Los Bronces increased by 11% to 221,600 tonnes, with higher grades and continued throughput improvement at 
both plants. The improvement in grade reflected adjustments to extraction sequencing, with higher-grade areas being mined 
sooner, ahead of more challenging winter conditions. Lower-grade areas are expected to be reached in Q3 2014, however, 
offsetting these early gains. Mine development progressed, with waste stripping increasing by 49% to 38 Mt. The improved 
mine development has led to reduced congestion in the mine and improved continuity of ore feed to the two processing 
plants. 

Production at El Soldado decreased by 38%, owing to lower ore availability and grades following the delay to the next major 
phase of ore supply caused by a geological fault, as previously disclosed. Ore feed in the second six months will come from 
lower-grade stockpiles and slag from the nearby Chagres smelter in order to bridge the gap until the next phase of ore is 
accessed. Output at Mantos Blancos and Mantoverde decreased by 8% and 13% respectively because of lower grades. 

Anglo American’s share of Collahuasi’s production, at 105,900 tonnes increased by 58% owing to continuing 
higher grades reflecting the current phase of mining, as well as output recovering from the 49-day shutdown in H1 2013 of 
the SAG Mill 3 for a planned stator motor replacement. 

Projects 
At the Quellaveco project in Peru, the feasibility study for the expanded mine is continuing as planned and is expected to 
be ready for review during 2015. Work on the Asana river diversion tunnel has continued along with our social programmes in 
the area. 

At Mantoverde, the construction of the desalination plant has been completed meeting the current water requirements of the 
operation. 

Outlook 
2014 production guidance is increased to 725,000 to 740,000 tonnes, from 710,000 to 730,000 tonnes, in light of improved 
confidence in underlying operational improvements at Los Bronces and Collahuasi. This guidance is against a backdrop of 
forecast lower grades at Los Bronces and Collahuasi in the second half as previously guided. At El Soldado, the lack of ore 
availability is expected to adversely impact production during 2015 and 2016. 

Ongoing market concerns arising from uncertainties over the near-term outlook for the global economy may lead to short-term 
volatility in the copper price. However, the medium- to long-term fundamentals for copper remain strong, predominantly 
driven by robust demand from the emerging economies, ageing mines and declining grades across the industry, and a lack of 
new supply. 

BASE METALS & MINERALS – NICKEL 

                                                                                 6 months ended                   6 months ended
US$ million (unless otherwise stated)                                              30 June 2014                     30 June 2013 
Underlying operating profit/(loss)                                                           26                              (11)
Underlying EBITDA                                                                            30                               (7)
Capital expenditure(1)                                                                      (26)                             (18)
Share of Group underlying operating profit                                                    1%                               0% 
Attributable return on capital employed %                                                     2%                              (1)% 

(1) Cash capital expenditure for Nickel of $35 million (H1 2013: $19 million) is offset by the capitalisation of 
    $61 million (H1 2013: $37 million) of net operating cash flows generated by Barro Alto which has not yet reached commercial
    production. 

Nickel reported an underlying operating profit of $26 million, an improvement of $37 million due to a $26 million 
favourable exchange-rate gain on Loma de Níquel as well as improved cash costs at Codemin, driven by lower 
electricity prices and lower project study cost spend. Underlying operating profit from the Barro Alto project continues to 
be capitalised as the asset is not yet in commercial production. 

Markets 

                                                                                 6 months ended                   6 months ended
                                                                                   30 June 2014                     30 June 2013 
Average market prices (c/lb)                                                                749                              732 
Average realised prices (c/lb)(1)                                                           716                              716 
(1) Realised prices are now reported inclusive of Barro Alto sales. This has led to the restatement of the 2013 realised 
    price from 711 c/lb to 716 c/lb 

Nickel prices improved following implementation of the Indonesian nickel ore export ban in Q1 and an improvement in demand. 
Prices increased as the market became more convinced that the export ban would remain in place. The ban led to significant 
rises in the cost of nickel ore in China, lifting the cost of nickel pig iron (NPI) production. The LME nickel price 
improved through H1, with an average of 664c/Ib in Q1 and to 838c/Ib in Q2, with prices peaking at 962c/Ib in May. 

Operating performance 

                                                                                 6 months ended                   6 months ended
                                                                                   30 June 2014                     30 June 2013 
Attributable nickel production (tonnes)                                                  19,800                           14,700 

Nickel production increased by 35% to 19,800 tonnes. Barro Alto produced 15,500 tonnes, an increase of 52%, reflecting 
continued operational stability, with fewer stoppages than in the first half of 2013. 

Projects 
The Barro Alto furnace rebuilds received board approval in April. The first full furnace rebuild is expected to start in 
late 2014 and the second in mid-2015. Barro Alto expects to achieve nominal production capacity during 2016. 

Outlook 
While there are still considerable stocks of nickel on the LME, the expectation is that stocks will reduce as the 
Indonesian nickel ore export ban negatively impacts both NPI production in China and overall nickel supply volumes. 

As has been reported previously, the Barro Alto ramp-up has been significantly affected by design flaws in both the kilns 
and the furnaces, and only a furnace redesign, involving the rebuilding of both lines, will rectify the project’s 
underlying faults. 

Having addressed many of these issues now, and with careful monitoring, pending the rebuilding of the furnaces, Barro Alto 
has achieved a level of stability which enabled an average feed rate for the two lines of 85% of design capacity over the 
first half. 

2014 production guidance for nickel has been increased to 32,000-35,000 tonnes, (previously 30,000-35,000 tonnes). 

BASE METALS & MINERALS – NIOBIUM 

                                                                                 6 months ended                   6 months ended
US$ million (unless otherwise stated)                                              30 June 2014                     30 June 2013 
Underlying operating profit                                                                  34                               42 
Underlying EBITDA                                                                            37                               44 
Capital expenditure                                                                          90                               64 
Share of Group underlying operating profit                                                    1%                               1% 
Attributable return on capital employed %                                                    16%                              41% 

Niobium reported an underlying operating profit of $34 million, a 19% decrease, due to lower sales prices, inflation and 
higher cash costs (driven by above-inflation increases in labour, contracted services and mining costs). 

Markets 

                                                                                 6 months ended                   6 months ended
                                                                                   30 June 2014                     30 June 2013 
Average realised prices ($/kg)                                                            39.02                            39.30 

Ferroniobium exports from Brazil increased by 8.5%, but have declined in recent months as lower volumes were sold to China. 
Although exports to Europe and the US were above expectations, broadly offsetting lower exports to China, the shift in 
volumes is putting some downward pressure on prices. 

Operating performance 

                                                                                 6 months ended                   6 months ended
                                                                                   30 June 2014                     30 June 2013 
Attributable niobium production (tonnes)                                                  2,200                            2,200 

Production of 2,200 tonnes was in line with the first half of 2013. 

Projects 
The Boa Vista Fresh Rock (BVFR) project continued to make progress and is now 93% complete, with piling works, civils and 
steel structure complete and mine commissioning started. The project includes the construction of a new upstream plant that 
will enable continuity of the Catalão site through processing the fresh-rock orebody. The project is expected to 
start production in Q4 2014. On completion of the project, production capacity will increase to approximately 6,800 tonnes 
of niobium a year at steady state. 

Outlook 
The global market has now recovered to the same levels as in 2012 and. While uncertainties remain regarding Chinese 
macro-economic policies and excess crude steel capacity, medium-term fundamentals for niobium remain strong, with growth 
being driven by developed economies and India. 

BASE METALS & MINERALS – PHOSPHATES 

                                                                                 6 months ended                   6 months ended
US$ million (unless otherwise stated)                                              30 June 2014                     30 June 2013 
Underlying operating profit                                                                   9                               48 
Underlying EBITDA                                                                            20                               59 
Capital expenditure                                                                          18                                8 
Share of Group underlying operating profit                                                    0%                               1% 
Attributable return on capital employed %                                                     5%                              28% 

Phosphates underlying operating profit decreased by 81%, mainly due to lower sales prices, partially offset by the 
devaluation of the Brazilian real. 

Markets 

                                                                                 6 months ended                   6 months ended
                                                                                   30 June 2014                     30 June 2013 
Average market prices – mono-ammonium phosphate 
(MAP)($/t CFR Brazil)                                                                       485                              519 

Mono-ammonium phosphate (MAP) prices started the year at a relatively low level of around $420/t, reached a peak of around 
$520/t in February/March motivated by Brazil’s safrinha mini-crop, stronger demand in US and supply issues from 
Morocco. Thereafter, MAP prices trended downwards in April and May, reaching an average $469/t in the seasonally weaker 
‘intercrop’ period which was also characterised by uncertainties over India. Prices for the period were lower 
than for the first half of 2013, mainly because substantially lower prices, driven by significant reduction in Indian 
consumption in the second half of last year, continued into 2014. 

Operating performance 

                                                                                 6 months ended                   6 months ended
                                                                                   30 June 2014                     30 June 2013 
Attributable fertiliser production (tonnes)                                             542,900                          573,700 

Production of 542,900 tonnes of fertiliser decreased by 5%, mainly as a result of a reduction in throughput, maintenance 
activities and a power outage. 

Outlook 
The market looks stable, especially for the third quarter, with strong demand likely to come from India (provided the 
country has a normal monsoon season) as well as from Brazil. Fertiliser demand in Brazil is expected to increase in 2014, 
reflecting additional demand driven by strong agricultural commodity prices during 2013 and H1 2014, generating solid 
margins for farmers and, thus increasing fertiliser usage. For the full year, phosphate fertiliser demand is expected to 
increase by around 3% to 11.9 Mt (2013: 11.5 Mt). 

PLATINUM 

                                                                                 6 months ended                   6 months ended
US$ million (unless otherwise stated)                                              30 June 2014                     30 June 2013 
Underlying operating (loss)/profit                                                           (1)                             187 
Underlying EBITDA                                                                           231                              497 
Capital expenditure                                                                         245                              235 
Share of Group underlying operating profit                                                    0%                               6% 
Attributable return on capital employed %                                                    (0)%                              4% 

Anglo American Platinum (Platinum) recorded an underlying operating loss of $1 million, compared to an underlying operating 
profit of $187 million in the first half of 2013. This performance reflected significantly lower production owing to the 
effects of the five-month industrial action by the Association of Mineworkers and Construction Union (AMCU) at the 
Rustenburg, Union and Amandelbult operations. Although operating costs savings were implemented at strike-affected 
operations, costs of approximately $400 million were incurred at these mines during the strike period, with a consequent 
negative impact on Platinum’s earnings. 

Refined platinum sales decreased by 3% to 1.04 million ounces (H1 2013: 1.07 million ounces). Sales exceeded refined 
production as refined inventory was drawn down owing to the strike action. The average dollar basket price achieved 
increased by 2% to $2,474 per ounce (H1 2013: $2,416 per ounce). 

Cash operating costs per equivalent refined platinum ounce of R27,810 were severely impacted by the industrial action. 
After adjusting for the strike, the cash operating cost of approximately R18,000 increased by 5%, from the cash costs of 
R17,053 per ounce achieved for the full year in 2013. 

Markets 

The increase in global demand for platinum this year is being driven by growth in autocatalyst, industrial and jewellery 
demand, which exceeds the decline in investment demand and growth in recycle supply. Indications for the first six months 
of 2014 are that pent-up demand for vehicles in Europe and global industrial demand are translating into higher platinum 
consumption. Jewellery demand remains strong at current depressed price levels and investment demand growth exceeded 
expectations. 

Despite the five month industrial action, coupled with early signs of increased vehicle sales in Europe, the platinum price 
was flat during the first half of 2014. This was driven by platinum supply being adequate to meet demand due to sales by 
South African producers from refined working inventories and a draw down from above ground stocks. Contractual supply to 
customers was uninterrupted. 

Palladium demand remained firm, dominated by continued growth in demand for gasoline vehicles in developing markets and 
supported by the launch of two South African ETFs in 2014. 

Autocatalysts 

Strong demand for diesel vehicles in Europe resulted in higher vehicle sales in each of the first five months of 2014 
compared to the corresponding months in 2013. Platinum loadings on Euro VI (light duty vehicles) compliant cars are higher 
than loadings on Euro V compliant cars. 

Industrial, jewellery and investment 

Gross platinum demand for industrial applications increased, with evidence of consumption matching new-capacity 
construction in the glass and chemicals sectors. The platinum price continued to trade at a higher level than the gold 
price in the first half of 2014, although demand for platinum jewellery increased, particularly in China. Growth in 
investment demand in 2013 and 2014 arose primarily as a result of the launch of the South African Exchange Traded Funds 
(“ETFs”). Platinum investment demand in the first half of 2014 increased by 350 koz, despite the record levels 
of growth in ETF holdings in 2013. 

Operating performance 

                                                                                 6 months ended                   6 months ended
                                                                                   30 June 2014                     30 June 2013 
Attributable equivalent refined platinum production (oz)                                715,200                        1,177,000 

Equivalent refined platinum production (equivalent ounces are mined ounces expressed as refined ounces) from the mines 
managed by Anglo American Platinum and its joint venture partners, at 715,200 ounces, was significantly affected by the 
industrial action from 23 January to 24 June 2014. Mogalakwena and Unki mines and the associates and joint operations 
portfolio, which remained mainly strike-free, all showed year-on-year improvements in production. Rustenburg, Amandelbult 
and Union operations were heavily affected by the disruption, losing 424,000 ounces of equivalent refined production during 
the strike and a further 16,000 platinum ounces in the ramp-up period at 30 June. 

Underground mining performance reflected the effects of the industrial action. Equivalent refined platinum production at 
Platinum’s own mines and the Western Limb tailings retreatment plant decreased by 468,200 ounces, or 59% year on 
year, to 319,100 ounces. At Amandelbult, output fell by 137,000 ounces, or 80% year on year; Rustenburg declined by 
258,200 ounces, or 88% year on year; and Union dropped by 85,600 ounces, or 89%. Output was also impacted by the restructuring of 
Rustenburg and Union mines, with a combined 86,500 ounce decrease in equivalent refined production in the first half of 
2014. 

Mogalakwena achieved a record performance, raising production to 184,800 ounces as a result of higher achieved 4E built-up 
head grade, an increase in the platinum content of the ore fed to the concentrator and improved mining performance. Unki 
maintained production at around 30,000 ounces. At Twickenham, production was 4,400 ounces higher. 

Equivalent refined platinum production from associates and joint ventures, inclusive of both mined and purchased output, 
increased by 4% year on year to 370,700 ounces. This was due to higher production volumes across all mines, most notably at 
Kroondal (8%) and Bokoni (17%), following productivity-improvement initiatives. 

Equivalent refined platinum ounces purchased from third parties decreased by 26% to 25,400 ounces (H1 2013: 34,200 ounces). 

Refined platinum production at 855,800 ounces was 16% lower. Again, this was primarily due to the impact of the strike, 
though it was offset by a drawdown in pipeline inventory. Refined production of palladium and rhodium decreased by 5% and 
13%, respectively. Variances in palladium and rhodium output were a reflection of the industrial action, a changed 
ore-source mix from operations, and different pipeline processing times for each metal. 

Platinum sales exceeded refined production by 189,000 ounces in H1, owing to lower production and a drawdown in the refined 
inventory in anticipation of possible lengthy strike action. 

Wage-negotiation update 
On 23 January, AMCU, the majority and recognised union, declared industrial action against Anglo American Platinum. The 
Commission for Conciliation, Mediation and Arbitration (CCMA) issued AMCU with a strike certificate for non-resolution of 
wage negotiations, deeming the strike legal. 

After five months of extensive consultation, mediation and other efforts to find an affordable solution, AMCU settled the 
new wage agreement on 24 June. This is a three-year deal with an average cost to company of 8.4% per annum over the 
three-year period (the cost to company will be 10.5% in year 1, 7.7% in year 2, and 7.1% in year 3). The wage settlement 
applies retrospectively from 1 July 2013, and the ‘no work, no pay’ principle applies to all workers. 

Outlook 
The global platinum market is expected to remain in deficit in the short and medium term as steady demand growth exceeds 
growth in primary and secondary supply. The impact on supply from the industrial action in 2012, the introduction of 
platinum ETFs in 2013 and the most recent industrial action in 2014 has resulted in a significant reduction of above-ground 
platinum stocks. Capital constrained supply growth and depressed margins are likely to continue at current price levels. 
Working inventory levels are currently lower than normal operating levels and will necessitate a re-stocking as production 
resumes and returns to normal. 

Palladium demand is expected to increase in 2014, supported by global vehicle production growth and tightening emissions 
legislation, with growth in petrol vehicle production in China remaining the dominant driver. Supply is constrained as a 
result of the same factors influencing platinum, and further deficits are expected in the palladium market in 2014 and the 
near term. 

Equivalent refined production in H2 2014 will be impacted by the ramp-up process which is estimated to be back at steady 
state by Q4 2014. Full medical and safety checks will be completed before production can return to normal. As a result we 
are reducing both our refined production and sales guidance to between 2.0 to 2.1Moz, as pipeline stock needs to be 
replenished. Cost inflation will continue to present severe challenges. Platinum estimates that its cash unit costs for 
2014 as a whole will increase to between R18,000 and R19,000 per equivalent refined platinum ounce, after adjusting for the 
impact of the strike. 

Platinum’s project portfolio has been aligned with the proposals of the Portfolio Review, and capital expenditure 
guidance is R5.5bn – R6.5bn for 2014, excluding pre-production cost, capitalised waste stripping and interest. 

DE BEERS 

                                                                                 6 months ended                   6 months ended
US$ million (unless otherwise stated)                                              30 June 2014                     30 June 2013 
Underlying operating profit                                                                 765                              571 
Underlying EBITDA                                                                           983                              788 
Capital expenditure                                                                         320                              255 
Share of Group underlying operating profit                                                  26%                              18% 
Attributable return on capital employed(1)                                                  13%                               8% 
(1) Operating profit used in the calculation of De Beers’ attributable return on capital employed is based on the 
    last 12 months rather than on an annualisation of the first six months’ performance. This is due to the seasonal 
    sales and operating profit profile of De Beers, as noted in the Markets and sales section. Attributable ROCE for the first 
    half of 2013 is presented on a pro forma basis. 

De Beers recorded an underlying operating profit of $765 million, an increase of 34% compared with the first half of 2013. 
The increase was primarily due to solid demand across key markets resulting in strong revenue growth, together with the 
benefit of favourable exchange rate trends. 

Markets and sales 

Rough diamond demand was robust, reflecting a positive outlook for polished diamonds in De Beers’ key markets of the 
US, China and India. This contrasted with the first half of 2013, when encouraging growth in the US was not matched in 
India (where demand was weak). Stronger year-on-year consumer demand between Thanksgiving and Chinese New Year – the 
key selling season – resulted in higher levels of retailer restocking during the first half of 2014 than in the same 
period last year. 

These factors contributed to the strong sales performance, with total sales up by 15% to $3.8 billion, while rough diamond 
sales were also 15% higher at $3.5 billion. Higher rough diamond revenue was driven by an increase in sales volumes net of 
slightly lower realised prices (4% lower). De Beers’ average price index in H1 2014 was 4% higher than in H1 2013 
with this being offset by a marginally lower product mix. 

The seasonal nature of polished diamond consumption means that De Beers’ annual performance is generally more heavily 
weighted towards the first six months, reflecting normal restocking by midstream diamantaires after the key selling season. 
While stocking levels increase as the end of the year approaches, this is offset by manufacturing slowdowns that typically 
impact upon rough demand in the second half. It is expected that this trend will continue this year. 

In July, De Beers announced details of a new approach to its rough diamond sales contracts. The new contract period, which 
will start in March 2015 and run for three years, with an option for De Beers to extend, requires De Beers’ rough 
diamond customers to comply with more rigorous financial and governance requirements in order to be eligible for supply. 

Mining and manufacturing 

                                                                                 6 months ended                   6 months ended
                                                                                   30 June 2014                     30 June 2013 
Total diamond production (thousand carats)(1)                                            16,046                           14,295 
(1) Includes 100% of production from joint ventures. 

De Beers’ half-year production increased by 1.8 Mct to 16.0 Mct (H1 2013: 14.3 Mct), largely owing to higher 
production from Debswana and the South African operations. 

At Debswana, production benefited from higher efficiency at the processing plants, as a result of operational improvement 
initiatives. This was enhanced by recovery from the twin impacts in 2013 of the Jwaneng slope failure clean-up and planned 
plant maintenance at Orapa, partly offset by the mining of lower grades at Jwaneng. 

In South Africa, higher production was achieved, mainly as a result of there being no repetition of the challenges faced in 
2013 after extreme flooding at Venetia. In addition, the implementation of a range of initiatives to improve rain 
preparedness at Venetia limited the impact of heavy seasonal rainfall this year. 

In Canada, production continued to improve at both Victor and Snap Lake. Work continues on optimising the Snap Lake mine to 
enable economic access to the promising, though challenging, orebody, with a continued focus on water-management issues. 

In Namibia, production has increased at both Namdeb and Debmarine Namibia, with strong performance by the Mafuta vessel and 
progress made on beach accretion. Namdeb Holdings has been issued with a 15-year licence extension for both land and sea 
operations to at least 2035. 

Element Six achieved encouraging sales growth of 10% derived from most product groups, particularly oil and gas and 
precision machining, which have benefited from increased investment in innovation. Overall revenue growth was strong in the 
Americas and Asia, although Europe declined slightly owing to weaker markets for carbide products. 

Brands 
As consumers’ preference for branded products increases, De Beers continues to position its Forevermark and De Beers 
Jewellers brands in major consumer markets across the world. 

Forevermark continues to grow strongly, particularly in the core markets of China, Japan, India and the US. In May, 
Forevermark was launched in Turkey and, in July, plans were announced to make the brand available in the UK and Ireland. 
The brand is now available in more than 1,400 authorised jewellery stores in 29 countries, an increase of more than 30% on 
the same point in 2013. More than one million diamonds have now received a unique Forevermark inscription since the 
brand’s launch in 2008. 

De Beers Jewellers had healthy like-for-like sales growth, having restructured its portfolio of stores to focus on 
fast-growing markets – particularly in Asia. Sales continue to be boosted by its Chinese clientele, both in Asia and 
in other luxury shopping destinations around the world. 

Projects 
In Botswana, Jwaneng Cut-8 waste mining is progressing well, with 46% of the 500 million tonnes of waste stripping required 
to expose the ore now complete. Cut-8 will become the main source of ore for Jwaneng during 2017. 

Construction of the Venetia underground mine in South Africa is also progressing well. Development of the decline from the 
surface is under way, with almost 100 metres of tunnel advanced. The collar of the production shaft is now in place and the 
pre-sink in the production shaft is scheduled to begin in H2. With first production planned for 2021, the project is around 
10% complete. 

In Canada, permitting for the Gahcho Kué project in the Northwest Territories is on track, with final approvals for 
the land-use permit and water licence expected during the second half. Detailed engineering and pioneer works are well 
under way, and the project is progressing according to plan. 

Outlook 
De Beers expects continued growth in diamond jewellery demand across its key markets in 2014, driven primarily by the US 
and China. Other markets are also projected to show growth in local currency this year, with final dollar-equivalent demand 
levels partly dependent on currency fluctuations. 

In India, recent parliamentary elections have resulted in improved economic confidence, which is expected to impact 
positively on both activity in the country’s cutting centres and on rough diamond demand generally. 

2014 production guidance has been increased to 31 to 32 million carats (previously 30 to 32 million carats). 

CORPORATE AND OTHER 

                                                            6 months ended            6 months ended
US$ million (unless otherwise stated)                         30 June 2014              30 June 2013 
Underlying operating profit /(loss)                                   (150)                     (208)
    Other Mining and Industrial                                         11                       (30)
    Exploration                                                        (76)                      (93)
    Corporate activities & unallocated costs                           (85)                      (85)
Underlying EBITDA                                                      (98)                     (127)
Capital expenditure                                                     15                        28 
Share of Group underlying operating profit                              (5)%                      (6)% 

Other Mining and Industrial 
The underlying operating profit of $11 million for the first half of 2014 was an improvement on the underlying operating 
loss of $30 million in the same period in 2013, mainly attributable to an improved performance from Lafarge Tarmac joint 
venture, as well as Tarmac Buildings Products prior to its disposal on 31 March 2014. 

Lafarge Tarmac joint venture 

The Group’s share in the underlying operating profit of the joint venture was $21 million, an improvement on the 
underlying operating loss of $16 million in the first half of 2013, despite a slow start to the year owing to exceptionally 
wet weather. The outlook for the second half is positive and is supported by improving market conditions in the UK. 

Following the announcement on 7 July 2014 of an agreement in principle, the Group reached a binding agreement on 24 July 
2014 to sell its 50% ownership interest in Lafarge Tarmac to Lafarge SA ("Lafarge") for a minimum value of 
£885 million (approximately $1.5 billion) in cash, on a debt and cash free basis and subject to other customary 
working capital adjustments. The sale will be subject to a number of conditions, including the completion of the proposed 
merger of Lafarge and Holcim Limited, the divestment of Lafarge Tarmac being accepted as a suitable remedy for the UK 
market in respect of the merger, and approval of this sale transaction by the necessary regulators. 

In the event that a subsequent divestment of Lafarge Tarmac is agreed within 18 months of this sale being completed, then 
Anglo American will participate in a minority proportion of the upside beyond a small premium to the terms of this 
transaction. 

Exploration 
Underlying operating loss for Exploration H1 2014 was $76 million, a decrease of 18% compared to prior year following 
reductions in diamonds and metallurgical coal exploration costs. 

Corporate activities and unallocated costs 

Underlying operating loss for Corporate activities and unallocated costs for the first half of 2014 were $85 million, in 
line with the first half of 2013. 

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                                                       Caroline Crampton 
 Tel: +44 (0)20 7968 8481                                          Tel: +44 (0)20 7968 2192 

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

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 

Webcast of presentation: 
A live webcast of the results presentation, starting at 9.00am UK time on 25 July 2014, can be accessed through the Anglo 
American website at www.angloamerican.com 

Note: Throughout this results announcement, ‘$’ denotes United States dollars and ‘cents’ refers to 
United States cents; operating profit includes attributable share of associates’ and joint ventures’ operating 
profit and is before special items and remeasurements, unless otherwise stated; special items and remeasurements are 
defined in note 6 to the Condensed financial statements. Underlying earnings, unless otherwise stated, is calculated as set 
out in note 10 to the Condensed financial statements. Earnings before interest, tax, depreciation and amortisation (EBITDA) 
is operating profit before special items and remeasurements, depreciation and amortisation in subsidiaries and joint 
operations and includes attributable share of EBITDA of associates and joint ventures. Tonnes are metric tons, 
‘Mt’ denotes million tonnes and ‘kt’ denotes thousand tonnes, unless otherwise stated. 

Forward-looking statements 

This announcement includes forward-looking statements. All statements other than statements of historical facts included in 
this announcement, including, without limitation, those regarding Anglo American’s financial position, business and 
acquisition strategy, plans and objectives of management for future operations (including development plans and objectives 
relating to Anglo American’s products, production forecasts and reserve and resource positions), 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, mineral resource exploration and development capabilities, recovery rates and other 
operational capabilities, the availability of mining and processing equipment, the ability to produce and transport 
products profitably, the impact of foreign currency exchange rates on market prices and operating costs, the availability 
of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the 
world, the actions of competitors, activities by governmental authorities such as 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 announcement. 
Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on 
Takeovers and Mergers (the “Takeover Code”), 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 
SWX 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 announcement 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 announcement is sourced from publicly 
available third party sources. As such, it presents the views of those third parties, though these may not necessarily 
correspond to the views held by Anglo American. 


CONDENSED FINANCIAL STATEMENTS 
FOR THE SIX MONTHS ENDED 30 JUNE 2014 

CONTENTS 

Principal statements 
Consolidated income statement 31 
Consolidated statement of comprehensive income 31 
Consolidated balance sheet 32 
Consolidated cash flow statement 33 
Consolidated statement of changes in equity 34 

Notes to the financial statements 
1. Basis of preparation 35 
2. Critical accounting judgements and key sources of estimation uncertainty 35 
3. Changes in accounting policies and disclosures 36 
4. Segmental information 36 
5. Operating profit and underlying earnings by segment 39 
6. Special items and remeasurements 40 
7. Exploration and evaluation expenditure 42 
8. Interest expense 42 
9. Income tax expense 42 
10. Earnings per share 43 
11. Financial instruments 44 
12. Capital expenditure 45 
13. Net debt 46 
14. Borrowings 47 
15. Contingent liabilities 48 
16. Related party transactions 49 
17. Events occurring after the period end 49 
Responsibility statement 50 
Independent review report 51 
Exchange rates and commodity prices 52 
Summary by business operation 53 
Notice of Interim Dividend 54 


Consolidated income statement 
for the six months ended 30 June 2014 

                                              6 months ended                       6 months ended                            Year ended 
                                                    30.06.14                             30.06.13                              31.12.13 
                                                   unaudited                            unaudited                               audited 
                              Before     Special                   Before     Special                    Before     Special
                             special   items and                  special   items and                   special   items and 
                           items and  remeasure¬                items and  remeasure¬                 items and  remeasure¬ 
                          remeasure-       ments               remeasure-       ments                remeasure-       ments 
                               ments    (note 6)       Total        ments    (note 6)         Total       ments    (note 6)      Total 
US$ million              Note                        
Group revenue               4  14,221          –       14,221       14,405           –        14,405      29,342           –    29,342 
Operating costs               (11,517)       118      (11,399)     (11,357)       (812)      (12,169)    (23,174)     (3,761)  (26,935)
Operating profit from 
subsidiaries and joint 
operations                  4   2,704        118        2,822        3,048        (812)        2,236       6,168      (3,761)    2,407 
Non-operating special 
items                       6       –         19           19            –         (83)          (83)          –        (469)     (469)
Share of net income 
from associates and 
joint ventures              4     126          6          132          114         (37)           77         243         (75)      168 
Profit from operations, 
associates 
and joint ventures              2,830        143        2,973        3,162        (932)        2,230       6,411      (4,305)    2,106 
Investment income                 127          –          127          129           –           129         271           –       271 
Interest expense            8    (242)       (32)        (274)        (338)          –          (338)       (584)          –      (584)
Other financing 
gains/(losses)                     42         77          119            8         (35)          (27)         37        (130)      (93)
Net finance costs                 (73)        45          (28)        (201)        (35)         (236)       (276)       (130)     (406)
Profit before tax               2,757        188        2,945        2,961        (967)        1,994       6,135      (4,435)     1,700 
Income tax expense          9    (826)        (4)        (830)        (916)         75          (841)     (1,861)        587    (1,274)
Profit for the 
financial period                1,931        184        2,115        2,045        (892)        1,153       4,274      (3,848)       426 
Attributable to:                                                                                                                            
Non-controlling 
interests                         647          4          651          795         (45)          750       1,601        (214)     1,387 
Equity shareholders 
of the Company                  1,284        180        1,464        1,250        (847)          403       2,673      (3,634)     (961)
                                                                                                                                            
Earnings/(loss) per 
share (US$)                                                       
Basic                      10    1.00       0.14         1.14         0.98       (0.67)         0.31        2.09       (2.84)    (0.75)
Diluted                    10    1.00       0.14         1.14         0.97       (0.66)         0.31        2.08       (2.83)    (0.75)
                                                                                                                                                                             


Consolidated statement of comprehensive income 
for the six months ended 30 June 2014 

US$ million                                                                   6 months ended         6 months ended          Year ended 
                                                                                    30.06.14               30.06.13            31.12.13 
                                                                                   unaudited              unaudited (1)      audited(1) 
Profit for the financial period                                                        2,115                  1,153                 426 
Items that will not be reclassified to the income 
statement (net of tax)  
Remeasurement of net retirement benefit obligation                                       (62)                    38                  60 
Net items that will not be reclassified to the income statement                          (62)                    38                  60 
Items that have been or may subsequently be reclassified to 
the income statement (net of tax)
Net exchange differences 
Net gain/(loss) (including associates and joint ventures)                                 18                 (3,719)            (4,716)
Cumulative loss transferred to the income statement on 
disposal of foreign operations                                                             5                     62                  73 
Revaluation of available for sale investments:
Net revaluation gain/(loss)                                                               22                   (105)               (56) 
Cumulative revaluation loss/(gain) transferred to the 
income statement on disposal                                                               –                      6                (77) 
Impairment losses transferred to the income statement                                      –                     14                  14 
Revaluation of cash flow hedges:
Net gain/(loss)                                                                           11                     (8)               (12) 
Transferred to the initial carrying amount of hedged items                                 1                     (1)                  4 
Net items that have been or may subsequently be 
reclassified to the income statement                                                      57                 (3,751)            (4,770) 
Total comprehensive income/(expense) for the financial period                          2,110                 (2,560)            (4,284) 
Attributable to:
Non-controlling interests                                                                615                    248                 769 
Equity shareholders of the Company                                                     1,495                 (2,808)            (5,053) 
(1) Amounts are now shown net of tax. Comparatives have been reclassified to align with current year presentation. 


Consolidated balance sheet 
as at 30 June 2014 

                                                                30.06.14           31.12.13           30.06.13                    
US$ million                                      Note          unaudited            audited          unaudited                    
ASSETS                                                                                                                            
Non-current assets                                                                                                                
Intangible assets                                                  4,066              4,083              4,190                    
Property, plant and equipment                                     43,127             41,505             42,146                    
Environmental rehabilitation 
trusts                                                               377                348                344                    
Investments in associates and 
joint ventures                                                     4,719              4,612              4,671                    
Financial asset investments                        11              1,493              1,446              1,722                    
Trade and other receivables                                          792                797                599                    
Deferred tax assets                                                1,314              1,364              1,203                    
Derivative financial assets                        11                749                604                458                    
Other non-current assets                                             253                247                212                    
Total non-current assets                                          56,890             55,006             55,545                    
Current assets                                                                                                                    
Inventories                                                        4,633              4,789              4,930                    
Financial asset investments                        11                  –                 19                424                    
Trade and other receivables                                        2,844              3,351              2,849                    
Current tax assets                                                   118                226                313                    
Derivative financial assets                        11                135                 70                125                    
Cash and cash equivalents                          13              8,452              7,704              8,103                    
Total current assets                                              16,182             16,159             16,744                    
Assets classified as held for sale                                     –                  –                385                    
Total assets                                                      73,072             71,165             72,674                    
LIABILITIES                                                                                                                       
Current liabilities                                                                                                               
Trade and other payables                                          (3,781)            (4,369)            (3,995)                   
Short term borrowings                           13,14             (2,196)            (2,108)            (4,122)                   
Provisions for liabilities and 
charges                                                             (688)              (768)              (425)                   
Current tax liabilities                                             (545)              (734)              (609)                   
Derivative financial liabilities                   11               (313)              (372)              (432)                   
Total current liabilities                                         (7,523)            (8,351)            (9,583)                   
Non-current liabilities                                                                                                           
Trade and other payables                                             (25)               (22)               (21)                   
Medium and long term borrowings                 13,14            (17,686)           (15,740)           (12,955)                   
Retirement benefit obligations                                    (1,240)            (1,204)            (1,187)                   
Deferred tax liabilities                                          (4,779)            (4,657)            (5,218)                   
Derivative financial liabilities                   11               (617)            (1,139)            (1,273)                   
Provisions for liabilities and 
charges                                                           (2,772)            (2,688)            (2,250)                   
Total non-current liabilities                                    (27,119)           (25,450)           (22,904)                   
Liabilities directly associated 
with assets classified as held 
for sale                                                               –                  –               (200)                   
Total liabilities                                                (34,642)           (33,801)           (32,687)                   
Net assets                                                        38,430             37,364             39,987                    
                                                                                                                                  
EQUITY                                                                                                                            
Called-up share capital                                              772                772                772                    
Share premium account                                              4,358              4,358              4,357                    
Own shares                                                        (6,367)            (6,463)            (6,488)                   
Other reserves                                                    (5,360)            (5,372)            (4,558)                   
Retained earnings                                                 39,097             38,376             40,107                    
Equity attributable to equity 
shareholders of the Company                                       32,500             31,671             34,190                    
Non-controlling interests                                          5,930              5,693              5,797                    
Total equity                                                      38,430             37,364             39,987                    

The Condensed financial statements, which include the accompanying notes found on pages 35 to 49, of Anglo American 
plc, registered number 03564138, were approved by the Board of directors on 24 July 2014 and signed on its behalf by:   

Mark Cutifani                             René Médori 
Chief Executive                           Finance Director 


Consolidated cash flow statement 
for the six months ended 30 June 2014 

US$ million                                               Note       6 months ended         6 months ended            Year ended 
                                                                           30.06.14               30.06.13              31.12.13 
                                                                          unaudited              unaudited               audited 
Cash flows from operating activities                                                                                             
Total profit before tax                                                       2,945                  1,994                 1,700 
Net finance costs including financing 
special items and remeasurements                                                 28                    236                   406 
Share of net income from associates and 
joint ventures                                                                 (132)                   (77)                 (168)
Non-operating special items                                                     (19)                    83                   469 
Total operating profit from 
subsidiaries and joint operations                                             2,822                  2,236                 2,407 
Operating special items and 
remeasurements                                               6                 (118)                   812                 3,761 
Cash element of operating special items                                         (49)                   (23)                 (146)
Depreciation and amortisation                                4                1,249                  1,313                 2,638 
Share-based payment charges                                                      96                     95                   201 
Decrease in provisions                                                         (179)                  (147)                  (56)
Decrease/(increase) in inventories                                              123                   (587)                 (562)
Decrease/(increase) in operating 
receivables                                                                     494                    181                  (541)
Decrease in operating payables                                                 (437)                  (329)                  (18)
Other adjustments                                                                (3)                    25                    45 
Cash flows from operations                                                    3,998                  3,576                 7,729 
Dividends from associates and joint 
ventures                                                                        221                     94                   246 
Dividends from financial asset 
investments                                                                      32                      7                    18 
Income tax paid                                                                (741)                  (510)               (1,201)
Net cash inflows from operating 
activities                                                                    3,510                  3,167                 6,792 
Cash flows from investing activities                                                                                             
Expenditure on property, plant and 
equipment                                                   12               (2,667)                (2,389)               (6,125)
Cash flows from derivatives related to 
capital expenditure                                         12                  (97)                    (8)                 (136)
Proceeds from disposal of property, 
plant and equipment                                                              31                     15                   140 
Investments in associates and joint 
ventures                                                                        (51)                  (145)                 (221)
Purchase of financial asset investments                                         (17)                     –                     – 
Net (advance)/repayment of loans granted                                         (8)                   (81)                  301 
Interest received and other investment 
income                                                                           76                     77                   193 
Disposal of subsidiaries, net of cash 
and cash equivalents disposed                                                    (2)                    70                    13 
Repayment of capitalised loans by 
associates                                                                        4                     27                   108 
Net proceeds from disposal of interests 
in available for sale investments                                                 –                      4                    99 
Other investing activities                                                      (22)                    (6)                    3 
Net cash used in investing activities                                        (2,753)                (2,436)               (5,625)
Cash flows from financing activities                                                                                             
Interest paid                                                                  (503)                  (512)                 (907)
Cash flows from derivatives related to 
financing activities                                        13                   88                    237                   181 
Dividends paid to Company shareholders                                         (696)                  (672)               (1,078)
Dividends paid to non-controlling 
interests                                                                     (502)                   (619)               (1,159)
Proceeds from issuance of bonds                          13,14                3,165                    977                 3,562 
Proceeds from other borrowings                              13                1,044                    548                 1,127 
Repayment of borrowings                                     13               (2,561)                (1,203)               (3,717)
Movements in non-controlling interests                                           21                     25                    71 
Tax on sale of non-controlling 
interests in Anglo American Sur                                                   –                   (395)                 (395)
Sale of shares under employee share 
schemes                                                                          11                     12                    14 
Purchase of shares by subsidiaries for 
employee share schemes(1)                                                      (103)                   (66)                  (92)
Other financing activities                                                       (3)                   (14)                   (9)
Net cash used in financing activities                                           (39)                (1,682)               (2,402)
Net increase/(decrease) in cash and 
cash equivalents                                                                 718                  (951)               (1,235)
Cash and cash equivalents at start of 
period                                                                         7,702                 9,298                 9,298 
Cash movements in the period                                                     718                  (951)               (1,235)
Effects of changes in foreign exchange 
rates                                                                             26                  (272)                 (361)
Cash and cash equivalents at end of 
period                                                      13                 8,446                  8,075                 7,702 
(1) Includes purchase of Kumba Iron Ore Limited and Anglo American Platinum Limited shares for their respective 
employee share schemes.                                                                                                  
                                                                                                                         


Consolidated statement of changes in equity 
for the six months ended 30 June 2014 

                                                                                               Total equity                         
                                                                                               Attributable                         
                                                                      Cumulative                  to equity                         
                               Total                                 translation  Fair value   shareholders         Non-            
                               share           Own        Retained    adjustment   and other         of the  controlling      Total 
US$ million                  capital(1)     shares(2)     earnings       reserve    reserves(3)     Company    interests     equity 
Balance at 1 January 
2013 (audited)                   5,129        (6,659)       40,343        (2,617)        1,415       37,611        6,127     43,738 
Total comprehensive 
income/(expense)                     –             –           435        (3,155)          (88)      (2,808)         248     (2,560)
Dividends payable                    –             –          (672)            –             –         (672)        (619)    (1,291)
Issue of shares to 
non-controlling 
interests                            –             –             –             –             –            –           25         25 
Equity settled 
share-based payment 
schemes                              –           171           (16)            –           (96)          59           16         75 
Other                                –             –            17             –           (17)           –            –          – 
Balance at 30 June 2013 
(unaudited)                      5,129        (6,488)       40,107        (5,772)        1,214       34,190        5,797     39,987 
Total comprehensive 
(expense)/income                     –             –        (1,336)         (868)          (41)      (2,245)         521     (1,724) 
Dividends payable                    –             –          (406)            –             –         (406)        (654)    (1,060) 
Changes in ownership 
interest in 
subsidiaries                         –             –            38             –             –           38          (14)        24 
Issue of shares to 
non-controlling 
interests                            –             –             –             –             –            –           22         22 
Equity settled 
share-based payment 
schemes                              –            25           (27)            –            95            93          21        114 
Other                                1             –             –             –             –             1           –          1 
Balance at 31 December 
2013 (audited)                   5,130        (6,463)       38,376        (6,640)        1,268        31,671         5,693   37,364 
Total comprehensive 
income                               –             –         1,406            63            26         1,495           615    2,110 
Dividends payable                    –             –          (696)            –             –          (696)         (408)  (1,104)
Issue of shares to 
non-controlling 
interests                            –             –             –             –             –             –            21       21 
Equity settled 
share-based payment 
schemes                              –            96            11             –           (77)           30             9       39 
Balance at 30 June 2014 
(unaudited)                      5,130        (6,367)       39,097        (6,577)         1,217       32,500         5,930   38,430 

(1) Includes share capital and share premium. 
(2) Own shares comprise shares of Anglo American plc held by the Company (treasury shares), its subsidiaries and employee 
benefit trusts. 
(3) Includes the share-based payment reserve, available for sale reserve, cash flow hedge reserve, legal reserve, capital 
redemption reserve and revaluation reserve. 


Dividends 

                                                            6 months ended            6 months ended                Year ended 
                                                                  30.06.14                  30.06.13                  31.12.13 
Proposed ordinary dividend per share (US cents)                         32                        32                        53 
Proposed ordinary dividend (US$ million)                               410                       409                       678 
                                                                                                                               
Ordinary dividends payable during the period 
per share (US cents)                                                    53                        53                        85 
Ordinary dividends payable during the period 
(US$ million)                                                          696                       672                     1,078 


Notes to the financial statements 

1. Basis of preparation                                                                                                      

The Condensed financial statements for the six month period ended 30 June 2014 have been prepared in accordance with 
International Accounting Standard (IAS) 34 Interim Financial Reporting and the requirements of the Disclosure and 
Transparency Rules (DTR) of the Financial Conduct Authority (FCA) in the United Kingdom as applicable to interim financial 
reporting. 

The Condensed financial statements represent a ‘condensed set of financial statements’ as referred to in the 
DTR issued by the FCA. Accordingly, they do not include all of the information required for a full annual financial report 
and are to be read in conjunction with the Group’s Consolidated financial statements for the year ended 31 December 
2013, which were prepared in accordance with International Financial Reporting Standards (IFRS) adopted for use by the 
European Union (EU). The Condensed financial statements are unaudited and do not constitute statutory accounts as defined 
in section 434 of the Companies Act 2006. The financial information for the year ended 31 December 2013 does not constitute 
statutory accounts as defined in section 434 of the Companies Act 2006. This information was derived from the statutory 
accounts for the year ended 31 December 2013, a copy of which has been delivered to the Registrar of Companies. The 
auditor’s report on these accounts was unqualified, did not include a reference to any matters to which the auditor 
drew attention by way of an emphasis of matter and did not contain a statement under sections 498 (2) or (3) of the 
Companies Act 2006. 

Going concern 
The financial position of the Group, its cash flows, liquidity position and borrowing facilities are set out in the 
Financial review of Group results for the six months ended 30 June 2014 on pages 3 to 8. The Group's net debt 
(including related hedges) at 30 June 2014 was $11.5 billion (30 June 2013: $9.8 billion; 31 December 2013: $10.7 billion) 
representing a gearing level of 23.1% (30 June 2013: 19.6%; 31 December 2013: 22.2%). Further analysis of net debt is set 
out in note 13 and details of borrowings and facilities are set out in note 14. 

The directors have considered the Group's cash flow forecasts for the period to the end of 31 December 2015. The Board 
is satisfied that the Group's forecasts and projections, taking into account reasonably possible changes in trading 
performance, show that the Group will be able to operate within the level of its current facilities for the foreseeable 
future. For this reason the Group continues to adopt the going concern basis in preparing its Condensed financial 
statements. 

Non-GAAP measures 
Investors should consider non-GAAP financial measures in addition to, and not as a substitute for or as superior to, 
measures of financial performance reported in accordance with IFRS. The IFRS results reflect all items that affect reported 
performance and therefore it is important to consider the IFRS measures alongside the non-GAAP measures. Reconciliations of 
certain non-GAAP financial measures to directly comparable IFRS financial measures are presented in notes 4, 10, 12 and 13 
to the Condensed financial statements. 

2. Critical accounting judgements and key sources of estimation uncertainty                                                  

In the course of preparing financial statements, management necessarily makes judgements and estimates that can have a 
significant impact on the financial statements. The most critical of these relate to estimation of Ore Reserves, assessment 
of fair value, impairment of assets, restoration, rehabilitation and environmental costs, deferred stripping, taxation, 
retirement benefits, contingent liabilities and the classification of joint arrangements. The use of inaccurate assumptions 
in assessments made for any of these estimates could result in a significant impact on financial results. The critical 
accounting judgements and key sources of estimation uncertainty are the same as those disclosed in the Group’s 
Consolidated financial statements for the year ended 31 December 2013. 

3. Changes in accounting policies and disclosures                                                                            

The accounting policies applied are consistent with those adopted and disclosed in the Group Consolidated financial 
statements for the year ended 31 December 2013, except for changes arising from the adoption of new accounting 
pronouncements detailed below. 

The following accounting amendments and interpretation became effective in the current reporting period: 
- Amendments to IAS 36 Impairment of Assets: Recoverable Amount Disclosures for Non-Financial Assets 
- Amendments to IAS 39 Financial Instruments: Recognition and Measurement: Novation of Derivatives and Continuation of 
  Hedge Accounting 
- Amendments to IAS 32 Financial Instruments: Presentation: Offsetting Financial Assets and Financial Liabilities 
- Amendments to IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of Interests and Other Entities and IAS 
  27 Separate Financial Statements: Investment Entities 

The adoption of these new accounting pronouncements has not had a significant impact on the accounting policies, methods of 
computation or presentation applied by the Group. 

The Group has early adopted IFRIC 21 Levies which has been endorsed by the EU but is effective for annual periods beginning 
on or after 17 June 2014. 

The Group has not early adopted any other amendment, standard or interpretation that has been issued but is not yet 
effective. It is expected that where applicable, these standards and amendments will be adopted on each respective 
effective date. 

4. Segmental information                                                                                                     

The Group’s segments are aligned to the structure of business units based around core commodities. Each business unit 
has a management team that is accountable to the Chief Executive, and in the instance of Copper, Nickel, Niobium and 
Phosphates, the same management team is responsible for the management of all four business units, collectively referred to 
as Base Metals and Minerals. To align with changes in the management structure of the Group’s coal businesses and the 
way their results are internally reported, Coal South Africa and Coal Colombia (formerly the Thermal Coal segment) and Coal 
Australia and Canada (formerly the Metallurgical Coal segment) are now reported together as the Coal segment. Niobium and 
Phosphates are now reported as separate segments, having previously been aggregated and the Diamonds segment has been 
renamed De Beers. 

The Kumba Iron Ore, Iron Ore Brazil and Samancor business units have been aggregated as the ‘Iron Ore and 
Manganese’ segment on the basis of the ultimate product produced (ferrous metals). 

The Other Mining and Industrial segment is no longer considered to be individually significant to the Group and is 
therefore now shown within ‘Corporate and other’ together with unallocated corporate costs and exploration 
costs. Exploration costs represent the cost of the Group’s exploration activities across all segments, and were 
previously reported separately. Comparatives have been reclassified to align with current year presentation. 

The Group Management Committee evaluates the financial performance of the Group and its segments principally with reference 
to underlying operating profit. Underlying operating profit is operating profit presented before special items and 
remeasurements and includes the Group’s attributable share of associates’ and joint ventures’ operating 
profit before special items and remeasurements. Underlying EBITDA is underlying operating profit before depreciation and 
amortisation in subsidiaries and joint operations and includes the Group’s attributable share of underlying operating 
profit before depreciation and amortisation of associates and joint ventures. 

Segment revenue includes the Group’s attributable share of associates’ and joint ventures’ revenue. 
Segments predominantly derive revenue as follows – Iron Ore and Manganese: iron ore, manganese ore and alloys; Coal: 
metallurgical coal and thermal coal; Copper: copper; Nickel: nickel; Niobium: niobium; Phosphates: phosphates; Platinum: 
platinum group metals and De Beers: rough and polished diamonds. 

The segment results are stated after elimination of inter-segment transactions and include an allocation of corporate 
costs. 

Segment results 

                                                                          Revenue                  Underlying operating profit/(loss) 
                                       6 months         6 months             Year         6 months         6 months            Year
                                          ended            ended            ended            ended            ended            ended   
US$ million                            30.06.14         30.06.13         31.12.13         30.06.14         30.06.13         31.12.13 
Iron Ore and Manganese                    2,894            3,311            6,517            1,229            1,653            3,119 
Coal                                      2,856            3,142            6,400              260              345              587 
Copper                                    2,555            2,312            5,392              760              635            1,739 
Nickel                                       76               73              136               26              (11)             (44)
Niobium                                      90               90              182               34               42               82 
Phosphates                                  215              286              544                9               48               68 
Platinum                                  2,718            2,741            5,688               (1)             187              464 
De Beers                                  3,823            3,325            6,404              765              571            1,003 
Corporate and other                         917              913            1,800             (150)            (208)            (398)
Segment measure                          16,144           16,193           33,063            2,932            3,262            6,620 
Reconciliation:                                                                                                                      
Less: associates and joint 
ventures                                 (1,923)          (1,788)          (3,721)            (228)            (214)            (452)
Include: operating special 
items and remeasurements                      –                –                –              118             (812)          (3,761)
Statutory measure                        14,221           14,405           29,342            2,822            2,236            2,407 

                                                    Depreciation and amortisation                                 Underlying EBITDA 
                                       6 months         6 months             Year         6 months         6 months            Year
                                          ended            ended            ended            ended            ended            ended   
US$ million                            30.06.14         30.06.13         31.12.13         30.06.14         30.06.13         31.12.13 
Iron Ore and Manganese                      152              134              271            1,381            1,787            3,390 
Coal                                        378              381              760              638              726            1,347 
Copper                                      346              307              663            1,106              942            2,402 
Nickel                                        4                4                7               30               (7)             (37)
Niobium                                       3                2                5               37               44               87 
Phosphates                                   11               11               21               20               59               89 
Platinum                                    232              310              584              231              497            1,048 
De Beers                                    218              217              448              983              788            1,451 
Corporate and other                          52               81              141              (98)            (127)            (257)
                                          1,396(1)         1,447(1)         2,900(1)         4,328            4,709            9,520 
Less: associates and joint 
ventures                                   (147)            (134)            (262)            (375)            (348)            (714)
                                          1,249            1,313            2,638            3,953            4,361            8,806 

(1) In addition $62 million (six months ended 30 June 2013: $65 million; year ended 31 December 2013: $131 million) of 
    depreciation and amortisation charges arising due to the fair value uplift of the Group’s pre-existing 45% 
    shareholding of De Beers has been recorded within operating remeasurements (see note 6), and $37 million (six months ended 
    30 June 2013: $49 million; year ended 31 December 2013: $100 million) of pre-commercial production depreciation has been 
    capitalised. 

Associates’ and joint ventures’ results by segment 
                                                                                                     Associates’ and joint ventures’ 
                                          Associates’ and joint ventures’ revenue              underlying operating profit/(loss)(1)
                                       6 months         6 months             Year         6 months         6 months            Year
                                          ended            ended            ended            ended            ended            ended   
US$ million                            30.06.14         30.06.13         31.12.13         30.06.14         30.06.13         31.12.13 
Iron Ore and Manganese                      428              462              874               99              111              205 
Coal                                        521              524            1,136              108              131              275 
Platinum                                    116              112              228                1               (4)             (19)
De Beers                                     36               28               89               (2)              (9)             (21)
Corporate and other                         822              662            1,394               22              (15)              12 
                                          1,923            1,788            3,721              228              214              452 

                                Associates’ and joint ventures’ underlying EBITDA                         Share of net income/(loss) 
                                       6 months         6 months             Year         6 months         6 months            Year
                                          ended            ended            ended            ended            ended            ended   
US$ million                            30.06.14         30.06.13         31.12.13         30.06.14         30.06.13         31.12.13 
Iron Ore and Manganese                      138              139              253               42               64               91 
Coal                                        155              170              361               82               69              162 
Platinum                                     15               15               16               (6)             (13)             (30)
De Beers                                     (1)              (7)             (16)              (2)              (9)             (35)
Corporate and other                          68               31              100               16              (34)             (20)
                                            375              348              714              132               77              168 

(1) Associates’ and joint ventures’ underlying operating profit/(loss) is the Group’s attributable share 
   of associates’ and joint ventures’ operating profit before special items and remeasurements. 

The reconciliation of associates’ and joint ventures’ underlying operating profit to ‘Share of net income 
from associates and joint ventures’ is as follows: 

US$ million                                                 6 months ended            6 months ended                Year ended
                                                                  30.06.14                  30.06.13                  31.12.13 
Associates’ and joint ventures’ 
underlying operating profit                                            228                       214                       452 
Net finance costs                                                      (39)                      (17)                      (36)
Income tax expense                                                     (62)                      (79)                     (158)
Non-controlling interests                                               (1)                       (4)                      (15)
Share of net income from associates and joint 
ventures (before special items and 
remeasurements)                                                        126                       114                       243 
Special items and remeasurements                                         –                       (23)                      (80)
Special items and remeasurements tax                                     6                       (14)                        3 
Non-controlling interests on special items and 
remeasurements                                                           –                         –                         2 
Share of net income from associates and joint 
ventures                                                               132                        77                       168 

Underlying EBITDA is reconciled to underlying operating profit and to ‘Profit from operations, associates and joint 
ventures’ as follows: 

US$ million                                                 6 months ended            6 months ended                Year ended
                                                                  30.06.14                  30.06.13                  31.12.13 
Underlying EBITDA                                                    4,328                     4,709                     9,520 
Depreciation and amortisation: subsidiaries and 
joint operations                                                    (1,249)                   (1,313)                   (2,638)
Depreciation and amortisation: associates and 
joint ventures                                                        (147)                     (134)                     (262)
Underlying operating profit                                          2,932                     3,262                     6,620 
Operating special items and remeasurements                             118                      (812)                   (3,761)
Non-operating special items                                             19                       (83)                     (469)
Associates’ and joint ventures’ net 
special items and remeasurements                                         6                       (37)                      (75)
Share of associates’ and joint 
ventures’ net finance costs, tax and 
non-controlling interests                                             (102)                     (100)                     (209)
Profit from operations, associates and joint 
ventures                                                             2,973                     2,230                     2,106 

Segment assets and liabilities 

                                                Segment assets(1)            Segment liabilities(2)  Net segment assets/(liabilities)
US$ million                            30.06.14         31.12.13         30.06.14         31.12.13         30.06.14         31.12.13 
Iron Ore and Manganese                   12,473           11,502             (397)            (468)          12,076           11,034 
Coal                                      7,848            7,483           (1,444)          (1,431)           6,404            6,052 
Copper                                    9,280            9,549           (1,132)          (1,169)           8,148            8,380 
Nickel                                    1,657            1,695              (87)             (98)           1,570            1,597 
Niobium                                     633              546              (24)             (25)             609              521 
Phosphates                                  464              409              (82)             (76)             382              333 
Platinum                                  9,208            9,579             (872)            (957)           8,336            8,622 
De Beers                                 12,816           12,688           (1,408)          (1,337)          11,408           11,351 
Corporate and other                         505              586             (457)            (678)              48              (92)
                                         54,884           54,037           (5,903)          (6,239)          48,981           47,798 
Non-operating assets and 
liabilities                              18,188           17,128          (28,739)         (27,562)         (10,551)         (10,434)
                                         73,072           71,165          (34,642)         (33,801)          38,430           37,364 

(1) Segment assets are operating assets and consist of intangible assets of $4,066 million (31 December 2013: $4,083 million), 
    property, plant and equipment of $43,127 million (31 December 2013: $41,505 million), environmental rehabilitation trusts of 
    377 million (31 December 2013: $348 million), biological assets of $17 million (31 December 2013: $16 million), retirement 
    benefit assets of $196 million (31 December 2013: $191 million), inventories of $4,633 million (31 December 2013: $4,789 million) 
    and operating receivables of $2,468 million (31 December 2013: $3,105 million). 
(2) Segment liabilities are operating liabilities and consist of non-interest bearing current liabilities of $2,931 million 
    (31 December 2013: $3,392 million), environmental restoration and decommissioning provisions of $1,732 million (31 December 
    2013: $1,643 million) and retirement benefit obligations of $1,240 million (31 December 2013: $1,204 million). 

Revenue by product 

US$ million                                                 6 months ended            6 months ended                Year ended
                                                                  30.06.14                  30.06.13                  31.12.13 
Iron ore                                                             2,268                     2,780                     5,365 
Manganese ore and alloys                                               428                       462                       874 
Metallurgical coal                                                   1,359                     1,323                     2,610 
Thermal coal                                                         1,501                     1,822                     3,802 
Copper                                                               2,478                     2,286                     5,253 
Nickel                                                                 318                       243                       461 
Niobium                                                                 90                        90                       182 
Phosphates                                                             215                       286                       544 
Platinum                                                             1,580                     1,738                     3,586 
Palladium                                                              498                       434                     1,052 
Rhodium                                                                136                       162                       316 
Diamonds                                                             3,818                     3,322                     6,391 
Heavy building materials                                               914                       810                     1,695 
Other                                                                  541                       435                       932 
                                                                    16,144                    16,193                    33,063 

Revenue by destination 
The Group’s geographical analysis of segment revenue allocated based on the country in which the customer is located 
is as follows: 

US$ million                                                 6 months ended            6 months ended                Year ended
                                                                  30.06.14                  30.06.13                  31.12.13 
South Africa                                                         1,395                     1,288                     2,474 
Other Africa                                                           877                       623                     1,201 
Brazil                                                                 500                       469                     1,019 
Chile                                                                  493                       565                     1,692 
Other South America                                                     17                        12                        32 
North America                                                          596                       589                     1,084 
Australia                                                              129                       127                       277 
China                                                                2,767                     2,982                     6,469 
India                                                                1,474                     1,127                     2,505 
Japan                                                                1,811                     1,946                     3,769 
Other Asia                                                           1,945                     1,782                     3,252 
United Kingdom (Anglo American plc’s 
country of domicile)                                                 1,556                     1,694                     3,697 
Other Europe                                                         2,584                     2,989                     5,592 
                                                                    16,144                    16,193                    33,063 

5. Operating profit and underlying earnings by segment                                                                       

The following table analyses operating profit (including the Group’s attributable share of associates’ and 
joint ventures’ operating profit) by segment and reconciles it to underlying earnings by segment. Refer to note 4 for 
changes in reporting segments. Comparatives have been reclassified to align with current year presentation. 

Operating profit/(loss) before special items and remeasurements includes the Group’s attributable share of 
associates’ and joint ventures’ operating profit before special items and remeasurements which is reconciled to 
‘Share of net income from associates and joint ventures’ in note 4. 

Underlying earnings is an alternative earnings measure, which the directors consider to be a useful additional measure of 
the Group’s performance. Underlying earnings is profit for the financial period attributable to equity shareholders 
of the Company before special items and remeasurements and is therefore presented after net finance costs, income tax 
expense and non-controlling interests. For a reconciliation from ‘Profit/(loss) for the financial period attributable 
to equity shareholders of the Company’ to ‘Underlying earnings for the financial period’, see note 10. 

                                                                                                             6 months ended 30.06.14 
                                  Operating                                Operating 
                       profit/(loss) before           Operating  profit/(loss) after  Net finance costs                               
                          special items and   special items and    special items and     and income tax  Non-controlling   Underlying 
US$ million                  remeasurements      remeasurements       remeasurements            expense        interests     earnings 
Iron Ore and Manganese                1,229                (238)               1,467               (399)            (387)         443 
Coal                                    260                   4                  256                (95)              (4)         161 
Copper                                  760                   –                  760               (274)            (177)         309 
Nickel                                   26                   3                   23                  3                –           29 
Niobium                                  34                   1                   33                (11)               –           23 
Phosphates                                9                   6                    3                  1                –           10 
Platinum                                 (1)                  –                   (1)                (9)               9           (1)
De Beers                                765                  81                  684               (200)             (96)         469 
Corporate and other                    (150)                 25                 (175)               (16)               7         (159)
                                      2,932                (118)               3,050             (1,000)            (648)       1,284 
                                                                                                                                      
                                                                                                              6 months ended 30.06.13 
                                  Operating                                Operating 
                       profit/(loss) before           Operating  profit/(loss) after  Net finance costs                               
                          special items and   special items and    special items and     and income tax  Non-controlling   Underlying 
US$ million                  remeasurements      remeasurements       remeasurements            expense        interests     earnings 

                                                                                                                                      
Iron Ore and Manganese                1,653                 347                1,306               (513)            (531)         609 
Coal                                    345                 243                  102                (67)              (5)         273 
Copper                                  635                   –                  635               (225)            (203)         207 
Nickel                                  (11)                  –                  (11)                (6)               –          (17)
Niobium                                  42                   2                   40                (19)               –           23 
Phosphates                               48                   –                   48                (17)               –           31 
Platinum                                187                   –                  187                (77)             (18)          92 
De Beers                                571                 214                  357               (226)             (50)         295 
Corporate and other                    (208)                 29                 (237)               (63)               8         (263)
                                      3,262                 835                2,427             (1,213)            (799)       1,250 

                                                                                                                  Year ended 31.12.13 
                                  Operating                                Operating 
                       profit/(loss) before           Operating  profit/(loss) after  Net finance costs                               
                          special items and   special items and    special items and     and income tax  Non-controlling   Underlying 
US$ million                  remeasurements      remeasurements       remeasurements            expense        interests     earnings 

Iron Ore and Manganese                3,119                 435                2,684               (963)          (1,031)       1,125 
Coal                                    587               1,015                 (428)              (116)             (14)         457 
Copper                                1,739                 337                1,402               (497)            (439)         803 
Nickel                                  (44)              1,028               (1,072)               (10)               –            (54)
Niobium                                  82                   6                   76                (40)               –           42 
Phosphates                               68                   –                   68                (18)               –           50 
Platinum                                464                 522                  (58)              (112)             (65)         287 
De Beers                              1,003                 330                  673               (387)             (84)         532 
Corporate and other                    (398)                168                 (566)              (188)              17           (569)
                                      6,620               3,841                2,779             (2,331)          (1,616)       2,673 

6. Special items and remeasurements                                                                                          

Special items and remeasurements are those items of financial performance that the Group believes should be separately 
disclosed on the face of the income statement to assist in the understanding of the underlying financial performance 
achieved by the Group. Such items are material by nature and amount to the period’s results and require separate 
disclosure in accordance with IAS 1 Presentation of Financial Statements paragraph 97. Special items that relate to the 
operating performance of the Group are classified as operating special items and principally include impairment charges, 
onerous contract provisions and restructuring costs. Non-operating special items include profits and losses on disposal of 
investments and businesses, as well as certain adjustments relating to business combinations. 

Remeasurements comprise other items which the Group believes should be reported separately to aid an understanding of the 
underlying financial performance of the Group. Remeasurements include: 
- Unrealised gains and losses on derivative instruments which relate to future transactions and the reversal of the 
  historical marked to market value of such instruments settled in the period. Where the underlying transaction is recorded 
  in the income statement, the realised gains or losses are recorded in underlying earnings in the same period as the 
  underlying transaction for which such instruments provide an economic, but not formally designated, hedge. If the 
  underlying transaction is recorded in the balance sheet, for example capital expenditure, the realised amount remains in 
  remeasurements on settlement of the derivative. Such amounts are classified in the income statement as operating when the 
  underlying exposure is in respect of the operating performance of the Group, and otherwise as financing. 
- Foreign exchange impacts arising in US dollar functional currency entities where tax calculations are generated 
  based on local currency financial information and hence deferred tax is susceptible to currency fluctuations. Such amounts 
  are included within income tax expense. 
- The remeasurement and subsequent depreciation of a previously held equity interest as a result of a business 
  combination. 

                                                           6 months ended             6 months ended                Year ended 
US$ million                                                      30.06.14                   30.06.13                  31.12.13 
Subsidiaries and joint operations                                                                                              
Impairment of Barro Alto                                                –                          –                    (1,012)
Platinum operations                                                     –                          –                      (379)
Impairment of Foxleigh                                                  –                          –                      (331)
Impairment of Michiquillay                                              –                          –                      (337)
Impairment of Coal South Africa operations                              –                       (243)                     (243)
Other impairments and related charges                                   –                         (9)                     (172)
Onerous contract provisions                                             –                        (13)                     (434)
Reversal of De Beers inventory uplift                                   –                       (126)                     (126)
Restructuring costs                                                   (61)                       (19)                     (177)
Operating special items                                               (61)                      (410)                   (3,211)
Operating remeasurements                                              179                       (402)                     (550)
Operating special items and remeasurements                            118                       (812)                   (3,761)
Disposal of Amapá                                                       –                        (46)                     (175)
Exit from Pebble                                                        –                          –                      (311)
Loss on formation of Lafarge Tarmac joint 
venture                                                                 –                        (55)                      (55)
Atlatsa refinancing (note 16)                                          22                          –                       (37)
Kumba Envision Trust                                                  (19)                       (26)                      (54)
Other                                                                  16                         44                       163 
Non-operating special items                                            19                        (83)                     (469)
Financing special items and remeasurements                             45                        (35)                     (130)
Special items and remeasurements before tax and 
non-controlling interests                                             182                       (930)                   (4,360)
Special items and remeasurements tax                                   (4)                        75                       587 
Non-controlling interests on special items and 
remeasurements                                                         (4)                        45                       214 
Share of associates' and joint 
ventures' special items and 
remeasurements(1)                                                       6                        (37)                      (75)
Total special items and remeasurements                                180                       (847)                   (3,634)
(1) Relates to the Coal segment (six months ended 30 June 2013: Coal and Corporate and other segments; year ended 31 
    December 2013: Coal, De Beers and Corporate and other segments). 

Operating special items and remeasurements 
Restructuring costs of $61 million in the six months ended 30 June 2014 (six months ended 30 June 2013: $19 million; year 
ended 31 December 2013: $177 million) principally relate to organisational changes as part of the Driving Value programme. 

Operating remeasurements reflect a net gain of $179 million (six months ended 30 June 2013: net loss of $402 million; year 
ended 31 December 2013: net loss of $550 million) principally in respect of derivatives related to capital expenditure in 
Iron Ore Brazil. Derivatives which have been realised during the period had a cumulative net operating remeasurement loss 
since their inception of $98 million (six months ended 30 June 2013: loss of $11 million; year ended 31 December 2013: loss 
of $137 million). 

In addition, operating remeasurements includes a $62 million depreciation charge (six months ended 30 June 2013: $65 
million; year ended 31 December 2013: $131 million) arising due to the fair value uplift on the Group’s 
pre-existing 45% shareholding of De Beers, which was required on acquisition of a controlling stake. 

2013 
Operating special items in 2013 principally comprised impairments and related charges in respect of the Barro Alto nickel 
project (Nickel), the Platinum portfolio review, the Foxleigh coal mine (Coal), the Michiquillay copper project (Copper), 
and the Isibonelo and Kleinkopje coal operations (Coal). 

Operating special items in 2013 also include charges relating to onerous contract provisions, principally at Callide 
(Coal), the reversal of fair value uplifts on inventory sold by De Beers and restructuring costs. 

Non-operating special items 
The Kumba Envision Trust charge of $19 million (six months ended 30 June 2013: $26 million; year ended 31 December 2013: 
$54 million) relates to Kumba’s broad based employee share scheme provided solely for the benefit of non-managerial 
Historically Disadvantaged South African employees who do not participate in other Kumba share schemes. 

2013 
Non-operating special items in 2013 principally relate to the loss on disposal of Amapá, the Group’s exit from 
the Pebble project in Alaska, the loss recognised on the formation of the Lafarge Tarmac joint venture, the Kumba Envision 
Trust charge, the gain on deferred proceeds of undeveloped coal assets in Australia and the gain on disposal of the 
Group’s interest in Palabora Mining Company Limited. 

Financing special items and remeasurements 
Financing special items and remeasurements reflect a net gain of $45 million (six months ended 30 June 2013: net loss of 
$35 million; year ended 31 December 2013: net loss of $130 million) principally comprising gains on derivatives relating to 
debt. 

Special items and remeasurements tax 
Total tax relating to subsidiaries and joint operations amounts to a charge of $4 million (six months ended 30 June 2013: 
credit of $75 million; year ended 31 December 2013: credit of $587 million). 

This comprises a tax charge on special items and remeasurements of $82 million (six months ended 30 June 2013: tax credit 
of $241 million; year ended 31 December 2013: tax credit of $902 million) and a tax remeasurement credit of $78 million 
(six months ended 30 June 2013: charge of $166 million; year ended 31 December 2013: tax charge of $127 million). There 
were no tax special items in the six months ended 30 June 2014 (six months ended 30 June 2013: nil; year ended 31 December 
2013: charge of $188 million). 

Of the total tax charge of $4 million, $11 million relates to a current tax credit (six months ended 30 June 2013: credit 
of $11 million; year ended 31 December 2013: charge of $159 million) and $15 million relates to a deferred tax charge (six 
months ended 30 June 2013: credit of $64 million; year ended 31 December 2013: credit of $746 million). 

7. Exploration and evaluation expenditure    

The Group’s analysis of exploration and evaluation expenditure recognised in the Consolidated income statement is as 
follows:

                                                            Exploration                                                  Evaluation 
                                                            expenditure                                                 expenditure 
                                 6 months       6 months           Year                      6 months       6 months           Year 
                                    Ended          ended          ended                         ended          ended          ended 
US$ million                      30.06.14       30.06.13       31.12.13                      30.06.14       30.06.13       31.12.13 
By commodity/product                                                                                                                
Iron ore                               10             12             24                            24             22             69 
Metallurgical coal                      4              8             19                             9             23             39 
Thermal coal                            4              6             14                             5              8             21 
Copper                                 12             12             31                            45             60            112 
Nickel                                  9             10             22                             2              5              8 
Niobium                                 1              1              6                             1              1              7 
Phosphates                              –              –              –                             4              –              9 
Platinum group metals                   2              1              2                             4              5             15 
Diamonds                               15             25             53                            12             19             46 
Central exploration 
activities                             18             18             36                             –              –              – 
                                       75             93            207                           106            143            326 

8. Interest expense                                                                                                          

                                                                                             6 months       6 months           Year 
                                                                                                ended          ended          ended 
US$ million                                                                                  30.06.13       30.06.13       31.12.13 
Interest cost                                                                                                                  
Interest and other finance costs                                                                  357            375            731 
Net interest cost on defined benefit 
arrangements                                                                                       34             42             74 
Unwinding of discount relating to provisions 
and other liabilities                                                                              52             64            106 
                                                                                                  443            481            911 
Less: interest cost capitalised                                                                  (201)          (143)          (327)
Total interest expense before financing special 
items                                                                                             242            338            584 
Financing special items                                                                            32              –              – 
Total interest expense after financing special 
items                                                                                             274            338            584 

9. Income tax expense                                                                                                        

a) Analysis of charge for the period 
                                                                                             6 months       6 months           Year 
                                                                                                ended          ended          ended 
US$ million                                                                                  30.06.13       30.06.13       31.12.13 
United Kingdom tax                                                                                 13             17             (1)
South Africa tax                                                                                  273            429            863 
Other overseas tax                                                                                370            283            692 
Prior period adjustments                                                                           22             38             32 
Current tax(1)                                                                                    678            767          1,586 
Deferred tax                                                                                      148            149            275 
Income tax expense before special items and 
remeasurements                                                                                    826            916          1,861 
Special items and remeasurements tax                                                                4            (75)          (587)
Income tax expense                                                                                830            841          1,274 
(1) Includes royalties which meet the definition of income tax and are in addition to royalties recorded in operating 
    costs. 

b) Factors affecting tax charge for the period 
The effective tax rate for the period of 28.2% (six months ended 30 June 2013: 42.2%; year ended 31 December 2013: 74.9%) 
is higher (six months ended 30 June 2013 and year ended 31 December 2013: higher) than the applicable weighted average 
statutory rate of corporation tax in the United Kingdom of 21.5% (2013: 23.25%). The reconciling items, excluding the 
impact of associates and joint ventures, are: 

                                                                                             6 months       6 months           Year 
                                                                                                ended          ended          ended 
US$ million                                                                                  30.06.13       30.06.13       31.12.13 
Profit before tax                                                                               2,945          1,994          1,700 
Less: Share of net income from associates and 
joint ventures                                                                                   (132)           (77)          (168)
Profit before tax (excluding associates and 
joint ventures)                                                                                 2,813          1,917          1,532 
Tax on profit (excluding associates and joint 
ventures) calculated at United Kingdom 
corporation tax rate of 21.5% (2013: 23.25%)                                                      605            446            356 
                                                                                                                               
Tax effects of:                                                                                                                
Items not deductible for tax purposes                                                              52             61            107 
Items not taxable for tax purposes                                                                (49)           (24)          (105)
Temporary difference adjustments                                                                   14             29             26 
Special items and remeasurements                                                                  (35)           141            427 
                                                                                                                               
Other adjustments                                                                                                              
Secondary tax on companies and dividend 
withholding taxes                                                                                 127             53            242 
Effect of differences between local and United 
Kingdom tax rates                                                                                  78            107            173 
Other adjustments                                                                                  38             28             48 
                                                                                                  830            841          1,274 

IAS 1 requires income from associates and joint ventures to be presented net of tax on the face of the income statement. 

The effective tax rate before special items and remeasurements, which includes the attributable share of associates’ 
and joint ventures’ tax, for the six months ended 30 June 2014 was 31.5%. This is lower than the equivalent rates of 
32.7% for the six months ended 30 June 2013, and 32.0% for the year ended 31 December 2013 due to the impact of various 
prior year adjustments and the remeasurement of certain withholding tax provisions across the Group. In future periods it 
is expected that the effective tax rate will remain above the United Kingdom statutory tax rate. 

10. Earnings per share                                                                                                       

                                                                                             6 months       6 months           Year 
                                                                                                ended          ended          ended 
US$ million                                                                                  30.06.13       30.06.13       31.12.13 
Earnings per share                                                                                                             
Basic earnings/(loss) per share                                                                  1.14           0.31          (0.75)
Diluted earnings/(loss) per share                                                                1.14           0.31          (0.75)
Headline earnings per share for the financial 
period                                                                                                                         
Headline earnings per share                                                                      1.14           0.50           1.02 
Diluted headline earnings per share                                                              1.14           0.50           1.02 
Underlying earnings per share for the financial 
period                                                                                                                         
Underlying earnings per share                                                                    1.00           0.98           2.09 
Diluted underlying earnings per share                                                            1.00           0.97           2.08 

Basic and diluted earnings per share are shown based on headline earnings, a Johannesburg Stock Exchange (JSE Limited) 
defined performance measure, and underlying earnings, which the directors consider to be a useful additional measure of the 
Group’s performance. Underlying earnings is presented after non-controlling interests and excludes special items and 
remeasurements, see note 6. 

The calculation of basic and diluted earnings per share is based on the following data: 

                                           Profit/(loss) 
                                           attributable 
                                              to equity 
                                           shareholders                             Headline                            Underlying
                                         of the Company                             earnings                              earnings
                      6 months      6 months       Year     6 months      6 months      Year      6 months     6 months       Year 
                         ended         ended      ended       ended         ended      ended         ended        ended      ended 
                      30.06.14      30.06.13   31.12.13    30.06.14      30.06.13   31.12.13      30.06.14     30.06.13   31.12.13 
Earnings (US$ million)                                                                                                
Basic and diluted 
earnings/(loss)          1,464           403       (961)      1,466           646      1,312         1,284        1,250      2,673 
Number of shares 
(million)(1)                                                                                                                       
Basic number of 
ordinary shares 
outstanding              1,283         1,281      1,281       1,283         1,281      1,281         1,283        1,281      1,281 
Effect of dilutive 
potential ordinary 
shares:                                                                                                                            
Share options and 
awards                       5             3          –           5             3          4             5            3          4 
Diluted number of 
ordinary shares 
outstanding              1,288         1,284      1,281       1,288         1,284      1,285         1,288        1,284      1,285 
(1) The average number of ordinary shares in issue excludes shares held by employee benefit trusts and Anglo American plc 
    shares held by Group companies. 

The calculation of basic and diluted earnings per share, based on headline and underlying earnings, uses the following 
earnings data: 

                                                                                             6 months       6 months           Year 
                                                                                                ended          ended          ended 
US$ million                                                                                  30.06.13       30.06.13       31.12.13 
Profit/(loss) for the financial period 
attributable to equity shareholders of the 
Company                                                                                         1,464            403           (961)
Operating special items                                                                             8            271          2,491 
Operating special items – tax                                                                       –            (65)          (569)
Operating special items – non-controlling 
interests                                                                                          (4)            (5)           (53)
Non-operating special items                                                                        (6)            57            456 
Non-operating special items – tax                                                                   –              –             10 
Non-operating special items – 
non-controlling interests                                                                           4            (15)           (62)
Headline earnings for the financial period                                                      1,466            646          1,312 
Operating special items(1)                                                                         53            162            800 
Operating remeasurements                                                                         (179)           402            550 
Non-operating special items                                                                       (13)            26             13 
Financing special items and remeasurements                                                        (45)            35            130 
Tax special item                                                                                    –              –            188 
Special items and remeasurements tax                                                               (2)             4           (219)
Non-controlling interests on special items and 
remeasurements                                                                                      4            (25)          (101)
Underlying earnings for the financial period                                                    1,284          1,250          2,673 
(1) Includes restructuring costs (six months ended 30 June 2013 and year ended 31 December 2013: onerous contract 
    provisions, restructuring costs and the reversal of the inventory uplift in De Beers). 

11. Financial instruments                                                                                                    

a) Financial assets and liabilities by category 
Financial assets and liabilities are categorised as shown below. Where the carrying amount of a financial asset or 
liability does not approximate its fair value, this is disclosed. 

For financial assets and liabilities which are traded on an active market, such as listed investments and listed debt 
instruments, fair value is determined by reference to market value. For other financial assets and liabilities, fair value 
is calculated using discounted cash flows, considered to be reasonable and consistent with those that would be used by a 
market participant and based on observable market data where available, unless carrying value is considered to approximate 
fair value. 

The carrying amounts of financial assets and financial liabilities are as follows: 

US$ million                                                                                                 30.06.14     31.12.13 
Financial assets                                                                                                                  
At fair value through profit and loss                                                                                             
Trade and other receivables(1)                                                                                 1,330        1,652 
Derivative financial assets                                                                                      884          674 
Loans and receivables                                                                                                             
Cash and cash equivalents                                                                                      8,452        7,704 
Trade and other receivables(1)                                                                                 1,548        2,222 
Financial asset investments                                                                                      767          759 
Available for sale investments                                                                                                    
Financial asset investments                                                                                      726          706 
                                                                                                              13,707       13,717 
Financial liabilities                                                                                                             
At fair value through profit and loss                                                                                             
Trade and other payables(1)                                                                                     (292)        (279)
Derivative financial liabilities                                                                                (930)      (1,511)
Designated into fair value hedges                                                                                                 
Borrowings(2)                                                                                                (16,236)     (14,619)
Financial liabilities at amortised cost                                                                                           
Trade and other payables(1)                                                                                   (3,364)      (3,923)
Borrowings(3)                                                                                                 (3,646)      (3,229)
                                                                                                             (24,468)     (23,561)
Net financial liabilities                                                                                    (10,761)      (9,844)

(1) Trade and other receivables exclude prepayments, accrued income and tax receivables. Trade and other payables exclude 
    tax, social security and deferred income. 
(2) The estimated fair value of borrowings designated into fair value hedges was $16,777 million 
   (31 December 2013: $14,907  million). 
(3) The estimated fair value of borrowings at amortised cost was $3,672 million (31 December 2013: $3,269 million). 

b) Fair value hierarchy 
An analysis of financial assets and liabilities carried at fair value is set out below: 

                                                                  30.06.14                                            31.12.13 
US$ million               Level 1(1)   Level 2(2)   Level 3(3)       Total    Level 1(1)   Level 2(2)   Level 3(3)       Total 
Financial assets at 
fair value through 
profit and loss                                                                                                                
Provisionally priced 
trade receivables               –        1,189            –          1,189          –        1,510            –          1,510 
Other receivables               –            –          141            141          –            –          142            142 
Derivatives hedging 
net debt                        –          754           34            788          –          628           24            652 
Other derivatives               –           96            –             96          –           22            –             22 
Available for sale 
investments                                                                                                                    
Financial asset 
investments                   665            –           61            726        647            –           59            706 
                              665        2,039          236          2,940        647        2,160          225          3,032 
Financial liabilities 
at fair value through 
profit and loss                                                                                                                
Provisionally priced 
trade payables                  –         (292)           –           (292)         –         (279)           –           (279)
Derivatives hedging 
net debt                        –         (580)        (293)          (873)         –         (714)        (446)        (1,160)
Other derivatives               –          (57)           –            (57)        (3)        (338)         (10)          (351)
                                –         (929)        (293)        (1,222)        (3)      (1,331)        (456)        (1,790)
Net 
assets/(liabilities) 
carried at fair value         665        1,110          (57)         1,718        644          829         (231)         1,242 
                                                                                                                               
(1) Valued using unadjusted quoted prices in active markets for identical financial instruments. This category includes 
    listed equity shares. 
(2) Valued using techniques based significantly on observable market data. Instruments in this category are valued using 
    valuation techniques where all of the inputs that have a significant effect on the valuation are directly or indirectly 
    based on observable market data. 
(3) Instruments in this category have been valued using a valuation technique where at least one input, which could have a 
    significant effect on the instrument’s valuation, is not based on observable market data. Where inputs can be 
    observed from market data without undue cost and effort, the observed input is used. Otherwise, management determines a 
    reasonable estimate for the input. Financial instruments included within Level 3 primarily consist of embedded derivatives, 
    financial asset investments and certain cross currency swaps of Brazilian real denominated borrowings, whose valuation 
    depends upon unobservable inputs. Movements in Level 3 financial instruments were primarily recorded as remeasurements in 
    the Consolidated income statement. 

12. Capital expenditure                                                                                                      

Capital expenditure is expenditure on property, plant and equipment including related derivatives on a cash basis. 

Capital expenditure by segment is as follows: 
                                                                                             6 months       6 months           Year 
                                                                                                ended          ended          ended 
US$ million                                                                                  30.06.13       30.06.13       31.12.13 
Iron Ore and Manganese                                                                          1,312            877          2,517 
Coal(1)                                                                                           457            476          1,267 
Copper                                                                                            333            472          1,011 
Nickel(2)                                                                                         (26)           (18)           (28)
Niobium(1)                                                                                         90             64            206 
Phosphates(1)                                                                                      18              8             31 
Platinum                                                                                          245            235            608 
De Beers                                                                                          320            255            551 
Corporate and other(1)                                                                             15             28             98 
Capital expenditure                                                                             2,764          2,397          6,261 
Less: cash flows from derivatives related to 
capital expenditure                                                                               (97)            (8)          (136)
Expenditure on property, plant and equipment                                                    2,667          2,389          6,125 
(1) Refer to note 4 for changes in reporting segments. Comparatives have been reclassified to align with current year 
    presentation. 
(2) Cash capital expenditure for Nickel of $35 million (30 June 2013: $19 million; 31 December 2013: $76 million) is offset 
    by the capitalisation of $61 million (30 June 2013: $37 million; 31 December 2013: $104 million) of net operating cash 
    flows generated by Barro Alto which has not yet reached commercial production. 

Capital expenditure by category 

                                                                                             6 months       6 months           Year 
                                                                                                ended          ended          ended 
US$ million                                                                                  30.06.13       30.06.13       31.12.13 
Expansionary(1)                                                                                 1,578          1,179          3,258 
Stay-in-business                                                                                  789            818          2,242 
Stripping and development                                                                         397            400            761 
                                                                                                2,764          2,397          6,261 
(1) Cash flows from derivatives related to capital expenditure relate to expansionary capital expenditure. 

13. Net debt                                                                                                                 

a) Reconciliation to the balance sheet 
                             Cash and cash equivalents                  Short term borrowings         Medium and long term borrowings  
US$ million         30.06.14     30.06.13     31.12.13     30.06.14     30.06.13     31.12.13     30.06.14      30.06.13     31.12.13 
Balance sheet          8,452        8,103        7,704       (2,196)      (4,122)      (2,108)     (17,686)      (12,955)     (15,740)
Balance sheet – 
disposal groups(1)         –            6            –            –          (43)           –            –             –            – 
Bank overdrafts           (6)         (34)          (2)           6           34            2            –             –            – 
Net debt 
classification         8,446        8,075        7,702       (2,190)      (4,131)      (2,106)     (17,686)      (12,955)     (15,740)
(1) Disposal group balances at 30 June 2013 related to Amapá and are shown within ‘Assets classified as held for sale’ and ‘Liabilities 
    directly associated with assets classified as held for sale’ on the Consolidated balance sheet. 

b) Movement in net debt 
US$ million                            Cash and         Debt due         Debt due         Net debt      Derivatives         Net debt 
                                           Cash           within            after        excluding          hedging        including
                                    equivalents         one year         one year      derivatives         net debt      derivatives
Balance at 1 January 2013                 9,298           (2,490)         (15,150)          (8,342)            (168)          (8,510)
Cash flow                                  (951)            (175)            (147)          (1,273)            (237)          (1,510)
Disposal of businesses                        –                3                –                3                –                3 
Reclassifications                             –           (1,573)           1,573                –                –                – 
Movements in fair value                       –                2              391              393             (336)              57 
Other non-cash movements                      –               (7)             (50)             (57)               –              (57)
Currency movements                         (272)             109              428              265               (4)             261 
Balance at 30 June 2013                   8,075           (4,131)         (12,955)          (9,011)            (745)          (9,756)
Cash flow                                  (284)           2,482           (3,132)            (934)              56             (878)
Disposal of businesses                        –               66                –               66                –               66 
Reclassifications                             –             (511)             511                –                –                – 
Movements in fair value                       –               22              130              152              181              333 
Other non-cash movements                      –                2               11               13                –               13 
Currency movements                          (89)             (36)            (305)            (430)               –             (430)
Balance at 31 December 2013               7,702           (2,106)         (15,740)         (10,144)            (508)         (10,652)
Cash flow                                   718            1,613           (3,261)            (930)             (88)          (1,018)
Reclassifications                             –           (1,653)           1,653                –                –                – 
Movements in fair value                       –              (37)            (227)            (264)             511              247  
Other non-cash movements                      –               (5)             (49)             (54)               –              (54)
Currency movements                           26               (2)             (62)             (38)               –              (38)  
Balance at 30 June 2014                   8,446           (2,190)         (17,686)         (11,430)             (85)         (11,515)  

c) Net debt by segment 
The Group’s policy is to hold the majority of its cash and borrowings at the corporate centre. Business units may 
from time to time raise borrowings in connection with specific capital projects, and subsidiaries with non-controlling 
interests have borrowings which are without recourse to the Group. Other than the impact of South African exchange controls 
(see note 13d below) there are no significant restrictions over the Group’s ability to access these cash balances or 
repay these borrowings. Net debt by segment is stated after elimination of intra-group balances and includes related 
hedges. 

US$ million                                                                               30.06.14                          31.12.13 
Iron Ore and Manganese                                                                      (1,900)                           (1,413)
Coal(1)                                                                                        168                               169 
Copper                                                                                         725                               531 
Nickel                                                                                        (284)                             (398)
Niobium(1)                                                                                      32                                22 
Phosphates(1)                                                                                   43                                46 
Platinum                                                                                        58                               (50)
De Beers                                                                                      (218)                             (311)
Corporate and other(1)                                                                     (10,139)                           (9,248)
                                                                                           (11,515)                          (10,652)
(1) Refer to note 4 for changes in reporting segments. Comparatives have been reclassified to align with current year 
    presentation. 

d) South Africa net debt 
The Group operates in South Africa where the existence of exchange controls may restrict the use of certain cash balances. 
The Group therefore monitors the cash and debt associated with these operations separately. These restrictions are not 
expected to have a material effect on the Group’s ability to meet its ongoing obligations. Below is a breakdown of 
net cash in South Africa. 

US$ million                                                                                 30.06.14                  31.12.13 
Cash and cash equivalents                                                                     2,235                      2,247 
Short term borrowings                                                                         (432)                       (512)
Medium and long term borrowings                                                               (977)                     (1,000)
Net cash excluding derivatives                                                                  826                        735 
Derivatives hedging net debt                                                                      2                          4 
Net cash including derivatives                                                                   828                       739 

14. Borrowings                                                                                                               

The Group accesses borrowings mostly in capital markets through bonds issued under the Euro Medium Term Note (EMTN) 
programme, the South African Domestic Medium Term Note (DMTN) programme, the Australian Medium Term Note (AMTN) programme 
and through accessing the United States (US) bond markets. The Group uses interest rate and cross currency swaps where 
appropriate to ensure that the majority of the Group’s borrowings are floating rate US dollar denominated. 

In the six months ended 30 June 2014, the Group issued corporate bonds with a US dollar equivalent value of $3.2 billion. 
These included the following bonds: 
- €750 million 1.75% guaranteed loan notes due 2018 and €750 million 3.25% guaranteed loan notes due 2023 
  issued under the EMTN programme. 
- $500 million LIBOR plus 0.95% senior floating rate notes due 2016 and $500 million 4.125% senior notes due 2021 
  through accessing the US bond markets. 
- R650 million 9.49% senior notes due 2021 and R400 million JIBAR plus 1.47% floating rate notes due 2021 issued under 
  the DMTN programme. 

An analysis of borrowings, as presented on the Consolidated balance sheet, is set out below: 

                                                         30.06.14                                                 31.12.13               
                                         Medium and                                               Medium and 
                           Short term     long term         Total                   Short term     long term         Total
US$ million                borrowings    borrowings    borrowings                   borrowings    borrowings    borrowings
Secured
Bank loans and 
overdrafts                          9            27            36                            9            32            41               
Obligations under 
finance leases                     28            53            81                            7            49            56               
                                   37            80           117                           16            81            97               
Unsecured                                                                                                                                
Bank loans and 
overdrafts                        244         2,096         2,340                          433         2,003         2,436               
Bonds issued under EMTN 
programme                       1,412(1)     10,322        11,734                            –         9,498         9,498               
US bonds                            –         4,236         4,236                        1,256         3,194         4,450               
Bonds issued under AMTN 
programme                           –           477           477                            –           440           440               
Bonds issued under DMTN 
programme                          94           305           399                            –           307           307               
Other loans                       409           170           579                          403           217           620               
                                2,159        17,606        19,765                        2,092        15,659        17,751               
Total borrowings                2,196        17,686        19,882                        2,108        15,740        17,848               
(1) The bond due within one year issued under the EMTN programme relates to a €1,000 million 5.875% bond due April 2015. 

The Group had the following undrawn committed borrowing facilities at the period end: 

US$ million                                                                           30.06.14                          31.12.13 
Expiry date                                                                                                                      
Within one year(1)                                                                       1,444                             1,318 
Between 1 and 2 years                                                                    1,415                               637 
Between 2 and 3 years                                                                      453                             1,449 
Between 3 and 4 years                                                                      837                                 – 
Between 4 and 5 years                                                                    5,000                             5,847 
5 years and later                                                                            –                                 – 
                                                                                         9,149                             9,251 
(1) Includes undrawn South African rand facilities equivalent to $1.1 billion (31 December 2013: $1.2 billion) with 364 day 
    maturities which roll automatically on a daily basis, unless notice is served. 

15. Contingent liabilities                                                                                                   

The Group is subject to various claims which arise in the ordinary course of business. Additionally, Anglo American has 
provided indemnities against certain liabilities as part of agreements for the sale or other disposal of business 
operations. Having taken appropriate legal advice, the Group believes that a material liability arising from the 
indemnities provided is remote. 

The Group is required to provide guarantees in several jurisdictions in respect of environmental restoration and 
decommissioning obligations. The Group has provided for the estimated cost of these activities. 

No contingent liabilities were secured on the assets of the Group at 30 June 2014 or 31 December 2013. 

Kumba Iron Ore 
21.4% undivided share of the Sishen mine mineral rights 
There have been no significant changes to the legal matters reported on for the year ended 31 December 2013. Sishen Iron 
Ore Company (Pty) Ltd has not yet been awarded the 21.4% Sishen mining right, which it applied for following the 
Constitutional Court judgment on the matter in December 2013. 

Anglo American South Africa Limited (AASA) 
AASA, a wholly owned subsidiary of the Company, is a defendant in a number of lawsuits filed in England and South Africa on 
behalf of former mineworkers (or their dependants or survivors) who allegedly contracted silicosis working for gold mining 
companies in which AASA was a shareholder and to which AASA provided various technical and administrative services. 

In England: AASA is a defendant in lawsuits filed in the High Court in London on behalf of approximately 7,000 named former 
mineworkers or their dependants. One of the lawsuits is also a “representative claim” on behalf of all black 
underground miners in “Anglo gold mines” who have been certified as suffering from silicosis and related 
diseases. 

In South Africa: (i) AASA is defending approximately 4,300 claims filed in the North Gauteng High Court (Pretoria). Most of 
these claims are duplicates of the approximately 7,000 English claims and have been filed in South Africa to protect the 
claimants’ rights from prescribing pending the final outcome of an application brought by AASA to contest the 
jurisdiction of the English courts to hear the claims filed against it in that jurisdiction. (ii) AASA is named as one of 
32 defendants in a consolidated class certification application filed in South Gauteng High Court (Johannesburg). (iii) On 
19 September 2013, AASA concluded a settlement agreement in terms of which 23 claims (filed in South Africa between 2004 
and 2009) were settled, without admission of liability by AASA. The terms of the agreement and the settlement amount (which 
is not material to AASA) are confidential. 

The aggregate amount of the individual South African claims is approximately: $760 million (excluding claims for interest 
and costs) if the duplicate claims are included; and $25 million (excluding claims for interest and costs) if the duplicate 
claims are excluded. No specific amount of damages has been specified in the claims filed in England or in the consolidated 
class certification application filed in South Africa. 

AASA successfully contested the jurisdiction of the English courts to hear the claims filed against it in that 
jurisdiction. That ruling has been appealed. AASA is defending the separate lawsuits filed in South Africa and has opposed 
the application for consolidated class certification in South Africa. 

Taxation 
As at 30 June 2014, the South African tax authorities were in the process of reviewing certain of the Group’s tax 
matters. Management believes that these matters have been appropriately treated in the results for the period ended 30 June 
2014. 

16. Related party transactions                                                                                               

The Group has a related party relationship with its subsidiaries, joint operations, associates and joint ventures. 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 sales, purchase and 
service transactions with joint operations, associates and 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. These transactions are not considered to be significant, other than purchases by De Beers from its joint 
operations in excess of its attributable share of their production, which amounted to $1,943 million for the six months 
ended 30 June 2014 (year ended 31 December 2013: $3,064 million). 

Loans receivable(1) 

US$ million                                                                                           30.06.14           31.12.13 
Associates                                                                                                 102                164 
Joint ventures                                                                                             304                265 
                                                                                                           406                429 
(1) These loans are included in 'Financial asset investments'. 

Refinancing of Atlatsa 
In January 2014, Platinum completed the second and final phase of the refinancing transaction for Atlatsa Resources 
Corporation (Atlatsa). Platinum sold its existing 27% indirect equity interest in Atlatsa to the controlling Black Economic 
Empowerment (BEE) shareholders and subscribed for equity shares in Atlatsa representing a 23% direct interest. In return 
the level of debt outstanding from Atlatsa was reduced. A net gain of $22 million on these transactions has been recorded 
within non-operating special items, see note 6. 

17. Events occurring after the period end                                                                                    

Following the announcement on 7 July 2014 of an agreement in principle, the Group reached a binding agreement on 24 July 
2014 to sell its 50% ownership interest in Lafarge Tarmac Holdings Limited (Lafarge Tarmac) (included in the Corporate and 
other segment) to Lafarge SA (Lafarge) for a minimum value of £885 million (approximately $1.5 billion) in cash, on a 
debt and cash free basis and subject to other customary working capital adjustments. The sale will be subject to a number 
of conditions, including the completion of the proposed merger of Lafarge and Holcim Limited, the divestment of Lafarge 
Tarmac being accepted as a suitable remedy for the UK market in respect of the merger, and approval of this sale 
transaction by the necessary regulators. 

In the event that a subsequent divestment of Lafarge Tarmac is agreed within 18 months of this sale being completed, then 
Anglo American will participate in a minority proportion of the upside beyond a small premium to the terms of this 
transaction. 

With the exception of the above and the declaration of the 2014 interim dividend, there have been no reportable events 
since 30 June 2014. 

Responsibility statement 

We confirm that to the best of our knowledge: 

(a) the Condensed financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting; 

(b) the Half year financial report includes a fair review of the information required by DTR 4.2.7 R (being an indication 
    of important events that have occurred during the first six months of the financial year, and their impact on the Half year 
    financial report, and a description of the principal risks and uncertainties for the remaining six months of the financial 
    year); and 

(c) the Half year financial report includes a fair review of the information required by DTR 4.2.8 R (being disclosure of 
    related party transactions that have taken place in the first six months of the current financial year and that have 
    materially affected the financial position or the performance of the Group during that period and any changes in the 
    related party transactions described in the last annual report that could have a material effect on the financial position 
    or performance of the Group in the first six months of the current financial year). 

By order of the Board 


Mark Cutifani            René Médori 
Chief Executive          Finance Director 


INDEPENDENT REVIEW REPORT TO ANGLO AMERICAN PLC 

We have been engaged by the Company to review the Condensed financial statements in the Half year financial report for the 
six months ended 30 June 2014 which comprise the Consolidated income statement, the Consolidated statement of comprehensive 
income, the Consolidated balance sheet, the Consolidated cash flow statement, the Consolidated statement of changes in 
equity and related notes 1 to 17. We have read the other information contained in the Half year financial report and 
considered whether it contains any apparent misstatements or material inconsistencies with the information in the Condensed 
financial statements. 

This report is made solely to the Company in accordance with International Standard on Review Engagements (UK and Ireland) 
2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing 
Practices Board. Our work has been undertaken so that we might state to the Company those matters we are required to state 
to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we 
have formed. 

Directors’ responsibilities 

The Half year financial report is the responsibility of, and has been approved by, the directors. The directors are 
responsible for preparing the Half year financial report in accordance with the Disclosure and Transparency Rules of the 
United Kingdom’s Financial Conduct Authority. 

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by 
the European Union. The Condensed financial statements included in this Half year financial report have been prepared in 
accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34), as adopted by the European 
Union. 

Our responsibility 

Our responsibility is to express to the Company a conclusion on the Condensed financial statements in the Half year 
financial report based on our review. 

Scope of Review 

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of 
Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for 
use in the United Kingdom. A review of interim financial information consists of making inquiries, primarily of persons 
responsible for financial and accounting matters, and applying analytical and other review procedures. A review is 
substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) 
and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be 
identified in an audit. Accordingly, we do not express an audit opinion. 

Conclusion 

Based on our review, nothing has come to our attention that causes us to believe that the Condensed financial statements in 
the Half year financial report for the six months ended 30 June 2014 are not prepared, in all material respects, in 
accordance with IAS 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United 
Kingdom’s Financial Conduct Authority. 

Deloitte LLP 
Chartered Accountants and Statutory Auditor 
London, United Kingdom 

24 July 2014 


Exchange rates and commodity prices 

US$ exchange rates                                               30.06.14                   30.06.13                  31.12.13 
Period end spot rates                                                                                                          
Rand                                                                10.64                       9.97                     10.51 
Brazilian real                                                       2.20                       2.22                      2.36 
Sterling                                                             0.58                       0.66                      0.60 
Australian dollar                                                    1.06                       1.09                      1.12 
Euro                                                                 0.73                       0.77                      0.73 
Chilean peso                                                          554                        507                       526 
Botswana pula                                                        8.80                       8.62                      8.76 
Average rates for the period                                                                                                   
Rand                                                                10.70                       9.22                      9.65 
Brazilian real                                                       2.30                       2.03                      2.16 
Sterling                                                             0.60                       0.65                      0.64 
Australian dollar                                                    1.09                       0.98                      1.03 
Euro                                                                 0.73                       0.76                      0.75 
Chilean peso                                                          553                        479                       495 
Botswana pula                                                        8.84                       8.19                      8.39 

Commodity prices                                                 30.06.14                   30.06.13                  31.12.13 
Period end spot prices                                                                                                         
Iron ore (62% Fe CFR)(1)                        US$/tonne              93                        116                       145 
Thermal coal (FOB South Africa)(2)              US$/tonne              74                         74                        85 
Thermal coal (FOB Australia)(2)                 US$/tonne              72                         78                        85 
Hard coking coal (FOB Australia)(3)             US$/tonne             120                        172                       152 
Copper(4)                                       US cents/lb           319                        306                       335 
Nickel(4)                                       US cents/lb           849                        619                       663 
Platinum(5)                                     US$/oz              1,480                      1,317                     1,357 
Palladium(5)                                    US$/oz                844                        643                       716 
Rhodium(6)                                      US$/oz              1,110                      1,000                       975 
Average market prices for the period                                                                                           
Iron ore (62% Fe CFR)(1)                        US$/tonne             111                        137                       135 
Thermal coal (FOB South Africa)(2)              US$/tonne              77                         83                        80 
Thermal coal (FOB Australia)(2)                 US$/tonne              76                         89                        84 
Hard coking coal (FOB Australia)(7)             US$/tonne             132                        169                       159 
Copper(4)                                       US cents/lb           314                        342                       332 
Nickel(4)                                       US cents/lb           749                        732                       680 
Platinum(5)                                     US$/oz              1,437                      1,549                     1,485 
Palladium(5)                                    US$/oz                780                        726                       725 
Rhodium(6)                                      US$/oz              1,077                      1,158                     1,066 

(1) Source: Platts. 
(2) Source: McCloskey. 
(3) Source: 30 June 2014 and 30 June 2013 represent the quarter two benchmarks; 31 December 2013 represents the quarter 
    four benchmark. 
(4) Source: London Metal Exchange (LME) daily prices. 
(5) Source: London Platinum and Palladium Market (LPPM). 
(6) Source: Comdaq. 
(7) Source: Represents the average quarterly benchmark for the respective periods. 

Summary by business operation 

                                                 Revenue(1)                Underlying EBITDA(2)   Underlying operating profit/(loss)(3)           Underlying earnings 
                     6 months      6 months         Year     6 months   6 months        Year     6 months      6 months        Year    6 months   6 months       Year
                        ended         ended        ended        ended      ended       ended        ended         ended       ended       ended      ended      ended
US$ million          30.06.14      30.06.13     31.12.13     30.06.14   30.06.13    31.12.13     30.06.14      30.06.13    31.12.13    30.06.14   30.06.13   31.12.13 
Iron Ore and 
Manganese               2,894         3,311        6,517        1,381      1,787       3,390        1,229         1,653       3,119         443        609      1,125 
Kumba Iron Ore          2,466         2,849        5,643        1,293      1,700       3,266        1,182         1,596       3,047         434(4)     608(4)   1,171(4)
Iron Ore Brazil             –             –            –           (6)       (10)        (27)          (9)          (12)        (31)         (8)       (22)       (51)
Samancor                  428           462          874          137        144         258           99           116         210          52         62         92 
Projects and 
corporate                   –             –            –          (43)       (47)       (107)         (43)          (47)       (107)        (35)(4)    (39)(4)    (87)(4)
 Coal(5)                2,856         3,142        6,400          638        726       1,347          260           345         587         161        273        457 
Australia and 
Canada                  1,509         1,699        3,396          307        415         672           18           130         106         (14)       123        111 
South Africa              975         1,070        2,187          227        235         479          178           171         356         140        132        283 
Colombia                  372           373          817          135        128         299           95            96         228          64         63        151 
Projects and 
corporate                   –             –            –          (31)       (52)       (103)         (31)          (52)       (103)        (29)       (45)       (88)
Copper                  2,555         2,312        5,392        1,106        942       2,402          760           635       1,739         309        207        803 
Anglo American 
Sur                     1,521         1,499        3,300          714        756       1,642          506           561       1,220         196        172        464 
Anglo American 
Norte                     357           411          778           51        100         191           17            78         135           8         49         85 
Collahuasi                677           402        1,314          403        170         718          299            80         533         153         62        386 
Projects and 
corporate                   –             –            –          (62)       (84)       (149)         (62)          (84)       (149)        (48)       (76)      (132)
 Nickel                    76            73          136           30         (7)        (37)          26           (11)        (44)         29        (17)       (54)
Codemin                    76            73          136           19         17          23           16            13          17          12          5          5 
Loma de 
Níquel                      –             –            –           24         (1)         (5)          24            (1)         (5)         22         (2)        (7)
Barro Alto                  –             –            –           (7)       (13)        (38)          (8)          (13)        (39)          –        (12)       (38)
Projects and 
corporate                   –             –            –           (6)       (10)        (17)          (6)          (10)        (17)         (5)        (8)       (14)
Niobium(5)                 90            90          182           37         44          87           34            42          82          23         23         42 
Catalão                    90            90          182           38         45          94           35            43          89          24         24         48 
Projects and 
corporate                   –             –            –           (1)        (1)         (7)          (1)           (1)         (7)         (1)        (1)        (6)
Phosphates(5)             215           286          544           20         59          89            9            48          68          10         31         50 
Copebrás                  215           286          544           25         60         100           14            49          79          13         32         57 
Projects and 
corporate                   –             –            –           (5)        (1)        (11)          (5)           (1)        (11)         (3)        (1)        (7)
 Platinum               2,718         2,741        5,688          231        497       1,048           (1)          187         464          (1)        92        287 
Operations              2,718         2,741        5,688          261        533       1,121           29           223         537          28        127        356 
Projects and 
corporate                   –             –            –          (30)       (36)        (73)         (30)          (36)        (73)        (29)       (35)       (69)
 De Beers               3,823         3,325        6,404          983        788       1,451          765           571       1,003         469        295        532 
Operations              3,823         3,325        6,404        1,004        816       1,516          786           599       1,068         487        321        591 
Projects and  
corporate                   –             –            –          (21)       (28)        (65)         (21)          (28)        (65)        (18)       (26)       (59)
 Corporate and 
other(5)                  917           913        1,800          (98)      (127)       (257)        (150)         (208)       (398)       (159)      (263)      (569)
Other Mining 
and Industrial            914           910        1,795           58         18          81           11           (30)        (13)          4        (31)        (2)
Exploration                 –             –            –          (75)       (93)       (205)         (76)          (93)       (207)        (69)       (85)      (190)
Corporate 
activities and 
unallocated 
costs                          3          3            5          (81)       (52)     (133)           (85)            (85)     (178)        (94)      (147)      (377)
                          16,144     16,193       33,063        4,328      4,709     9,520          2,932           3,262     6,620       1,284      1,250      2,673 
(1) Revenue includes the Group’s attributable share of associates’ and joint ventures’ revenue. Revenue 
    for copper is shown after deduction of treatment and refining charges (TC/RCs). 
(2) Underlying EBITDA is underlying operating profit before depreciation and amortisation in subsidiaries and joint 
    operations and includes attributable share of associates’ and joint ventures’ underlying operating profit 
    before depreciation and amortisation. 
(3) Underlying operating profit/(loss) is operating profit/(loss) before special items and remeasurements, and includes the 
    Group’s attributable share of associates’ and joint ventures’ operating profit/(loss) before special 
    items and remeasurements. 
(4) Of the projects and corporate expense, which includes a corporate cost allocation, $25 million (six months ended 30 
    June 2013: $29 million; year ended 31 December 2013: $63 million) relates to Kumba Iron Ore. The total contribution from 
    Kumba Iron Ore to the Group's underlying earnings is $409 million (six months ended 30 June 2013: $579 million; year 
    ended 31 December 2013: $1,108 million). 
(5) Refer to note 4 of the Condensed financial statements for changes in reporting segments. Comparatives have been 
    reclassified to align with current year presentation. 


ANGLO AMERICAN plc 
(Incorporated in England and Wales – Registered number 3564138) 
(the Company) 

Notice of Interim Dividend
(Dividend No. 28)

Notice is hereby given that an interim dividend on the Company’s ordinary share capital in respect of the year to 31 December 2014 
will be paid as follows:                                                                                      
Amount (United States currency)                                                                   32 cents per ordinary share (note 1)
Amount (South African currency)                                                                 R3.3660480 per ordinary share (note 2)
Last day to effect removal of shares between the UK and SA registers                                            Thursday 24 July 2014 
Last day to trade on the JSE Limited (JSE) to qualify for dividend                                               Friday 1 August 2014 
Ex-dividend on the JSE from the commencement of trading on                                               Monday 4 August 2014 (note 3)
Ex-dividend on the London Stock Exchange from the commencement of trading on                                  Wednesday 6 August 2014 
Record date (applicable to both the United Kingdom principal register 
and South African branch register)                                                                               Friday 8 August 2014 
Removal of shares between the UK and SA registers permissible from                                              Monday 11 August 2014 
Last day for receipt of US$:£/€ currency elections by the UK Registrars (note 1)                              Thursday 28 August 2014 
Last day for receipt of Dividend Reinvestment Plan (DRIP) mandate forms 
by the UK Registrars (notes 4, 5 and 6)                                                                       Thursday 28 August 2014 
Currency conversion US$:£/€ rates announced on (note 7)                                                       Friday 5 September 2014 
Last day for receipt of DRIP mandate forms by 
Central Securities Depository Participants (CSDPs) (notes 4, 5 and 6)                                         Monday 8 September 2014 
Last day for receipt of DRIP mandate forms by the South African 
Transfer Secretaries (notes 4, 5 and 6)                                                                      Tuesday 9 September 2014 
Payment date of dividend                                                                                   Thursday 18 September 2014 

Notes 
1. Shareholders on the United Kingdom register of members with an address in the United Kingdom will be paid in pounds 
   sterling and those with an address in a country in the European Union which has adopted the euro, will be paid in euros. 
   Such shareholders may, however, elect to be paid their dividends in US dollars provided the UK Registrars receive such 
   election by Thursday 28 August 2014. Shareholders with an address elsewhere will be paid in US dollars except those 
   registered on the South African branch register who will be paid in South African rand. 

2. Dividend Tax will be withheld from the amount of the gross dividend of R3.3660480 per ordinary share paid to South 
   African shareholders at the rate of 15% unless a shareholder qualifies for exemption. After the Dividend Tax has been 
   withheld, the net dividend will be R2.8611408 per ordinary share. Anglo American plc had a total of 1,396,611,433 ordinary 
   shares in issue, including 8,853,899 treasury shares, at the dividend declaration date of Friday 25 July 2014. In South 
   Africa the dividend will be distributed by Anglo South Africa Capital (Pty) Limited, a South African company with tax 
   registration number 9273/364/845, in terms of the Company’s dividend access share arrangements. No Secondary Tax on 
   Companies (STC) credits will be used for the payment of the dividend. 

3. Dematerialisation and rematerialisation of registered share certificates in South Africa will not be effected by CSDPs 
   during the period from Monday 4 August 2014 to Friday 8 August 2014 (both days inclusive). 

4. Those shareholders who already participate in the DRIP need not complete a DRIP mandate form for each dividend as such 
   forms provide an ongoing authority to participate in the DRIP until cancelled in writing. Shareholders who wish to 
   participate in the DRIP should obtain a mandate form from the UK Registrars, the South African Transfer Secretaries or, in 
   the case of those who hold their shares through the STRATE system, their CSDP. 

5. In terms of the DRIP, and subject to the purchase of shares in the open market, share certificates/CREST notifications 
   are expected to be mailed on Tuesday 23 September 2014 in the UK. CREST accounts will be credited on Wednesday 24 September 
   2014. In South Africa, CSDP investor accounts will be credited/updated no later than Friday 26 September 2014. 

6. Copies of the terms and conditions of the DRIP are available from the UK Registrars or the South African Transfer 
   Secretaries. 

7. The US$: £ / € conversion rates will be determined by the actual rates achieved by Anglo American buying 
   forward contracts for those currencies, during the two days preceding the announcement of the conversion rates, for 
   delivery on the dividend payment date. 

       Registered office                     UK Registrars                                South African Transfer Secretaries 
20 Carlton House Terrace                          Equiniti                   Link Market Services South Africa (Pty) Limited 
                  London                      Aspect House                                          13th Floor, Rennie House 
                SW1Y 5AN                      Spencer Road                                                19 Ameshoff Street 
                 England                           Lancing                                                 Braamfontein 2001 
                                               West Sussex                                                      South Africa 
                                                  BN99 6DA                                   (PO Box 4844, Johannesburg 2000) 
                                                   England 

25 July 2014
Sponsor: UBS South Africa (Pty) Ltd


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