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ANGLO AMERICAN PLC - 2014 Annual report and Notice of annual general meeting 2015

Release Date: 16/03/2015 15:39
Code(s): AGL     PDF:  
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2014 Annual report and Notice of annual general meeting 2015

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

         2014 ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL MEETING 2015

In accordance with Listing Rule 9.6 and Disclosure and Transparency Rule (“DTR”) 4.1, the Company
announces that the following documents have been posted to shareholders and have today been
submitted to the UK Listing Authority via the National Storage Mechanism:

    •   Annual Report and Accounts for the year ended 31 December 2014
    •   Notice of the 2015 Annual General Meeting to be held on 23 April 2015
    •   Proxy form for the 2015 Annual General Meeting

The above mentioned documents (except for the Proxy form) are available on our website at
http://www.angloamerican.com/investors/annual-reporting.aspx and
http://www.angloamerican.com/investors/shareholder-information/agm/agm2015 respectively and will
shortly be made available for inspection at www.hemscott.com/nsm.do. Shareholders can obtain
additional copies of the Proxy form from our Registrar, Equiniti Limited at Aspect House, Spencer
Road, Lancing, West Sussex BN99 6DA or view online at www.shareview.co.uk.

This announcement should be read in conjunction with the Company’s announcement issued on 13
February 2015. Together these constitute the material required by DTR 6.3 to be communicated to
the media in full unedited text through a Regulatory Information Service. This material is not a
substitute for reading the Company’s 2014 Annual Report and Accounts. Page references below refer
to page numbers in the Annual Report and Accounts. References to notes to the financial statements
refer to notes in the Annual Report and Accounts.

An indication of the important events that occurred in 2014 and their impact on the consolidated
financial statements and the consolidated financial statements themselves were announced to the
London Stock Exchange on 13 February 2015, forming part of the Preliminary Results announcement
for the year ended 31 December 2014. Additional content forming part of the management report is
below.

PRINCIPAL RISKS AT A GLANCE

                    EXTERNAL                               OPERATIONAL
                    Pages 44-45                            Pages 46-47
Increased risk      - Portfolio restructuring (new risk)   - None
                    - Commodity prices
No change           - Political, legal and regulatory      - Community           - Operational risk
in risk             - Currency risk                        relations             and project
                    - Liquidity risk                       - Environment         delivery
                    - Inflation                            - Event risk          - Safety and health
                    - Information and cyber security       - Infrastructure

Decreased risk      - None                                 - Employees

EXTERNAL OPERATIONAL
As mining is a business that can span decades, many of its attendant risks are long term in nature,
and there may not be any significant change year-on-year. The commentary provided on each risk is
intended to highlight significant changes in the profile of individual risks or describe our experience of
the risk over the course of 2014.

The risks defined in this report are those we believe are our principal risks. In previous years we have
reported risks relating to climate change, counterparty, exploration, supply chain, contractors, Ore
Reserves and Mineral Resources, bribery and corruption, joint ventures, and acquisitions and
divestments, all of which we remain exposed to, though we do not consider them to be our principal
risks. Therefore, such risks are not discussed in the report. The risks included in this report could
threaten our ability to achieve our 2016 objectives.

We also recognise that risks cannot be viewed in isolation. Emergence of one risk may be caused by
one or more other risks, or may cause another risk to emerge. For example, project delivery or
production risk can be influenced by risks relating to supply, inflation, political matters, legal and
regulatory requirements, infrastructure or community relations. This interconnectivity, and the
relationship of risks to our above-mentioned strategic elements, requires significant emphasis to be
placed on the management of risk and the effectiveness of our risk controls, with the identification and
understanding of our risks being the first step in what is a continuous process.

Strategic report
EXTERNAL RISKS

COMMODITY PRICES
The prices of all the                 Root cause: Commodity prices        Increased risk
commodities that Anglo                are determined primarily by
American produces are                 international markets and global    Commentary: During 2014,
subject to wide fluctuation.          supply and demand. Demand           prices of most of the
                                      for commodities will largely be     commodities we mine
Impact: Commodity price               determined by the strength of       weakened as a result of
volatility can result in a material   the global economic                 lacklustre economic conditions
and adverse movement in the           environment.                        in many of our key markets and
Group’s operating results, asset                                          increased supply of some
values, revenues and cash             Mitigation: Our diverse             products. This trend is expected
flows. Falling commodity prices       commodity portfolio provides        to continue for some time.
could prevent us from                 some protection to this risk, and
completing transactions that are      our policy is not to engage in
important to the business and         commodity price hedging. We
which may have an adverse             constantly monitor the markets
effect on Anglo American’s            in which we operate, reviewing
financial position. If commodity      capital expenditure programmes
prices remain weak for a              accordingly, so as to ensure the
sustained period, growth              supply of our products reflects
projects may not be viable and        forecast market conditions.
we may not be able to compete
for new, complex projects that
require significant capital
investment. Commodity prices
are one of the significant factors
that rating agencies use to
determine credit rating.

POLITICAL, LEGAL AND
REGULATORY
Wherever we operate, our              Root cause: The Group has no        No change in risk
businesses may be affected            control over local political acts
by political or regulatory             or changes in local tax rates. It   Commentary: Due to market
developments, including                recognises that its licence to      conditions, industry appetite for
changes to fiscal regimes or           operate through mining rights is    developing projects is low,
other regulatory regimes.              dependent on a number of            particularly where political risk is
                                       factors, including compliance       high. The commodity cycle
Impact: Potential impacts              with regulations.                   downturn may reduce the ability
include restrictions on the                                                of host governments to impose
export of currency,                    Mitigation: The Group actively      new taxes and royalties.
expropriation of assets,               monitors regulatory and political   However, there is a continuing
imposition of royalties or other       developments on a continuous        need to manage government
taxes targeted at mining               basis.                              relations in this period of
companies, and requirements                                                significant change.
for local ownership or
beneficiation. Political instability
can also result in civil unrest
and nullification of existing
agreements, mining permits or
leases. Any of these may
adversely affect the Group’s
operations or results of those
operations.

INFORMATION AND CYBER
SECURITY
The Group is exposed to risk           Mitigation: Anti-virus software     No change in risk
of attack by third parties on          and general computer controls
our information systems.               provide a level of protection. In   Commentary: The risk is
                                       addition, monitoring of networks    unchanged but we recognise
Impact: Attacks on our                 is undertaken to identify           the threat is continually
information systems may result         suspicious activity in order that   developing on a global basis.
in loss of sensitive or                appropriate action can be taken.
proprietary information and            We receive information on
fraud. Damage is possible to           threats through security
equipment that is critical to          consultants and agencies on an
mining or processing of ore,           ongoing basis. The Group also
resulting in interruption to           has an Information Security
production.                            policy that introduces the
                                       measures expected of
Root cause: Cyber risk arises          employees in handling sensitive
from criminal activity to cause        information.
disruption or attempts by third
parties to access sensitive
information. The pace of
technological development
makes it challenging for any
organisation to prevent
increasingly sophisticated
methods of attacking
information technology systems.

CURRENCY RISK
The Group is exposed to                Root cause: The global nature       No change in risk
currency risk when                     of the Group’s businesses
transactions are not                  exposes the Group to currency         Commentary: Further
conducted in US dollars.              risk.                                 description of currency risk and
                                                                            analysis of sensitivity to foreign
Impact: Fluctuations in the           Mitigation: Given our Group’s         exchange movement is
exchange rates of the most            diversified nature, our policy is     provided on pages 156–157.
important currencies influencing      generally not to hedge currency
our own operating costs and           risk. Mitigation in the form of
asset valuations (the South           foreign exchange hedging is
African rand, Chilean peso,           limited to debt instruments and
Brazilian real, Australian dollar,    capital expenditure on major
and pound sterling) may               projects.
materially affect the Group’s
financial results.

LIQUIDITY RISK
Our Group is exposed to               response to shock events.             No change in risk
liquidity risk in terms of being      Liquidity risk also arises when
able to fund operations and           lenders are insecure about our        Commentary: All financing
growth.                               long term cash generative             needs have been met, though
                                      capacity.                             capital availability for project
Impact: If we are unable to                                                 development or acquisition is
obtain sufficient credit as a         Mitigation: We have an                likely to be low until existing
result of prevailing capital          experienced Treasury team             commitments are fulfilled or a
market conditions, we may not         which is responsible for              stronger pricing environment
be able to raise sufficient funds     ensuring that there are sufficient    exists.
to meet ongoing financing             committed loan facilities in
needs, develop projects,              place to meet short term
compete for new projects              business requirements after
requiring significant capital         taking into account cash flows
expenditure, or fund                  from operations and holdings of
acquisitions. As a result, our        cash, as well as any Group
revenues, operating results,          distribution restrictions. We limit
cash flows or financial position      exposure on liquid funds
may be adversely affected. The        through a policy of minimum
Group’s access to liquidity or        counterparty credit ratings, daily
cost of funding could be              counterparty settlement limits
adversely influenced by any           and exposure diversification.
credit rating agency downgrade.

Root cause: Liquidity risk
arises from uncertainty or
volatility in the capital or credit
markets owing to perceived
weaknesses in the global
economic environment, or
possibly as a

INFLATION
The Group is exposed to               Root cause: Cost inflation in         No change in risk
potentially high rates of             the mining sector is more
inflation in the countries in        apparent during periods of high    Commentary: While operating
which it operates.                   commodity prices as demand         improvements, restructuring
                                     for input goods and services       and cost saving programmes
Impact: Higher rates of inflation    can exceed supply.                 are contributing to financial
may increase future operational                                         performance, some of the
costs if there is no concurrent      Mitigation: We closely manage      benefits will be offset through
depreciation of the local            costs through our business         uncontrollable cost increases.
currency against the US dollar,      improvement and supply chain
or an increase in the dollar price   initiatives and, where
of the applicable commodity.         necessary, through adjusting
This may have a negative             employee and contractor
impact on profit margins and         numbers. The Driving Value
financial results.                   programme has targeted a $500
                                     million reduction in overheads
                                     by 2016.

PORTFOLIO
RESTRUCTURING
Inability to achieve asset           Root cause: The current            New risk
sales as planned.                    commodity market climate is
                                     creating a challenging             Commentary: N/A
Impact: Failure to achieve           environment in which to sell
planned sales may influence          assets.
cash flow generation targets
and ability to achieve required      Mitigation: A strategy for the
levels of return.                    transaction process has been
                                     developed, aimed at maximising
                                     buyer interest.



OPERATIONAL RISKS

COMMUNITY RELATIONS
Disputes with communities            Mitigation: We have developed      No change in risk
may arise from time to time.         comprehensive processes to
                                     enable our business units to       Commentary: Further
Impact: Failure to manage            effectively manage relationships   description of our work during
relationships with local             with communities and we            2014 to maintain and improve
communities, government and          actively seek to engage with,      relationships with our
NGOs may disrupt operations          and support, all communities       stakeholders is provided on
and negatively affect Anglo          affected by our operations.        pages 38–41.
American’s reputation as well
as our ability to bring projects
into production.

Root cause: We operate in
several countries where
ownership of rights in respect of
land and resources is uncertain
and where disputes in relation
to ownership or other
community matters may arise.
The Group’s operations can
have an impact on local
communities, including the
need, from time to time, to
relocate communities or
infrastructure networks such as
railways and utility services.
ENVIRONMENT
Some of our operations             significant. Governments may        No change in risk
create environmental risk in       force closure of mines on a
the form of dust, noise or         temporary or permanent basis        Commentary: Our
leakage of polluting               or refuse future mining right       environmental performance
substances, or through the         applications.                       during 2014 is detailed on
potential for uncontrolled                                             pages 33–35.
breaches of tailings dam           Root cause: The mining
facilities. These can be           process, including blasting and
harmful to our employees,          processing of orebodies, can
contractors and the                generate dust and noise and
communities near our               requires the storage of waste
operations.                        materials in liquid form.

Impact: Potential impacts          Mitigation: The Group
include fines and penalties for    implements a number of
past, current or future events,    standards to prevent, monitor
statutory liability for            and limit the impact of its
environmental remediation and      operations on the environment.
other financial consequences
that may be

EVENT RISK
Damage to physical assets          and tailings dam walls, fire,       No change in risk
from fire, explosion, natural      explosion and breakdown of
catastrophe or breakdown of        critical machinery, with long       Commentary: Management
critical machinery.                lead times for replacement.         continues to implement
                                                                       measures to mitigate this risk.
Impact: The direct costs of        Mitigation: Specialist
repair or replacement combined     consultants are engaged to
with business interruption         analyse such event risks and
losses can result in financial     provide recommendations to
losses.                            prevent or limit the effects of
                                   such a loss. Contingency plans
Root cause: Some of our            are developed to respond to
operations are located in areas    significant events and restore
exposed to natural catastrophes    normal levels of business
such as earthquake/extreme         activity. Anglo American
weather conditions. The nature     purchases insurance to protect
of our operations exposes us to    itself against the financial
potential failure of mining pit    consequences of an event,
slopes, underground shafts         subject to availability and cost.

INFRASTRUCTURE
Inability to obtain adequate       a number of countries. Our          No change in risk
supporting facilities, services    operations and projects can be
and installations (water,          located in areas where power        Commentary: Details of
power, road, rail and port,        and water supplies are not          programmes to manage water
etc.).                             certain and may be affected by      consumption and power usage
                                   population growth, the effects of   are provided on pages 34–35.
Impact: Failure to obtain          climate change or lack of
supporting facilities may affect   investment by owners of
the sustainability and growth of   infrastructure. We rely upon
the business, leading to loss of     effective rail and port facilities
competitiveness, market share        for transporting our products.
and reputation. Failure of rail or   We use third parties to ship
port facilities may result in        products to customers, if
delays and increased costs, lost     required.
revenue, and a worsening
reputation with customers.           Mitigation: We seek to work
Failure to procure shipping          closely with suppliers of
costs at competitive market          infrastructure to mitigate the risk
rates may reduce profit              of failure and have established
margins.                             contingency arrangements.
                                     Long term agreements with
Root cause: The potential            suppliers are sought where
disruption of ongoing generation     appropriate.
and supply of power is a risk we
face in

OPERATIONAL RISK AND
PROJECT DELIVERY
Failure to meet production           Operational performance can           No change in risk
targets or project delivery          be influenced by technical and
timetables and budgets.              engineering factors as well as        Commentary: The Minas-Rio
                                     events or circumstances that          project achieved first ore on
Impact: Increased unit costs         have an impact on other critical      ship during 2014 (refer to pages
may arise from failure to meet       inputs to the mining and              22–23) and our focus is now on
production targets, thus             processing of minerals.               ramp up. We continued to see
affecting our operational and                                              improved operational
financial performance. Failure to    Mitigation: Management                performance across our
meet project delivery timetables     oversight of operating                business units as a result of
and budgets may delay cash           performance and project               management actions.
inflows, increase capital costs,     delivery through regular
incur contractual penalties, and     executive management
reduce profitability, as well as     briefings, a continuous focus on
have a negative impact on the        improvement of operations
Group’s reputation.                  through our business
                                     improvement programme, and
Root cause: Increasing               consistent application of the
regulatory, environmental,           Group’s methodology for new
access and social approvals          projects, are vital aspects in
can increase construction costs      managing this risk.
and introduce delays.

SAFETY AND HEALTH
Failure to maintain high             Root cause: Mining is a               No change in risk
levels of safety management          hazardous industry and working
can result in harm to our            conditions such as weather,
employees, contractors and           altitude and temperature can
communities near our                 add to the inherent dangers of
operations. Occupational             mining, whether underground or
health risks to employees and        in open pit mines.
contractors include noise
induced hearing loss,                Mitigation: Anglo American
occupational lung diseases           sets a very high priority on
and tuberculosis (TB). In sub-       safety and health matters. A
Saharan Africa in particular,        safety and health risk
HIV/AIDS is a threat to             management process, global          Commentary: Details of safety
economic growth and                 standards and a technical risk      performance and our approach
development.                        assurance programme form part       to health management are
                                    of a consistently applied robust    provided on pages 38–39.
Impact: In addition to injury and   approach to mitigating safety,
damage to health, impacts           health and environmental risk.
could include fines and             Anglo American provides free
penalties for past, current or      anti-retroviral therapy to
future issues, liability to         employees with HIV/AIDS and
employees or third parties,         undertakes education and
impairment of Anglo American’s      awareness programmes to help
reputation, industrial action or    prevent infection or spread of
inability to attract and retain     infection.
skilled employees. Government
authorities may force closure of
mines on a temporary or
permanent basis or refuse
mining right applications. The
recruitment and retention of
skilled people required to meet
growth aspirations can be
affected by high rates of
HIV/AIDS.

EMPLOYEES
The ability to recruit, develop     In the key countries where the      Decrease in risk
and retain appropriate skills       Group operates, the majority of
for the Group. Strikes or           employees are members of            Commentary: During 2014 we
other industrial relations          trade unions. Negotiations over     completed the review of our
disputes may occur.                 wage levels or working              Organisational Model, corporate
                                    conditions can sometimes fail to    structure and a number of
Impact: Failure to retain or        result in agreement.                business units. Implementation
recruit skilled employees may                                           of the changes and
lead to increased costs, and        Mitigation: Anglo American          restructuring programmes
interruptions to existing           aims to be the employer of          identified has progressed.
operations and new projects.        choice in the mining sector. A      Further details are provided on
Industrial disputes adversely       comprehensive human                 page 38.
affect production, costs and the    resources strategy has been
results of operations.              devised to support that
                                    objective. The Group seeks
Root cause: We are subject to       constructive relationships and
global competition for skilled      dialogue with trade unions and
labour. Our assets and projects     employees in all its businesses.
are often in remote places or in
countries where it is a challenge
to recruit suitably skilled
employees.



RELATED PARTY TRANSACTIONS

35. RELATED PARTY TRANSACTIONS
The Group has a related party relationship with its subsidiaries, joint operations, associates and joint
ventures (see note 37). 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, 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 $3,493 million (2013: $3,064 million).

Loans receivable(1)
US$ million                                                            2014              2013
Associates                                                             98                164
Joint ventures                                                         329               265
                                                                       427               429

(1) These loans are included in ‘Financial asset investments’.

At 31 December 2014 the directors of the Company and their immediate relatives controlled 0.1%
(2013: 0.1%) of the voting shares of the Company.

Remuneration and benefits received by directors are disclosed in the Remuneration report.
Remuneration and benefits of key management personnel, including directors, are disclosed in note
26.

Information relating to pension fund arrangements is disclosed in note 27.

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 27.0% indirect equity interest in
Atlatsa to the controlling Black Economic Empowerment (BEE) shareholders and subscribed for
equity shares in Atlatsa representing a 22.8% direct interest. In return the level of debt outstanding
from Atlatsa was reduced. These transactions resulted in an increase in ‘Investments in associates’ of
$69 million, a net decrease in ‘Financial asset investments’ of $47 million and a net gain of $22 million
recorded within ‘Non-operating special items’.

The first phase of the refinancing transaction completed in December 2013. Platinum acquired certain
properties from Bokoni Platinum Holdings Proprietary Limited, which is an associate of the Group and
is controlled by Atlatsa. In return the level of debt outstanding from Atlatsa was reduced. A charge of
$37 million was recorded within ‘Non-operating special items’ for the year ended 31 December 2013
in relation to this transaction.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the financial statements in
accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. The
directors are required to prepare the Group financial statements in accordance with International
Financial Reporting Standards (IFRS), as adopted by the European Union and Article 4 of the IAS
regulation, and have elected to prepare the parent company financial statements in accordance with
United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and
applicable law). The directors must not approve the accounts unless they are satisfied that they give a
true and fair view of the state of affairs of the Company and of the profit or loss of the Company for
that period. In preparing the parent company financial statements, the directors are required to:

-      select suitable accounting policies and then apply them consistently
-      make judgements and accounting estimates that are reasonable and prudent
-      state whether applicable UK Accounting Standards have been followed, subject to any
       material departures disclosed and explained in the financial statements
-      prepare the financial statements on the going concern basis unless it is inappropriate to
       presume that the Company will continue in business.

In preparing the Group financial statements, IAS 1 requires that directors:
-        properly select and apply accounting policies
-        present information, including accounting policies, in a manner that provides relevant, reliable,
         comparable and understandable information
-        provide additional disclosures when compliance with the specific requirements in IFRS is
         insufficient to enable users to understand the impact of particular transactions, other events
         and conditions on the entity’s financial position and financial performance
-        make an assessment of the Company’s ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and
explain the Company’s transactions, disclose with reasonable accuracy at any time the financial
position of the Company and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial
information included on the Company’s website. Legislation in the United Kingdom governing the
preparation and dissemination of financial statements may differ from legislation in other jurisdictions.


RESPONSIBILITY STATEMENT

for the year ended 31 December 2014

We confirm that to the best of our knowledge:
(a) the financial statements, prepared in accordance with the applicable set of accounting standards,
give a true and fair view of the assets, liabilities, financial position and loss of Anglo American plc and
the undertakings included in the consolidation taken as a whole
(b) the strategic report includes a fair review of the development and performance of the business and
the position of Anglo American plc and the undertakings included in the consolidation taken as a
whole, together with a description of the principal risks and uncertainties that they face
(c) the annual report and financial statements, taken as a whole, are fair, balanced and
understandable and provide the information necessary for shareholders to assess the Company’s
performance, business model and strategy.

By order of the Board


Mark Cutifani              René Médori
Chief Executive            Finance Director


16 March 2015

Sponsor: UBS South Africa (Pty) Ltd

For further information, please contact:


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

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

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

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

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

www.angloamerican.com




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.

Date: 16/03/2015 03:39:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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