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ANGLO AMERICAN PLC - Publication of Annual Report 2015 and Notice of Annual General Meeting 2016

Release Date: 14/03/2016 08:00
Code(s): AGL     PDF:  
Wrap Text
Publication of Annual Report 2015 and Notice of Annual General Meeting 2016

Anglo American plc
(Incorporated in England and Wales)
(Registration number: 3564138)
Registered office: 20 Carlton House Terrace, London, SW1Y 5AN
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM
(the “Company”)

Registered office: 20 Carlton House Terrace, London SW1Y 5AN
Registered number: 3564138 (incorporated in England and Wales)


PUBLICATION OF ANNUAL REPORT 2015 AND NOTICE OF ANNUAL GENERAL MEETING 2016

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 2015
    -   Notice of the 2016 Annual General Meeting to be held on 21 April 2016
    -   Proxy form for the 2016 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/agm2016 respectively and will
shortly be made available for inspection at www.morningstar.co.uk/uk/NSM. 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 16
February 2016. 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 2015 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 2015 and their impact on the consolidated
financial statements and the consolidated financial statements themselves were announced to the
London Stock Exchange on 16 February 2016, forming part of the Preliminary Results announcement
for the year ended 31 December 2015. Additional content forming part of the management report is
below.

PRINCIPAL RISKS

We define a principal risk as a risk or combination of risks that would threaten the business model,
future performance, solvency or liquidity of Anglo American. In addition to these principal risks we
continue to be exposed to other risks related to currency, inflation, information and cyber security,
community relations, environment, infrastructure and human resources. These risks are subject to our
normal procedures to identify, implement and oversee appropriate mitigation actions.

Principal risks 1-7 on pages 42-44
Strategic report

CATASTROPHIC RISKS

We also face certain risks that we deem catastrophic risks. These are very high severity, very low
likelihood events that could result in multiple fatalities or injuries, an unplanned fundamental change
to strategy or the way we operate, and have significant financial consequences. We do not consider
likelihood when assessing these risks as the potential impacts mean these risks must be treated as a
priority. Catastrophic risks are included as principal risks.

Catastrophic risks 8-11 on pages 44-45

RISK APPETITE

We define risk appetite as ‘the nature and extent of risk Anglo American is willing to accept in relation
to the pursuit of its objectives’. We look at risk appetite from the context of severity of the
consequences should the risk materialise, any relevant internal or external factors influencing the risk
and the status of management actions to mitigate the risk. A scale is used to help determine the limit
of appetite for each risk, recognising that risk appetite will change over time.

If a risk exceeds appetite, it will threaten the achievement of objectives and may require a change to
strategy. Risks that are approaching the limit of the Group’s risk appetite may require management
actions to be accelerated or enhanced in order to ensure the risks remain within appetite levels.

Further details on the risk management and internal control systems and the review of their
effectiveness are provided on pages 80-81

1. COMMODITY PRICES
Global macro-economic               Impact: Low commodity prices        This risk has increased since
conditions leading to               can result in weakened levels       2014
sustained low commodity             of cash flow, profitability and
prices and/or volatility.           valuation. Debt costs may rise      Risk appetite: Operating outside
                                    owing to rating agency              the limits of our appetite and
Root cause: The most                downgrades and the possibility      mitigation actions are in place.
significant factors contributing    of restricted access to funding.
to this risk at present are the     The Group may be unable to          Commentary: Current economic
slowdown in growth in China         complete its divestment             conditions are having a negative
and other emerging markets,         programme within the desired        impact on commodity prices and
low growth rates in developed       timescales or achieve               represent the biggest immediate
economies and an oversupply         expected values. The                threat to Anglo American’s
of commodities into the market,     capability to invest in growth      financial performance. We have
particularly the raw materials      projects is limited during          announced significant portfolio
such as iron ore and                periods of low commodity            changes (see pages 16–19) as a
metallurgical coal used in steel    prices – which may, in turn,        response to commodity price risk.
making. Other factors such as       affect future performance.
weak regional economies and
conflict can also influence the     Mitigation: High levels of
economic environment and            liquidity will be maintained
contribute to weak commodity        during the current cycle.
prices.                             An organisation change
                                    programme incorporating cost
                                    reductions, continued roll-out
                                    of the Operating Model,
                                    reductions in capital
                                    expenditure and the
                                    divestment of certain assets is
                                    under way. The Board
                                    regularly monitors progress of
                                    these actions.

2. POLITICAL AND REGULATORY
Uncertainty and adverse             Impact: Uncertainty over             No change in risk
changes to mining industry          future business conditions
regulation, legislation or tax      leads to a lack of confidence in     Risk appetite: Operating within
rates can occur in any              making investment decisions,         the limits of our appetite.
country in which we operate.        which can influence future
                                    financial performance.               Commentary: Current global
Root cause: The Group has           Increased costs can be               economic conditions have a
no control over political acts or   incurred through additional          significant impact on countries
changes in local tax rates. Our     regulations or resource taxes,       whose economies are exposed to
licence to operate through          while the ability to execute         the downturn in commodities,
mining rights is dependent on a     strategic initiatives that reduce    placing greater pressure on
number of factors including         costs or divest assets may also      governments to find alternative
compliance with regulations.        be restricted; all of which may      means of raising revenues, and
                                    reduce profitability and affect      increase the risk of social and
                                    future performance. Political        labour unrest. These factors could
                                    stability can also result in civil   increase the political risks faced by
                                    unrest or nullification of           the Group.
                                    existing agreements, mining
                                    permits or leases. These may
                                    adversely affect the Group’s
                                    operations or results of those
                                    operations.

                                    Mitigation: Anglo American
                                    has an active engagement
                                    strategy with the governments
                                    and regulators within the
                                    countries in which we operate
                                    or plan to operate. We assess
                                    portfolio capital investments
                                    against political risks and avoid
                                    or minimise exposure to
                                    jurisdictions with unacceptable
                                    risk levels. We actively monitor
                                    regulatory and political
                                    developments on a continuous
                                    basis.

3. ORGANISATION CHANGE
Failure to accelerate and           Impact: Weakened levels of           No change in risk
deliver the organisation            investor confidence, a
change programme will lead          decreased company valuation          Risk appetite: Operating within
to a loss of shareholder            and reputational damage are          the limits of our appetite.
confidence in the ability to        possible outcomes if this risk
transform Anglo American            materialises. Weaker cash            Commentary: The organisation
and result in a reduced             flows, lower levels of               change programme incorporates
valuation.                          profitability and debt rating        redesign of corporate functions,
                                    downgrades, with a resultant         implementation of the Operating
Root cause: The urgency to          increased cost of debt and           Model, capital expenditure
deliver change is high, but         possibly reduced access to           reviews, delivery of the marketing
constraints exist in different      financing, could also occur          strategy and cost reduction
geographies, including              should this risk materialise.        initiatives. Non-delivery is deemed
employment regulations and          Employee morale and retention        a principal risk in its own right as it
political factors that may delay    of key skills may also be            is a critical component of the
timing and delivery of the          affected.                            response to weak commodity
organisation change.                                                     prices.
                                   Mitigation: Progress has been
                                   achieved in all the various
                                   actions associated with the
                                   Group’s organisation change.
                                   Mechanisms are in place to
                                   monitor progress, identify
                                   constraints to implementation,
                                   and to measure the benefits
                                   delivered. The Board regularly
                                   reviews the progress of these
                                   initiatives.


4. PORTFOLIO RESTRUCTURING
Inability to divest assets in      Impact: Weakened levels of          No change in risk
the timeframe required             cash flow, reduced profitability
and/or for expected value.         and a resultant negative impact     Risk appetite: Operating within
                                   on the valuation of Anglo           the limits of our appetite.
Root cause: Current economic       American may result, along
conditions, particularly in        with an inability to reduce debt    Commentary: Progress was made
commodity markets, are             and improve financial               during 2015, following the
reducing the number of             performance. Any credit rating      successful divestment of the
potential asset acquirers and      agency downgrade may                Lafarge Tarmac stake and the
are affecting the value that can   increase the cost of debt, while    Anglo American Norte assets
be obtained. Completion of         an inability to deliver portfolio   which, together, delivered $1.9
transactions can be complex,       changes could result in loss of     billion in gross proceeds. In
and involve numerous               investor confidence and             addition, the proposed sale of
stakeholders – such as             reputational damage.                Anglo American Platinum’s
regulators, government, joint                                          Rustenburg mining and
venture partners, employees        Mitigation: The divestment          concentrating operations to
and local communities – and        process involves                    Sibanye was announced in
each may have different            comprehensive stakeholder           September. Non-delivery is
expectations.                      engagement and initiatives to       deemed a principal risk in its own
                                   generate buyer interest. The        right as it is a critical component of
                                   Board regularly monitors            the response to weak commodity
                                   progress of individual              prices.
                                   transactions.
5. MINAS-RIO
Delay in obtaining the             Impact: Inability to achieve        This risk has increased since
operating licence extension        planned production and              2014
and inability to achieve           revenues and/or reductions in
production targets during          the cost of production. This         Risk appetite: Operating within
ramp-up.                           may also result in loss of           the limits of our appetite.
                                   investor confidence and
Root cause: Production has         reputational damage.                 Commentary: An extension to the
been impacted by water                                                  operating licence has been
availability due to reduced        Mitigation: A comprehensive          requested and is expected to be
rainfall. Increased regulatory     stakeholder engagement plan          delivered by September 2016. The
scrutiny for the licence           is in place to manage the            process to extend the licence
extension can be expected as       licence extension and actions        through to December 2022 has
a result of a major tailings dam   are being taken to address the       also started and risks to achieving
incident involving loss of life at ramp-up risks identified.            that extension have been
a competitor facility in Brazil in                                      identified. Risks to the production
November, while there is also                                           ramp-up have also been assessed,
the continuing need to manage                                           including optimisation of the
community issues. Both may                                              flotation plant and water
delay completion of the civil                                           availability.
works associated with the
mine’s development. Delays in
obtaining licences are causing
operational constraints.

6. SOUTH AFRICA POWER
Electricity supply not able to       Impact: Unplanned and short-       This risk has increased since
meet the country’s demands,          notice power supply outages        2014
leading to unplanned                 can lead to production             Risk appetite: Operating within
outages and failure of the           shortfalls, with a negative        the limits of our appetite.
national grid.                       effect on revenue, costs and
                                     productivity. There are            Commentary: Installed generation
Root cause: Anglo American           potential safety implications,     capacity is not operating at 100%,
is a significant consumer of         particularly for underground       particularly during summer
power owing to the extent of         mines and process activities.      months, leaving the system
our operations in South Africa.      Loss of critical computing         vulnerable, with any supply
The risk is created through the      systems can interrupt normal       shortfalls requiring national load-
state’s lack of investment in        business activities.               shedding and/or curtailment.
generating capacity and a                                               Significant improvements are not
maintenance backlog in some          Mitigation: Daily interactions     expected in the near term.
generating facilities, leading to    are held with senior
unplanned outages.                   management of the state-
                                     owned power supplier to
                                     understand short and long term
                                     supply issues. Business units
                                     have emergency generation
                                     capability for deep level shafts
                                     and procedures are in place to
                                     minimise disruption.

7. SAFETY
Failure to deliver a sustained       Impact: Loss of life, workplace      No change in risk
improvement in safety                injuries and safety-related
performance.                         stoppages all immediately            Risk appetite: Operating within
                                     impact production; while, over       the limits of our appetite.
Root cause: Inability to deliver     the longer term, such factors
a sustained improvement in           are also a threat to our licence     Commentary: Senior
safety performance will result       to operate.                          management continues to treat
from a failure of management                                              safety risk management as its top
interventions and training           Mitigation: A continued,             priority. In 2015, lost-time injuries
initiatives to translate into        relentless focus on safety           decreased, excluding Platinum,
behavioural change by all            improvement and safety risk          compared with the prior year,
employees and contractors.           management is adopted by             demonstrating continued progress
                                     executive management.                in reducing workplace injuries.
                                     Operating standards and
                                     guidelines are in place to           Six people lost their lives at Anglo
                                     mitigate safety risk, supported      American’s managed operations
                                     by robust risk management            during 2015, the same number as
                                     and risk assurance processes.        in 2014.

8. TAILINGS DAM FAILURE
A release of waste material         Impact: Potential for multiple        No change in risk
leading to loss of life,            fatalities and injuries, long term    Risk appetite: Operating within
injuries, environmental             environmental damage,                 the limits of our appetite.
damage, reputational                significant reputational damage
damage, financial costs and         and loss of licence to operate.       Commentary: Tailings dam failure
production impacts.                 The financial impact                  is considered a catastrophic risk –
                                    associated with clean-up costs        i.e. a very high severity but very
Root cause: Tailings dam            and legal liability claims could      low frequency event that must be
failures can result from over-      be substantial.                       treated with the highest priority.
topping, poor operating
practices, instability of pit       Mitigation: Anglo American
slopes, inadequate design and       employs technical standards
construction, or seismic events.    that provide minimum design
                                    criteria and operational
                                    performance requirements; all
                                    of which are regularly
                                    inspected by technical experts.
                                    Assurance work is conducted
                                    to monitor the controls
                                    associated with management
                                    of tailings dam facilities.

9. SLOPE WALL FAILURE
A sudden and unexpected             Impact: Potential for multiple        No change in risk
failure of a slope causing          fatalities or injuries, significant
landslides and inrush to pit        production impact and damage          Risk appetite: Operating within
or other asset (such as a           to assets. Financial costs            the limits of our appetite.
pipeline), leading to loss of       associated with recovery and
life, injuries, environmental       legal claims may be extensive.        Commentary: Slope wall failure is
damage, reputational                Regulatory issues may result          considered a catastrophic risk –
damage, financial costs and         and community relations may           i.e. a very high severity but very
production impacts.                 be affected.                          low frequency event that must be
                                                                          treated with the highest priority.
Root cause: Slope wall failure      Mitigation: Technical
can result from inadequate          standards exist that provide
design, unexpected adverse          minimum criteria for slope
geological conditions,              stability design and operation.
shortcomings in the mining          Monitoring of slope movement
process, or natural events such     is conducted at all open pit
as seismic activity or excessive    operations. Inspections and
rainfall.                           training and awareness
                                    programmes are provided by
                                    technical experts, and
                                    assurance work is conducted
                                    to assess the effectiveness of
                                    controls.

10. MINESHAFT FAILURE
A sudden and unexpected             Impact: Multiple fatalities and     No change in risk
failure of a mineshaft.             injuries, damage to assets,
                                    production loss and                 Risk appetite: Operating within
Root cause: There are 23            reputational damage. Financial      the limits of our appetite.
vertical shafts in our Platinum     costs associated with recovery
and Coal business units.            and liability claims may be         Commentary: Mineshaft failure is
Mineshaft failure can occur as      significant.                        considered a catastrophic risk –
a result of rope failure, fire and                                      i.e. a very high severity but very
explosion in a shaft, flooding,     Mitigation: Technical               low frequency event that must be
power failure, mud rush,            standards exist that provide        treated with the highest priority.
conveyance failure or structural    minimum criteria for mineshaft
failure.                            management. Inspections are
                                    carried out by technical experts
                                    and assurance work is
                                    conducted to assess the
                                    effectiveness of controls.

11. FIRE AND/OR EXPLOSION
Fire and explosion risks are        Impact: Multiple fatalities and     No change in risk
present at all mining               injuries, damage to assets,
operations and processing           loss of production, reputation      Risk appetite: Operating within
facilities such as smelters         damage and loss of licence to       the limits of our appetite.
and refineries in our               operate. Financial costs
Platinum, Copper and Nickel         associated with recovery and        Commentary: Tailings dam failure
businesses.                         liability claims may be             is considered a catastrophic risk –
                                    significant.                        i.e. a very high severity but very
Root cause: The combined                                                low frequency event that must be
presence of fuel, heat and          Mitigation: Technical               treated with the highest priority.
oxygen, as well as conditions       standards exist that provide
that can lead to the                minimum criteria for prevention
concentration and confinement       of underground explosions and
of these elements, can cause        fire. Inspections are carried out
an explosion – including gas,       by technical experts and
coal dust (particularly in          assurance work is conducted
underground mines), sulphide        to assess the effectiveness of
dust or furnace gas explosions.     controls. Third party reviews of
                                    fire risk are conducted at each
                                    location where significant risk
                                    is present.



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 and 40). Members of the Board and the Group Management Committee are
considered to be related parties.

The Company and its subsidiaries, in the ordinary course of business, enter into various sale,
purchase and service transactions with joint operations, associates, joint ventures and others in which
the Group has a material interest. These transactions are under terms that are no less favourable to
the Group than those arranged with third parties.

                                                                                                           
                                                                                                                             Joint         
                                                                     Associates            Joint ventures            operations (1)
US$ million                                                        2015    2014             2015     2014           2015      2014
Transactions with related parties
Sale of goods and services                                           28      31                3        –            123       141
Purchase of goods and services                                     (425)   (587)            (183)     (31)        (2,606)   (3,949)

Balances with related parties
Trade and other receivables from related parties                      7      23                –       37             15        28
Trade and other payables to related parties                        (135)   (140)              (15)    (17)           (68)      (97)
                                                                                       
Loans receivable from related parties (2)                          – (3)     98            431 (4)    329             21        23

(1) Represents the portion of balances and transactions with joint operations or joint operation partners that the Group does not
have the right to offset against the corresponding amount recorded by the respective joint operations. These amounts primarily
relate to purchases by De Beers and Platinum from their joint operations in excess of the Group’s attributable share of their
production.
(2) Included in Financial asset investments on the Consolidated balance sheet.
(3) An impairment charge of $98 million has been recorded against loans receivable from associates during the year. This
relates to loans to Atlatsa Resources Corporation (Platinum) and its subsidiaries, which have been fully impaired. The
impairment charge is included within operating special items. See note 6 for further details.
(4) Includes $200 million receivable from Samancor (Iron Ore and Manganese). Samancor has been accounted for as a joint
venture since March 2015, following amendments to the agreement that governs the Group’s interests in Samancor which
resulted in the Group acquiring joint control over the business (previously accounted for as an associate).

At 31 December 2015 the directors of the Company and their immediate relatives controlled 0.2%
(2014: 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 final phase of the refinancing transaction for Atlatsa
Resources Corporation, which 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.




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
Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ has 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 2015

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


14 March 2016

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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

Marcelo Esquivel                                       Edward Kite
Tel: +44 (0)20 7968 8891                               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 globally diversified mining business. Our portfolio of world-class competitive mining operations and
undeveloped resources provides the raw materials to meet the growing consumer-driven demands of the world’s developed
and maturing economies. 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 diamonds (through
De Beers) to platinum and other precious metals and copper – to our customers around the world.

As a responsible miner, we are the custodians of those 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.

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.

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