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ANGLO AMERICAN PLC - De Beers approves custom-built diamond recovery vessel for Namibia

Release Date: 16/05/2019 08:00
Code(s): AGL     PDF:  
 
Wrap Text
De Beers approves custom-built diamond recovery vessel for Namibia

Anglo American plc (the "Company")
Registered office: 20 Carlton House Terrace, London SW1Y 5AN
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM

16 May 2019

De Beers approves custom-built diamond recovery vessel for Namibia

Anglo American plc ("Anglo American") announces the approval by Debmarine Namibia, a 50:50
joint venture between De Beers Group and the Government of the Republic of Namibia, of the
construction of a new custom-built diamond recovery vessel.

At an expected total capital cost of $468 million ($234 million attributable to Anglo American), this
new vessel will become the seventh in the Debmarine Namibia fleet, expected to begin
production in 2022 with the capacity to add 500,000 carats of annual production, a 35% increase
above Debmarine Namibia's current levels.

Mark Cutifani, Chief Executive of Anglo American, said: "The addition of this custom-built vessel
for the Debmarine Namibia joint venture will bring numerous benefits - in terms of De Beers'
production profile by value and volume, the technologies that can be deployed from the outset to
deliver greater efficiency and productivity, and sustained economic benefits for Namibia.

"This highly attractive investment offers a three-year payback, a more than 25% IRR and an
EBITDA margin of more than 60% - typical of the high quality of our brownfield growth options.
We will continue allocating appropriate levels of capital in a disciplined manner across Anglo
American's wider organic pipeline of near- and medium-term growth opportunities, including the
world-class Quellaveco copper development in Peru, that we expect to contribute towards our
20-25% production growth by 2023."

Bruce Cleaver, CEO of De Beers Group, added: "Some of the highest quality diamonds in the
world are found at sea off the Namibian coast. With this investment we will be able to optimise
new technology to find and recover diamonds more efficiently and meet growing consumer
demand across the globe."

For further information, please contact:

Media                                                   Investors
UK                                                      UK
James Wyatt-Tilby                                       Paul Galloway
james.wyatt-tilby@angloamerican.com                     paul.galloway@angloamerican.com
Tel: +44 (0)20 7968 8759                                Tel: +44 (0)20 7968 8718

Marcelo Esquivel                                        Robert Greenberg
marcelo.esquivel@angloamerican.com                      robert.greenberg@angloamerican.com
Tel: +44 (0)20 7968 8891                                Tel: +44 (0)20 7968 2124

South Africa                                            Emma Waterworth
Pranill Ramchander                                      emma.waterworth@angloamerican.com
pranill.ramchander@angloamerican.com                    Tel: +44 (0)20 7968 8574
Tel: +27 (0)11 638 2592

Ann Farndell
ann.farndell@angloamerican.com
Tel: +27 (0)11 638 2786

Notes to editors:

Anglo American is a leading global mining company and our products are the essential
ingredients in almost every aspect of modern life. Our portfolio of world-class competitive mining
operations and undeveloped resources provides the metals and minerals that enable a cleaner,
more electrified world and that meet the fast growing consumer-driven demands of the world's
developed and maturing economies. With our people at the heart of our business, we use
innovative practices and the latest technologies to discover new resources and mine, process,
move and market our products to our customers around the world - safely, responsibly and
sustainably.

As a responsible miner - of diamonds (through De Beers), copper, platinum group metals, iron
ore, coal and nickel - we are the custodians of what are precious natural resources. We work
together with our business partners and diverse stakeholders to unlock the sustainable value that
those resources represent for our shareholders, the communities and countries in which we
operate, and for society as a whole. Anglo American is re-imagining mining to improve people's
lives.

www.angloamerican.com

The Company has a primary listing on the Main Market of the London Stock Exchange and
secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the
Namibia Stock Exchange and the SIX Swiss Exchange.

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

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