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REG - Anglo American PLC - Anglo American Interim Results 2017 <Origin Href="QuoteRef">AAL.L</Origin> - Part 2

- Part 2: For the preceding part double click  ID:nRSa2197Ma 

            387              84      37%    
 Iron Ore Brazil             8.7               8.6          66      29          738       253                34%                       201              (8)(5)  8%     
 Prior period                6.8               6.9          44      32          -         (9)                -                         (10)             137     (1)%   
 Samancor(4)                 1.7               1.7          -       -           449       242                54%                       217              -       116%   
 Prior period                1.6               1.8          -       -           248       62                 25%                       38               -       25%    
 Projects and corporate      -                 -            -       -           -         (28)               -                         (28)             -       -      
 Prior period                -                 -            -       -           -         (25)               -                         (25)             -       -      
 
 
  
 
(1)    Iron Ore Brazil production is Mt (wet basis). 
 
(2)    Prices for Kumba Iron Ore are the average realised export basket price
(FOB Saldanha). Prices for Iron Ore Brazil are the average realised export
basket price (FOB Açu) (wet basis). 
 
(3)    Unit costs for Kumba Iron Ore are on an FOB dry basis. Unit costs for
Iron Ore Brazil are on an FOB wet basis. 
 
(4)    Production, sales and financials include ore and alloy. 
 
(5)    $47 million of capital expenditure offset by capitalised cash inflows
of $31 million relating to working capital in place at December 2016, in
addition to a $25 million inflow relating to capex hedges. 
 
Financial and operating overview 
 
Kumba 
 
Underlying EBITDA improved by 45% to $700 million (H1 2016: $484 million),
mainly due to a 29% increase in the average realised FOB export iron ore price
from $55/tonne to $71/tonne. FOB unit costs increased by 19% to $32/tonne (H1
2016: $27/tonne), primarily because of a $3/tonne impact from a stronger South
African rand (rand FOB unit costs increased by 3%) and cost inflation. This
was partially offset by productivity gains in mining and processing
operations, which resulted in a 23% rise in production volumes. The average
CFR break-even price achieved was $9/tonne higher at $43/tonne (H1 2016:
$34/tonne), on the back of higher freight rates, the stronger rand and a lower
premium for lump product. 
 
Reflecting the higher production volumes, export sales volumes increased by 8%
to 19.5 Mt (H1 2016: 18.1 Mt). Total finished product stock rose to 4.4 Mt
(2016: 3.5 Mt) owing to higher production as well as to sales volumes being
deferred to H2 2017 following unfavourable weather conditions at Saldanha port
in June 2017. 
 
Iron Ore Brazil 
 
Underlying EBITDA totalled $253 million, a significant increase from H1 2016
($9 million loss), which reflects the operation's continued ramp-up to its
current operating capacity and the end of the capitalisation of operating
results in January 2017. The average FOB realised price was $66/wet metric
tonne (equivalent to $72/dry metric tonne), $22/tonne, or 50% higher, than
that achieved in H1 2016. FOB unit costs of $29/tonne were $3/tonne lower than
the prior year as a result of higher production volumes, together with
cost-reduction initiatives, partly offset by the strengthening of the real. 
 
The average CFR break-even price achieved was $8/tonne lower at $43/tonne (H1
2016: $51/tonne) due to lower unit costs and higher quality premiums offset by
higher freight costs. 
 
Samancor 
 
Underlying EBITDA increased by $180 million to $242 million (H1 2016: $62
million), driven mainly by significantly higher realised manganese ore and
alloy prices, a 4% increase in ore sales, and lower costs, which were partly
attributable to the restructuring of the South African manganese operations
during Q1 2016. 
 
Markets 
 
Iron ore 
 
                                                                    H1 2017  H1 2016  
 Average market price (IODEX 62% Fe CFR China - $/tonne)            74       52       
 Average market price (MB 66% Fe Concentrate CFR - $/tonne)         88       58       
 Average realised price (Kumba export - $/tonne) (FOB Saldanha)(1)  71       55       
 Average realised price (Minas-Rio - $/tonne) (FOB wet basis)(2)    66       44       
 
 
(1)    Kumba's outperformance over the IODEX (Platts) 62% Fe CFR China index
is primarily representative of the superior iron (Fe) content and the
relatively high proportion (approximately 64%) of lump in the overall product
portfolio. 
 
(2)    Iron Ore Brazil produces higher-grade products than the reference
product used for the IODEX 62% Fe index. The pricing of Iron Ore Brazil's
products reflects the higher Fe content and lower gangue of those products
compared to the IODEX 62% reference. IODEX 62% is referred to for comparison
purposes only. 
 
The IODEX iron ore price averaged $74/tonne in H1 2017, 42% higher than in H1
2016. Despite a contraction in China's monetary policy, economic activity
remained buoyant, with year-on-year industrial production and fixed-asset
investment increasing by an estimated 6.7% and 8.5%, respectively, over H1
2016. This, together with capacity closures in the country, resulted in a 60%
year-on-year increase in China's domestic steel prices. Improved margins led
to Chinese mills ramping up capacity-utilisation levels; steel production rose
by 4.5% compared with the corresponding period in 2016, supporting demand for
high-grade ores, with the MB66 index gaining 52% year on year. Rising supply,
however, is a key headwind for iron ore markets. By the end of H1 2017, iron
ore stocks at key Chinese ports had reached a record high of 140 Mt, and
price-sensitive iron ore suppliers in both domestic and seaborne markets are
operating at seasonally stronger rates. 
 
Manganese 
 
During H1 the average manganese ore price (BM 44% CIF China) increased by 79%
to $5.52/dmtu from H1 2016. The price increase was mainly driven by a lift in
Chinese steel production and limited supply in the market as a result of
production cuts in late 2015 and early 2016. 
 
Operating performance 
 
Kumba 
 
Sishen's production increased by 35% to 15.6 Mt (H1 2016: 11.5 Mt) following
improvements in mining productivity gained from fleet efficiencies, and higher
plant yields. Waste mined increased as planned to 77 Mt (H1 2016: 65 Mt). 
 
Kolomela's output was 7% higher, at 6.3 Mt, (H1 2016: 5.9 Mt), reflecting
productivity improvements. Waste mining increased by 26% from 20 Mt to 25 Mt,
supporting higher production levels. 
 
The roll-out of the Operating Model is continuing as scheduled at both Sishen
and Kolomela mines, with the Sishen truck maintenance and Kolomela heavy
moving vehicle sections achieving a 'go-live' phase in June 2017. Kolomela
continues to achieve increased throughput levels attained after the process
plant go-live phase in 2016. 
 
The Dingleton project is substantially complete, with a few households still
to be relocated. Negotiations with the remaining households are continuing. 
 
Iron Ore Brazil 
 
Iron ore production from Minas-Rio increased to 8.7 Mt (wet basis) during H1
2017, a 27% increase compared to H1 2016, as the operation continued to ramp
up to its current operating capacity. 
 
Samancor 
 
Manganese ore output of 1.7 Mt (attributable basis) represented a 6% increase
(H1 2016: 1.6 Mt). Production from the Australian operations was marginally
ahead of prior year despite ore-feed constraints arising from heavy rainfall.
The South African operations increased production by 16%, taking advantage of
stronger demand and pricing. 
 
Production of manganese alloys increased by 15% to 70,800 tonnes (attributable
basis). This was due mainly to improved power availability at the Australian
operations. In South Africa, manganese alloy production continues to utilise
only one of the operation's four furnaces. 
 
Operational outlook 
 
Kumba 
 
Sishen is expected to produce between 28-29 Mt of product (previous guidance:
27-28 Mt) and mine 155-165 Mt of waste (previous guidance: 150-160 Mt) in
2017. 
 
Kolomela's production guidance remains unchanged at 13-14 Mt for 2017. Waste
removal is expected to be around 50-55 Mt in support of the increased annual
output. 
 
Full year production guidance for 2017 is between 41-43 Mt (previous guidance:
40-42 Mt). 
 
Iron Ore Brazil 
 
The focus remains on maintaining operational stability and obtaining, in H2
2018, the Step 3 licences required for the operation to access the full range
of run-of-mine grades and achieve its nameplate capacity of 26.5 Mt (wet
basis). Production guidance for full year 2017 is unchanged at 16-18 Mt. 
 
Samancor 
 
Australian manganese ore production guidance of 2.1 Mwmt for 2017 remains
unchanged, albeit with an increased proportion of lower-quality ore in the
product mix. This fines product has a manganese content of approximately 40%,
which leads to both grade and product type discounts when referenced to the
high-grade 44% manganese lump ore index. South African manganese ore
production will remain configured for an optimised annualised production rate
of 2.9 Mwmt (100% basis), although the business will continue to act
opportunistically when market fundamentals are supportive. 
 
Legal 
 
Sishen consolidated mining right granted 
 
An application, in terms of Section 102 of the Mineral and Petroleum Resources
Development Act No 28 of 2002, to extend Sishen mine's mining right by the
inclusion of the adjacent Sishen Iron Ore Company Proprietary Limited (SIOC)
Prospecting Rights (including Dingleton) and other properties, was lodged on 1
July 2016. This application is required by Sishen to expand its current mining
operations within the adjacent Dingleton area. The official grant letter was
received from the DMR on 6 July 2017 and the process to amend the Sishen
mining right, will now proceed. Mining operations will only commence once the
required environmental authorisation, in terms of the National Environmental
Management Act 1998 (Act 107 of 1998), has been approved, which is expected
soon. 
 
COAL 
 
 Key performance indicators  
                             Productionvolume  Salesvolume  Price   Unit cost*  Revenue*  UnderlyingEBITDA*  Underlying EBITDA margin  UnderlyingEBIT*  Capex*  ROCE*  
                             Mt(1)             Mt(2)        $/t(3)  $/t(4)      $m        $m                                           $m               $m             
 Coal                        40.5              40.3         -       -           3,403     1,382              41%                       1,120            221     63%    
 Prior period                45.7              46.0         -       -           2,029     389                19%                       160              274     9%     
 Metallurgical Coal          10.0              10.0         193     64          1,775     943                53%                       781              154     81%    
 Prior period                15.4              15.7         77      50          920       200                22%                       60               252     6%     
 South Africa                25.3              24.9         72      41          1,242     281                23%                       225              67      51%    
 Prior period                25.4              25.1         50      33          867       162                19%                       116              22      25%    
 Cerrejón                    5.2               5.4          71      31          386       183                47%                       139              -       34%    
 Prior period                4.9               5.2          47      30          242       51                 21%                       8                -       3%     
 Projects and corporate      -                 -            -       -           -         (25)               -                         (25)             -       -      
 Prior period                -                 -            -       -           -         (24)               -                         (24)             -       -      
 
 
  
 
(1)    Production volumes are saleable tonnes. South African production volume
includes Eskom Tied Operations volumes of 12.0 Mt (H1 2016: 11.4 Mt).
Metallurgical Coal production volumes includes thermal coal production volumes
of 0.8 Mt (H1 2016: 5.4 Mt) 
 
(2)      South African sales volume includes Eskom Tied Operations volumes of
12.0 Mt (H1 2016: 11.4 Mt), but excludes non-equity traded sales volumes of
3.4 Mt (H1 2016: 3.2 Mt). 
 
(3)    Metallurgical Coal is the weighted average metallurgical coal sales
price achieved. South Africa is the weighted average export thermal coal price
achieved. 
 
(4)    FOB cost per saleable tonne, excluding royalties. Metallurgical Coal
excludes study costs and Callide. South Africa unit cost is for the export
operations. 
 
Financial and operating overview 
 
Metallurgical Coal 
 
Underlying EBITDA increased to $943 million, due to a circa 150% increase in
the metallurgical coal realised price, the ramp up of Grosvenor and increased
production from Moranbah, partly offset by lower production, due to the sale
of Foxleigh in H2 2016, and sales, primarily at Capcoal, being delayed into H2
2017 as a result of rail outages following Cyclone Debbie. Following the
divestments of Foxleigh (a PCI producer) and Callide (a domestic and export
thermal coal producer) and the cessation of mining activities at Drayton (an
export thermal producer), the business now produces a greater proportion of
higher value hard coking coal (80% of total production, compared to 48% in H1
2016). 
 
The divestment of Dartbrook was announced on 30 May 2017, and the divestment
of Drayton is expected to complete during H2 2017. 
 
South Africa 
 
Underlying EBITDA increased by 73% to $281 million. This was mainly
attributable to a 46% increase in the export thermal coal price. US dollar
unit costs at Trade Operations increased by 24% ($8/tonne) to $41/tonne, of
which $5/tonne related to a stronger rand, and $3/tonne to cost-inflation
pressures in South Africa and lower production associated with the planned
ramp-down of the Eskom pit at Khwezela. 
 
Total export saleable volumes were in line with H1 2016. Total trade mine
production of 11.4 Mt, however, was 3% lower as a result of the planned
closure of the Eskom pit at Khwezela. 
 
The sale of the Eskom-tied operating mines (New Vaal, New Denmark and Kriel)
to Seriti Resources was announced on 10 April 2017 and is expected to complete
during H2 2017. 
 
Cerrejón 
 
Underlying EBITDA increased to $183 million (H1 2016: $51 million), due mainly
to stronger thermal prices, increased volumes and lower costs following
planned removal of the highest-cost capacity, and to the sustained benefits of
significant cost-reduction programmes implemented in the prior two years. 
 
Markets 
 
Metallurgical coal 
 
                                                                               H1 2017  H1 2016  
 Average market price for premium low-volatility hard coking coal ($/tonne)    179      84       
 Average market price for premium low-volatility PCI ($/tonne)                 117      70       
 Average realised price for premium low-volatility hard coking coal ($/tonne)  195      79       
 Average realised price for PCI ($/tonne)                                      124      68       
 
 
Metallurgical coal prices were significantly higher compared to H1 2016 owing
to major supply constraints in China following domestic production
restrictions in mid-2016, and the impact of Cyclone Debbie in Australia in
March 2017 on rail availability. In addition, prices were helped by strong
demand from Chinese and other global pig iron producers. 
 
The Q1 2017 quarterly settlement price was $285/tonne for premium hard coking
coal, compared to $81/tonne for Q1 2016. High price volatility has delayed
settlement for Q2 pricing, with subsequent agreement to use an average of spot
indices from that quarter for premium hard coking coal. Semi-soft coking and
PCI are still being settled on a quarterly negotiated basis. 
 
Thermal coal 
 
                                                              H1 2017  H1 2016  
 Average market price ($/t, FOB Australia)(1)                 81       51       
 Average market price ($/t, FOB South Africa)(1)              79       54       
 Average market price ($/t, FOB Colombia)(1)                  74       44       
 Average realised price - Export Australia ($/tonne, FOB)     87       47       
 Average realised price - Export South Africa ($/tonne, FOB)  72       50       
 Average realised price - Domestic South Africa ($/tonne)     20       16       
 Average realised price - Colombia ($/tonne, FOB)             71       47       
 
 
(1) Thermal coal price and realised price will differ due to timing and
quality differences. 
 
The average FOB Australia price (6,000kcal/kg FOB) increased by 59% to
$81/tonne compared to H1 2016. This price increase was driven mainly by higher
import demand from China following domestic production restrictions. On the
supply side, most of the major producing regions have been consistent in their
volumes compared with H1 2016. 
 
Operating performance 
 
Metallurgical Coal 
 
Production from continuing operations of 10.0 Mt is on par with H1 2016. The
estimated impact of Cyclone Debbie on rail availability is the deferral of 0.6
Mt of saleable production into H2 2017. This has been offset by an increase in
saleable production of 0.3 Mt at Moranbah North and 0.4 Mt at Grosvenor. 
 
Grosvenor production ramp up continues to be impacted by geological issues
which remain a key business focus in order to improve operational performance
in the future. 
 
South Africa 
 
Export primary production of 8.1 Mt was broadly in line with H1 2016, with
continued productivity improvements at underground operations and on-going
plant innovations at Khwezela and Goedehoop, offset by temporary operational
challenges at Khwezela associated with the integration of the Kleinkopje and
Landau mines. Total production from trade mines decreased by 0.3 Mt to 11.4
Mt, being affected by the planned ramp-down of the Eskom pit at Khwezela as it
reaches its end of life. 
 
Production from Eskom-tied operations increased 6% by 0.6 Mt, with higher
production at New Denmark due to the longwall move in Q2 2016. The sale of the
Eskom-tied operating mines to Seriti Resources was announced on 10 April 2017,
and is expected to complete by the end of 2017. 
 
Isibonelo production was 0.3 Mt lower than in H1 2016, with production
hampered following a dragline fire in November 2016. 
 
Cerrejón 
 
Anglo American's attributable output from its 33.3% shareholding in Cerrejón
increased by 6% to 5.2 Mt due to higher coal recovery. 
 
Operational outlook 
 
Metallurgical Coal 
 
Full year production guidance for export metallurgical coal remains unchanged
at 19-21 Mt, but is expected to be at the lower end of this range owing to the
geological issues at Grosvenor. 
 
Export thermal coal 
 
Full year production guidance for export thermal coal from South Africa and
Cerrejón is unchanged at 29-31 Mt, but at the low end of the range primarily
due to the operational challenges at Khwezela. 
 
NICKEL 
 
 Key performance indicators  
                             Productionvolume  Salesvolume  Price  Unitcost*  Revenue*  UnderlyingEBITDA*  Underlying EBITDA margin  UnderlyingEBIT*  Capex*  ROCE*  
                             t                 t            c/lb   c/lb(1)    $m        $m(2)                                        $m(2)            $m             
 Nickel                      21,200            20,800       442    363        203       15                 7%                        (25)             7       (3)%   
 Prior period                22,300            21,900       387    323        187       24                 13%                       (12)             14      (1)%   
 
 
(1)  C1 cash costs (c/lb). 
 
(2)   Nickel segment includes $4 million projects and corporate costs (H1
2016: $4 million). 
 
Financial and operating overview 
 
Underlying EBITDA decreased by $9 million to $15 million (H1 2016: $24
million), reflecting an unfavourable exchange rate and cost inflation, partly
offset by a higher nickel price. 
 
US dollar unit costs increased by 12% to 363 c/lb (H1 2016: 323 c/lb) as
adverse exchange rates, cost inflation, and lower sales volumes were only
partially offset by other items, including lower energy costs. 
 
Markets 
 
                                   H1 2017  H1 2016  
 Average market price(1) (c/lb)    443      393      
 Average realised price(2) (c/lb)  442      387      
 
 
(1)    The average market price is the LME nickel price, from which
ferronickel pricing is derived. Ferronickel is traded based on discounts or
premiums to the LME price, depending on market conditions, supplier products
and consumer preferences. 
 
(2)    Differences between market prices and realised prices are largely due
to variances between the LME and ferronickel price. 
 
The average LME nickel price increased by 13% to 443 c/Ib compared to the
first half of 2016. 
 
Nickel demand improved strongly during 2016 and the market moved into deficit,
with this momentum continuing into H1 2017. This led to a reduction in global
nickel inventories, which decreased by 14% during the 12 months ended 30 June
2017. Owing to a shortage of nickel-iron units (ferronickel, nickel pig iron
and stainless steel scrap), ferronickel traded at a premium to the LME nickel
price. 
 
Operating performance 
 
Nickel output decreased by 5% to 21,200 tonnes (H1 2016: 22,300 tonnes) as
instabilities at both smelting operations negatively affected Barro Alto's
production performance in February. The root causes were addressed and the
operations returned to stable performance in the second quarter. Codemin's
production of metal was lower than the previous year's by approximately 200
tonnes. 
 
Operational outlook 
 
Production guidance for 2017 is unchanged at 43,000-45,000 tonnes. 
 
CORPORATE AND OTHER 
 
 Key performance indicators                  
                                             Revenue  UnderlyingEBITDA*  UnderlyingEBIT*  Capex*  
                                             $m       $m                 $m               $m      
 Segment                                     2        (96)               (103)            5       
 Prior period                                306      45                 12               1       
 Niobium and Phosphates                      -        -                  -                -       
 Prior period                                304      85                 60               (1)     
 Exploration                                 -        (43)               (43)             -       
 Prior period                                -        (53)               (53)             -       
 Corporate activities and unallocated costs  2        (53)               (60)             5       
 Prior period                                2        13                 5                2       
 
 
Financial and operating overview 
 
Corporate and other reported an underlying EBITDA loss of $96 million (H1
2016: $45 million gain). 
 
Exploration 
 
Exploration expenditure decreased to $43 million (H1 2016: $53 million),
reflecting a general reduction across all commodities. The decreases were
mainly attributable to an overall reduction in drilling activities. 
 
Niobium and Phosphates 
 
The sale of the niobium and phosphates business to China Molybdenum Co Ltd.
was completed on 30 September 2016. 
 
Corporate activities and unallocated costs 
 
Underlying EBITDA amounted to a $53 million loss (H1 2016: $13 million gain),
largely arising in the Group's self-insurance entity, with lower premium
income and higher net claims and settlements compared to H1 2016. 
 
For further information, please contact: 
 
 Media                                                                                                                                                          Investors                                                               
 UKJames Wyatt-Tilbyjames.wyatt-tilby@angloamerican.comTel: +44 (0)20 7968 8759                                                                                 UKPaul Gallowaypaul.galloway@angloamerican.comTel: +44 (0)20 7968 8718  
 Marcelo Esquivelmarcelo.esquivel@angloamerican.comTel: +44 (0)20 7968 8891                                                                                     Trevor Dyertrevor.dyer@angloamerican.comTel: +44 (0)20 7968 8992        
 South AfricaPranill Ramchanderpranill.ramchander@angloamerican.comTel: +27 (0)11 638 2592 Ann Farndellann.farndell@angloamerican.comTel: +27 (0)11 638 2786    Sheena Jethwasheena.jethwa@angloamerican.comTel: +44 (0)20 7968 8680    
 
 
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 to
our customers around the world. 
 
As a responsible miner - of diamonds (through De Beers), copper, platinum and
other precious metals, iron ore, coal and nickel - we are the custodians of
what are precious natural resources. We work together with our key partners
and stakeholders to unlock the long-term value that those resources represent
for our shareholders and for the communities and countries in which we operate
- creating sustainable value and making a real difference. 
 
www.angloamerican.com 
 
Webcast of presentation: 
 
A live webcast of the results presentation, starting at 9.00am UK time on 27
July 2017, 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. 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, acquisition and divestment strategy, dividend policy, plans and
objectives of management for future operations (including development plans
and objectives relating to Anglo American's products, production forecasts and
Ore Reserves and Mineral Resources), 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. 
 
Anglo American plc 
 
20 Carlton House Terrace London SW1Y 5AN United Kingdom 
 
Registered office as above.  Incorporated in England and Wales under the
Companies Act 1985. 
 
Registered Number: 3564138   Legal Entity Identifier: 549300S9XF92D1X8ME43 
 
This information is provided by RNS
The company news service from the London Stock Exchange

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