REG - Anglo American PLC - Anglo American plc Preliminary Results 2015 <Origin Href="QuoteRef">AAL.L</Origin> - Part 2
16/02/2016 07:10
- Part 2: For the preceding part double click ID:nRSP1417Pa
50 14%
Prior year - - - - 666 152 124 239 16%
Niobium 6.3 5.1 - - 111 40 33 26 6%
Prior year 4.7 4.6 - - 180 75 69 198 15%
Phosphates 1,111 1,060 479 - 433 111 91 24 30%
Prior year 1,113 1,097 487 - 486 88 66 41 16%
Projects and corporate - - - - - (5) (5) - -
Prior year - - - - - (11) (11) - -
Financial and operating overview
Niobium
Underlying EBIT of $33 million was 52% lower (2014: $69 million), as a result
of the capitalisation of sales associated with the ramp-up of Boa Vista Fresh
Rock (BVFR), inflation and rehabilitation provision increases, partly
compensated by the benefit of the weaker Brazilian real.
Underlying EBIT of $17 million from BVFR was capitalised in 2015, as the
project had not reached commercial production.
Phosphates
Underlying EBIT of $91 million was 38% higher (2014: $66 million), mainly due
to the positive impact of the weaker Brazilian currency on operating costs and
lower study costs, partly offset by inflation, reduced sales volumes and lower
realised pricing (including the impact of the weaker Brazilian real on
prices).
Markets
Niobium
Despite a strong first six months, worldwide demand for ferroniobium has
softened, while global production capacity increased slightly. This decline in
demand was driven by the challenging conditions in the Chinese steel industry
and lower investments in oil and gas pipeline steel. As a result, average
niobium prices weakened across all regions.
Phosphates
The average MAP CFR Brazil price was marginally lower at $479/tonne (2014:
$487/tonne), mainly as a result of softer demand in Brazil and lower than
expected Indian imports in the second half.
Operating performance
Niobium
Production increased by 34% to 6,300 tonnes, mainly due to the ongoing ramp up
of the BVFR plant (which achieved first production in late 2014). The plant
reached 69% of nameplate capacity in December 2015.
Phosphates
Production of 1.1 million tonnes of fertiliser was broadly in line with the
prior year. Phosphoric acid production decreased by 10%, mainly due to repairs
at the Cubatao processing plant. Phosphoric acid is a key component of
dicalcium phosphate (DCP); consequently DCP production was 10% lower owing to
the priority given to phosphoric acid sales in Cubat‹o.
Operational outlook
Niobium
Production from installed capacity is expected to increase to 6,800 tonnes
once the BVFR plant reaches nameplate capacity in the third quarter of 2016.
This, when combined with certain metallurgical debottlenecking activities
currently being implemented, will take the total annual capacity to 9,000
tonnes.
Phosphates
Fertiliser and DCP production in 2016 is expected to be broadly similar to
2015. Phosphoric acid production is expected to increase to around 300,000
tonnes, driven by improved performance at Cubatao following the maintenance
repairs in the second half of 2015.
IRON ORE AND MANGANESE
Key performance indicators
Productionvolume Salesvolume Price Unit cost Revenue UnderlyingEBITDA UnderlyingEBIT Capex ROCE
Mt(1) Mt $/tonne(2) $/t $m $m $m $m
Segment - - - - 3,390 1,026 671 1,422 5%
Prior year - - - - 5,176 2,286 1,957 2,685 12%
Kumba Iron Ore 44.9 47.8 54 31 2,876 1,011 739 523 26%
Prior year 48.2 45.3 91 34 4,388 2,162 1,911 763 60%
Iron Ore Brazil 9.2 8.5 41 60 - (20) (21) 899 (1)%
Prior year 0.7 0.2 57 - - (29) (34) 1,922 (1)%
Samancor(3) 3.3 3.3 - - 514 104 22 - 4%
Prior year 3.6 3.7 - - 788 251 178 - 22%
Projects and corporate - - - - - (69) (69) - -
Prior year - - - - - (98) (98) - -
(1) Iron Ore Brazil production is Mt (wet basis).
(2) Prices for Kumba Iron Ore (Kumba) are the average realised export
basket price (FOB Saldanha). Prices for IOB are average realised export basket
price (FOB Au) (wet basis).
(3) Production, sales and financials include ore and alloy.
Financial and operating overview
Kumba
Underlying EBIT decreased by 61% to $739 million (2014: $1,911 million),
mainly attributable to the 42% fall in the iron ore benchmark price to an
average of $56/tonne. Realised FOB export prices averaged $54/tonne, 42% lower
than in 2014. Total cash costs, however, declined by 18%, with costs
associated with the 10% increase in waste mined more than offset by the
weakening of the South African rand against the dollar. Kumba reduced
controllable costs by $8/tonne to achieve an average cash break-even price of
$49/tonne (CFR China) in 2015. In 2016, Kumba is targeting to be cash
break-even at below an iron ore price of $40/tonne. These improvements include
savings in capital expenditure, operating costs, and productivity gains in
mining and processing operations.
Sales of 47.8 Mt (2014: 45.3 Mt) were achieved, an increase of 6%, following
improved logistics performance and the shipment of 3.4 Mt through the
multi-purpose terminal at the Saldanha port. As a result, Kumba reduced its
Saldanha port stockpile to 1.2 Mt, while total finished-product stock
decreased to 4.7 Mt by year end (2014: 6.5 Mt).
Iron Ore Brazil
Underlying EBIT loss was $21 million (2014: $(34) million), net of a $251
million loss that was capitalised as the Minas-Rio project continued to ramp
up. The project is expected to reach commercial production during 2016,
although it will remain in ramp-up throughout the year.
Samancor
Underlying EBIT decreased by $156 million to $22 million, driven primarily by
lower manganese prices and a
9% decrease in ore sales.
Markets
Iron ore
2015 2014
Average market prices (IODEX 62% Fe CFR China spot price - $/tonne)Average realised prices (Kumba export - $/tonne) (FOB Saldanha)Average market prices Iron ore (MB 66% Fe Concentrate CFR - $/tonne)Average realised prices (Minas-Rio - $/tonne) (FOB wet basis) 5654 6741 979111257
Seaborne iron ore prices continued their downward trend in 2015, with the
Platts IODEX 62% Fe CFR China spot price falling by 42% to average $56 per dry
metric tonne. Overcapacity in the Chinese steel sector has resulted in steel
prices touching record lows. A shift in the focus of Chinese mills to cost
rather than productivity has led to reduced price differentials across iron
ore grades. In addition, the seaborne iron market remained oversupplied
throughout the year, further depressing the iron ore price, although there was
a noticeable slowdown in supply growth as projects reached execution and
high-cost marginal suppliers withdrew from the market.
Kumba and ArcelorMittal SA have amended the pricing terms of their supply
agreement from a cost-based to an export-parity price. In the current market
environment, which presents significant challenges for the mining and steel
industries in South Africa, this amendment will align prices charged to
domestic and export customers.
Manganese
2015 saw significant weakness in both manganese ore and alloy prices, with the
decline in steel output in China and all other major steel producing regions
exacerbating manganese ore market volatility. Supply cuts started to
materialise as prices continued to slide through the year, leaving 70% of the
industry in a loss-making position. The index ore price (44% Mn CIF China)
declined by 57%, ending the year at $1.86/dmtu.
Operating performance
Kumba
Production was down by 7% to 44.9 Mt owing to mining constraints at Sishen,
experienced largely in the second half.
Production at Sishen declined by 12% to 31.4 Mt, mainly arising from
difficulties in providing the DMS plant with the correct quality feedstock
because of a shortage of sufficient exposed high grade ore required for
blending. In order to improve exposed ore levels and increase operational
flexibility, it was necessary to mine more waste material, which increased by
19% to 222.2 Mt.
During the year the deteriorating price environment necessitated a further
optimisation of the Sishen mine plan. It was decided to reconfigure the Sishen
pit to a lower cost shell to safeguard the mine's viability at lower prices.
In the medium term, the mine will also be exploring further opportunities to
utilise spare plant capacity, including the use of low grade stockpiles. It is
expected that the Reserve Life will remain stable at ~15 years due to the
lower production rates and will be reviewed and finalised during 2016.
At Sishen, implementation of the Operating Model has already seen a 24%
improvement in efficiency in internal waste mining activity at the North Mine,
where work management aspects of the model were introduced in August 2014. The
Operating Model was implemented across pre-strip mining and heavy equipment
activities in July 2015 and is working well.
At Kolomela, a revised mining plan was implemented, including cessation of
mining at one of the pits to conserve cash. Efficiencies and throughput at the
plant continued to improve, resulting in a 4% increase in production to 12.1
Mt for the year. To feed the plants at this rate, waste mining increased to
45.7 Mt from the previously guided 44-45 Mt.
Thabazimbi mine produced 1.4 Mt. During the year, Kumba announced closure
plans, with mining ceasing at the end of September 2015. Material mined
previously was processed during the final quarter of 2015 and is expected to
continue into the second quarter of 2016. Closure procedures have been
implemented and all activity at the mine is expected to cease at the end of
the first half of 2016.
Iron Ore Brazil
Minas-Rio continued to ramp up in 2015, with increases in quarter-on-quarter
production throughout the year. Ramp up will continue in 2016. Full year
production in 2015, at 9.2 Mt (wet basis), was lower than the original market
guidance of 11-14 Mt (wet basis), mostly due to filtration plant adjustments
being required, together with water availability and ore quality issues.
Following recent rainfall, water conditions are now closer to normal, while
the iron ore variability is expected to improve as the mining footprint
expands over time. Export sales amounted to 8.5 Mt (wet basis).
Samancor
Production of manganese ore declined by 6% to 3.1 Mt (attributable basis).
Production volumes were negatively affected by the temporary suspension of
operations at both Mamatwan and Wessels following a fatality at Mamatwan mine
in November. The suspension of the operations remained in effect until the
completion of the strategic review, with mining activity restarted in February
2016. The decrease in production in South Africa was slightly offset by
increased output from Australia, with the GEMCO operations delivering record
production in the second half of the year.
Production of manganese alloys decreased by 25% to 213,600 tonnes
(attributable basis) following the suspension of operations at Metalloys in
South Africa.
Operational outlook
Kumba
Kumba will target a cash break-even price of below $40/t CFR for 2016. Waste
movement is expected to be materially below previous guidance of ~230 Mt, at
135 -150 Mt for 2016-2020, while production guidance for 2016 is reduced from
36 Mt to ~27 Mt.
In the medium term, the mine will continue to explore opportunities to fill
any spare plant capacity through the use of low grade stock piles.
At Kolomela the mine's annual production has been revised upwards to 13
million tonnes per annum (Mtpa) from 2017, with 12 Mt expected in 2016.
Iron Ore Brazil
Operational challenges experienced in 2015, together with the confinement of
the mining area owing to licensing constraints, have resulted in production
guidance for 2016 being revised downwards to around 15-18 Mt (wet basis).
Iron Ore Brazil's FOB cash cost is expected to be $26-$28 per tonne(1).
Samancor
A strategic review of the South African Manganese operations has now been
completed with mining activity to restart at South African Manganese
operations in February 2016, although at a substantially reduced rate and with
greater flexibility. Subject to market conditions, the Hotazel mines will ramp
up to a saleable production rate of 2.9 Mtpa (100% basis), taking
approximately 900 ktpa (23%) of saleable production out of the market for the
foreseeable future. Optimised mine plans, redundancies and other restructuring
initiatives are expected to reduce costs, with stay-in-business capital
expenditure also expected to decline by approximately 80% in 2016.
(1) Average over first 22 years when friable itabirite is mined
Legal
In December 2013, the Constitutional Court ruled that Sishen Iron Ore Company
(Pty) Ltd (SIOC) held a 78.6% undivided share of the Sishen mining right and
that, based on the provisions of the Mineral and Petroleum Resources
Development Act (MPRDA), only SIOC can apply for, and be granted, the residual
21.4% share of the mining right at the Sishen mine. The grant of the mining
right may be made subject to such conditions considered by the Minister of
Mineral Resources ('the Minister') to be appropriate. SIOC applied for the
residual right in early 2014.
SIOC received notice from the Department of Mineral Resources (DMR) that the
Director General of the DMR had consented to the amendment of SIOC's mining
right in respect of the Sishen mine to include the residual 21.4% undivided
share of the mining right for the Sishen mine. The consent letter is subject
to certain conditions (which are described by the DMR as "proposals"). The
conditions contained in the Letter of Grant relate substantively to domestic
supply, support for skills development, research and development, and
procurement.
Until the legal and practical implications of the proposed conditions have
been clarified with the DMR, SIOC is unable to accept the conditions.
Section 96 of the MPRDA allows for an internal appeal to the Minister. SIOC
therefore submitted an internal appeal to the Minister, as required by the
MPRDA. SIOC has not yet received a response to its appeal.
In the interim, SIOC continues to engage with the DMR in relation to the
proposed conditions in order to achieve a mutually acceptable solution.
COAL
Key performance indicators
Production volume Salesvolume Price Unit cost Revenue Underlying EBITDA Underlying EBIT Capex ROCE
Mt(1) Mt(2) $/t(3) ($/t)(4) $m $m $m $m
Segment 94.9 96.8 - - 4,888 1,046 457 941 9%
Prior year 100.2 100.2 - - 5,808 1,207 458 1,045 8%
Australia/ 33.5 34.0 90 55 2,374 586 190 837 6%
Canada
Prior year 33.2 33.8 111 71 2,970 543 (1) 952 (1)%
South Africa 50.3 51.6 55 39 1,893 345 230 104 19%
Prior year 55.8 54.8 70 45 2,083 463 350 93 30%
Colombia 11.1 11.2 55 31 621 168 90 - 11%
Prior year 11.2 11.3 67 37 755 255 163 - 15%
Projects and - - - - - (53) (53) - -
corporate
Prior year - - - - - (54) (54) - -
(1) Production volumes are saleable tonnes.
(2) South African sales volumes exclude non-equity traded sales volumes of
3.4 Mt (2014: 1.3 Mt).
(3) Australia and Canada 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. Australia/Canada
excludes study costs/Callide. South Africa unit cost is for the export
operations.
Financial and operating overview
Australia and Canada
Australia and Canada underlying EBIT increased by $191 million to $190
million. This was the result of a 6% rise in production in Australia,
substantial cost reductions and a weaker Australian dollar also benefiting the
cost base. These positives were offset by a 19% reduction in the average
quarterly hard coking coal (HCC) benchmark coal price. Placing Peace River
Coal onto long term care and maintenance resulted in an underlying EBIT
benefit of $81 million.
Underground productivity improvements, including an Australian longwall
production record at Capcoal's Grasstree operation, and focused cost-reduction
initiatives across labour, material inputs and equipment hire, resulted in the
lowest unit costs since 2007. Export FOB cash unit costs ($55/tonne) were 23%
lower in US dollar terms, and 7% lower in local currency terms.
South Africa
South Africa's underlying EBIT of $230 million decreased by 34%. This was the
result of a 21% reduction in the export thermal coal price and the effect of
industrial action in October, partly offset by a 13% increase in export sales
volumes, with a record railing and shipping performance, as well as cost
reductions and the benefit of the weaker rand. The export sales performance
generated an additional $73 million of cash.
Export mine US dollar unit costs were 13% lower, with local currency costs
flat year-on-year despite inflationary pressures and a 4% decline in
production, supported by a 7% improvement in underground operations equipment
performance and a 12% improvement in open cut operations.
Colombia
Underlying EBIT decreased by 45% to $90 million (2014: $163 million), mainly
owing to weaker prices reducing underlying EBIT by $90 million and a
weather-related decline in production. This was compensated in part by lower
costs as a result of a comprehensive cost-control programme and favourable
exchange rates.
Markets
Metallurgical coal
2015 2014
Average market prices ($/tonne)(1)Average realised prices ($/tonne)(2) 10290 125111
(1) Represents the quarterly average benchmark for premium low-volume hard
coking coal.
(2) Average realised price of various grades of metallurgical coal
including hard and semi-soft coking coal and PCI coal.
Metallurgical coal prices showed a steady decline across 2015, driven by a
decline in imports into China and weaker producer currencies. Strong steel
exports from China had a negative effect on global steel prices and margins,
putting further pressure on raw material prices. Metallurgical coal spot
prices averaged $90/tonne(1), down 19%. High-cost metallurgical coal supply
continues to exit the market, in particular from the US, while Australian
supply was relatively stable in 2015.
Thermal coal
2015 2014
Average market price ($/t, FOB Australia)Average realised prices - Export Australia ($/t, FOB)Average realised prices - Export South Africa ($/t, FOB) Average realised prices - Domestic South Africa ($/t)Average realised prices - Colombia ($/t, FOB) 5955552055 7172701967
Thermal coal prices declined by 17% as overall demand contracted. Chinese
import demand in particular has continued to soften, while other growth
markets, notably India, have not been able to offset this decrease in demand.
In response, on the supply side, Indonesian volumes are being withdrawn from
the market.
Operating performance
Australia and Canada
Total export metallurgical coal production increased by 1%, despite Peace
River Coal (which produced 1.5 Mt in 2014) being placed onto long term care
and maintenance since December 2014.
In Australia, production increased by 6%, benefiting from a strong performance
at the underground longwall operations, with a record performance from
Capcoal's Grasstree underground operation.
Australian export metallurgical coal production was 9% higher, with increases
from the underground operations compensating for lower open cut volumes as
capacity at the shared Capcoal Complex plant was given to the higher margin
Grasstree underground mine.
Production from underground operations was 33% higher, largely as a result of
a step-change in productivity at Capcoal's Grasstree underground operation
following the implementation of bi-directional cutting. Production from
Moranbah increased by 17%, despite equipment design issues, which were
successfully rectified in the extended longwall move in the third quarter,
with a stepped improvement in production in November and December.
Production at the Australian open cut operations decreased by 4%, with a
robust performance from Callide and Jellinbah being offset by lower volumes at
Capcoal, where plant and rail capacity was prioritised for Capcoal's Grasstree
underground operation's higher-margin coal.
(1) TSI Premium HCC FOB Australia East Coast Port $/tonne.
South Africa
Export production totalled 17.4 Mt, a 4% decrease, owing to the planned
closure of a section at Goedehoop and lower production at Mafube as it
transitions to a new mining area. Productivity improvements resulted in record
production at Goedehoop and Zibulo following the implementation of elements of
the Anglo American Operating Model. Productivity improvement plans at Landau
were offset by coal sector wage-related industrial action in October, which
resulted in the loss of 0.6 Mt (3%) of full year production.
Export sales rose by 13% to 19.9 Mt as a result of a planned drawdown of
stocks, facilitated by a record railing and shipping performance.
Production from the domestic mines decreased by 15% to 27.7 Mt, owing to
reduced offtake by Eskom at New Vaal and New Denmark, exacerbated by unplanned
maintenance on the dragline at Isibonelo.
Colombia
Anglo American's share of Cerrejón's output of 11.1 Mt decreased by 1% as the
operation was affected by adverse weather conditions, impacting production.
Operational outlook
Australia and Canada
Metallurgical coal production in 2016 is expected to increase to 21-22 Mt,
with the first longwall coal from Grosvenor due in July and subsequent ramp-up
through the second half of the year.
Export Thermal Coal
In 2016, export production from South Africa and Colombia is expected to be
28-30 Mt.
CORPORATE AND OTHER
Key performance indicators
Revenue UnderlyingEBITDA UnderlyingEBIT Capex
$m $m $m $m
Segment 925 (11) (64) 16
Prior year 1,859 (88) (215) 42
Other Mining and Industrial 921 110 64 3
Prior year 1,854 162 62 2
Exploration - (152) (154) -
Prior year - (180) (181) -
Corporate activities and unallocated costs 4 31 26 13
Prior year 5 (70) (96) 40
Financial and operating overview
Other Mining and Industrial
Underlying EBIT of $64 million was $2 million higher (2014: $62 million),
mainly attributable to lower corporate and other costs, largely offset by the
lower contribution from Anglo American's interest in the Lafarge Tarmac joint
venture, which was disposed of on 17 July 2015.
Lafarge Tarmac joint venture
Anglo American's share in the underlying EBIT of the joint venture was $60
million for the six months prior to
transfer to Held For Sale at 30 June 2015, an $18 million decrease compared to
the full year share in 2014.
On 17 July 2015, Anglo American announced that it had completed the sale of
its 50% ownership interest in Lafarge Tarmac Holdings Limited (Lafarge Tarmac)
to Lafarge SA (Lafarge). Anglo American received provisional cash proceeds of
approximately £992 million ($1,559 million), constituting the agreed minimum
consideration of £885 million set out in the July 2014 binding agreement, and
approximately £107 million of working capital and other adjustments. The final
price has since been agreed at the same level as the provisional price after
finalisation of the post-closing review process.
Tarmac Middle East
The divestment of Anglo American's interests in the majority of the Tarmac
Middle East operations had completed by January 2016. Disposal of one
remaining interest is well advanced.
Exploration
Anglo American exploration expenditure of $154 million decreased by 15%,
following reductions in iron ore, thermal coal, diamonds and polymetallics
exploration costs. The decreases were mainly attributable to an overall
reduction in drilling activities.
Corporate activities and unallocated costs
Underlying EBIT was $26 million, an increase of $122 million (2014: $96
million loss).
Corporate costs decreased by 8% ($46 million), of which $61 million
represented a foreign exchange gain compared to 2014, partially offset by
inflationary cost increases of $17 million. This reduction in corporate costs
was mitigated by a 10% fall in the recharge and allocation of corporate costs
to business units of $46 million, reflecting the lower corporate cost base.
A year-on-year gain of $122 million was recognised in the Group's
self-insurance entity, reflecting lower net claims and settlements during
2015.
For further information, please contact:
Media Investors
UKJames Wyatt-TilbyEmail: james.wyatt-tilby@angloamerican.comTel: +44 (0)20 7968 8759 UKPaul GallowayEmail: paul.galloway@angloamerican.comTel: +44 (0)20 7968 8718
Marcelo EsquivelEmail: marcelo.esquivel@angloamerican.comTel: +44 (0)20 7968 8891 Edward KiteEmail: edward.kite@angloamerican.comTel: +44 (0)20 7968 2178
South AfricaPranill RamchanderEmail: pranill.ramchander@angloamerican.comTel: +27 (0)11 638 2592 Shamiela LetsoaloEmail: shamiela.letsoalo@angloamerican.comTel: +27 (0)11 638 3112
Notes to editors:
Anglo American is a globally diversified mining business. Our portfolio of
world-class competitive mining operations and undeveloped resources provides
the raw materials to meet the growing consumer-driven demands of the world's
developed and maturing economies. Our people are at the heart of our business.
It is our people who use the latest technologies to find new resources, plan
and build our mines and who mine, process and move and market our products -
from diamonds (through De Beers) to platinum and other precious metals and
copper - to our customers around the world.
As a responsible miner, we are the custodians of those precious resources. We
work together with our key partners and stakeholders to unlock the long-term
value that those resources represent for our shareholders, but also for the
communities and countries in which we operate - creating sustainable value and
making a real difference.
www.angloamerican.com
Webcast of presentation:
A live webcast of the results presentation, starting at 9.00am UK time on 16
February 2016, can be accessed through the Anglo American website at
www.angloamerican.com
Note: Throughout this results announcement, '$' denotes United States dollars
and 'cents' refers to United States cents; underlying EBIT is operating profit
presented before special items and remeasurements and includes the Group's
attributable share of associates' and joint ventures' underlying EBIT; special
items and remeasurements are defined in note 7 to the Condensed financial
statements. Underlying earnings, is calculated as set out in note 6 and note
10 to the Condensed financial statements. Underlying EBITDA is underlying EBIT
before depreciation and amortisation in subsidiaries and joint operations and
includes the Group's attributable share of underlying EBITDA of associates and
joint ventures before depreciation and amortisation. Tonnes are metric tons,
'Mt' denotes million tonnes and 'kt' denotes thousand tonnes, unless otherwise
stated.
Forward-looking statements:
This announcement includes forward-looking statements. All statements other
than statements of historical facts included in this announcement, including,
without limitation, those regarding Anglo American's financial position,
business and acquisition strategy, plans and objectives of management for
future operations (including development plans and objectives relating to
Anglo American's products, production forecasts and reserve and resource
positions), are forward-looking statements. By their nature, such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of Anglo American, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are based on
numerous assumptions regarding Anglo American's present and future business
strategies and the environment in which Anglo American will operate in the
future. Important factors that could cause Anglo American's actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, among others, levels of actual production
during any period, levels of global demand and commodity market prices,
mineral resource exploration and development capabilities, recovery rates and
other operational capabilities, the availability of mining and processing
equipment, the ability to produce and transport products profitably, the
impact of foreign currency exchange rates on market prices and operating
costs, the availability of sufficient credit, the effects of inflation,
political uncertainty and economic conditions in relevant areas of the world,
the actions of competitors, activities by governmental authorities such as
changes in taxation or safety, health, environmental or other types of
regulation in the countries where Anglo American operates, conflicts over land
and resource ownership rights and such other risk factors identified in Anglo
American's most recent Annual Report. Forward-looking statements should,
therefore, be construed in light of such risk factors and undue reliance
should not be placed on forward-looking statements. These forward-looking
statements speak only as of the date of this announcement. Anglo American
expressly disclaims any obligation or undertaking (except as required by
applicable law, the City Code on Takeovers and Mergers (the "Takeover Code"),
the UK Listing Rules, the Disclosure and Transparency Rules of the Financial
Conduct Authority, the Listings Requirements of the securities exchange of the
JSE Limited in South Africa, the SWX Swiss Exchange, the Botswana Stock
Exchange and the Namibian Stock Exchange and any other applicable regulations)
to release publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in Anglo American's expectations with
regard thereto or any change in events, conditions or circumstances on which
any such statement is based.
Nothing in this announcement should be interpreted to mean that future
earnings per share of Anglo American will necessarily match or exceed its
historical published earnings per share.
Certain statistical and other information about Anglo American included in
this announcement is sourced from publicly available third party sources. As
such, it presents the views of those third parties, though these may not
necessarily correspond to the views held by Anglo American.
This information is provided by RNS
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