REG - Anglo American PLC - Anglo American results H1 2014 <Origin Href="QuoteRef">AAL.L</Origin> - Part 2
06/09/2014 20:35
- Part 2: For the preceding part double click ID:nRSY2945Na
reflecting continued operational stability,
with fewer stoppages than in the first half of 2013.
Projects
The Barro Alto furnace rebuilds received board approval in April. The first
full furnace rebuild is expected to start in late 2014 and the second in
mid-2015. Barro Alto expects to achieve nominal production capacity during
2016.
Outlook
While there are still considerable stocks of nickel on the LME, the
expectation is that stocks will reduce as the Indonesian nickel ore export ban
negatively impacts both NPI production in China and overall nickel supply
volumes.
As has been reported previously, the Barro Alto ramp-up has been significantly
affected by design flaws in both the kilns and the furnaces, and only a
furnace redesign, involving the rebuilding of both lines, will rectify the
project's underlying faults.
Having addressed many of these issues now, and with careful monitoring,
pending the rebuilding of the furnaces, Barro Alto has achieved a level of
stability which enabled an average feed rate for the two lines of 85% of
design capacity over the first half.
2014 production guidance for nickel has been increased to 32,000-35,000
tonnes, (previously 30,000-35,000 tonnes).
BASE METALS & MINERALS - NIOBIUM
US$ million(unless otherwise stated) 6 monthsended30 June 2014 6 monthsended30 June 2013
Underlying operating profit 34 42
Underlying EBITDA 37 44
Capital expenditure 90 64
Share of Group underlying operating profit 1% 1%
Attributable return on capital employed % 16% 41%
Niobium reported an underlying operating profit of $34 million, a 19%
decrease, due to lower sales prices, inflation and higher cash costs (driven
by above-inflation increases in labour, contracted services and mining
costs).
Markets
6 months 6 months
ended30 June 2014 ended30 June 2013
Average realised prices ($/kg) 39.02 39.30
Ferroniobium exports from Brazil increased by 8.5%, but have declined in
recent months as lower volumes were sold to China. Although exports to Europe
and the US were above expectations, broadly offsetting lower exports to China,
the shift in volumes is putting some downward pressure on prices.
Operating performance
6 months 6 months
ended ended
30 June 2014 30 June 2013
Attributable niobium production (tonnes) 2,200 2,200
Production of 2,200 tonnes was in line with the first half of 2013.
Projects
The Boa Vista Fresh Rock (BVFR) project continued to make progress and is now
93% complete, with piling works, civils and steel structure complete and mine
commissioning started. The project includes the construction of a new upstream
plant that will enable continuity of the Catalão site through processing the
fresh-rock orebody. The project is expected to start production in Q4 2014. On
completion of the project, production capacity will increase to approximately
6,800 tonnes of niobium a year at steady state.
Outlook
The global market has now recovered to the same levels as in 2012 and. While
uncertainties remain regarding Chinese macro-economic policies and excess
crude steel capacity, medium-term fundamentals for niobium remain strong, with
growth being driven by developed economies and India.
BASE METALS & MINERALS - PHOSPHATES
US$ million(unless otherwise stated) 6 monthsended30 June 2014 6 monthsended30 June 2013
Underlying operating profit 9 48
Underlying EBITDA 20 59
Capital expenditure 18 8
Share of Group underlying operating profit 0% 1%
Attributable return on capital employed % 5% 28%
Phosphates underlying operating profit decreased by 81%, mainly due to lower
sales prices, partially offset by the devaluation of the Brazilian real.
Markets
6 months 6 months
ended30 June 2014 ended30 June 2013
Average market prices - mono-ammonium phosphate (MAP)($/t CFR Brazil) 485 519
Mono-ammonium phosphate (MAP) prices started the year at a relatively low
level of around $420/t, reached a peak of around $520/t in February/March
motivated by Brazil's safrinha mini-crop, stronger demand in US and supply
issues from Morocco. Thereafter, MAP prices trended downwards in April and
May, reaching an average $469/t in the seasonally weaker 'intercrop' period
which was also characterised by uncertainties over India. Prices for the
period were lower than for the first half of 2013, mainly because
substantially lower prices, driven by significant reduction in Indian
consumption in the second half of last year, continued into 2014.
Operating performance
6 months 6 months
ended ended
30 June 2014 30 June 2013
Attributable fertiliser production (tonnes) 542,900 573,700
Production of 542,900 tonnes of fertiliser decreased by 5%, mainly as a result
of a reduction in throughput, maintenance activities and a power outage.
Outlook
The market looks stable, especially for the third quarter, with strong demand
likely to come from India (provided the country has a normal monsoon season)
as well as from Brazil. Fertiliser demand in Brazil is expected to increase in
2014, reflecting additional demand driven by strong agricultural commodity
prices during 2013 and H1 2014, generating solid margins for farmers and, thus
increasing fertiliser usage. For the full year, phosphate fertiliser demand is
expected to increase by around 3% to 11.9 Mt (2013: 11.5 Mt).
PLATINUM
US$ million(unless otherwise stated) 6 months 6 months
ended 30 June 2014 ended 30 June 2013
Underlying operating (loss)/profit (1) 187
Underlying EBITDA 231 497
Capital expenditure 245 235
Share of Group underlying operating profit 0% 6%
Attributable return on capital employed % (0)% 4%
Anglo American Platinum (Platinum) recorded an underlying operating loss of $1
million, compared to an underlying operating profit of $187 million in the
first half of 2013. This performance reflected significantly lower production
owing to the effects of the five-month industrial action by the Association of
Mineworkers and Construction Union (AMCU) at the Rustenburg, Union and
Amandelbult operations. Although operating costs savings were implemented at
strike-affected operations, costs of approximately $400 million were incurred
at these mines during the strike period, with a consequent negative impact on
Platinum's earnings.
Refined platinum sales decreased by 3% to 1.04 million ounces (H1 2013: 1.07
million ounces). Sales exceeded refined production as refined inventory was
drawn down owing to the strike action. The average dollar basket price
achieved increased by 2% to $2,474 per ounce (H1 2013: $2,416 per ounce).
Cash operating costs per equivalent refined platinum ounce of R27,810 were
severely impacted by the industrial action. After adjusting for the strike,
the cash operating cost of approximately R18,000 increased by 5%, from the
cash costs of R17,053 per ounce achieved for the full year in 2013.
Markets
The increase in global demand for platinum this year is being driven by growth
in autocatalyst, industrial and jewellery demand, which exceeds the decline in
investment demand and growth in recycle supply. Indications for the first six
months of 2014 are that pent-up demand for vehicles in Europe and global
industrial demand are translating into higher platinum consumption. Jewellery
demand remains strong at current depressed price levels and investment demand
growth exceeded expectations.
Despite the five month industrial action, coupled with early signs of
increased vehicle sales in Europe, the platinum price was flat during the
first half of 2014. This was driven by platinum supply being adequate to meet
demand due to sales by South African producers from refined working
inventories and a draw down from above ground stocks. Contractual supply to
customers was uninterrupted.
Palladium demand remained firm, dominated by continued growth in demand for
gasoline vehicles in developing markets and supported by the launch of two
South African ETFs in 2014.
Autocatalysts
Strong demand for diesel vehicles in Europe resulted in higher vehicle sales
in each of the first five months of 2014 compared to the corresponding months
in 2013. Platinum loadings on Euro VI (light duty vehicles) compliant cars are
higher than loadings on Euro V compliant cars.
Industrial, jewellery and investment
Gross platinum demand for industrial applications increased, with evidence of
consumption matching new-capacity construction in the glass and chemicals
sectors. The platinum price continued to trade at a higher level than the gold
price in the first half of 2014, although demand for platinum jewellery
increased, particularly in China. Growth in investment demand in 2013 and 2014
arose primarily as a result of the launch of the South African Exchange Traded
Funds ("ETFs"). Platinum investment demand in the first half of 2014 increased
by 350 koz, despite the record levels of growth in ETF holdings in 2013.
Operating performance
6 months 6 months
ended ended
30 June 2014 30 June 2013
Attributable equivalent refined platinum production (oz) 715,200 1,177,000
Equivalent refined platinum production (equivalent ounces are mined ounces
expressed as refined ounces) from the mines managed by Anglo American Platinum
and its joint venture partners, at 715,200 ounces, was significantly affected
by the industrial action from 23 January to 24 June 2014. Mogalakwena and Unki
mines and the associates and joint operations portfolio, which remained mainly
strike-free, all showed year-on-year improvements in production. Rustenburg,
Amandelbult and Union operations were heavily affected by the disruption,
losing 424,000 ounces of equivalent refined production during the strike and a
further 16,000 platinum ounces in the ramp-up period at 30 June.
Underground mining performance reflected the effects of the industrial action.
Equivalent refined platinum production at Platinum's own mines and the Western
Limb tailings retreatment plant decreased by 468,200 ounces, or 59% year on
year, to 319,100 ounces. At Amandelbult, output fell by 137,000 ounces, or 80%
year on year; Rustenburg declined by 258,200 ounces, or 88% year on year; and
Union dropped by 85,600 ounces, or 89%. Output was also impacted by the
restructuring of Rustenburg and Union mines, with a combined 86,500 ounce
decrease in equivalent refined production in the first half of 2014.
Mogalakwena achieved a record performance, raising production to 184,800
ounces as a result of higher achieved 4E built-up head grade, an increase in
the platinum content of the ore fed to the concentrator and improved mining
performance. Unki maintained production at around 30,000 ounces. At
Twickenham, production was 4,400 ounces higher.
Equivalent refined platinum production from associates and joint ventures,
inclusive of both mined and purchased output, increased by 4% year on year to
370,700 ounces. This was due to higher production volumes across all mines,
most notably at Kroondal (8%) and Bokoni (17%), following
productivity-improvement initiatives.
Equivalent refined platinum ounces purchased from third parties decreased by
26% to 25,400 ounces (H1 2013: 34,200 ounces).
Refined platinum production at 855,800 ounces was 16% lower. Again, this was
primarily due to the impact of the strike, though it was offset by a drawdown
in pipeline inventory. Refined production of palladium and rhodium decreased
by 5% and 13%, respectively. Variances in palladium and rhodium output were a
reflection of the industrial action, a changed ore-source mix from operations,
and different pipeline processing times for each metal.
Platinum sales exceeded refined production by 189,000 ounces in H1, owing to
lower production and a drawdown in the refined inventory in anticipation of
possible lengthy strike action.
Wage-negotiation update
On 23 January, AMCU, the majority and recognised union, declared industrial
action against Anglo American Platinum. The Commission for Conciliation,
Mediation and Arbitration (CCMA) issued AMCU with a strike certificate for
non-resolution of wage negotiations, deeming the strike legal.
After five months of extensive consultation, mediation and other efforts to
find an affordable solution, AMCU settled the new wage agreement on 24 June.
This is a three-year deal with an average cost to company of 8.4% per annum
over the three-year period (the cost to company will be 10.5% in year 1, 7.7%
in year 2, and 7.1% in year 3). The wage settlement applies retrospectively
from 1 July 2013, and the 'no work, no pay' principle applies to all workers.
Outlook
The global platinum market is expected to remain in deficit in the short and
medium term as steady demand growth exceeds growth in primary and secondary
supply. The impact on supply from the industrial action in 2012, the
introduction of platinum ETFs in 2013 and the most recent industrial action in
2014 has resulted in a significant reduction of above-ground platinum stocks.
Capital constrained supply growth and depressed margins are likely to continue
at current price levels. Working inventory levels are currently lower than
normal operating levels and will necessitate a re-stocking as production
resumes and returns to normal.
Palladium demand is expected to increase in 2014, supported by global vehicle
production growth and tightening emissions legislation, with growth in petrol
vehicle production in China remaining the dominant driver. Supply is
constrained as a result of the same factors influencing platinum, and further
deficits are expected in the palladium market in 2014 and the near term.
Equivalent refined production in H2 2014 will be impacted by the ramp-up
process which is estimated to be back at steady state by Q4 2014. Full medical
and safety checks will be completed before production can return to normal. As
a result we are reducing both our refined production and sales guidance to
between 2.0 to 2.1Moz, as pipeline stock needs to be replenished. Cost
inflation will continue to present severe challenges. Platinum estimates that
its cash unit costs for 2014 as a whole will increase to between R18,000 and
R19,000 per equivalent refined platinum ounce, after adjusting for the impact
of the strike.
Platinum's project portfolio has been aligned with the proposals of the
Portfolio Review, and capital expenditure guidance is R5.5bn - R6.5bn for
2014, excluding pre-production cost, capitalised waste stripping and
interest.
DE BEERS
US$ million(unless otherwise stated) 6 monthsended30 June 2014 6 monthsended30 June 2013
Underlying operating profit 765 571
Underlying EBITDA 983 788
Capital expenditure 320 255
Share of Group underlying operating profit 26% 18%
Attributable return on capital employed(1) 13% 8%
(1) Operating profit used in the calculation of De Beers' attributable return
on capital employed is based on the last 12 months rather than on an
annualisation of the first six months' performance. This is due to the
seasonal sales and operating profit profile of De Beers, as noted in the
Markets and sales section. Attributable ROCE for the first half of 2013 is
presented on a pro forma basis.
De Beers recorded an underlying operating profit of $765 million, an increase
of 34% compared with the first half of 2013. The increase was primarily due to
solid demand across key markets resulting in strong revenue growth, together
with the benefit of favourable exchange rate trends.
Markets and sales
Rough diamond demand was robust, reflecting a positive outlook for polished
diamonds in De Beers' key markets of the US, China and India. This contrasted
with the first half of 2013, when encouraging growth in the US was not matched
in India (where demand was weak). Stronger year-on-year consumer demand
between Thanksgiving and Chinese New Year - the key selling season - resulted
in higher levels of retailer restocking during the first half of 2014 than in
the same period last year.
These factors contributed to the strong sales performance, with total sales up
by 15% to $3.8 billion, while rough diamond sales were also 15% higher at $3.5
billion. Higher rough diamond revenue was driven by an increase in sales
volumes net of slightly lower realised prices (4% lower). De Beers' average
price index in H1 2014 was 4% higher than in H1 2013 with this being offset by
a marginally lower product mix.
The seasonal nature of polished diamond consumption means that De Beers'
annual performance is generally more heavily weighted towards the first six
months, reflecting normal restocking by midstream diamantaires after the key
selling season. While stocking levels increase as the end of the year
approaches, this is offset by manufacturing slowdowns that typically impact
upon rough demand in the second half. It is expected that this trend will
continue this year.
In July, De Beers announced details of a new approach to its rough diamond
sales contracts. The new contract period, which will start in March 2015 and
run for three years, with an option for De Beers to extend, requires De Beers'
rough diamond customers to comply with more rigorous financial and governance
requirements in order to be eligible for supply.
Mining and manufacturing
6 months 6 months
ended ended
30 June 2014 30 June 2013
Total diamond production (thousand carats)(1) 16,046 14,295
(1) Includes 100% of production from joint ventures.
De Beers' half-year production increased by 1.8 Mct to 16.0 Mct (H1 2013: 14.3
Mct), largely owing to higher production from Debswana and the South African
operations.
At Debswana, production benefited from higher efficiency at the processing
plants, as a result of operational improvement initiatives. This was enhanced
by recovery from the twin impacts in 2013 of the Jwaneng slope failure
clean-up and planned plant maintenance at Orapa, partly offset by the mining
of lower grades at Jwaneng.
In South Africa, higher production was achieved, mainly as a result of there
being no repetition of the challenges faced in 2013 after extreme flooding at
Venetia. In addition, the implementation of a range of initiatives to improve
rain preparedness at Venetia limited the impact of heavy seasonal rainfall
this year.
In Canada, production continued to improve at both Victor and Snap Lake. Work
continues on optimising the Snap Lake mine to enable economic access to the
promising, though challenging, orebody, with a continued focus on
water-management issues.
In Namibia, production has increased at both Namdeb and Debmarine Namibia,
with strong performance by the Mafuta vessel and progress made on beach
accretion. Namdeb Holdings has been issued with a 15-year licence extension
for both land and sea operations to at least 2035.
Element Six achieved encouraging sales growth of 10% derived from most product
groups, particularly oil and gas and precision machining, which have benefited
from increased investment in innovation. Overall revenue growth was strong in
the Americas and Asia, although Europe declined slightly owing to weaker
markets for carbide products.
Brands
As consumers' preference for branded products increases, De Beers continues to
position its Forevermark and De Beers Jewellers brands in major consumer
markets across the world.
Forevermark continues to grow strongly, particularly in the core markets of
China, Japan, India and the US. In May, Forevermark was launched in Turkey
and, in July, plans were announced to make the brand available in the UK and
Ireland. The brand is now available in more than 1,400 authorised jewellery
stores in 29 countries, an increase of more than 30% on the same point in
2013. More than one million diamonds have now received a unique Forevermark
inscription since the brand's launch in 2008.
De Beers Jewellers had healthy like-for-like sales growth, having restructured
its portfolio of stores to focus on fast-growing markets - particularly in
Asia. Sales continue to be boosted by its Chinese clientele, both in Asia and
in other luxury shopping destinations around the world.
Projects
In Botswana, Jwaneng Cut-8 waste mining is progressing well, with 46% of the
500 million tonnes of waste stripping required to expose the ore now complete.
Cut-8 will become the main source of ore for Jwaneng during 2017.
Construction of the Venetia underground mine in South Africa is also
progressing well. Development of the decline from the surface is under way,
with almost 100 metres of tunnel advanced. The collar of the production shaft
is now in place and the pre-sink in the production shaft is scheduled to begin
in H2. With first production planned for 2021, the project is around 10%
complete.
In Canada, permitting for the Gahcho Kué project in the Northwest Territories
is on track, with final approvals for the land-use permit and water licence
expected during the second half. Detailed engineering and pioneer works are
well under way, and the project is progressing according to plan.
Outlook
De Beers expects continued growth in diamond jewellery demand across its key
markets in 2014, driven primarily by the US and China. Other markets are also
projected to show growth in local currency this year, with final
dollar-equivalent demand levels partly dependent on currency fluctuations.
In India, recent parliamentary elections have resulted in improved economic
confidence, which is expected to impact positively on both activity in the
country's cutting centres and on rough diamond demand generally.
2014 production guidance has been increased to 31 to 32 million carats
(previously 30 to 32 million carats).
CORPORATE AND OTHER
US$ million(unless otherwise stated) 6 monthsended30 June 2014 6 monthsended30 June 2013
Underlying operating profit /(loss) (150) (208)
Other Mining and Industrial 11 (30)
Exploration (76) (93)
Corporate activities & unallocated costs (85) (85)
Underlying EBITDA (98) (127)
Capital expenditure 15 28
Share of Group underlying operating profit (5)% (6)%
Other Mining and Industrial
The underlying operating profit of $11 million for the first half of 2014 was
an improvement on the underlying operating loss of $30 million in the same
period in 2013, mainly attributable to an improved performance from Lafarge
Tarmac joint venture, as well as Tarmac Buildings Products prior to its
disposal on 31 March 2014.
Lafarge Tarmac joint venture
The Group's share in the underlying operating profit of the joint venture was
$21 million, an improvement on the underlying operating loss of $16 million in
the first half of 2013, despite a slow start to the year owing to
exceptionally wet weather. The outlook for the second half is positive and is
supported by improving market conditions in the UK.
Following the announcement on 7 July 2014 of an agreement in principle, the
Group reached a binding agreement on 24 July 2014 to sell its 50% ownership
interest in Lafarge Tarmac to Lafarge SA ("Lafarge") for a minimum value of
£885 million (approximately $1.5 billion) in cash, on a debt and cash free
basis and subject to other customary working capital adjustments. The sale
will be subject to a number of conditions, including the completion of the
proposed merger of Lafarge and Holcim Limited, the divestment of Lafarge
Tarmac being accepted as a suitable remedy for the UK market in respect of the
merger, and approval of this sale transaction by the necessary regulators.
In the event that a subsequent divestment of Lafarge Tarmac is agreed within
18 months of this sale being completed, then Anglo American will participate
in a minority proportion of the upside beyond a small premium to the terms of
this transaction.
Exploration
Underlying operating loss for Exploration H1 2014 was $76 million, a decrease
of 18% compared to prior year following reductions in diamonds and
metallurgical coal exploration costs.
Corporate activities and unallocated costs
Underlying operating loss for Corporate activities and unallocated costs for
the first half of 2014 were $85 million, in line with the first half of 2013.
For further information, please contact:
Media Investors
UKJames Wyatt-TilbyTel: +44 (0)20 7968 8759 UKPaul GallowayTel: +44 (0)20 7968 8718
Emily BlythTel: +44 (0)20 7968 8481 Caroline Crampton Tel: +44 (0)20 7968 2192
South AfricaPranill RamchanderTel: +27 (0)11 638 2592 Sarah McNallyTel: +44 (0)20 7968 8747
Anglo American is one of the world's largest mining companies, is
headquartered in the UK and listed on the London and Johannesburg stock
exchanges. Our portfolio of mining businesses meets our customers' changing
needs and spans bulk commodities - iron ore and manganese, metallurgical coal
and thermal coal; base metals and minerals - copper, nickel, niobium and
phosphates; and precious metals and minerals - in which we are a global leader
in both platinum and diamonds. At Anglo American, we are committed to working
together with our stakeholders - our investors, our partners and our employees
- to create sustainable value that makes a real difference, while upholding
the highest standards of safety and responsibility across all our businesses
and geographies. The Company's mining operations, pipeline of growth projects
and exploration activities span southern Africa, South America, Australia,
North America, Asia and Europe.
www.angloamerican.com
Webcast of presentation:
A live webcast of the results presentation, starting at 9.00am UK time on 25
July 2014, can be accessed through the Anglo American website at
www.angloamerican.com
Note: Throughout this results announcement, '$' denotes United States dollars
and 'cents' refers to United States cents; operating profit includes
attributable share of associates' and joint ventures' operating profit and is
before special items and remeasurements, unless otherwise stated; special
items and remeasurements are defined in note 6 to the Condensed financial
statements. Underlying earnings, unless otherwise stated, is calculated as set
out in note 10 to the Condensed financial statements. Earnings before
interest, tax, depreciation and amortisation (EBITDA) is operating profit
before special items and remeasurements, depreciation and amortisation in
subsidiaries and joint operations and includes attributable share of EBITDA of
associates and joint ventures. 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.
Click on, or paste the following link into your web browser, to view the
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