Acquisition

Anglo American PLC
13 November 2002


News Release


13 November 2002


               Anglo American completes acquisition of Disputada


Subsidiaries of Anglo American plc ("Anglo American") today signed and completed
the $1.3 billion acquisition of 100% of the interests in the Compania Minera
Disputada de Las Condes Limitada group ("Disputada") from affiliates of Exxon
Mobil Corporation ("ExxonMobil").

Disputada is a world class, integrated copper producer located in Chile and
comprising the Los Bronces and El Soldado mines and the Chagres smelter.


For further information:

London:
Investor Relations                                        Media Relations
Nick von Schirnding                                       Kate Aindow
[phone]                                          [phone]

Johannesburg:
Investor Relations                                        Media Relations
Anne Dunn                                                 Marion Dixon
[phone]                                           [phone]


Further details:

Anglo American plc is one of the world's largest mining and natural resource
groups. With its subsidiaries, joint ventures and associates, it is a global
leader in gold, platinum group metals and diamonds, with significant interests
in coal, base and ferrous metals, industrial minerals and forest products. The
group is geographically diverse, with operations in Africa, Europe, South and
North America and Australia. (www.angloamerican.co.uk)


1.   Description of assets
     
2.   Further exploration / exploitation potential

3.   Purchase price / price participation

4.   Synergies

5.   Anglo American's existing Chilean operations


1. DESCRIPTION OF ASSETS

Los Bronces mine

Description:           long life, low cost, open pit mine
Location:              65 km north east of Santiago in Chile
2001 production:       171,000 tonnes of copper in concentrate
                       12,000 tonnes of copper cathode
2001 cash costs:       43 c/lb
Reserves (31/12/00):   457Mt @1.03% copper
                       plus 741Mt @ 0.47% copper leach ore
Life of mine:          minimum 20 years, potential to 30 years. Grade
                       profile relatively flat over life of mine. Significant 
                       capital expenditure not required to maintain production.

Added value potential:

•    expansion projects currently underway to expand copper production to
     225,000 tonnes per annum by 2004

•    additional  200 million tonnes of resource grading 0.95% copper identified 
     immediately below or adjacent to existing pit (31/12/00)

•    further expansion potential

•    synergies



El Soldado mine

Description:           medium life, medium cost, open pit mine and
underground mine
Location:              132 km north of Santiago
2001 production:       64,000 tonnes of copper in concentrate
                       5,000 tonnes of copper cathode
2001 cash costs:       57 c/lb
Reserves (31/12/00):   115Mt @ 1.00% copper
Life of mine:          16 years (estimated)


Added value potential:

•    nearby exploration
     
•    synergies


Chagres Smelter
Description:           recently modernised (1995) copper smelter
Location:              100 km north of Santiago
2001 production:       144,000 tonnes of copper (anode - 90% / blister -10%)
                       408,000 tonnes of acid
Process:               Outokumpu flash furnace


Added value potential:

•    current capacity - 150,000 tonnes
     
•    potential production increase

•    synergies


Further Details:

The financial statements of Disputada for the year ended 31 December 2001, which
were prepared in accordance with US GAAP, showed Disputada's net assets
(excluding net intercompany debt) as being $776 million, profit before interest,
tax and depreciation of $114 million and profit before tax of $38 million (net
of interest of $11 million on intercompany debt).

The principal and accrued interest on the intercompany loan acquired by Anglo
American at Completion amounted to $238 million.


2. FURTHER EXPLORATION / EXPLOITATION POTENTIAL

Los Bronces is located in a 70,000 hectare property owned by Disputada which has
excellent exploration and exploitation potential. In addition to the Los Bronces
mine reserves and the immediately adjacent resources, Disputada has already
identified over 300 million tonnes of additional resources at an average grade
of 0.85% copper.


3. PURCHASE PRICE / PRICE PARTICIPATION

•    Disputada is third party debt free.
     
•    A net consideration of $1.3 billion is payable on completion, such
     consideration including the assumption by Anglo American of certain 
     intercompany loan accounts.

•    Anglo American will fund the net consideration from existing bank 
     facilities and internal cash resources.

•    Price Participation agreement:

     ExxonMobil will be entitled to receive contingent payments, which will 
     amount to between zero and a maximum cumulative amount of $120 million if 
     the average copper price over the next three and a half years exceeds 
     certain agreed threshold levels as detailed below:


                       Nov 02 -        May 03 -         May 04 -        May 05 -
                       April 03        April 04         April 05        April 06


Threshold price          75               87               94              100

(c/lb nominal)

Should, in any period, the copper price exceed the threshold price, Anglo
American and ExxonMobil will share equally in the incremental revenues
attributable to agreed production volumes in the relevant period subject to a
maximum cumulative amount payable to ExxonMobil of $120 million. If, in any
period, the average copper price does not exceed the threshold price, no
payments will be made to ExxonMobil in respect of that period. Should the full
$120 million not have been paid by May 2006, the shortfall will cease to be
payable.

In all years, the threshold levels in each period are higher than those used by
Anglo American in its valuation of Disputada. Accordingly, price participation
payments will only be made to ExxonMobil if the revenue forecasts for Disputada
are greater than that originally forecast by Anglo American.


4. SYNERGIES

•    The synergies between Disputada and Anglo American's existing operations in 
     Chile are estimated to exceed an N.P.V. of $100 million. These include:

     -    the Mantos Blancos and Disputada head offices will be combined into
          one head office organisation which will act as a shared services 
          facility for four mines (Los Bronces, El Soldado, Mantos Blancos, 
          Mantoverde,) and the Chagres smelter, as well as continuing to provide 
          input and support to the 44% owned Collahuasi;

     -    procurement;

     -    marketing, sales and logistics;

     -    exploration - the exploration work of the two companies will be
          integrated;

     -    further scope for substantial improvements in production, productivity 
          and costs.


5. ANGLO AMERICAN'S EXISTING OPERATIONS IN CHILE

Mantos Blancos comprises two 100% owned open pit copper mines. Mantos Blancos is
located in the Atacama desert near Antofagasta and Mantoverde is located south
of Antofagasta in the Copiapo region. In 2001, copper production was 156,800
tonnes at an average operating cash cost of 57.7 US cents per lb.

Collahuasi is an open pit copper mine located south east of Iquique in Chile.
Anglo American has a 44% interest and joint control of Collahuasi. In 2001,
copper production was 452,700 tonnes at an average operating cash cost of 39.5
US cents per lb. (Anglo American attributable production - 199,200 tonnes).



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