Anglo American year end financial report 2023

Anglo American PLC

22 February 2024

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YEAR END FINANCIAL REPORT

for the year ended 31 December 2023

22 February 2024

Anglo American Preliminary Results for the year ended 31 December 2023

Production increase and strong cost performance outweighed by cyclical lows for PGMs and diamonds

•Quellaveco fully ramped up and produced 319,000 tonnes of copper at unit cost of 111 c/lb

•On track to reduce annual costs by c.$1 billion and capex by c.$1.6 billion over 2024-2026

•Underlying EBITDA* of $10.0 billion, a 31% decrease; 2% volume increase and unit costs held to +4% despite high inflation, more than offset by $5.5 billion revenue impact of PGMs and diamonds at cyclical lows

•Profit attributable to equity shareholders of $0.3 billion

•Net debt* of $10.6 billion: investing in long term growth through the cycle, with leverage at 1.1x

•$1.2 billion total dividend for FY 2023, equal to $0.96 per share, consistent with our 40% payout policy.

Duncan Wanblad, Chief Executive of Anglo American, said: "2023 saw us increase production by 2% and contain the effect of high inflation on our costs, while facing a cyclical downturn in PGMs and diamonds. Against that backdrop, we are reducing annual run rate costs by $1 billion and capital spend by $1.6 billion over the next three years, while also cutting out unprofitable volumes. This value over volume mindset represents our biggest margin lever to enhance returns. We are systematically reviewing our assets and will take further actions as needed to ensure their competitiveness. We have also this week set out the difficult but necessary reconfigurations of our PGMs and Kumba operations to set them up on a far more sustainable footing, building on the recent 25% cost reduction from our consolidation of senior head office roles.

"We continue to make progress on safety, achieving our lowest ever injury rate in 2023. However, I am sad to report that three colleagues died during the year following two accidents, at Los Bronces and Kumba. We extend our deepest condolences to their families, friends and colleagues. We are unconditional in our commitment to safety and working to ensure that every colleague returns home safe and well each day.

"Operationally, we ramped up our flagship Quellaveco operation to full capacity in 2023, producing 319,000 tonnes of copper at a highly competitive unit cost. Minas-Rio set a number of performance records, while Kumba performed well but was limited by third-party rail constraints. At Los Bronces we have reconfigured the mine plan to remove unprofitable production during a phase of lower grades and hard ore, and in Australia we reset production plans to align with new safety protocols and ongoing challenging ground conditions at Moranbah. PGMs and De Beers performed well operationally but faced markets at cyclical lows.

"Underlying EBITDA of $10.0 billion at a 39% Mining EBITDA margin* reflects a 13% lower product basket price and a 4% unit cost increase, partially offset by our 2% volume growth. Net debt increasing to $10.6 billion reflects the growth investments we are making through the cycle in line with our belief in the strong long term fundamentals. Our updated assessment of global GDP growth and consumer demand were the main factors behind our $1.6 billion write-down of our book value of De Beers, principally relating to goodwill. Our $0.5 billion proposed final dividend of $0.41 per share is in line with our 40% payout policy.

"There is no doubt that while the immediate macro picture presents some challenges for our PGMs and diamonds businesses, the demand trends for metals and minerals have rarely looked better. We are focused on reducing complexities and continue to manage our assets, capital and portfolio dynamically and for value. This includes syndicating large greenfield projects for value, as we did with Quellaveco, and as we plan to do for Woodsmith at the right time. We also look to identify opportunities with adjacent assets where there is significant value to be unlocked, while progressing our sequence of organic project options that offer considerable value growth, predominantly in copper, crop nutrients and high quality iron ore."


Year ended	31 December 2023	31 December 2022	Change
US$ million, unless otherwise stated	31 December 2023	31 December 2022	Change
Revenue	30,652	35,118	(13) %
Underlying EBITDA*	9,958	14,495	(31)%
Mining EBITDA margin*	39%	47%
Attributable free cash flow*	(1,385)	1,585	(187)%
Profit attributable to equity shareholders of the Company	283	4,514	(94)%
Basic underlying earnings per share* ($)	2.42	4.97	(51)%
Basic earnings per share ($)	0.23	3.72	(94)%
Final dividend per share ($)	0.41	0.74	(45)%
Interim dividend per share ($)	0.55	1.24	(56)%
Total dividend per share ($)	0.96	1.98	(52)%
Group attributable ROCE*	16%	30%

Terms with this symbol * are defined as Alternative Performance Measures (APMs). For more information, refer to page 84.

Sustainability performance

Key sustainability performance indicators(1)

Anglo American tracks its strategic progress using KPIs that are based on our seven pillars of value: safety and health, environment, socio-political, people, production, cost, and financial. In addition to the financial performance set out above and our operational performance on pages 6-34, our performance for the first four pillars is set out below:


Pillar of value	Metric	31 December 2023	31 December 2022	Target	Target achieved
Safety and health	Work-related fatal injuries	3	2	Zero	Not achieved
	Total recordable injury frequency rate (TRIFR) per million hours	1.78	2.19	Reduction year on year	On track
	New cases of occupational disease	15	5	Reduction year on year	Not achieved
Environment	GHG emissions - Scopes 1 & 2 (Mt CO2e)	12.5	13.3	Reduce absolute GHG emissions by 30% by 2030	On track
	Fresh water withdrawals (ML)(2)	38,040	35,910	Reduce fresh water abstraction in water scarce areas by 50% by 2030	On track for 2030 target
	Level 4-5 environmental incidents	0	0	Zero	On track
Socio-political	Social Way 3.0 implementation(3)	73%	66%	Full implementation of the Social Way 3.0 by end 2022	Behind schedule
	Number of jobs supported off site(4)	139,308	114,534
	Local procurement spend ($bn)(5)	13.0	13.6
	Taxes and royalties ($m)(6)	5,081	5,893
People	Women in management	34%	32%	To achieve 33% by 2023	Achieved
	Women in the workforce	26%	24%
	Voluntary labour turnover	3.5%	3.6%	< 5%	On track

(1)The following sustainability performance indicators for the year ended 31 December 2023 and the comparative period are externally assured: work-related fatal injuries; TRIFR; GHG emissions; and fresh water withdrawals.

(2)Fresh water withdrawal data can vary year on year due to seasonal variations in hydrological cycles, production profiles and operational requirements. The fresh water savings projects and initiatives remain on track to achieve our 2030 water reduction targets, with a reduction to date of 22% against the 2015 baseline (48,666 ML).

(3)While sites are assessed annually against all requirements applicable to their context, for consistency during the transition period, the metric reflects performance against the Social Way foundational requirements. For further information on progress, see Socio-political commentary on page 4.

(4)Jobs supported since 2018, in line with the Sustainable Mining Plan Livelihoods stretch goal.

(5) Local procurement is defined as procurement from businesses that are registered and based in the country of operation - also referred to as in-country procurement - and includes local procurement expenditure from the Group's subsidiaries and a proportionate share of the Group's joint operations, based on shareholding.

(6)Taxes and royalties include all taxes and royalties borne and taxes collected by the Group. This includes corporate income taxes, withholding taxes, mining taxes and royalties, employee taxes and social security contributions and other taxes, levies and duties directly incurred by the Group, as well as taxes incurred by other parties (e.g. customers and employees) but collected and paid by the Group on their behalf. Figures disclosed are based on cash remitted, being the amounts remitted by entities consolidated for accounting purposes, plus a proportionate share, based on the percentage shareholding, of joint operations. Taxes borne and collected by equity accounted associates and joint ventures are not included.

Safety

Anglo American's number one value is safety, and it is our first priority, always. We are committed, and believe it is possible, to prevent our people from being harmed at work. Safety is foremost in everything we do; we train, equip and empower our people to work safely, because we believe that everybody, everywhere should return home safe at the end of their working day.

In 2023, we renewed our focus on three key safety levers: supporting operational leaders to spend more time in the field; using our Operating Model principles to deliver planned work, with risk identification and mitigation at the heart of that work; and implementing our new Contractor Performance Management framework across the business. We have made solid progress in our safety journey, recording our lowest total recordable injury frequency rate (TRIFR) of 1.78 in 2023 (2022: 2.19). While encouraged by this improvement, we were deeply saddened to lose three colleagues at our managed operations: one at our Kumba iron ore business in South Africa, and two at our Los Bronces copper operation in Chile.

Alongside our continued use of innovative technologies to help make Anglo American a safer and healthier place to work, we are building a stronger safety culture, based on the established concept of Visible Felt Leadership (VFL). VFL involves connecting operational leaders on a one to one or small group basis around a task or activity and ensuring that it is done safely and effectively. Unlike traditional 'top-down' interventions, which were generally regarded by both leaders and frontline workers as "looking to see what's wrong", our approach to VFL recognises people for doing the right things, and encourages them to stand up for safety and speak up if they see something that doesn't look or feel right.

To deliver safe, responsible production, we know that we need to be better at how we work with our contractors and how we support their safety on our sites, ensuring they too feel valued and respected as a critical contributor to everyone's safety. We have, therefore, launched a new Contractor Performance Management framework which has been designed as an end to end approach: it incorporates people, processes and systems and provides the foundation for safe and stable production by creating a psychologically and physically safe, healthy and productive work environment for employees, contractors and suppliers.

Health

In 2023, we continued to implement our Health and Well-being strategy in line with the World Health Organization (WHO) Healthy Workplace model and framework covering employee health. This strategy, supported by our WeCare well-being and livelihoods support programmes, requires us to work together to support our people and achieve our health and well-being goals.

Occupational diseases

In 2023, there were 15 reported new cases of occupational disease, of which 14 were related to noise exposure (2022: 5, all related to noise exposure). A significant challenge in reporting occupational disease is that many hazards do not cause immediate symptoms or measurable health harms. Occupational disease is often not detectable or definable until many years after exposure. This means cases reported in a given year are most likely to reflect accumulated past working conditions. This latency challenge underscores the importance of long term environment monitoring, comprehensive worker occupational health surveillance, and proactive risk assessment - preventative management strategies that are an ongoing focus at Anglo American.

Occupational exposures

At the beginning of 2023, we changed the definition of our occupational exposure metrics to reduce the threshold of definitions of exposure to inhalables and carcinogens in line with the Occupational Health and Safety Act 85 (1993) South Africa. This change to the reporting basis has led to an increase in the number of exposure incidents captured, resulting in 2023 data being incomparable to that reported in 2022.

Although it is not possible to compare year-on-year exposure levels, there has been a reduction in the number of employees exposed to occupational hazards above the occupational exposure limit over the course of 2023. Occupational noise exposure enhancements were driven by acoustic improvements at both PGMs and Copper. Advancements in relation to employees exposed to inhalables and carcinogens were largely driven by enhanced local exhaust ventilation controls at our PGMs processing operations and retrofitting of diesel exhaust after-treatment systems on a range of diesel-powered equipment at our underground operations.

Environment

Our Sustainable Mining Plan includes commitments to be a leader in environmental stewardship. By 2030, we aim to reduce greenhouse gas (GHG) emissions (Scopes 1 and 2) by 30%; achieve a 50% reduction in fresh water abstraction in water scarce areas; and deliver net-positive impacts in biodiversity across our managed operations.

In addition to our GHG emissions reduction aims, we also have a target to be carbon neutral across our operations by 2040, and an ambition to at least halve our Scope 3 emissions, also by 2040. We continue to make encouraging progress, with Scope 1 and 2 GHG emissions 6% lower than the prior year, despite the increase in production volumes. In Peru, our Quellaveco copper mine was supplied with 100% renewable electricity supply from April 2023, completing the transition for all our operations in South America. With our operations in Australia moving to renewable supply from 2025, we are on target to be drawing approximately 60% of our global grid supply from renewables from 2025. In southern Africa, we are developing a regional renewable energy ecosystem through our partnership with EDF Renewables, known as Envusa Energy. In 2023, Envusa Energy made significant progress towards the delivery of solar and wind power to our operations. The three Koruson 2 projects, on the border of the Northern and Eastern Cape provinces, are expected to reach a key milestone - financial close - with the lenders consortium and EDF Renewables, imminently.

Methane emissions from our steelmaking coal operations represent the largest component of our Scope 1 emissions and we continue to explore ways to manage and abate these emissions. We have invested significantly, in excess of $100 million per annum, in methane capture infrastructure at our underground steelmaking coal operations. In 2023, across these operations, we abated approximately 60% of methane emissions, including 5.3 million tonnes of CO2e emissions through the capture and delivery of methane to gas-fired power stations with our partner and operator, EDL.

As part of our ambition to reduce our Scope 3 emissions by at least 50% by 2040, we are focusing on hard-to-abate sectors such as steel - from which most of our value chain emissions derive. In 2023, we agreed several MoUs with our customers, including H2 Green Steel, Meranti and Baowu, with a focus on reducing emissions within the steel value chain. The collaborations focus on accelerating the adoption of less carbon intensive production technologies, such as DRI and EAF, using Anglo American's premium quality iron ore products from the Kumba mines in South Africa and Minas-Rio mine in Brazil.

With more than 80% of our global assets located in water scarce areas, we need to reduce our dependence on fresh water and are working on technologies to help us do that. Our combined technologies of coarse particle recovery (CPR) and hydraulic dewatered stacking (HDS) are demonstrating a new way to safely dispose of mining waste and accelerate our progress towards ending wet tailings storage, while also increasing production and reducing energy consumption. Following an 18-month pilot period at our El Soldado copper mine's technology-testing hub in Chile, the two processes, working in tandem with each other, have accelerated dewatering times significantly and yielded water recoveries of c.80%, while considerably lowering the liquefaction risk of stored tailings, as well as delivering significant energy savings. Full-scale CPR plants are at advanced stage of commissioning at Mogalakwena (PGMs) and Quellaveco (Copper).

Socio-political

We continue working to strengthen and broaden our social performance competencies through embedding the Social Way 3.0 (launched in 2020) across Anglo American. The Social Way is our asset-level system for managing impacts to stakeholders, related risks to the business and delivery of socio-economic benefits. The Social Way 3.0 is a critical foundation of our business and an enabler of our sustainability commitments. We believe it is one of the most robust and comprehensive social performance management systems in the mining sector.

While we did not meet our ambitious goal of full implementation of the Social Way 3.0 at all sites by the end of 2022, we continued to progress embedding the system and have implemented a significant majority of the core elements. Half of the assets assessed have achieved the implementation goal, and we continue to work with those needing to make more progress. In early 2023, we re-baselined the site-level implementation pathways and challenged our teams to set realistic but ambitious goals for delivery, focusing on the most material elements that mattered to our stakeholders. By the end of 2023, our operations reported 96% delivery against those implementation pathways, and we expect this to continue in 2024 as we embed the implementation and use it to deliver value for our stakeholders and business. The programme is critical to underpinning many of our ambitious 2030 Sustainable Mining Plan targets, demonstrating our commitment to partnering with host communities and governments.

Since the launch of our Sustainable Mining Plan, we have supported 139,308 off site jobs through socio-economic development programmes, including local procurement, enterprise and supplier development initiatives, training,

mentoring and capacity development, loan funding to small businesses, agriculture programmes, and collaborative regional development initiatives.

The success of our business is shared with a wide range of stakeholders, including national governments and host communities, through the significant corporate tax, mining tax and royalty payments that we make. Total taxes and royalties borne and taxes collected amounted to $5,081 million, a 14% decrease compared with the prior year, reflecting lower profit before tax and revenues.

People

Tightly linked to our safety imperative and our Values, we strive to create a workplace that places people at its heart. We are committed to promoting an inclusive and diverse environment where every colleague is valued and respected for who they are, and has the opportunity to fulfil their potential.

By the end of 2023, we exceeded our consolidated target of 33% female representation across the business for our management population, reaching 34%. However, for female representation for those on the Executive Leadership Team and for those reporting into an Executive Leadership Team member, we achieved 25% and 29%, respectively. The company is committed to building female representation in our Executive Leadership Team and those reporting to them. We have seen positive improvements year on year on other key performance metrics such as the percentage of women in the workforce which increased to 26% in 2023 (2022: 24%).

We were recognised for our work on reducing gender inequalities in the workplace by being included in The Times' Top 50 Employers for Gender Equality Index for the second year in a row; both Anglo American plc and our PGMs business, Anglo American Platinum, were also included in the Bloomberg Gender Equality Index in 2023. Anglo American was once again included in the Top Employer listings in both South Africa and the UK. In January 2023, Anglo American became the first mining company, and the third company in the world, to secure a global living wage accreditation from the Fair Wage Network, formally recognising our status as a committed living wage employer across the Group.

Living with Dignity - building a safe and inclusive culture

Building a safe and inclusive culture has been a longstanding focus Anglo American as part of our commitment to our people and the communities in which we operate. We are committed to listening to our people and the community stakeholders who support our business every day.

We deeply understand the unique role our business plays in society, and we believe that this extends beyond our mine fences. We launched our Living with Dignity programme in 2019, founded on the belief that everyone has the right to dignity - in our homes, schools, at work and everywhere in between. Through this programme, Anglo American is working collaboratively with our partners in government and civil society to build sustainable partnerships aimed at providing direct employee and community support to combat dignity harms, including gender-based and domestic violence.

We continue to build on this important work as part of our WeCare global lives and livelihoods programme and, in 2022, established our Living with Dignity Hub in South Africa to bring our policies to life in an independent unit dedicated to providing ongoing and committed support to our employees, contractors and their families. The Hub handles all formal complaints of dignity harms - including sexual harassment and gender-based violence - and bullying, harassment and victimisation across our South African footprint, and is overseen by an independent Ambassador to ensure we stand by our policies and remain committed to amplifying our efforts. We are proud of the results we have seen from the Hub, which has handled over 429 cases since opening and a consistent increase in reports as awareness rises, establishing itself as the primary support centre to get help when it is most needed.

Sustainable Mining Plan

Our Sustainable Mining Plan is designed to be a flexible, living plan and we will continue to evolve it as we learn and make progress and as technologies develop, while also ensuring it stays relevant and suitably stretching, in tune with our employees' and stakeholders' ambitions for our business. We are currently exploring a number of areas of the Sustainable Mining Plan that we feel may benefit from being updated to align more closely with our stakeholder expectations or deliver improved sustainability outcomes and will update the plan when we have developed these options more fully.

Operational and financial review of Group results for the year ended 31 December 2023

Operational performance

Production volumes increased by 2% on a copper equivalent basis, primarily driven by the ramp-up of our Quellaveco copper mine in Peru, a strong operational performance at our Minas-Rio iron ore operation in Brazil, as well as higher production from our Steelmaking Coal operations in Australia. Production was lower at De Beers, as the Venetia mine transitions from open pit to underground operations, and at PGMs due to lower production from the Kroondal joint operation (now sold) and planned infrastructure closures at Amandelbult. Lower grades impacted production at Los Bronces (Copper Chile).

Total copper production of 826,200 tonnes increased by 24% (2022: 664,500 tonnes), primarily driven
by Quellaveco (Copper Peru), which reached commercial production levels in June 2023 and delivered 319,000 tonnes of copper in the year. Copper Chile's production of 507,200 tonnes was 10% lower (2022: 562,200 tonnes), principally driven by Los Bronces, where production decreased by 20% to 215,500 tonnes (2022: 270,900 tonnes) due to lower grades and ore hardness. Collahuasi's attributable production was marginally higher at 252,200 tonnes (2022: 251,100 tonnes) due to planned higher grades and the ongoing commissioning of a fifth ball mill that started at the end of October.

Nickel production increased marginally to 40,000 tonnes (2022: 39,800 tonnes), reflecting improved operational stability.

Total PGM production decreased by 5% to 3,806,100 ounces (2022: 4,024,000 ounces), principally due to lower production from the Kroondal joint operation (now sold), planned infrastructure closures at Amandelbult and lower grades at Mogalakwena, partially offset by higher production at Unki.

De Beers' rough diamond production decreased by 8% to 31.9 million carats (2022: 34.6 million carats), due to planned lower production levels at Venetia as the operation transitions to underground.

Iron ore production was broadly in line with the prior year at 59.9 Mt (2022: 59.3 Mt). Minas-Rio production increased by 12% to 24.2 Mt (2022: 21.6 Mt), the best performance since the start of the operation in 2014, reflecting an integrated focus on stable and capable operating performance. At Kumba, production decreased by 5% to 35.7 Mt (2022: 37.7 Mt), as underperformance by the third-party logistics provider, Transnet, resulted in production in the fourth quarter being reduced to align to lower rail capacity and alleviate mine stockpile constraints.

Steelmaking coal production increased by 7% to 16.0 Mt (2022: 15.0 Mt), reflecting a steady step-up in performance from the Aquila underground operation due to its largely automated longwall, and increased production at the open cut operations which were impacted by unseasonal wet weather in 2022. Moranbah continues to operate through challenging strata conditions.

Manganese ore production was in line with the prior year at 3.7 Mt (2022: 3.7 Mt).

Group copper equivalent unit costs increased by 4% as inflationary pressures, particularly labour and electricity, were partially offset by the benefit of favourable exchange rates and ramp-up of production from Quellaveco which started operations in July 2022. Excluding the favourable impact of foreign exchange, unit costs increased by 7%.

Financial performance

Anglo American's profit attributable to equity shareholders decreased to $0.3 billion (2022: $4.5 billion). Underlying earnings were $2.9 billion (2022: $6.0 billion), while operating profit was $3.9 billion (2022: $9.2 billion).

Underlying EBITDA*

Group underlying EBITDA decreased by $4.5 billion to $10.0 billion (2022: $14.5 billion). Financial results were impacted by lower prices in PGMs, as well as diamonds, which were predominantly driven by mix. As a result, the Group Mining EBITDA margin* of 39% was lower than the prior year (2022: 47%). Our strong balance sheet and ongoing focus on cost control and cash generation has allowed us to continue to invest appropriately in our future growth options. A reconciliation of 'Profit before net finance costs and tax', the closest equivalent IFRS measure to underlying EBITDA, is provided within note 3 to the Condensed financial statements.

Underlying EBITDA* by segment


	Year ended	Year ended
$ million	31 December 2023	31 December 2022
Copper	3,233	2,182
Nickel	133	381
PGMs	1,209	4,417
De Beers	72	1,417
Iron Ore	4,013	3,455
Steelmaking Coal	1,320	2,749
Manganese	231	378
Crop Nutrients	(60)	(44)
Corporate and other	(193)	(440)
Total	9,958	14,495

Underlying EBITDA* reconciliation for the year ended 31 December 2022 to year ended 31 December 2023

The reconciliation of underlying EBITDA from $14.5 billion in 2022 to $10.0 billion in 2023 shows the major controllable factors (e.g. cost and volume), as well as those outside of management control (e.g. price, foreign exchange and inflation), that drive the Group's performance.


$ billion
2022 underlying EBITDA*	14.5
Price	(4.8)
Foreign exchange	1.0
Inflation	(0.7)
Net cost and volume	(0.1)
Other	0.1
2023 underlying EBITDA*	10.0

Price

Average market prices for the Group's basket of products decreased by 13% compared to 2022, reducing underlying EBITDA by $4.8 billion. The PGMs basket price decreased by 35%, primarily driven by rhodium and palladium, which decreased by 58% and 37% respectively. Alongside this, the weighted average realised price for steelmaking coal reduced by 14% and the De Beers consolidated average realised price for diamonds fell by 25%, predominantly driven by mix.

Foreign exchange

Favourable foreign exchange benefited underlying EBITDA by $1.0 billion, primarily reflecting the favourable impact of the weaker South African rand on costs.

Inflation

The Group's weighted average CPI was 5% in 2023 as inflation continued to increase in all regions, albeit lower than the 8% in 2022. The impact of CPI inflation on costs reduced underlying EBITDA by $0.7 billion (2022: $0.9 billion).

Net cost and volume

The net impact of cost and volume was a $0.1 billion decrease in underlying EBITDA, driven by lower sales volumes at De Beers due to weaker market sentiment, and lower sales at Copper Chile primarily as a result of lower grades and ore hardness at Los Bronces impacting production and costs. In addition, above-CPI inflationary pressures contributed to higher costs across the Group, particularly in South Africa at both PGMs and Kumba. These were largely offset by the ramp-up of volumes at Quellaveco and improved sales at Minas-Rio due to higher production volumes.

Other

The $0.1 billion favourable movement in underlying EBITDA from other factors was primarily driven by smaller increases to environmental restoration provisions at Copper Chile than in the prior year, partially offset by the impact of lower sales volumes and cost pressures at our associates and joint operations.

Underlying earnings*

Group underlying earnings decreased to $2.9 billion (2022: $6.0 billion), driven by the lower underlying EBITDA, partly offset by a corresponding decrease in income tax expense and earnings attributable to non‑controlling interests.

Reconciliation from underlying EBITDA* to underlying earnings*


	Year ended	Year ended
$ million	31 December 2023	31 December 2022
Underlying EBITDA*	9,958	14,495
Depreciation and amortisation	(2,790)	(2,532)
Net finance costs and income tax expense	(3,126)	(4,307)
Non-controlling interests	(1,110)	(1,620)
Underlying earnings*	2,932	6,036

Depreciation and amortisation

Depreciation and amortisation increased by 10% to $2.8 billion (2022: $2.5 billion), largely due to Quellaveco commencing commercial production in June 2023, as well as a higher carrying value of our Steelmaking Coal assets due to the impairment reversal recognised in 2022.

Net finance costs and income tax expense

Net finance costs, before special items and remeasurements, were $0.6 billion (2022: $0.3 billion). The increase was principally driven by the impact of higher floating interest rates on the Group's interest expenses.

The underlying effective tax rate (ETR) was higher than the prior year at 38.5% (2022: 34.0%), impacted by the relative levels of profits arising in the Group's operating jurisdictions as well as the revaluation of deferred taxes in Chile following the enactment of the Mining Royalty Bill during the year, which contributed a 1.2 percentage point increase to the Group's ETR. The tax charge for the year, before special items and remeasurements, was $2.3 billion (2022: $3.6 billion), reflecting lower profit before tax.

Non-controlling interests

The share of underlying earnings attributable to non-controlling interests of $1.1 billion (2022: $1.6 billion) principally relates to minority shareholdings in Kumba (Iron Ore), Copper and PGMs.

Special items and remeasurements

Special items and remeasurements (after tax and non-controlling interests) are a net charge of $2.6 billion (2022: net charge of $1.5 billion), principally relating to the impairments after tax and non-controlling interests of $1.6 billion recognised in De Beers and $0.5 billion recognised in Barro Alto (Nickel).

Full details of the special items and remeasurements recorded are included in note 10 to the Condensed financial statements.

Net debt*


$ million	2023	2022
Opening net debt* at 1 January	(6,918)	(3,842)
Underlying EBITDA* from subsidiaries and joint operations	9,241	13,370
Working capital movements	(1,167)	(2,102)
Other cash flows from operations	41	621
Cash flows from operations	8,115	11,889
Capital repayments of lease obligations	(309)	(266)
Cash tax paid	(2,001)	(2,726)
Dividends from associates, joint ventures and financial asset investments	382	602
Net interest(1)	(727)	(253)
Distributions paid to non-controlling interests	(978)	(1,794)
Sustaining capital expenditure	(4,404)	(4,143)
Sustaining attributable free cash flow*	78	3,309
Growth capital expenditure and other(2)	(1,463)	(1,724)
Attributable free cash flow*	(1,385)	1,585
Dividends to Anglo American plc shareholders	(1,564)	(3,549)
Acquisitions and disposals	200	564
Foreign exchange and fair value movements	21	(238)
Other net debt movements(3)	(969)	(1,438)
Total movement in net debt*	(3,697)	(3,076)
Closing net debt* at 31 December	(10,615)	(6,918)

(1) Includes cash outflows of $403 million (2022: outflows of $14 million), relating to interest payments on derivatives hedging net debt, which are included in cash flows from derivatives related to financing activities.

(2) Growth capital expenditure and other includes $133 million (2022: $129 million) of expenditure on non-current intangible assets.

(3) Includes the purchase of shares (including for employee share schemes) of $274 million; Mitsubishi's share of Quellaveco capital expenditure of $129 million; other movements in lease liabilities (excluding variable vessel leases) increasing net debt by $120 million; and contingent and deferred consideration paid in respect of acquisitions completed in previous years of $128 million. 2022 includes the purchase of shares under the 2021 buyback programme of $186 million; the purchase of shares for other purposes (including for employee share schemes) of $341 million; Mitsubishi's share of Quellaveco capital expenditure of $446 million; other movements in lease liabilities (excluding variable vessel leases) decreasing net debt by $33 million; and contingent and deferred consideration paid in respect of acquisitions completed in previous years of $165 million.

Net debt (including related derivatives) of $10.6 billion increased by $3.7 billion since 31 December 2022, which includes a working capital cash outflow of $1.2 billion, primarily due to a reduction in payables. The Group generated sustaining attributable free cash flow of $0.1 billion. Further funding includes growth capital expenditure of $1.3 billion and dividends paid to Anglo American plc shareholders of $1.6 billion. Net debt at 31 December 2023 represented gearing (net debt to total capital) of 25% (2022: 17%). Net debt to EBITDA ratio of 1.1x (2022: 0.5x) remains well within our target range of <1.5x at the bottom of the cycle.

Cash flow

Cash flows from operations

Cash flows from operations decreased to $8.1 billion (2022: $11.9 billion), reflecting a reduction in underlying EBITDA from subsidiaries and joint operations, and a working capital build of $1.2 billion (2022: build of $2.1 billion). Payables reduced by $0.8 billion, largely driven by the impact of lower PGM prices on the valuation of the Purchase of Concentrate (POC) creditor as well as the PGM customer prepayment. Receivables increased by $0.4 billion led by higher price and volume across Iron Ore and Copper. Inventory was flat in the year, with price and volume led reductions at PGMs offsetting a build at De Beers driven by weak demand for diamonds and the impact of logistics constraints on Kumba's inventory levels.

Capital expenditure*


	Year ended	Year ended
$ million	31 December 2023	31 December 2022
Stay-in-business	2,902	2,558
Development and stripping	920	1,010
Life-extension projects	598	582
Proceeds from disposal of property, plant and equipment	(16)	(7)
Sustaining capital	4,404	4,143
Growth projects	1,330	1,595
Total capital expenditure	5,734	5,738

Capital expenditure remained in line with prior year at $5.7 billion as higher sustaining capital was offset by reduced growth capital.

Sustaining capital expenditure increased to $4.4 billion (2022: $4.1 billion), driven by additional stay-in-business expenditure for Copper Chile related to the Collahuasi desalination plant project, the new tailings filtration plant for Minas-Rio (Iron Ore) in Brazil, and increased expenditure at Quellaveco as it transitioned into operations.

Growth capital expenditure of $1.3 billion primarily related to the Woodsmith project and the remaining spend on completing Quellaveco. This was lower than the prior year (2022: $1.6 billion) as the Quellaveco project was successfully delivered in July 2022, and reached commercial production levels in June 2023.

Attributable free cash flow*

The Group's attributable free cash flow decreased to an outflow of $1.4 billion (2022: inflow of $1.6 billion), mainly due to lower cash flows from operations of $8.1 billion (2022: $11.9 billion) and an increase in net interest to $0.7 billion (2022: $0.3 billion). This was partially offset by decreased tax payments of $2.0 billion (2022: $2.7billion) and a reduction in dividends paid to non-controlling interests to $1.0 billion (2022: $1.8 billion).

Shareholder returns

In line with the Group's established dividend policy to pay out 40% of underlying earnings, the Board has proposed a final dividend of $0.41 per share (2022: $0.74 per share), equivalent to $0.5 billion (2022: $0.9 billion).

Disposals

Net cash inflows on disposals of $0.2 billion principally relate to the settlement of the deferred consideration balance relating to the sale of the Rustenburg operations (PGMs) completed in November 2016.

Balance sheet

Net assets decreased by $2.3 billion to $31.6 billion (2022: $34.0 billion), reflecting dividend payments to Company shareholders and non-controlling interests as well as foreign exchange movements, partially offset by the profit in the year, which was impacted by the impairments at De Beers and Nickel.

Attributable ROCE*

Attributable ROCE decreased to 16% (2022: 30%). Attributable underlying EBIT decreased to $5.4 billion (2022: $9.7 billion), reflecting the impact of lower realised prices for the Group's products and inflationary cost pressures. Average attributable capital employed increased to $33.2 billion (2022: $32.0 billion), primarily due to capital expenditure, largely at Quellaveco and Collahuasi (Copper), and shipping vessel lease additions and revaluations (Corporate and Other), partly offset by the reduction in capital employed following the De Beers and Nickel impairments recorded in 2023.

Liquidity and funding

Group liquidity stood at $13.2 billion (2022: $16.1 billion), comprising $6.1 billion of cash and cash equivalents (2022: $8.4 billion) and $7.2 billion of undrawn committed facilities (2022: $7.7 billion).

During the first half of 2023, the Group issued $2.0 billion of bond debt. In March 2023, the Group issued €500 million 4.5% Senior Notes due 2028, €500 million 5.0% Senior Notes due 2031 and, in May 2023, $900 million 5.5% Senior Notes due 2033. These were swapped to US dollar floating interest rate exposures in line with the Group's policy.

Consequently, the weighted average maturity on the Group's bonds was broadly in line with the prior year at 7.4 years (2022: 7.7 years).

In the second half of 2023, the Group refinanced its $4.7 billion revolving credit facility maturing in March 2025, to a one year $1 billion facility maturing in November 2024, and a $3.7 billion five year facility maturing in November 2028.

Attractive growth options

Anglo American continues to evolve its portfolio of competitive, world class assets towards those future-enabling products that are fundamental to enabling a low carbon economy and that cater to major global consumer demand trends.

Growth projects (metrics presented on a 100% basis unless otherwise indicated)

Progress and current expectations in respect of our key growth projects are as follows:


Operation	Scope	Capex $bn	Remaining capex $bn	First production
Copper
Collahuasi	Commissioning of the fifth ball mill, adding c.15 ktpa (44% share), started at the end of October 2023 and is ongoing. Investment in additional crushing capacity and flotation cells is expected to add additional production of c.10 ktpa (44% share) on average from 2026. Additional debottlenecking options remain under study and are expected to add c.15 ktpa (44% share) from 2025 to 2028. Beyond that, studies and permitting are required to be finalised for a fourth processing line in the plant and mine expansion that would add up to c.150 ktpa (44% share).	Fifth ball mill c.0.1 (44% share) Additional crushing capacity and flotation cells c.0.2 (44% share)	0.0 0.2 (44% share) Expansion studies ongoing. Subject to permitting and approvals	2023 2026
Crop Nutrients
Woodsmith	New polyhalite (natural mineral fertiliser) mine being developed in North Yorkshire, UK. Expected to produce POLY4 - a premium quality, comparatively low carbon fertiliser suitable for organic use. Final design capacity of c.13 Mtpa is expected, subject to studies and approval.	Refer to page 32 for more information on project progress

Life-extension projects (metrics presented on a 100% basis unless otherwise indicated)

Progress and current expectations in respect of our key life-extension projects are as follows:


Operation	Scope	Capex $bn	Remaining capex $bn	Expected first production
Diamonds
Venetia	4 Mctpa underground replacement for the open pit. First production recently achieved with ramp-up over the next few years as development continues.	2.3	0.8	Achieved in June 2023
Jwaneng	9 Mctpa (100% basis) replacement for Cuts 7 and 8. The Cut-9 expansion of Jwaneng will extend the life of the mine to 2036.	0.4 (19.2% share)	0.2 (19.2% share)	2027
Iron Ore
Kolomela	High grade iron ore replacement project of c.4 Mtpa. The development of a new pit, Kapstevel South, and associated infrastructure at Kolomela to sustain output of 10-11Mtpa.	0.4	0.0	First ore is expected in 2024
PGMs
Mototolo/ Der Brochen	Project leverages the existing Mototolo infrastructure, enabling mining to extend into the adjacent and down-dip Der Brochen resource to extend life of asset to 2074.	0.2	0.2	2024
Mogalakwena	Evaluating various options to support possible future underground operations of the mine through progressing the drilling, twin exploration decline and studies for underground operations.	Projects under review with a number of options being considered

Technology projects(1)

The Group plans to invest c.$0.1-0.3 billion per year on projects to support the FutureSmart MiningTM programme and the delivery of Anglo American's Sustainable Mining Plan targets, particularly those that relate to safety, energy, emissions and water. The Group is currently optimising the technology programme, focusing only on those technologies that will bring the most benefit to the operating assets and development projects, as well as determining the most effective manner to execute these programmes. For more information on our technology, please refer to our Integrated Annual Report 2023, page 44, due to be published on the Group's website on 4 March 2024.

(1) Expenditure relating to technology projects is included within operating expenditure, or if it meets the accounting criteria for capitalisation, within Growth capital expenditure.

The Board

Changes during 2023 to the composition of the Board are set out below.

On 1 April 2023, Magali Anderson joined the Board as a non-executive director and member of the Board's Sustainability Committee.

On 1 December 2023, Stephen Pearce stepped down from the Board and as Finance Director, following his decision to retire from the Group in February 2024. John Heasley joined Anglo American as Finance Director and as an executive director on the Board on 1 December 2023.

At the date of this report, four (40%) of the 10 Board directors are female and two (20%) identify as minority ethnic. The names of the directors at the date of this report and the skills and experience our Board members contribute to the long term sustainable success of Anglo American are set out on the Group's website:

www.angloamerican.com/about-us/leadership-team

Principal risks and uncertainties

Anglo American is exposed to a variety of risks and uncertainties which may have a financial, operational or reputational impact on the Group, and which may also have an impact on the achievement of social, economic and environmental objectives. The principal risks and uncertainties facing the Group are unchanged from those reported in 2022 and relate to the following:

-Catastrophic and natural catastrophe risks

-Product prices

-Cybersecurity

-Geopolitical

-Community and social relations

-Safety

-Climate change

-Corruption

-Regulatory and permitting

-Water

-Pandemic

-Operational performance

-Future demand

The Group is exposed to changes in the economic environment, including tax rates and regimes, as with any other business. Details of any key risks and uncertainties specific to the period are covered in the business reviews on pages 15-34. Details of relevant tax matters are included in note 6 to the Condensed financial statements.

The principal risks and uncertainties facing the Group at the 2023 year end are set out in detail in the strategic report section of the Integrated Annual Report 2023, published on the Group's website www.angloamerican.com, on 4 March 2024.

Copper

Operational and financial metrics


	Production volume	Sales volume	Price	Unit cost*	Group revenue*	Underlying EBITDA*	Mining EBITDA margin*	Underlying EBIT*	Capex*	ROCE*
	kt	kt(1)	c/lb(2)	c/lb(3)	$m(4)	$m		$m	$m
Copper Total	826	843	384	166	7,360	3,233	44%	2,451	1,684	20%
Prior year	664	641	385	154	5,599	2,182	39%	1,595	2,031	16%
Copper Chile	507	505	384	200	4,615	1,452	31%	893	1,268	22%
Prior year	562	563	386	157	4,991	1,952	40%	1,387	1,217	32%
Los Bronces(5)	216	217	n/a	304	1,724	114	7%	(94)	552	n/a
Prior year	271	268	-	214	2,185	533	24%	306	725	-
Collahuasi(6)	252	248	n/a	113	2,197	1,372	62%	1,124	678	n/a
Prior year	251	256	-	87	2,180	1,512	69%	1,259	419	-
Other operations(7)	40	40	n/a	n/a	694	(34)	(5)%	(137)	38	n/a
Prior year	40	39	-	-	626	(93)	(9)%	(178)	73	-
Copper Peru (Quellaveco)(8)	319	339	384	111	2,745	1,781	65%	1,558	416	19%
Prior year	102	78	379	136	608	230	38%	208	814	2%

(1) Excludes 444 kt third-party sales (2022: 422 kt).

(2) Represents realised copper price and excludes impact of third-party sales.

(3) C1 unit cost includes by-product credits.

(4) Group revenue is shown after deduction of treatment and refining charges (TC/RCs).

(5) Figures on a 100% basis (Group's share: 50.1%).

(6) 44% share of Collahuasi production, sales and financials.

(7) Other operations form part of the results of Copper Chile. Production and sales are from El Soldado mine (figures on a 100% basis, Group's share 50.1%). Financials include El Soldado and Chagres (figures on a 100% basis, Group's share 50.1%), third-party trading, projects and corporate costs. El Soldado mine C1 unit costs increased by 21% to 316 c/lb (2022: 262 c/lb).

(8) Figures on a 100% basis (Group's share: 60%). Included in capex is the project capex which represents the Group's share after deducting direct funding from non‑controlling interests. The Group's share of project capex was $138 million (on a 100% basis, $230 million). In 2022, the Group's share was $633 million (on a 100% basis, $1,055 million).

Operational performance

Copper Chile

Copper production of 507,200 tonnes was 10% lower than the prior year (2022: 562,200 tonnes), due to lower grades and ore hardness at Los Bronces.

At Los Bronces, production decreased by 20% to 215,500 tonnes (2022: 270,900 tonnes), due to lower ore grade (0.51% vs 0.62%) and continued ore hardness, as well as an electrical sub-station fire that interrupted plant facilities' power supply for 16 days. The unfavourable ore characteristics in the current area of mining will continue to affect the operation until the next phase of the mine, where the grades are expected to be higher and the ore softer. Development work for this phase is now under way and is expected to benefit production from early 2027 (refer to 'Operational outlook' below for further details).

At Collahuasi, Anglo American's attributable share of copper production increased marginally to 252,200 tonnes (2022: 251,100 tonnes), due to planned higher grades (1.17% vs 1.11%) and the ongoing commissioning of a fifth ball mill that started at the end of October, partially offset by lower copper recovery.

Production at El Soldado decreased by 2% to 39,500 tonnes (2022: 40,200 tonnes). Planned higher grades were offset by an existing geotechnical fault that was exacerbated by record levels of rain during the third quarter, resulting in the temporary closure of the mine. The production impact was partially mitigated by processing lower grade ore from stockpiles.

Chile´s central zone, where Los Bronces is located, faced dry conditions during the first half of the year followed by heavy precipitation. The increase in precipitation and the decision to place the smaller and less efficient of the two plants at the Los Bronces operation (the 'Los Bronces plant') on care and maintenance during 2024, has significantly reduced the risk in relation to water availability for Los Bronces in 2024. For Collahuasi, which is located

in the north of the country, the outlook for 2024 remains dry; a desalination water solution is expected to be operational from 2026.

Copper Peru

Quellaveco produced 319,000 tonnes (2022: 102,300 tonnes), reflecting the progressive ramp-up in production volumes since first production in July 2022, with commercial production achieved in June 2023.

Following first production from the molybdenum plant in April 2023, commercial production was achieved in November 2023.

With the mine operational, focus is on the commissioning of the coarse particle recovery plant, which started in November 2023, and will treat flotation tails, leading to improved metal recoveries.

Markets


	Year ended	Year ended
	31 December 2023	31 December 2022
Average market price (c/lb)	385	399
Average realised price (Copper Chile - c/lb)	384	386
Average realised price (Copper Peru - c/lb)	384	379

The differences between the market price and the realised prices are largely a function of provisional pricing adjustments and the timing of sales across the year. At Copper Chile, 114,500 tonnes of copper were provisionally priced at 386 c/lb at 31 December 2023 (31 December 2022: 166,900 tonnes provisionally priced at 379 c/lb). At Copper Peru, 39,000 tonnes of copper were provisionally priced at 385 c/lb at 31 December 2023 (31 December 2022: 74,800 tonnes provisionally priced at 380 c/lb).

Copper prices were relatively stable during 2023, with LME prices averaging 385 c/lb, down 4% from last year (2022: 399 c/lb). Concerns over China's property sector weighed on market sentiment and copper prices, masking the solid underlying demand growth from China during the year, particularly from electric vehicles and the renewable energy sector. Copper prices remained sensitive to fluctuations in the strength of the US dollar throughout much of 2023, with prices benefiting in December from expectations that US interest rates have now peaked. Copper demand is well supported by ongoing global decarbonisation efforts and the infrastructure associated with the energy transition. However disruptions, mostly from social and environment concerns, continue to impact global mine supply.

Financial performance

Underlying EBITDA for Copper increased by 48% to $3,233 million (2022: $2,182 million), driven by the successful ramp-up of Quellaveco in Peru, partly offset by an 8% increase in unit costs and 19% lower sales from Los Bronces.

Copper Chile

Underlying EBITDA decreased by 26% to $1,452 million (2022: $1,952 million), driven by lower sales and higher unit costs. C1 unit costs increased by 27% to 200 c/lb (2022: 157 c/lb), reflecting the impact of lower production, cost inflation and a stronger Chilean peso, partially offset through cost control and higher by-product credits.

Capital expenditure increased by 4% to $1,268 million (2022: $1,217 million), mainly driven by expenditure at Collahuasi on the desalination plant and the fifth ball mill.

Copper Peru

The significant increase in underlying EBITDA to $1,781 million (2022: $230 million), reflects higher sales volumes and lower unit costs, as the operation ramped up. C1 unit costs decreased by 18% to 111 c/lb (2022: 136 c/lb), reflecting the benefit of higher production volumes.

Capital expenditure decreased by 49% to $416 million (2022: $814 million), reflecting the completion of major project spend for the construction of Quellaveco, which was successfully delivered in July 2022.

Operational outlook

Copper Chile

Los Bronces

Los Bronces is currently mining a single phase impacted by ore hardness, and with expected lower grades. Additional mining phases and intermediate ore stockpiles that would typically provide operational flexibility have not been developed as a result of delays in mine development, permitting and operational challenges.

While the operation works through the challenges in the mine, and until the economics improve, the older, smaller (c.40% of production volumes) and more costly Los Bronces processing plant will be placed on care and maintenance from mid-2024. This value over volume decision will enable the business to significantly reduce operating costs and improve competitiveness, at both the mine and the plant, reduce overheads, reduce capital spend as well as reduce reliance on external water sources (such as transportation via truck). The expected annualised unit cost saving from this action is c.30-40 c/lb.

The development of the first phase of the Los Bronces integrated water solution is also ongoing, which will secure a large portion of the mine's water needs through a desalinated water supply from the beginning of 2026.

Los Bronces remains a world class copper deposit, accounting for more than 2% of the world's known copper resources. The environmental permit for the Los Bronces open pit expansion and underground development was issued by the authorities in November 2023. Development work for the next higher grade, softer ore phase of the mine, Donoso 2, is now under way and is expected to benefit production and unit costs from early 2027. Pre-feasibility studies for the Los Bronces underground expansion are ongoing and are expected to be finalised in mid-2025.

Collahuasi

Collahuasi is a world class orebody with significant growth potential. Near term grades are expected to be c.1.05% TCu, with the exception of 2025 where the grade temporarily declines to c.0.95% TCu. Various debottlenecking options are being studied that are expected to add c.25,000 tonnes per annum (tpa) (our 44% share) between 2025-2028. Beyond that, studies and permitting are under way for a fourth processing line in the plant and mine expansion that would add up to 150,000 tpa (our 44% share). Timing of that expansion is subject to the permitting process; assuming permit approval in 2027, first production could follow from c.2032.

A desalination plant is currently under construction that will meet a large portion of the mine's water requirements when complete in 2026, and has been designed to accommodate capital-efficient expansion as the fourth processing line project progresses.

El Soldado

Following the exacerbation of the geotechnical fault at El Soldado by the heavy rainfall in 2023, the mine plan was revised in the third quarter of 2023. Production in 2024 is expected to be broadly comparable to 2023, before declining to 30,000-35,000 tpa as the mine reaches end of life by mid-2028. Following receipt of the environmental permit for phase 5, options are being evaluated that may enable a life extension.

Copper Chile

Copper Peru

A localised geotechnical fault in one of the phases previously scheduled for mining in 2024 necessitated a revised mining plan in the latter part of 2023, as it was determined that a change in the inter-ramp angle of that phase was required to ensure safety standards. While this stripping work progresses, other lower grade phases will be mined. As a result, access to higher grade sectors that were previously planned to be mined in 2024 have been rephased to 2027. However, as a result of further optimisation work within the revised mine plan, an additional c.25,000 tonnes of copper is expected to be mined over the next five years. Given the current copper market outlook, higher real term prices for these volumes may be achieved; thereby negating, or even benefiting, the NPV impact of the revised mine plan.

While current focus remains on embedding safe, consistent and stable operational performance, there is significant expansion potential that could sustain production beyond the initial high grade area. The first step, subject to permitting, would be an increase in throughput rates to 150,000 tonnes per day (tpd) (from the currently permitted level of 127,500 tpd), with limited capital required and no additional water required. Beyond that, different expansion alternatives are under study, including a possible third ball mill. There is also interesting regional potential that our Discovery team is progressing - including the adjacent Mamut area, c.10 km away.

These impacts are reflected in the three-year guidance provided on pages 35-36, which is unchanged from the December 2023 Investor Update presentation. Production guidance for Peru for 2024 is 300,000-330,000 tonnes and 2024 unit cost guidance is c.110 c/lb. Production in Peru will be weighted to the second half of the year, primarily as a result of the grades temporarily declining to between 0.6-0.7% TCu in the first half of the year.

Nickel

Operational and financial metrics


	Production volume	Sales volume	Price	Unit cost*	Group revenue*	Underlying EBITDA*	Mining EBITDA margin*	Underlying EBIT*	Capex*	ROCE*
	t	t	$/lb(1)	c/lb(2)	$m	$m		$m	$m
Nickel	40,000	39,800	7.71	541	653	133	20%	62	91	6%
Prior year	39,800	39,000	10.26	513	858	381	44%	317	79	24%

(1) Realised price.

(2) C1 unit cost.

Operational performance

Nickel production increased marginally to 40,000 tonnes (2022: 39,800 tonnes), reflecting improved operational stability.

Markets



	31 December 2023	31 December 2022
Average market price ($/lb)	9.74	11.61
Average realised price ($/lb)	7.71	10.26

Differences between the market price (which is LME-based) and our realised price (the ferronickel price) are due to the discounts to the LME price, which depend on market conditions, supplier products and consumer preferences.

The average LME nickel price of $9.74/lb was 16% lower than prior year (2022: $11.61/lb), mainly due to significant supply growth of refined nickel products in Indonesia and China, along with the impact of higher interest rates on consumer inventory levels, resulting in consumer destocking and widening market discounts for ferronickel. Offsetting this, global nickel consumption grew strongly year on year, particularly in China, which saw record volumes of nickel consumed in the stainless steel and battery sectors.

Financial performance

Underlying EBITDA decreased by 65% to $133 million (2022: $381 million), primarily as a result of lower realised prices. C1 unit costs increased by 5% to 541 c/lb (2022: 513 c/lb), reflecting the stronger Brazilian real and the impact of higher costs of production due to lower grade ore, including planned maintenance costs to secure asset integrity and availability.

Capital expenditure increased by 15% to $91 million (2022: $79 million), mainly driven by higher deferred stripping costs capitalised.

Within special items and remeasurements, total impairments of $779 million (before tax) were recognised at Barro Alto in 2023 following revisions to the pricing outlook and the long term cost profile of the asset.

Operational outlook

Following safety improvements within the mine plan, certain geotechnical parameters have been revised, so the amount of material accessed from higher grade areas of the mine has reduced. The next higher grade area of the pit is currently going through permitting, with production expected from 2028 to blend with the lower grade areas of the existing pit. Also, bulk ore sorting has not yet delivered the scale that had previously been anticipated. While studies are ongoing to calibrate and adapt the technology, these benefits are no longer incorporated into guidance due to their early maturity. Additional drilling is under way to increase coverage and enhance confidence levels within the geological models.

Platinum Group Metals (PGMs)

Operational and financial metrics


	Production volume PGMs	Sales volume PGMs	Basket price	Unit cost*	Group revenue*	Underlying EBITDA*	Mining EBITDA margin*(5)	Underlying EBIT*	Capex*	ROCE*
	koz(1)	koz(2)	$/PGM oz(3)	$/PGM oz(4)	$m	$m		$m	$m
PGMs	3,806	3,925	1,657	968	6,734	1,209	30%	855	1,108	15%
Prior year	4,024	3,861	2,551	937	10,096	4,417	54%	4,052	1,017	86%
Mogalakwena	974	1,011	1,718	884	1,740	778	45%	601	519	n/a
Prior year	1,026	1,010	2,451	826	2,466	1,548	63%	1,380	394	-
Amandelbult	634	668	1,934	1,189	1,294	323	25%	276	75	n/a
Prior year	713	700	2,883	1,127	2,010	1,036	52%	982	74	-
Other operations(6)	853	894	1,587	973	1,453	246	17%	151	514	n/a
Prior year	911	842	2,615	928	2,270	1,033	46%	922	549	-
Processing and trading(7)	1,346	1,352	n/a	n/a	2,247	(138)	(6)%	(173)	n/a	n/a
Prior year	1,375	1,309	-	-	3,350	800	24%	768	-	-

(1) Production reflects own-mined production and purchase of metal in concentrate. PGM volumes consist of 5E metals and gold.

(2) Sales volumes exclude tolling and third-party trading activities. PGM volumes consist of 5E metals and gold.

(3) Average US$ realised basket price, based on sold ounces (own mined and purchased concentrate). Excludes the impact of the sale of refined metal purchased from third parties.

(4) Total cash operating costs (includes on-mine, smelting and refining costs only) per own mined PGM ounce of production.

(5) The total PGMs mining EBITDA margin excludes the impact of the sale of refined metal purchased from third parties, purchase of concentrate and tolling.

(6) Includes Unki, Mototolo, our 50% share of Modikwa (joint operation), and our 50% share of Kroondal until the disposal of our interest in the joint operation on 1 November 2023. Other operations margin includes unallocated market development, care and maintenance, and corporate costs.

(7) Includes purchase of concentrate from joint operations and third parties for processing into refined metals, tolling and third-party trading activities, with the exception of production and sales volumes which exclude tolling and trading. The disposal of our 50% interest in Kroondal on 1 November 2023, resulted in Kroondal moving to a 100% third-party POC arrangement, until it transitions to a toll arrangement expected at the end of H1 2024.

Operational performance

Total PGM production decreased by 5% to 3,806,100 ounces (2022: 4,024,000 ounces), primarily due to lower production from the Kroondal joint operation (now sold), planned infrastructure closures at Amandelbult and lower grades at Mogalakwena, partially offset by higher production from Unki.

Own mined production

PGM production from own-managed mines (Mogalakwena, Amandelbult, Unki and Mototolo) and equity share of joint operations decreased by 7% to 2,460,200 ounces (2022: 2,649,200 ounces).

Amandelbult production decreased by 11% to 634,200 ounces (2022: 712,500 ounces) due to planned infrastructure closures and poor ground conditions at Dishaba.

Mogalakwena production decreased by 5% to 973,500 ounces (2022: 1,026,200 ounces), largely as a result of lower grades, and lower throughput from unplanned maintenance, despite moving into a higher grade, lower waste area towards the end of the year.

Production from other operations decreased by 6% to 852,500 ounces (2022: 910,500 ounces), mainly due to lower production from Kroondal, reflecting both a planned ramp-down of the operation and the disposal of our 50% interest, effective 1 November 2023; Kroondal has now transitioned to a 100% third-party purchase of concentrate arrangement. This arrangement is then expected to transition to a toll arrangement at the end of the first half in 2024.

Purchase of concentrate

Purchase of concentrate decreased by 2% to 1,345,900 ounces (2022: 1,374,800 ounces), primarily due to lower production from Kroondal in light of the planned ramp-down of the operation.

Refined production and sales volumes

Refined PGM production (excluding toll-treated metal) was broadly unchanged at 3,800,600 ounces (2022: 3,831,100 ounces).

PGM sales volumes increased marginally to 3,925,300 ounces (2022: 3,861,300 ounces) as inventory was drawn down to mitigate the lower production.

Markets



	31 December 2023	31 December 2022
Average platinum market price ($/oz)	965	961
Average palladium market price ($/oz)	1,336	2,111
Average rhodium market price ($/oz)	6,611	15,465
Realised basket price ($/PGM oz)	1,657	2,551

Following record pricing in 2021-2022, a general easing of supply concerns that had arisen post Russia's invasion of Ukraine and end-user destocking saw sharp falls in palladium and rhodium prices. This drove the average realised PGM basket price down by 35% in 2023 to $1,657 per PGM ounce (2022: $2,551 per PGM ounce).

The average rhodium market price of $6,611 per ounce was 57% lower than in 2022, impacted in the first half of the year by persistent selling of excess stock from the glass industry, which had shifted to a lower rhodium, higher platinum mix. Palladium declined 37%, averaging $1,336 per ounce, as robust Russian metal flows met automotive industry destocking. Platinum was broadly flat at $965 per ounce. The minor PGMs, iridium and ruthenium, continued to make historically large contributions to the basket price. By the end of the year, PGM pricing was firmly into the cost curve, and several producers responded by restructuring existing mines or mothballing future plans.

Financial performance

Underlying EBITDA decreased to $1,209 million (2022: $4,417 million), primarily driven by a lower basket price, which resulted in lower POC margins and affected the cost of POC inventory. Additionally, own-mined unit costs increased by 3% to $968/PGM ounce (2022: $937/PGM ounce), due to lower production and higher inflation, partly offset by the weaker South African rand.

Capital expenditure increased by 9% to $1,108 million (2022: $1,017 million), as planned higher stay-in-business expenditure was partially offset by the weaker South African rand.

Operational outlook

PGM prices remain at low levels and the prevailing macro-economic conditions and uncertainty have prompted the difficult but necessary action to reconfigure our PGM business to ensure the long term sustainability and competitive position of our operations.

There is an intentional strategy at the concentrators to produce higher grade concentrate which results in the same PGM content, but from lower concentrate volume. This reduces required primary furnace capacity and allows us to place the Mortimer smelter on care and maintenance - reducing both operating and capital expenditure while enhancing overall processing competitiveness.

Overall, sustainable cost reduction initiatives will deliver annual cost savings of c.$0.3 billion from a 2023 baseline, and in 2024, the business is targeting an all-in-sustaining cost of c.$1,050/3E oz.

Furthermore, in line with lower capital expenditure and near term asset optimisation, work on the option for the third concentrator at Mogalakwena will not be progressing, nor will the expansion opportunities at both Amandelbult and Mototolo.

These extensive measures will improve the positioning of our world-class PGM assets for the long term, securing the highly attractive value proposition of Mogalakwena.

These impacts are reflected in the three-year guidance provided on pages 35-36, which is unchanged from the December 2023 Investor Update presentation. PGM metal in concentrate production guidance for 2024 is 3.3-3.7 million ounces, with own-mined output of 2.1-2.3 million ounces and purchase of concentrate of 1.2-1.4 million ounces. Refined PGM production guidance for 2024 is 3.3-3.7 million ounces. Refined production is usually lower in the first quarter than the rest of the year, due to the annual stock count and planned processing maintenance. Production remains subject to the impact of Eskom load-curtailment.

Unit cost guidance for 2024 is c.$920/PGM ounce.

De Beers - Diamonds

Operational and financial metrics(1)


	Production volume	Sales volume	Price	Unit cost*	Group revenue*	Underlying EBITDA*	EBITDA margin(6)	Underlying EBIT*	Capex*	ROCE*
	'000 cts	'000 cts(2)	$/ct(3)	$/ct(4)	$m(5)	$m		$m	$m
De Beers	31,865	24,682	147	71	4,267	72	48%	(252)	623	(3)%
Prior year	34,609	30,355	197	59	6,622	1,417	52%	994	593	11%
Botswana	24,700	n/a	168	31	n/a	412	n/a	349	74	n/a
Prior year	24,142	-	193	32	-	614	-	537	70	-
Namibia	2,327	n/a	515	246	n/a	159	n/a	123	35	n/a
Prior year	2,137	-	599	293	-	181	-	149	34	-
South Africa	2,004	n/a	109	97	n/a	26	n/a	5	403	n/a
Prior year	5,515	-	134	42	-	413	-	315	378	-
Canada	2,834	n/a	85	48	n/a	35	n/a	(6)	63	n/a
Prior year	2,815	-	100	50	-	(10)	-	(68)	48	-
Trading	n/a	n/a	n/a	n/a	n/a	(104)	(3)%	(111)	2	n/a
Prior year	-	-	-	-	-	589	10%	582	4	-
Other(7)	n/a	n/a	n/a	n/a	n/a	(456)	n/a	(612)	46	n/a
Prior year	-	-	-	-	-	(370)	-	(521)	59	-

(1) Prepared on a consolidated accounting basis, except for production, which is stated on a 100% basis except for the Gahcho Kué joint operation in Canada, which is on an attributable 51% basis.

(2) Total sales volumes on a 100% basis were 27.4 million carats (2022: 33.7 million carats). Total sales volumes (100%) include De Beers Group's joint arrangement partners' 50% proportionate share of sales to entities outside De Beers Group from Diamond Trading Company Botswana and Namibia Diamond Trading Company.

(3) Pricing for the mining businesses is based on 100% selling value post-aggregation of goods. Realised price includes the price impact of the sale of non-equity product and, as a result, is not directly comparable to the unit cost.

(4) Unit cost is based on consolidated production and operating costs, excluding depreciation and operating special items, divided by carats recovered.

(5) Includes rough diamond sales of $3.6 billion (2022: $6.0 billion).

(6) Total De Beers EBITDA margin shows mining EBITDA margin on an equity basis, which excludes the impact of non-mining activities, third‑party sales, purchases, trading downstream and corporate.

(7) Other includes Element Six, brands and consumer markets, and corporate.

Markets

After strong demand in 2021 and 2022, global rough diamond demand fell significantly in 2023. With polished diamond inventories rising and increases in inflation and interest rates, jewellery retailers took a cautious approach to purchasing new stock. US consumer demand for natural diamonds was impacted by macro-economic challenges as well as rising supply of lab-grown diamonds - however, while sales of lab-grown diamonds to consumers increased, wholesale lab-grown prices continued to fall sharply, supporting further differentiation from natural diamonds. In China, economic challenges led to low consumer confidence, which lead to marginal consumer demand contraction off the subdued levels seen in 2022. In contrast, consumer confidence and demand growth in India were robust in 2023, especially towards the end of the year.

The retail slowdown led to already inflated midstream polished diamond inventories increasing over the course of the year, resulting in downward pressure on polished diamond wholesale prices. In response, the midstream industry in India implemented a voluntary moratorium on rough diamond imports into the country between 15 October and 15 December. De Beers supported its Sightholders by offering full flexibility for rough diamond allocations for Sight 9 and Sight 10 as the midstream sought to re-establish equilibrium. This resulted in very low rough diamond sales in the fourth quarter.

Overall, during the fourth quarter, industry conditions began to stabilise. Retail demand improved over the end of year holiday season, especially in the United States, helping to ease midstream inventory pressure. However, with ongoing macro-economic uncertainty, it is anticipated that recovery in rough diamond demand will be gradual.

Operational performance

Mining

Operational performance was strong in 2023. The new Venetia underground project delivered first production in June and will ramp up over the next few years.

Rough diamond production decreased to 31.9 million carats (2022: 34.6 million carats), due to planned lower production levels at Venetia as the operation transitions to underground.

In Botswana, production was broadly stable, with a 2% increase to 24.7 million carats (2022: 24.1 million carats), driven by the planned treatment of higher grade ore at Orapa.

Namibia production increased by 9% to 2.3 million carats (2022: 2.1 million carats), primarily driven by a full year of production from the Benguela Gem vessel (commissioned in March 2022) and the ongoing ramp-up and expansion of the mining area at the land operations.

South Africa production decreased by 64% to 2.0 million carats (2022: 5.5 million carats), due to the planned completion of the Venetia open pit in December 2022. Venetia continues to process lower grade surface stockpiles, while the new underground project commenced operations in June, and will ramp up over the next few years as development continues.

Production in Canada was stable at 2.8 million carats (2022: 2.8 million carats), with higher throughput offset by planned treatment of lower grade ore.

Financial performance

Due to the downturn in industry conditions from 2022 to 2023, total revenue decreased to $4.3 billion (2022: $6.6 billion), with rough diamond sales decreasing to $3.6 billion (2022: $6.0 billion). Total rough diamond sales volumes decreased by 19% to 24.7 million carats (2022: 30.4 million carats). The average realised price decreased by 25% to $147/ct (2022: $197/ct), reflecting a larger proportion of lower value rough diamonds being sold, as well as a 6%, decrease in the average rough price index.

Underlying EBITDA decreased to $72 million (2022: $1,417 million) as a result of significantly lower sales volumes, coupled with a lower average realised price (impacted by both the mix of products sold and a lower average rough price index) which negatively impacted margins in the trading business. The current year results incorporate an inventory write-down of $0.2 billion on rough stock. The increase in unit cost to $71/ct (2022: $59/ct), was primarily driven by lower production volumes from Venetia as the underground operations ramp up.

Capital expenditure increased by 5% to $623 million (2022: $593 million), due to the ramp-up of the Venetia underground project as well as the continued execution of other life-extension projects, including Jwaneng Cut-9.

An impairment of $1.6 billion (before tax and non-controlling interests) to the carrying value of De Beers has been recognised within special items and remeasurements, reflecting the near term adverse macro-economic outlook and industry-specific challenges. Please refer to note 9 in the financial statements for further details.

De Beers and the Government of the Republic of Botswana have signed Heads of Terms setting out the key terms for a new 10-year sales agreement for Debswana's rough diamond production (through to 2034) and the new 25-year Debswana mining licences (through to 2054). De Beers and the Government of Botswana are working together to progress and then implement the formal new sales agreement and related documents including the mining licences. In the interim, the terms of the most recent sales agreement remain in place. The new arrangements constitute a related party transaction under the UK Listing Rules, given that both Anglo American and the Government of Botswana are shareholders in De Beers, and therefore will be subject to approval by Anglo American's shareholders in due course.

De Beers Jewellers delivered a stable sales performance given the global macro-economic headwinds and challenging Chinese sector.

Market outlook

Industry conditions are expected to remain challenging in the short term, but the long term outlook is favourable. Midstream and retail demand stabilised towards the end of 2023, but inventories of rough diamonds reportedly grew at producers globally. Over the course of 2024, assuming a measured approach from producers to the

release of upstream inventory, the high midstream inventory levels seen in 2023 are expected to decline as retailers replenish their stocks.

Limited consumer demand growth and ongoing retailer caution are anticipated ahead of an expected return to growth into 2025.

The ongoing focus on diamond provenance - especially given the expected introduction of Russian diamond import restrictions by G7 nations - has the potential to reinforce demand for De Beers' rough diamonds, supported by the blockchain Tracr™ platform. The global supply of rough diamonds is anticipated to continue to decline owing to the maturity of major mines and limited new discoveries.

The wholesale prices of lab-grown diamonds are falling sharply, leading to financial challenges at some leading lab-grown diamond producers. These price declines are expected to lead to further substantial reductions in retail prices (with De Beers' Lightbox brand testing significantly lower prices for its products). This will further reinforce consumers' understanding of the fundamental differences between lab-grown and natural diamond jewellery.

Operational outlook

2025 guidance was reduced at the December investor update, reflecting the ramp-up profile at Venetia underground as well as deferral of an expansion project at Gahcho Kué (Canada) into 2026.

Venetia is processing lower grade surface stockpiles while the operation transitions to underground. This will continue as the underground production slowly ramps up following the first production blast in mid-2023. It is expected to ramp up to steady-state levels of c.4 million carats per annum (Mctpa) production over the next few years.

Near term unit cost will be impacted by a low carat profile from Venetia as the underground project ramps up and is subsequently expected to reach a steady-state of c.$75/ct from 2026.

These impacts are reflected in the three-year guidance provided at the December 2023 Investor Update presentation, which is unchanged. Production guidance for 2024 is 29-32 million carats (100% basis) and 2024 unit cost guidance is c.$80/ct. However, De Beers will assess options to reduce production in response to prevailing market conditions.

Iron Ore

Operational and financial metrics


	Production volume	Sales volume	Price	Unit cost*	Group revenue*	Underlying EBITDA*	Mining EBITDA margin*	Underlying EBIT*	Capex*	ROCE*
	Mt(1)	Mt(1)	$/t(2)	$/t(3)	$m	$m		$m	$m
Iron Ore Total	59.9	61.5	114	38	8,000	4,013	50%	3,549	909	34%
Prior year	59.3	58.0	111	38	7,534	3,455	45%	2,962	834	28%
Kumba Iron Ore(4)	35.7	37.2	117	41	4,680	2,415	52%	2,136	538	71%
Prior year	37.7	36.7	113	40	4,580	2,211	48%	1,894	674	66%
Iron Ore Brazil (Minas-Rio)	24.2	24.3	110	33	3,320	1,598	48%	1,413	371	24%
Prior year	21.6	21.3	108	35	2,954	1,244	41%	1,068	160	18%

(1)Production and sales volumes are reported as wet metric tonnes. Product is shipped with c.1.6% moisture from Kumba and c.9% moisture from Minas-Rio.

(2)Prices for Kumba Iron Ore are the average realised export basket price (FOB Saldanha) (wet basis). Prices for Minas-Rio are the average realised export basket price (FOB Brazil) (wet basis). Prices for total iron ore are a blended average.

(3)Unit costs are reported on an FOB wet basis. Unit costs for total iron ore are a blended average.

(4)Sales volumes, stock and realised price could differ to Kumba's stand-alone reported results due to sales to other Group companies.

Operational performance

Kumba

Production decreased by 5% to 35.7 Mt (2022: 37.7 Mt), driven by a 6% decrease at Sishen to 25.4 Mt (2022: 27.0 Mt) and a 4% decrease at Kolomela to 10.3 Mt (2022: 10.7 Mt). The under-performance by the third-party logistics provider, Transnet, resulted in production in the fourth quarter being reduced to align to lower rail capacity and alleviate mine stockpile constraints. Sales volumes were 37.2 Mt, slightly higher than the prior year (2022: 36.7 Mt), driven by improved performance at Saldanha Bay port, despite the low levels of finished stock at the port.

As a result of actively managing inventory, total finished stock decreased to 7.1 Mt(1) (2022: 7.8 Mt(1)), with stock at the mines decreasing to 6.5 Mt(1), which remains above desired levels. However, due to rail under-performance, stock at the port is very low, having decreased to 0.6 Mt(1) (2022: 0.8 Mt(1)).

(1)Production and sales volumes, stock and realised price are reported on a wet basis and could differ to Kumba's stand-alone results due to sales to other Group companies.

Minas-Rio

Production increased by 12% to 24.2 Mt (2022: 21.6 Mt), the best performance since the start of Minas-Rio operations in 2014, reflecting an integrated focus on stable and capable operating performance across the operation. The strong mining performance was underpinned by improved mine access and equipment availability, which led to higher mine movement and enabled an improved performance at the plant due to the quality of ore feed, as well as increased crushing circuit availability.

Markets



	31 December 2023	31 December 2022
Average market price (Platts 62% Fe CFR China - $/tonne)	120	120
Average market price (MB 65% Fe Fines CFR - $/tonne)(1)	132	139
Average realised price (Kumba export - $/tonne) (FOB wet basis)	117	113
Average realised price (Minas-Rio - $/tonne) (FOB wet basis)	110	108

(1)As publication of the Metal Bulletin (MB) 66 index has ceased, the reference benchmark is the MB 65 index from 2023. 2022 updated to reflect MB 65 price.

Kumba's FOB realised price of $117/wet metric tonne (wmt) was 15% higher than the equivalent Platts 62% Fe FOB Saldanha market price (adjusted for moisture) of $102/wmt. This was driven by premiums for higher iron

content (at 63.7%) and relatively high proportion of lump sold (approximately 66%) alongside provisional pricing benefits.

Minas-Rio's pellet feed product is higher grade (with iron content of 67% and lower impurities) so the MB 65 Fines index is used when referring to the Minas-Rio product since the cessation of the MB 66 index. The Minas-Rio realised price of $110/wmt was 11% higher than the equivalent MB 65 FOB Brazil index (adjusted for moisture) of $99/wmt, reflecting the premium for our high-quality product as well as provisional pricing benefits.

Financial performance

Underlying EBITDA for Iron Ore increased by 16% to $4,013 million (2022: $3,455 million), principally driven by a 6% increase in sales volumes and 3% increase in the realised iron ore price.

Kumba

Underlying EBITDA increased by 9% to $2,415 million (2022: $2,211 million), driven by the higher average realised price as well as slightly higher sales volumes. Unit costs increased by 3% to $41/tonne (2022: $40/tonne) due to lower production volumes and high cost inflation, partly offset by a weaker South African rand.

Capital expenditure decreased by 20% to $538 million (2022: $674 million), mainly as a result of lower deferred stripping capitalisation due to lower waste volumes at Kolomela and a weaker South African rand.

Minas-Rio

Underlying EBITDA increased by 28% to $1,598 million (2022: $1,244 million), reflecting higher sales volumes and a higher realised price, as well as lower unit costs. Unit costs decreased by 6% to $33/tonne (2022: $35/tonne), primarily reflecting higher production volumes, partially offset by the stronger Brazilian real.

Capital expenditure was 132% higher at $371 million (2022: $160 million), mainly as construction is under way for a new tailings filtration plant that will reduce the deposition rate on the tailings facility and extend its life. In addition, there was higher spend on projects to improve recoveries in the flotation circuit.

Operational outlook

Kumba

Kumba is committed in its support of key measures being undertaken by the National Logistics Crisis Committee to improve the logistics network. However, following an extended period of under-performance by the third-party logistics provider, Transnet, and the amount of work required to turn the situation around, the logistics network is expected to remain constrained over the near term. The decision has been made to reduce production to align with this reduced rail capacity and ensure a balanced value chain. Production is therefore expected to remain at 35-37 Mtpa for the period 2024 to 2026. Unit costs are expected to be between $38-40/tonne during this three-year period, benefiting from Kumba's business reconfiguration and cost optimisation programme, in line with the lower production profile.

Minas-Rio

Following the record quarterly production in the fourth quarter of 2023, focus is on embedding consistent, stable and strong operating performance, while increasing the maturity of capital projects to sustain and grow production volumes. Beyond the three-year guidance period, production growth will be supported by projects to debottleneck the plant and increase recoveries and throughput. Optionality is also being evaluated to maximise long term value in light of the agreement to acquire and integrate the contiguous Serra da Serpentina high grade iron ore resource.

In parallel, Minas-Rio is focused on increasing tailings storage capacity. The tailings filtration plant project is on track for completion by early 2026 and alternative, additional disposal options continue to be studied.

In mid-2025, Minas-Rio will undertake the next pipeline inspection of the 529 km pipeline that carries iron ore slurry from the plant to the port. Improvements were made to the inspection strategy that extended its duration to ensure the rigour of data collection while also incorporating some additional plant maintenance to coincide with the operational stoppage. Pipeline inspections take place every five years and are validated by external consultants and agreed with the Brazilian Environmental Authorities.

Steelmaking Coal

Operational and financial metrics


	Production volume	Sales volume	Price	Unit cost*	Group revenue*	Underlying EBITDA*	Mining EBITDA margin*	Underlying EBIT*	Capex*	ROCE*
	Mt(1)	Mt(2)	$/t(3)	$/t(4)	$m	$m		$m	$m
Steelmaking Coal	16.0	14.9	261	121	4,153	1,320	32%	822	619	27%
Prior year	15.0	14.7	304	107	5,034	2,749	55%	2,369	648	85%

(1) Production volumes are saleable tonnes, excluding thermal coal production of 1.1 Mt (2022: 1.6 Mt). Includes production relating to third-party product purchased and processed at Anglo American's operations, and may include some product sold as thermal coal.

(2) Sales volumes exclude thermal coal sales of 1.7 Mt (2022: 1.7 Mt). Includes sales relating to third-party product purchased and processed by Anglo American.

(3) Realised price is the weighted average hard coking coal and PCI export sales price achieved at managed operations.

(4) FOB unit cost comprises managed operations and excludes royalties.

Operational performance

Production increased to 16.0 Mt (2022: 15.0 Mt), reflecting a steady step-up in performance from the Aquila underground operation due to its largely automated longwall, and increased production at Dawson and Capcoal open cut operations which were impacted by unseasonal wet weather in 2022.

The increased production was partly offset by challenging operating conditions at the Moranbah and Grosvenor longwall operations.

Markets



	31 December 2023	31 December 2022
Average benchmark price - hard coking coal ($/tonne)(1)	296	364
Average benchmark price - PCI ($/tonne)(1)	219	331
Average realised price - hard coking coal ($/tonne)(2)	269	310
Average realised price - PCI ($/tonne)(2)	214	271

(1) Represents average spot prices.

(2) Realised price is the export sales price achieved at managed operations.

Average realised prices differ from the average market prices due to differences in material grade and timing of shipments. Hard coking coal (HCC) price realisation increased to 91% of average benchmark price (2022: 85%), as a result of the timing of sales.

The average benchmark price for Australian HCC was $296/tonne (2022: $364/tonne). At the start of 2023, steelmaking coal prices rose in response to supply impacts in Queensland arising from flooding and a rail outage. Prices declined during the second quarter amid supply recovery, but increased in the second half of 2023 following low spot availability of premium HCC as labour strikes and production issues impacted Australian supply. Seaborne supply from Australia was further reduced by a cyclone event affecting Queensland port operations in December. Strong demand from Indian steelmakers for imported steelmaking coal was driven by a healthy domestic steel industry that resulted in a substantial year-on-year increase in crude steel production.

Financial performance

Underlying EBITDA decreased to $1,320 million (2022: $2,749 million), as a result of a 14% decrease in the weighted average realised price for steelmaking coal and a 13% increase in unit costs to $121/tonne (2022: $107/tonne), reflecting the impact of high inflation and additional operating activity. Furthermore, 2022 included a $343 million receipt from the Group's self-insurance entity.

Capital expenditure decreased to $619 million (2022: $648 million), reflecting lower life-extension expenditure following the completion of the Aquila project in 2022.

Operational outlook

Following an extensive review during the course of 2023 on realistic opportunities to improve productivity, debottleneck the operations and leverage technology, a downwardly revised pathway has been developed to progressively ramp-up towards 20 Mtpa of steelmaking coal production. This pathway also incorporates the more stringent safety operating protocols implemented by the Queensland regulator in recent years, as well as the more complex geotechnical strata conditions that the Moranbah and Grosvenor underground longwall operations are navigating.

These impacts are reflected in the three-year guidance provided on pages 35-36, which is unchanged from the December 2023 Investor Update presentation. Export steelmaking coal production guidance for 2024 is 15-17 Mt and 2024 unit cost guidance is c.$115/tonne. The next longwall moves scheduled at Moranbah and Grosvenor are both in the third quarter of 2024. A walk-on/walk-off longwall move is scheduled at Aquila during the second quarter with the impact on production expected to be minimal.

Manganese

Operational and financial metrics


	Production volume	Sales volume	Group revenue*	Underlying EBITDA*	Mining EBITDA margin*	Underlying EBIT*	Capex*	ROCE*
	Mt	Mt	$m	$m		$m	$m
Manganese	3.7	3.7	670	231	34 %	145	n/a	81%
Prior year	3.7	3.6	840	378	45 %	312	-	138%

Operational performance

Attributable manganese ore production was flat at 3.7 Mt (2022: 3.7 Mt).

Financial performance

Underlying EBITDA decreased by 39% to $231 million (2022: $378 million), primarily driven by the weaker average realised manganese ore price, partially offset by lower operating costs.

The average benchmark price for manganese ore (Metal Bulletin 44% manganese ore CIF China) decreased by 22% to $4.75/dmtu (2022: $6.06/dmtu). Prices were on a declining trend throughout much of the year as supply improved, while demand continued to soften in the second half of 2023. Prices stabilised during December, however, ending the year at $4.17/dmtu.

Crop Nutrients

Operational and financial metrics


	Production volume	Sales volume	Group revenue*	Underlying EBITDA*	Mining EBITDA margin*	Underlying EBIT*	Capex*	ROCE*
			$m	$m		$m	$m
Crop Nutrients	n/a	n/a	225	(60)	n/a	(61)	641	n/a
Prior year	-	-	254	(44)	-	(45)	522	-
Woodsmith project	n/a	n/a	n/a	n/a	n/a	n/a	641	n/a
Prior year	-	-	-	-	-	n/a	522	-
Other(1)	n/a	n/a	225	(60)	n/a	(61)	n/a	n/a
Prior year	-	-	254	(44)	-	(45)	-	-

(1) Other comprises projects and corporate costs as well as the share in associate results from The Cibra Group, a fertiliser distributor based in Brazil.

Crop Nutrients

Anglo American is developing Woodsmith, a large scale, long-life Tier 1 asset in the north east of England, to access the world's largest known deposit of polyhalite - a natural mineral fertiliser product containing potassium, sulphur, magnesium and calcium - four of the six nutrients that every plant needs to grow.

The Woodsmith project is located on the North Yorkshire coast, just south of Whitby, where polyhalite ore will be extracted via 1.6 km deep mine shafts and transported to Teesside via an underground conveyor belt in a 37 km mineral transport system (MTS) tunnel, thereby minimising any environmental impact on the surface. It will be granulated at a materials handling facility to produce a comparatively low carbon fertiliser - known as POLY4 - that will then be exported from the port facility, where we have priority access, to a network of customers around the world.

Progress update

Woodsmith project

Throughout 2023, we saw continued good progress on the core infrastructure, with capital expenditure of $641 million (2022: $522 million). Sinking activities at the two deep shafts continue to progress well. The service shaft is now c.745 metres deep, having reached the expected depth for the year. Sinking activities on the production shaft began in January 2023 as planned, at 120 metres below the surface, and following a successful ramp-up to planned sinking rates, is now at a depth of c.510 metres.

Excavation of the three shallow shafts that will provide both ventilation and additional access to the Mineral Transport System (MTS) tunnel is complete. The MTS tunnel is also progressing to plan and has now reached c.27.5 km of the total 37 km length.

During 2024, a key focus area for shaft sinking will be on progress through a strata called the Sherwood sandstone, where we expect sink rates to decrease due to the expected hardness of the rock and potential water fissures. This is planned for in progress rates, and the intersection of the strata is expected around mid-2024. On the tunnel boring machine, there is a planned 3-4 month maintenance pause from the second quarter of 2024, during which the tunnel will be connected to the final intermediate shaft, providing further tunnel access and ventilation.

In parallel to the core infrastructure development, we are enhancing the project's configuration to allow a higher production capacity and more efficient, scalable mining methods over time. The required studies for this are progressing well and will ensure that additional infrastructure is optimally designed to enable future optionality and maximise long term value over the expected multi-decade asset life.

The project is planned to be submitted for a Board approval decision on Full Notice to Proceed in the first half of 2025, following conclusion of the study programme.

Capital expenditure of $0.9 billion is approved for 2024, the bulk of which will continue to be invested on shaft sinking and tunnel boring activities.

The project is expected to deliver first product to market in 2027, with a final design capacity of 13 Mtpa, subject to studies and approval.

Market development - POLY4

POLY4 provides farmers, through one core product, with a fertiliser solution to tackle the three key challenges facing the food industry today - the increasing demand for food from less available land; the need to reduce the environmental impact of farming; and the deteriorating health of soils.

In tackling these challenges, the fertiliser industry will evolve and need new solutions. POLY4 represents a new solution, helping farmers to deliver balanced, nutrient-efficient and environmentally responsible crop nutrition practices that are required at scale.

POLY4 offers farmers superior performance compared to existing fertiliser products: demonstrated crop yield improvement of 3-5% across a wide variety of crops and soil types, improved crop quality and resilience to drought and disease, and help in preserving the health of a farmer's greatest asset - their soil. The use of POLY4 can also help minimise the nutrients lost to the environment by improving the ability of crops to take up and utilise available nutrients - i.e. improving a plant's nutrient-use efficiency. Furthermore, its granular form offers a more flexible and convenient in-field application for farmers, compared with common existing fertilisers. All this, while also being low carbon relative to comparable products, and certified for organic agriculture.

Through our global agronomy programme, we have conducted over 1,800 field demonstrations to date, on over 80 crops, and our research continues to reinforce these superior qualities and characteristics of POLY4.

The ongoing focus of market development activities is to develop and implement detailed sales and marketing strategies for each region and to support customers with their own market development activities to further promote POLY4 to the end-users of the product - farmers.

We have continued to develop our routes to market partnerships in key high-value regions, working closely with our distribution partners, and also engaging deeper into the value chain to ensure we deliver what is needed at the farm gate. Through our ongoing engagements with some 350 value chain partners to date - including top retailers in the United States, large distributors and co-operatives in Europe, and major blenders and mega farms in Brazil - we are working across the full value chain to introduce POLY4 to the market. We have also already engaged more than 570 influencers in the industry, including major universities, farming associations, and academic research institutes, to ensure that the industry recognises the benefits that POLY4 will bring at scale into the marketplace.

POLY4 has significant value beyond its multi-nutrient content, and our innovative marketing strategy will ensure that we unlock the full potential of our product.

Corporate and Other

Financial metrics


	Group revenue*	Underlying EBITDA*	Underlying EBIT*	Capex*
	$m	$m	$m	$m
Corporate and Other	440	(193)	(403)	59
Prior year	554	(440)	(593)	14
Exploration	n/a	(107)	(107)	3
Prior year	-	(155)	(162)	2
Corporate activities and unallocated costs(1)	440	(86)	(296)	56
Prior year	554	(285)	(431)	12

(1) Revenue within Corporate activities and unallocated costs primarily relates to third-party shipping activities, as well as the Marketing business's energy solutions activities.

Financial overview

Exploration

Underlying EBITDA was a $107 million loss (2022: $155 million loss) following a decrease in other expenses due to timing differences in copper. Exploration expenditure across the Group was broadly in line with the prior year.

Corporate activities and unallocated costs

Underlying EBITDA was a $86 million loss (2022: $285 million loss), this improved result was driven primarily by the Group's self-insurance entity and corporate cost savings. The positive year-on-year variance reflects the finalisation of the Grosvenor gas ignition claim and the Moranbah overpressure event claim in 2022 by the Group's self-insurance entity, which resulted in an expense in Corporate activities that was offset within the underlying EBITDA of Steelmaking Coal. There have been no equivalent insurance claim settlements in the current year. Corporate cost savings of $0.3 bn were realised and are partially recognised in the overheads of the underlying businesses.

Guidance summary

Production and unit costs


	Unit costs 2024F	Production volumes
	Unit costs 2024F	Units	2024F	2025F	2026F
Copper(1)	c.157 c/lb	kt	730-790	690-750	760-820

Nickel(2)	c.600 c/lb	kt	36-38	35-37	35-37

PGMs - metal in concentrate(3)	c.$920/PGM ounce	Moz	3.3-3.7	3.0-3.4	3.0-3.4

Own mined		Moz	2.1-2.3	2.1-2.3	2.1-2.3
Purchase of concentrate		Moz	1.2-1.4	0.9-1.1	0.9-1.1

PGMs - refined(4)		Moz	3.3-3.7	3.0-3.4	3.0-3.4
Diamonds(5)	c.$80/ct	Mct	29-32	30-33	32-35

Iron ore(6)	c.$37/tonne	Mt	58-62	57-61	58-62

Steelmaking Coal(7)	c.$115/tonne	Mt	15-17	17-19	18-20

Further commentary on the operational outlook at each business is included within the respective business reviews on pages 15-34.

Note: Unit costs exclude royalties, depreciation and include direct support costs only. FX rates used for 2024F unit costs: c.850 CLP:USD, c.3.7 PEN:USD, c.5.0 BRL:USD, c.19 ZAR:USD, c.1.5 AUD:USD.

(1) Copper business only. On a contained-metal basis. Total copper is the sum of Chile and Peru. Unit cost total is a weighted average based on the mid-point of production guidance. 2024 Chile: 430-460 kt; Peru 300-330 kt. 2025 Chile: 380-410 kt; Peru: 310-340 kt. 2026 Chile: 440-470 kt; Peru 320-350 kt. Chile production guidance is lower for the next three years impacted by Los Bronces due to lower grades and continued ore hardness, with the smaller and less efficient of the two processing plants being put on care & maintenance in 2024, as well as the impact of a revised mine plan at El Soldado. In 2025, grades decline at all operations in Chile. In 2026, production benefits from improved grades at Collahuasi. Production guidance in Chile for 2024 and 2025 is subject to water availability. Peru production in 2024 will be weighted to the second half of the year, primarily as a result of the grades temporarily declining to between 0.6-0.7% TCu in the first half of the year as the geotechnical fault requires changes to be made to the angle of the slope in the mining pit wall. Chile 2024 unit cost is c.190 c/lb. Peru 2024 unit cost is c.110 c/lb.

(2) Nickel operations in Brazil only. The Group also produces approximately 20 kt of nickel on an annual basis from the PGM operations. Nickel production is impacted by declining grades.

(3) Unit cost is per own mined 5E + gold PGMs metal in concentrate ounce. Production is 5E + gold PGMs produced metal in concentrate ounces. Includes own mined production and purchased concentrate volumes - please see split in above table. The average metal in concentrate split by metal is Platinum: c.45%; Palladium: c.35% and Other: c.20%. Metal in conc entrate production from own mined remains broadly at 2023 levels (excluding Kroondal), but POC volumes will be lower as POC agreements reach their contractual conclusion. Kroondal is expected to move from 100% third-party POC to a toll arrangement (4E metals) at the end of H1 2024. In 2025, the Siyanda POC agreement will transition to a tolling arrangement (4E metals). At the end of 2026, the Sibanye-Stillwater toll agreement concludes (impacting POC due to the minor metal volumes retained). Production remains subject to the impact of Eskom load-curtailment.

(4) 5E + gold produced refined ounces. Includes own mined production and purchased concentrate volumes. Refined production in 2024 is expected to be lower in the first quarter than the rest of the year, due to the annual stock count and planned processing maintenance. Production remains subject to the impact of Eskom load-curtailment.

(5) Production is on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis. De Beers will assess options to reduce production in response to prevailing market conditions. Venetia continues to transition to underground operations, it is expected to ramp-up to steady-state levels of c.4Mctpa production over the next few years. 2026 production benefits from an expansion at Gahcho Kué. Unit cost is based on De Beers' share of production. Near term unit cost will be impacted by a low carat profile from Venetia as the underground ramps up and is subsequently expected to reach a steady-state of c.$75/ct from 2026.

(6) Wet basis. Total iron ore is the sum of Kumba and Minas-Rio. Unit cost total is a weighted average based on the mid-point of production guidance. 2024 Kumba: 35-37 Mt; Minas-Rio: 23-25 Mt. 2025 Kumba: 35-37 Mt; Minas-Rio: 22-24 Mt (impacted by pipeline inspection). 2026 Kumba: 35-37 Mt; Minas-Rio: 23-25 Mt. Kumba production is subject to the third-party rail and port availability and performance. The UHDMS plant remains under review and is not captured in guidance. Kumba 2024 unit cost is c.$38/tonne. Minas-Rio 2024 unit cost is c.$35/tonne.

(7) Steelmaking Coal FOB/tonne unit cost comprises managed operations and excludes royalties. Production excludes thermal coal by-product and reflects the challenging operating environment of the longwalls due to the gas, depth and strata as well as the operating protocols. In 2024, the next longwall moves scheduled at Moranbah and Grosvenor are both in the third quarter, and a walk-on/walk-off longwall move is scheduled at Aquila during the second quarter with the impact on production expected to be minimal.

Capital expenditure(1)


	2024F	2025F	2026F
Growth	~$1.2bn Includes ~$0.9bn Woodsmith capex	~$1.3bn Includes ~$1.0bn Woodsmith capex	~$1.3bn Includes ~$1.0bn Woodsmith capex
Sustaining	~$4.5bn Reflects ~$3.4bn baseline, ~$0.7bn lifex projects and ~$0.4bn Collahuasi desalination plant(2)	~$4.4bn Reflects ~$3.5bn baseline, ~$0.7bn lifex projects and ~$0.2bn Collahuasi desalination plant(2)	~$4.0bn Reflects ~$3.5bn baseline and ~$0.5bn lifex projects
Total	~$5.7bn	~$5.7bn	~$5.3bn

Further details on Anglo American's high quality growth and life-extension projects, including details of the associated volumes benefit, are disclosed on pages 12-13.

Long term sustaining capital expenditure is expected to be $3.0-3.5 billion per annum(3), excluding life-extension projects.

Other guidance

-2024 depreciation: $3.0-3.2 billion

-2024 underlying effective tax rate: 40-42%(4)

-Long term underlying effective tax rate: 35-39%(4)

-Dividend payout ratio: 40% of underlying earnings

-Net debt:EBITDA: <1.5x at the bottom of the cycle

(1) Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment, and includes direct funding for capital expenditure from non-controlling interests. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies, and unapproved Woodsmith capex of ∼$1 billion per annum is included after 2024. Refer to the 2023 results presentation for further detail on the breakdown of the capex guidance at project level.

(2) Attributable share of Collahuasi desalination capex at 44%.

(3) Long term sustaining capex guidance is shown on a 2023 real basis.

(4) Underlying effective tax rate is highly dependent on a number of factors, including the mix of profits and any relevant tax reforms impacting the countries where we operate, and may vary from guidance.

For further information, please contact:

Media

Investors

James Wyatt-Tilby

james.wyatt-tilby@angloamerican.com

Tel: +44 (0)20 7968 8759

Paul Galloway

paul.galloway@angloamerican.com

Tel: +44 (0)20 7968 8718

Marcelo Esquivel

marcelo.esquivel@angloamerican.com

Tel: +44 (0)20 7968 8891

Emma Waterworth

emma.waterworth@angloamerican.com

Tel: +44 (0)20 7968 8574

Rebecca Meeson-Frizelle

rebecca.meeson-frizelle@angloamerican.com

Tel: +44 (0)20 7968 1374

Juliet Newth

juliet.newth@angloamerican.com

Tel: +44 (0)20 7968 8830

South Africa

Nevashnee Naicker

nevashnee.naicker@angloamerican.com

Tel: +27 (0)11 638 3189

Michelle Jarman

michelle.jarman@angloamerican.com

Tel: +44 (0)20 7968 1494

Sibusiso Tshabalala

sibusiso.tshabalala@angloamerican.com

Tel: +27 (0)11 638 2175

Notes to editors:

Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and to mine, process, move and market our products to our customers - safely and sustainably.

As a responsible producer of copper, nickel, platinum group metals, diamonds (through De Beers), and premium quality iron ore and steelmaking coal - with crop nutrients in development - we are committed to being carbon neutral across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people's lives.

www.angloamerican.com

Webcast of presentation:

A live webcast of the results presentation, starting at 9.00am UK time on 22 February 2024, 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.

Group terminology

In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses.

Disclaimer

This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient.

Forward-looking statements and third-party information:

This document includes forward-looking statements. All statements other than statements of historical facts included in this document, 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, prospects and projects (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, 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, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and 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 document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, 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 SIX 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 document 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 included in this document is sourced from third party sources (including, but not limited to, externally conducted studies and trials). As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information.

Anglo American plc

17 Charterhouse Street London EC1N 6RA United Kingdom

Registered office as above. Incorporated in England and Wales under the Companies Act 1985.

Registered Number: 3564138 Legal Entity Identifier: 549300S9XF92D1X8ME43

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