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2010 / 2011 Factbook

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2010 / 2011 Factbook 58 Anglo American plc — Fact Book 2010 NICKEL 100 % increase in nicKel’s proDuction in 2011 as the Barro alto proJect ramps up 185 metres length of each of the two rotary Kilns at Barro alto (pictureD) 59 Anglo American plc — Fact Book 2010 Anglo American Anglo About Installation of two 185 metre-long rotary kilns at Barro Alto. Ore is heated at very high temperatures in kilns in a process known as calcining, which removes moisture and water crystallisation from ore and starts the metallurgical process, pre-reducing the ore before feeding it to Platinum an electric-arc furnace for smelting. Diamonds Copper Nickel Iron Ore and Manganese and Ore Iron nicKel Coal Metallurgical Nickel has three operating assets, Thermal Coal Thermal Codemin in Brazil, Loma de Níquel in Venezuela, both producing ferronickel, as well as the recently commissioned world class Barro Alto asset in Brazil. and Industrial and Mining Other information Other 60 Anglo American plc — Fact Book 2010 NICKEL financial highlights SHARE OF GROUP NET UNDERLYING EARNINGS ANGLO AMERICAN NICKEL OPERATING ASSETS $m PRODUCTION % Tonnes 10 80 50,000 75 21,700 70 19,500 45,000 60 19,500 8 40,000 18,500 50 35,000 15,500 40 6 30 30,000 26,400 25,600 5 5 20 25,000 20,200 10 20,000 4 4 20,000 19,900 0 15,000 -10 (13) 2 10,000 -20 -30 5,000 (35) 0 -40 0 2008 2009 2010 2008 2009 2010 2006 2007 2008 2009 2010 Nickel from Nickel operations Nickel from Platinum operations SHARE OF GROUP OPERATING PROFIT OPERATING MARGIN % % 5 40 4 30 30 3 23 20 2 10 1 1 1 0 0.04 0 0.6 2008 2009 2010 2008 2009 2010 61 Anglo American plc — Fact Book 2010 Anglo American Anglo About financial Data Platinum $m 2010 2009 2008 Turnover Codemin 195 157 198 Loma de Níquel 231 191 210 Projects and Corporate – – – Diamonds Total turnover 426 348 408 EBITDA Codemin 83 49 132 Loma de Níquel 82 11 48 Projects and Corporate (43) (32) (30) Total EBITDA 122 28 150 Copper Depreciation and amortisation 26 (26) (27) Operating profit before special items and remeasurements Codemin 76 41 123 Loma de Níquel 65 (7) 30 Projects and Corporate (45) (32) (30) Total operating profit before special items and remeasurements 96 2 123 Operating special items and remeasurements (51) (88) (130) Operating profit after special items and remeasurements 45 (86) (7) Nickel Net interest, tax and minority interests (21) (15) (158) Underlying earnings Codemin 48 24 94 Loma de Níquel 55 17 (97) Projects and Corporate (28) (54) (32) Total underlying earnings 75 (13) (35) Net operating assets 2,334 1,787 1,401 Manganese and Ore Iron Capital expenditure 525 554 530 Metallurgical Coal Metallurgical Thermal Coal Thermal and Industrial and Mining Other information Other loma De Niquel Nickel Mine – distant view of the mine. 62 Anglo American plc — Fact Book 2010 NICKEL Business overview containeD nicKel at Jacaré financial highlights 2010 2009 $ million (unless otherwise stated) 3.7 Mt Operating profit 96 2 EBITDA 122 28 Net operating assets 2,334 1,787 average nicKel proDuction over Capital expenditure 525 554 first five years at Barro alto Share of Group operating profit 1% 0.04% Share of Group net operating assets 5% 5% 41 ktpa first metal from Barro alto Business overview Nickel has three operating assets, Codemin Q1 2011 in Brazil and Loma de Níquel in Venezuela, both producing ferronickel, as well as the recently commissioned world class Barro Alto asset in Brazil, which delivered first metal in March 2011 and will more than double the business unit’s production, adding an average of 36 kt of nickel per year. Within the business unit’s portfolio there are also two promising unapproved projects, Jacaré and Morro Sem Boné, both in Brazil, and early-stage exploration projects in Finland, Canada and Australia. First metal from the recently commissioned world class Barro Alto asset in Brazil. 63 Anglo American plc — Fact Book 2010 Anglo American Anglo About inDustry overview Platinum NICKEL STOCKS AND PRICES inDustry overview Markets Average nickel price (c/lb) 2010 2009 180 25 Nickel can occur as two main deposits: Average market price sulphides that are found underground and (LME, cash) 989 667 laterites that can be mined by open pit Diamonds 140 Average realised price 986 668 methods. Sulphides contain a significant 20 number of by-products such as gold, silver, 120 The average nickel price was 48% higher than copper and PGMs, which typically generate in 2009, underpinned by strong stainless steel processing credits. demand. Global nickel consumption increased 100 Nickel price ($/lb) 15 by 12% to 1.48 Mt in 2010, while supply Nickel’s main use is as an alloying metal, remained constrained owing to strike action Copper (kt) cks o 80 along with chromium and other metals, in the and delays to new projects experienced by a production of stainless and heat resistant ckel st ckel number of producers. 10 Ni 60 steel. Approximately 66% of nickel is used to manufacture stainless steel and around 25% From a low of $7.73/lb during February 2010, in other steel and non-ferrous alloys. Primary 40 prices rose sharply to a high for the year of 5 nickel is used in the form of pure nickel metal, $12.52/lb in April as a result of improved ferronickel, nickel oxide and other chemicals. underlying fundamentals and stainless steel 20 The steel industry is also supplied by recycled restocking. Prices retreated to $8.14/lb in June Nickel nickel and, in a more recent development, by amid concerns over the impact of the European 0 0 nickel pig iron (NPI) in China. However, NPI debt crises, but rebounded during the fourth Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 production, which is a highly energy intensive quarter, ending the year at $11.32/lb. process, decreased in 2010 due to the LME Stocks LME Price initiatives implemented by the Chinese Source: Anglo American Commodity Research LME stocks decreased by 18% from a high government in order to save energy. of 166,000 tonnes at the beginning of February to 136,000 tonnes at the end of The industry is highly cyclical. World December, indicative of underlying physical Manganese and Ore Iron stainless steel production increased by demand for nickel. nearly 21% in 2010, albeit from a very low base, its strongest growth since 1995. Nickel consumption has risen from about 1.12 Mt in 2000 to about 1.48 Mt in 2010, a compound average growth rate of 2.8% per annum, reflecting an increase in the pace of industrialisation and urbanisation Coal Metallurgical programmes in developing nations. The nickel market experienced its best year in recent years in 2007 when the average price was $16.86/lb compared with $11.02/lb in 2006 and $6.68/lb in 2005. It has subsequently fallen back and ended 2010 at $11.32/lb. Coal Thermal and Industrial and Mining Other information Other — Fact Book 2010 Book Fact — Anglo American plc American Anglo 26 Finland 30 Belgium S orld total: 1,508 56 Italy 2010 W 70 Taiwan 74 South Korea d 88 Germany Lt 127 USA 145 Japan CRU International 576 Source: LEADING NICKEL CONSUMER NICKEL LEADING Kt Ni contained (2010 refined consumption) refined (2010 China 40 New Caledonia 47 Finland 49 Colombia 2010 World total: 1,508kt 2010 World Foundry 3 92 Norway Plating 7 Other 7 et information et 101 Australia K 105 Canada (2010 mine production) mine (2010 160 Japan Brook Hunt – a Wood Mackenzie company Mackenzie Brook Hunt – a Wood 265 Russia CRU International Ltd Alloy steel 5 N-F alloys 12 Stainless steel 66 318 Source: – estimated end use in 2010 in use end estimated – % GLOBAL NICKEL CONSUMPTION CONSUMPTION NICKEL GLOBAL USE FIRST BY 64 NICKEL Source: LEADING NICKEL PRODUCING PRODUCING NICKEL LEADING COUNTRIES Kt China mar 65 Anglo American plc — Fact Book 2010 Anglo American Anglo About strategy anD growth Platinum strategy anD growth Projects First metal from the $1.9 billion Barro Alto Nickel aims to become a major low cost nickel project was produced on schedule in producer by managing efficiently its March 2011. existing assets, extracting value with asset Diamonds optimisation initiatives. In the mid to long term This project makes use of a proven technology the business unit will grow organically, and will produce an average of 36 ktpa of maximising value from greenfield projects nickel in ferronickel at full production, and looking for brownfield opportunities. averaging 41 ktpa over the first five years, with a competitive cost position. The business evaluates inorganic growth Copper options and acquisitions as well as technology The Nickel business’ unapproved project development through Anglo American’s pipeline has the potential to increase ARNi (Anglo Research Nickel) section. ARNi production by an additional 66 ktpa, with is developing a hydrometallurgical process, further upside potential, leveraging the which could provide the business with a Group’s considerable nickel laterite technical strong competitive advantage. expertise. Jacaré, with Mineral Resources of 3.7 Mt of contained nickel, was the largest Significant future growth will come from nickel discovery in the last decade and has Nickel Barro Alto, which began its ramp-up in early the potential to significantly strengthen 2011, and will make Anglo American the Anglo American’s position in the worldwide largest producer of ferronickel in the world nickel market. with an estimated 11% market share, and one that is well positioned on the lower half of the industry cost curve, making it the world’s third most competitive ferronickel producer.
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