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Anglo American Is One of the World's Largest Mining and Natural Resource Groups. with Its Subsidiaries, Joint Ventures And

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Anglo American Is One of the World's Largest Mining and Natural Resource Groups. with Its Subsidiaries, Joint Ventures And Anglo American is one of the world’s largest mining and natural resource groups. With its subsidiaries, joint ventures and associates, it is a world leader in gold, platinum group metals, diamonds, and has significant interests in coal, base and ferrous metals, industrial minerals, forest products, industries and financial services. Anglo American’s operations are geographically diverse, with operations in southern Africa, Europe, South and North America and Australia. Contents Financial Highlights 2 Exploration 47 Chairman’s Statement 4 Safety, Health and the Environment 49 Worldwide Mining & Natural Resource Interests 8 Community Relations 51 Directorate 10 Financial Review 53 Gold 12 Directors’ Report 57 Platinum 16 Statement of Directors’ Responsibilities 60 Diamonds 20 Remuneration Report 61 Coal 22 Corporate Governance 69 Base Metals 26 Production Statistics 73 Industrial Minerals 30 Reserves and Resources 76 Ferrous Metals 34 Notice of Annual General Meeting 78 Forest Products 38 Shareholder Information 80 Industries 42 Auditors’ Report 82 Financial Services 46 Financial Statements 83 Financial highlights ¥ Headline profit increased by 13% to US$1,308 million; ¥ Profit for the financial year of US$1,552 million (1998 pro forma: US$1,252 million); ¥ Total operating profit before exceptional items increased by 14% to US$2,142 million; ¥ Significant progress in strategic initiatives: Ð Acquisitions: Skorpion/Reunion Mining (US$82 million), Amcor Fibre Packaging (US$240 million), 23% of Anaconda Nickel (US$170 million), 40% of Australian Manganese (US$159 million), Acacia Resources (US$443 million); Ð Acquisition of Tarmac plc for US$1.9 billion, completed in March 2000; Ð Increase of interest in Anglo American Platinum to 50.3% (US$270 million), purchase of 1.9 million AngloGold shares (US$100 million; current stake 50.4%); Ð Significant disposals of non-core assets: Terra’s distribution business (US$452 million), AECI’s interest in Polifin (US$345 million), part of stake in SA Breweries (US$159 million) as well as the reduction early in 2000 of interests in McCarthy and Samcor; ¥ Final dividend of 108 US cents per ordinary share recommended Ð giving a total dividend for the year of 150 US cents per ordinary share Ð an increase of 21% over 1998 pro forma estimate. 2 Anglo American plc Annual Report 1999 US$ million pro forma (unaudited) 1999 1998 Turnover 19,245 19,381 Total operating profit before exceptional items 2,142 1,879 Profit for the financial year 1,552 1,252 Headline profit for the financial year 1,308 1,159 Net operating assets 12,534 11,200 Operating cash flow 1,850 1,859 Capital expenditure 1,251 1,441 Earnings per share US$ 4.03 3.32 Headline profit per share US$ 3.40 3.07 Total dividend for the year US cents per share 150 124 Earnings and dividends Headline profit Dividends per share 1999 US$1,308 million 1999 150 US cents 1998 US$1,159 million 1998 124 US cents Investments Net operating assets Capital expenditure 1999 US$12,534 million 1999 US$1,251 million 1998 US$11,200 million 1998 US$1,441 million Anglo American plc Annual Report 1999 3 Chairman’s statement in South Africa as a leading emerging market, a confidence underpinned by favourable developments in government policy and the improved performance of the South African economy. Anglo American will continue to expand and grow its businesses in South Africa and those other parts of the world that are prospective. The profit for the year at US$1,552 million was US$300 million or 24% higher than in 1998.Headline profit, which excludes the impact of exceptional items and adjusts for the amortisation of goodwill, at US$1,308 million, was US$149 million higher than in 1998. Earnings per share of 403 US cents represented an increase of 71 US cents over 1998. Group operating profit increased from US$1,879 million to US$2,142 million. Reflecting these pleasing results and the board’s confidence in the further evolution of the Group, the directors have recommended a final dividend of 108 US cents per ordinary share which brings the total for the year to 150 US cents per ordinary share. This represents an increase Julian Ogilvie Thompson, chairman and chief executive of 21% over the estimated 124 US cents per ordinary share included in the prospectus issued in April 1999. This is the first annual report of Anglo American plc (Anglo American), created by the combination in May 1999 The board has confir med the strategy set out in the pros p e c t u s of Anglo American Corporation of South Africa Limited and significant progress was made with regard to strategic (A A C) and Minorco Société An o n yme and fol l o ws a period of in i t i at i v es across the Group and disposals of non-core bus i n e s s e s . significant restructuring of both AAC and Minorco.The Group Expansionary growth and acquisitions totalled US$1.8 billion consists of nine business sectors focused on product lines for the year and disposals, pri n c i p a l l y in the Industries division, achieving greater simplicity, transparency and management amounted to US$1.2 billion.The key acquisitions and expansions accountability and an important investment in financial are summarised below: services. On the basis of this firm foundation,Anglo American has embarked on a challenging programme of expanding and – AngloGold acquired Acacia Resources for US$443 million; strengthening key businesses and of continuing to dispose – Expansions of US$420 million at Anglo Platinum; of non-core businesses as soon as we can do so for value. – Some US$500 million of zinc and nickel expansion projects announced; The new company, which joined the FTSE 100 index in June –Forest Products significantly expanded its packaging 1999, has been well received by the investment community interests in Europe and South Africa. both in the UK and abroad and the share price rose steadily after listing, reaching a peak in January 2000, since when Since the end of the year the US$1.9 billion acquisition it has declined in line with other mining shares. Demand for of Tarmac, the largest by Anglo American to date, has been the stock has significantly broadened the shareholder base completed. In addition, by the end of March this year the with UK, US and European public shareholders now holding purchase of key Zambian copper assets is expected to be around 36% of total equity. completed,opening the way for the US$523 million Konkola Deep Mining Pro j e c t .F i n a l ly,the decision on the US$850 million The support of the South African government in establishing Gamsberg zinc project will be taken by the end of this year. Anglo American as a global natural resources company was invaluable and its far-sighted understanding of the imperatives The Group has continued to focus on cost reduction and of globalisation has been rewarded by a growing confidence co n t a i n m e n t . Mining cost increa s e s , pri n c i p a l l y in South Africa, 4 Anglo American plc Annual Report 1999 were partly offset by efficiency gains in Industries, Ferrous to purchase the interests of Anglovaal Mining in the Venetia Metals and Forest Products.The overall increase in costs of and Finsch mines. US$75 million represents less than 1% of total operating costs, which is significantly below inflation rates in our countries Coal of operation.This increase, together with reductions in sales Anglo Coal experienced a difficult year but this has not prices of US$109 million and margins of US$98 million, precluded it from pursuing new opportunities in several was more than compensated by benefits of US$400 million markets, including Australia.Anglo Coal, together with in exchange rates. its partner Billiton, are currently evaluating bids for disposal of certain of their coal assets in South Africa to black While the activities of each business sector are fully covered empowerment groups under the “Newcoal” initiative. in the operational review, set out on pages 12 to 46, certain In January this year, the division, along with Glencore of these represent major developments and are therefore International,acquired equally the one-third share held discussed below. by Rio Tinto in the Carbones del Cerrejón operation in Colombia. Discussions are currently taking place with a Gold vi e w to introducing a third party into this ven t u r e. Anglo Coal AngloGold, the Group’s 50.4% owned and independently continues to evaluate a possible participation in the proposed managed subsidiary, is the world’s leading gold producer. South Dunes Coal Terminal at Richards Bay in South Africa. While AngloGold will continue to seek new opportunities in South Africa, the gold mining industry in that country is Base Metals both relatively mature and has comparatively high cash costs Anglo Base Metals enjoyed an active year, in which the by international standards because of the depth underground programme to become a significant producer of zinc, copper of the majority of reserves. AngloGold is therefore also seeking and nickel was further advanced. With regard to zinc, the additional new international opportunities, both by acquisition US$280 million Lisheen project in Ireland began commissioning and through explorati o n . An important step was the acquisition in the fourth quarter.With the Skorpion project in Namibia, in December 1999 of Acacia Resources, an Australian gold the Black Mountain mine and the Gamsberg project in South producer of some 500,000 ounces per annum.
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