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Re-Imagining Mining to Improve People's Lives

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Re-Imagining Mining to Improve People's Lives STRATEGIC REPORT 2019 RE-IMAGINING MINING TO IMPROVE PEOPLE’S LIVES INTRODUCTION AND GROUP PERFORMANCE RE-IMAGINING MINING TO IMPROVE PEOPLE’S LIVES This is Anglo American’s clear and guiding Purpose, closely aligned with our longstanding reputation as a leader in sustainable mining and with the billions of people who rely on our products every day. At Anglo American, we are working to make a sustainable future a reality – combining integrity, creativity and smart innovation with the utmost consideration for all our stakeholders. We are focused on enhancing the quality of our business through the disciplined allocation of capital, while staying attuned to the demands and expectations of our changing world, so that we grow our business safely, sustainably and responsibly, for the benefit of all. Cover images 1. Thermal Coal’s Greenside colliery in South Africa has installed a 90 kWh solar farm grid which is SUSTAINABILITY linked to the national grid. The plant produces REPORT 2019 enough energy to power all the surface offices at the mine. 2. Our metals are the essential ingredients in smartphones, electric cars and wind turbines, MINING TO IMPROVE while also purifying traditional vehicle and PEOPLE’S LIVES other emissions. 3. Our Iron Ore business in Brazil continues to support several community projects. Here, STRATEGIC REPORT 1 2019 at a school near the Minas-Rio mine site in Minas Gerais, pupils plant seedlings in the 2 school garden’s greenhouse. 4. At Minas-Rio, equipment instructor MINING TO IMPROVE 3 Wanderlei de Oliveira examines data relating Other sources of information PEOPLE’S LIVES to the height definition training simulator You can find this report and others, including the featured in the background. 4 Sustainability Report and the Ore Reserves and 5. A Hyundai iX35 hydrogen fuel cell electric Mineral Resources Report, on our corporate website. 5 vehicle. The platinum catalyst in the vehicle’s fuel cell converts hydrogen to electricity, while For more information, visit: emitting only water. www.angloamerican.com/reporting Contents Strategic report 42 Capital allocation Other information 01 Group performance 44 Managing risk effectively 84 Other Anglo American 02 At a glance 50 Key performance indicators publications and legal disclaimers 04 Chairman’s statement 52 Group financial review 06 Chief Executive’s statement 56 De Beers 08 Our business model 60 Copper About this report 10 Understanding our stakeholders 64 Platinum Group Metals (PGMs) The Anglo American Strategic Report comprises the first 83 pages of the 12 Our material matters 68 Iron Ore Anglo American plc Integrated Annual Report 2019 and, therefore, does not 14 The purpose to reward journey 72 Coal provide sufficient information as to allow a full understanding of the results and the 16 Marketplace review 79 Nickel and Manganese state of affairs of the company. Shareholders should refer to the full Anglo American plc Integrated Annual Report 2019 and supplementary information, 20 Strategic element: Portfolio 83 Corporate and other which is available online at www.angloamerican.com/reporting. 26 Strategic element: Innovation 36 Strategic element: People Page references Where page references relate to content outside of this Strategic Report, please refer to the Anglo American plc Integrated Annual Report 2019. Group performance REVENUE UNDERLYING EBITDA◊ OPERATING PROFIT UNDERLYING EARNINGS PER SHARE◊ $29.9 bn $10.0 bn $6.2 bn $2.75 2019 $29.9 bn 2019 $10.0 bn 2019 $6.2 bn 2019 $2.75 2018 $27.6 bn 2018 $9.2 bn 2018 $6.1 bn 2018 $2.55 PROFIT ATTRIBUTABLE TO NET DEBT ◊ TOTAL DIVIDENDS ATTRIBUTABLE FREE EQUITY SHAREHOLDERS PER SHARE CASH FLOW◊ $3.5 bn $4.6 bn $1.09 $2.3 bn 2019 $3.5 bn 2019 $4.6 bn 2019 $1.09 2019 $2.3 bn 2018 $3.5 bn 2018 $2.8 bn 2018 $1.00 2018 $3.2 bn GROUP ATTRIBUTABLE ROCE◊ NUMBER OF FATALITIES TOTAL RECORDABLE CASE LEVEL 4-5 ENVIRONMENTAL FREQUENCY RATE (TRCFR) INCIDENTS 19% 4 2.21 0 2019 19% 2019 4 2019 2.21 2019 0 2018 19% 2018 5 2018 2.66 2018 1 Alternative Performance Measures Words with this symbol ◊ are defined in the Alternative Performance Measures section of the Integrated Annual Report 2019 on pages 228 to 231. Basis of reporting Units ‘Tonnes’ are metric tons, ‘Mt’ denotes million tonnes, ‘kt’ denotes thousand tonnes, ‘Mct’ The Anglo American plc Integrated Annual Report for the year ended 31 December 2019 is denotes million carats and ‘koz’ denotes thousand ounces; ‘$’ and ‘dollars’ denote US dollars produced in compliance with UK regulations. Additionally, we have compiled this report using and ‘cents’ denotes US cents. the Guiding Principles and Content Elements set out in the International Integrated Reporting Council’s <IR> Framework. Forward-looking statements Integrated Reporting aims to demonstrate how companies create value sustainably over time, This document includes forward-looking statements. For information regarding forward-looking for a range of stakeholders – consistent with Anglo American’s Purpose, business approach statements please refer to page 84 of this report. and strategy. This report, therefore, includes a comprehensive overview of our material matters, in the eyes of our stakeholders, and the impact these matters have on the value we create. Non-Financial Information Statement We aim to comply with the Non-Financial Reporting requirements contained in sections 414CA Measuring performance and 414CB of the Companies Act 2006. The table below is intended to guide stakeholders to Throughout the Strategic Report we use a range of financial and non-financial measures to where the relevant non-financial information is included within our Strategic Report and our assess our performance. A number of the financial measures are not defined under IFRS so Integrated Annual Report 2019. Further information on the basis of preparation of our they are termed ‘Alternative Performance Measures’ (APMs). We have defined and explained non-financial information can be found in our Sustainability Report 2019. the purpose of each of these measures on pages 228 to 231 of the Integrated Annual Report 2019, where we provide more detail, including reconciliations to the closest equivalent measure Non-financial information in this report includes companies, subsidiaries and joint operations under IFRS. These APMs should be considered in addition to, and not as a substitute for, or as over which the Anglo American Group has management or acts as operator. It does not include superior to, measures of financial performance, financial position or cash flows reported in independently managed operations, such as Cerrejón, Collahuasi and Samancor unless accordance with IFRS. specifically stipulated where there have been significant incidents. It also excludes De Beers’ non-managed joint operations in Namibia and Botswana. Reporting requirement Policies and standards Outcomes and additional information Page reference Environmental matters Safety, Health and Environment (SHE) Way and Policy Managing our environmental impacts 32 Climate Change Policy Disclosures related to the recommendations of the TCFD 33 and 238 Energy and GHG Emissions Standard Climate change 33-34 Water Policy and Water Management Standard Water 32 Mineral Residue Technical Management Standard Mineral residue management 32 Employees Code of Conduct Building a purpose-led culture 41 SHE Way and Policy Safety 38 HIV/AIDS Policy Health 39 Human rights Human Rights Policy Human rights 34 Social matters The Social Way Social performance 34 Responsible Sourcing Standard for Suppliers Supply chain 35 Supply Chain Local Procurement Policy Supply chain 35 Anti-corruption Code of Conduct Building a purpose-led culture 41 and anti-bribery Business Integrity Policy Business integrity 41 Principal risks Our business model 08-09 and impact of Our material matters 12-13 business activity Managing risk effectively 44-49 Non-financial KPIs Key performance indicators 50-51 Anglo American plc Strategic Report 2019 01 STRATEGIC REPORT AT A GLANCE OUR BUSINESS AT A GLANCE Anglo American is a leading global mining DIAMONDS COPPER PGMs company, with a world class portfolio of DE BEERS COPPER PLATINUM GROUP mining and processing operations and METALS undeveloped resources. $558 million $1,618 million $2,000 million ◊ ◊ ◊ We provide the essential metals and Underlying EBITDA Underlying EBITDA Underlying EBITDA minerals that enable a cleaner, greener, 6% 16% 20% more sustainable world and that meet the Group underlying EBITDA◊ Group underlying EBITDA◊ Group underlying EBITDA◊ growing consumer-driven demands of 30.8 Mct 2 2,051 koz the world’s developed and maturing Production (100% basis)(1) Greenfield projects Production platinum economies. And we do so in a way that not Peru (Quellaveco) For more information: Finland (Sakatti) 1,386 koz See page 56 only generates sustainable returns for our Production palladium shareholders, but that also strives to make 638 kt Production For more information: a real and lasting positive contribution See page 64 to society. For more information: See page 60 GLOBAL FOOTPRINT(2) 1 FINLAND CANADA UNITED KINGDOM SHANGHAI 1 COLOMBIA SINGAPORE BOTSWANA ZIMBABWE PERU BRAZIL 1 1 2 1 1 2 5 3 NAMIBIA CHILE 1 2 5 6 1 AUSTRALIA 2 SOUTH AFRICA (1) With the exception of Gahcho Kué, which is on an attributable 51% basis. (2) Number of operating mining assets/major projects under development per business unit. More detailed maps can be found in the business unit reviews on pages 56 to 82. 02 Anglo American plc Strategic Report 2019 BULK COMMODITIES AND OTHER
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