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Annual Report 2019

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ANGLO AMERICAN PLATINUM LIMITED INTEGRATED REPORT 2019 RE-IMAGINING MINING TO IMPROVE PEOPLE’S LIVES PURPOSE: RE-IMAGINING MINING TO IMPROVE PEOPLE’S LIVES We are guided by our purpose to “re-imagine mining to improve people’s lives”. Our purpose is our reason for being, and why we exist. The Platinum Group Metals that we mine provide tremendous benefit to society, from auto catalyst that clean up vehicle emissions, to cancer drugs and other medical devices; electronic components that are safer and more durable. For Anglo American Platinum, by re-imagining mining we will unlock the potential of our precious metals and people, to create a positive impact on people’s lives and the environment. The next phase of our strategy has been formulated to maximise margins, returns and cash flows within a changing market and competitor landscape – focused on: ^Operational efficiency improvements – achieving and beating world benchmarks and modernisation ^Break through opportunities – step-change through new technology ^Investing in our operations – East payback, high margin, value-enhancing and growth projects ^Market development – drive demand for new applications for PGMs. Refers to other pages in this report. SUPPORTING DOCUMENTATION ON THE WEBSITE Full annual financial statements (AFS) Full Ore Reserves and Mineral Resources report Environmental, social and governance (ESG) report Notice of annual general meeting www.angloamericanplatinum.com/investors/annual-reporting/2019 CONTENTS 1 Our business 3 Performance review 4 Governance 1 Our approach to reporting 56 Financial review 114 Leadership and governance 4 Group performance 65 Summarised consolidated statement 126 Audit and risk committee report 6 Operational footprint of financial position 130 Social, ethics and transformation 8 Our markets 66 Summarised consolidated statement committee report of comprehensive income 136 Nomination committee report 67 Summarised consolidated statement 140 Safety and sustainable 2 Business context and strategy of changes in equity development committee report 68 Summarised consolidated statement 146 Remuneration report 14 Adding value to South Africa’s of cash flows 170 Analysis of shareholders economy 69 Tax contribution through the life cycle 16 How we create value of a mine 171 Shareholders’ diary 18 Our value chain 70 Our economic contribution in 19 Managing our trade-offs for long-term South Africa 5 Appendices value 71 Our economic contribution in 20 Our strategy Zimbabwe 172 Administration 22 How we enhance value – delivering on 72 Operations overview our strategy 90 Process review 24 Stakeholders 94 Pillars of value 32 Our material issues 101 Key statistics 38 Our approach to risk and opportunity 106 Ore reserves and mineral resources management review 46 Chairman’s letter 50 Chief executive officer’s review 2 3 4 5 1 OUR APPROACH TO REPORTING Our business OUR APPROACH TO REPORTING Amplats is a member of the global Anglo American plc group, guided by the purpose and values of our parent while considering the complexities of the PGM industry in developing our strategic priorities. The synergies created by a common purpose, shared values and strategic focus underpin significant benefits for all stakeholders (page 15). This report sets out our approach to governance and key decisions in the review period, as well as progress against strategic goals, with additional information on our website. For completeness, we discuss risks, opportunities and trade-offs between our capitals under each strategic element, as well as the relationships between external and internal factors that enable Amplats to create value. We detail our outlook, again considering the risks, opportunities and trade-offs, to give stakeholders a balanced view of our group and its prospects. ANGLO AMERICAN PLATINUM LIMITED ANGLO AMERICAN PLATINUM LIMITED ANGLO AMERICAN PLATINUM LIMITED ANGLO AMERICAN PLATINUM LIMITED INTEGRATED ENVIRONMENTAL, AUDITED ANNUAL ORE RESERVES AND REPORT 2019 SOCIAL AND FINANCIAL MINERAL RESOURCES GOVERNANCE REPORT STATEMENTS 2019 REPORT 2019 2019 RE-IMAGINING RE-IMAGINING RE-IMAGINING RE-IMAGINING MINING TO MINING TO MINING TO MINING TO IMPROVE IMPROVE IMPROVE IMPROVE PEOPLE’S LIVES PEOPLE’S LIVES PEOPLE’S LIVES PEOPLE’S LIVES INTEGRATED REPORT ESG REPORT ANNUAL FINANCIAL ORE RESERVES AND Our annual integrated report Provide a detailed account STATEMENTS MINERAL RESOURCES provides a holistic assessment of of performance covering key The audited annual financial REPORT the group’s ability to create value. environmental, social and statements present statutory In line with the JSE Listings governance elements, in and regulatory information Requirements, Amplats prepared It includes information from the accordance with core required by the company’s Mineral Resource and Ore annual financial statements and requirements of the stock exchange listing. Reserve statements for all its supplementary reports, Global Reporting Initiative assets as per the SAMREC Code particularly the environmental, (GRI Standard). guidelines and definitions social and governance (ESG) (2016 edition). Competent report which covers non-financial persons assume responsibility aspects that could have a material for Mineral Resource and Ore impact on our performance and Reserve statements. our business if not managed effectively. The report is developed for a range of stakeholders, including employees, local communities, non-governmental organisations (NGOs), customers, investors and government. FORWARD-LOOKING STATEMENTS DISCLAIMER Certain elements in this integrated report constitute forward-looking statements. These are typically identified by terminology such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘intends’, ‘estimates’, ‘plans’, ‘assumes’ and ‘anticipates’, or negative variations. Such forward-looking statements are subject to a number of risks and uncertainties, many beyond the company’s control and all based on the company’s current beliefs and expectations about future events. Such statements could cause actual results and performance to differ materially from expected results or performance, expressed or implied. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the company and its subsidiaries. Anglo American Platinum Limited Integrated Report 2019 1 OUR APPROACH TO REPORTING OUR APPROACH TO REPORTING CONTINUED This integrated report is one of our primary communications with stakeholders. While it is prepared mainly for providers of capital and shareholders, financial information is balanced with commentary on our most material sustainability issues for a holistic view of the company. This report covers the 12 months to 31 December 2019 and follows a similar report for the year to 31 December 2018. REPORTING PRINCIPLES AND APPROACH Our integrated report is structured against the framework of the International Integrated Reporting Council (IIRC) and considers its guiding principles: STRATEGIC FOCUS CONSISTENCY AND RELIABILITY AND CONNECTIVITY OF AND FUTURE ACCOUNTABILITY COMPARABILITY COMPLETENESS INFORMATION ORIENTATION Year-on-year comparisons Insight on how our Our leaders are Our leaders provide This report is a holistic demonstrate progress strategy influences our accountable for the assurance that this report view of Amplats, towards our strategic goals. ability to create value in company’s actions, and includes all our material covering financial, the short, medium and they are the custodians priorities in a balanced operational and long term. of our governance way, and without material non-financial aspects. framework. The error. governance structures and key issues they dealt with in 2019 are detailed from page 114. This report includes disclosure on all entities in our consolidated These may be related to our internal or external environments, financial statements, but excludes non-financial data on our significant risks and opportunities identified in our integrated risk joint ventures. management process (page 38), or issues important to stakeholders (page 24). For completeness, we also consider threats, opportunities and outcomes emanating from other entities or stakeholders with To identify as many relevant matters as possible, we took a a significant effect on our ability to create value. three-pronged approach: ^Internal materiality review We disclose our performance across all platinum group metals ^External materiality review (PGMs, expressed as platinum, palladium, rhodium, gold, iridium ^Materiality workshop. and ruthenium metal-in-concentrate) to better reflect the basket of metals we produce. The prioritisation of our material issues was reviewed and REPORT CONTENT confirmed by the executive committee and then by the board. As noted, in 2019 we report against our strategic progress, after Our business model (page 16) illustrates how Amplats considers repositioning our business in recent years to establish the platform the capitals – financial, manufactured, human, social and for sustainable growth in the next phase of our strategy. relationship, natural and intellectual – articulated by the IIRC in Importantly, given the recent spate of corporate failures and creating value, as well as the trade-offs. scandals, we have elected to expand disclosure on our approach DETERMINING THE REPORTING BOUNDARY to governance and key decisions in the review period, to highlight In line with the IIRC framework, in determining the
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