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Anglo American plc Annual Report 2006 Annual Report 2006 Report Annual Anglo American: Delivering our strategic goals Anglo American plc 20 Carlton House Terrace London SW1Y 5AN England Telephone +44 (0)20 7968 8888 Fax +44 (0)20 7968 8500 Registered number 3564138 www.angloamerican.co.uk ANGLO AMERICAN plc ANNUAL REPORT 2006 Anglo American – a global leader in mining Our products are essential parts of modern life Anglo American is committed to operating in a profi table, sustainable and responsible way Contents Highlights of 2006 01 Anglo American at a glance 02 Chairman’s statement 04 Chief executive’s statement 06 Operating and fi nancial review 09 The Company – overview and strategy 10 Financial performance during the year 33 Resources 49 Principal risks and uncertainties 52 Directors’ report 56 Corporate governance 59 Remuneration report 66 Financial statements Independent auditors’ report 86 Principal statements 88 Notes to fi nancial statements 92 Ore reserves and mineral resources 128 Production statistics 150 Exchange rates and commodity prices 155 Key fi nancial data 156 Summary by business segment 157 Shareholder information 159 Other Anglo American publications 160 Highlights of 2006 $)6)$%.$30%23(!2%53CENTS 5.$%2,9).'%03 53 %")4$! 53M 33 67 1536 15 39 19 51 28 62 33 75 1.25 1.20 1.87 2.58 3.73 4,792 4,785 7,031 8,959 12,197 • &INAL • 3PECIAL •)NTERIM 1 UK GAAP • Record underlying earnings* of $5.5 billion, a 46% increase over 2005 • Operating profi t* increased to $9.8 billion, up 54%, with record production levels for platinum group metals, zinc, coal and iron ore; highest ever profi t contributions from Base Metals, Platinum and ongoing Ferrous Metals business • Cost savings of $583 million achieved, despite ongoing industry cost pressures • Cash generation at a record level: EBITDA* of $12.2 billion, up $3.2 billion. Net debt down 33% to $3.3 billion • $6.9 billion approved project pipeline, includes the following major projects: • Coal: Dawson ($426 million), Lake Lindsay ($361 million) • Platinum: Potgietersrust ($692 million), Amandelbult ($224 million) • Diamonds: Snap Lake ($395 million), Victor ($375 million) • Ferrous Metals: Sishen Expansion (SEP) ($754 million) • Base Metals: Barro Alto ($1.2 billion) • Normal dividends up 20% to 108 US cents per share Special dividend up 103% to 67 US cents per share • Additional buyback of $3 billion announced in early 2007, following $7.5 billion announced in 2006, totalling $10.5 billion * Basis of calculation of underlying earnings is set out in note 11 to the fi nancial statements. Operating profi t includes share of associates’ operating profi t (before share of associates’ tax and fi nance charges) and is before special items and remeasurements unless otherwise stated. EBITDA is operating profi t before special items, remeasurements, depreciation and amortisation in subsidiaries and joint ventures and share of EBITDA of associates. EBITDA is reconciled to cash infl ows from operations in the fi nancial statements below the consolidated statement of recognised income and expense. Throughout this report 2002 and 2003 are presented under UK GAAP. 2004, 2005 and 2006 results are presented under IFRS. Unless otherwise stated, throughout this report ‘$’ and ‘dollar’ denote US dollars. Anglo American plc Annual Report 2006 | 01 ANGLO AMERICAN plc ANNUAL REPORT 2006 ANGLO AMERICAN AT A GLANCE Anglo American is a global leader in mining, focused on adding value for shareholders, customers, employees and the communities in which it operates The Group has a range of high quality, core mining businesses covering platinum, diamonds, coal, base and ferrous metals and industrial minerals OUR BUSINESSES Platinum Diamonds Base Metals Ferrous Metals Business profi le Business profi le Business profi le Business profi le • The world’s largest primary • De Beers accounts for about • Comprises primarily copper, • Operations are mainly producer of platinum, 40% by value of global nickel, zinc and mineral in southern Africa, accounting for around 40% rough diamond production. sands operations. South America, Canada of the world’s newly mined • The world’s largest supplier • Operates in South America, and Australia. platinum output. and marketer of gem southern Africa and Ireland. • Businesses produce iron diamonds. ore, manganese and steel Products and uses Products and uses products for the mining • Primarily used in Products and uses • Copper is used mainly in sector. autocatalysts and jewellery. • The majority of cuttable wire and cable, as well as • Also used in chemical, diamonds are used in in brass, tubing and pipes. Products and uses electrical, electronic, glass jewellery. • Zinc is chiefl y used for • Iron ore is the basic raw and petroleum industries • Some natural stones are galvanising. material used in steel and medical applications. used for industrial purposes • Nickel is mostly used in the production. such as cutting, drilling and production of stainless steel. • Manganese and vanadium other applications. are key components in steelmaking. 02 | Anglo American plc Annual Report 2006 KEY Geographical locations • Platinum • Diamonds • Base Metals • Ferrous Metals • Coal • Industrial Minerals • Gold • Paper and Packaging ■ Indicates countries in which exploration is currently under way EXPLORATION OTHER BUSINESSES Coal Industrial Minerals Exploration Gold Business profi le Business profi le As one of the major diversifi ed Business profi le • Anglo Coal is one of the • Tarmac is the No. 1 UK mining groups, Anglo • AngloGold Ashanti is a world’s largest private sector producer of aggregates and American’s exploration major world gold producer. coal producers and exporters. asphalt and a leading activities cover many parts of • It has 22 operations in • Its operations are in South producer of ready-mixed the globe. In its constant ten countries. Africa, Australia, Colombia concrete. search for minerals, Anglo and Venezuela. • Its operations are primarily American is currently Products and uses in the UK, continental Europe prospecting in more than 30 • Fabricated gold is used in Products and uses and the Middle East. countries. In addition to its jewellery, electronics, dentistry, • About 40% of all electricity focus on areas surrounding its decorations, medals and coins. generated globally is Products and uses existing mining operations, powered by coal. • Tarmac is involved in the Anglo American is now looking • Around 66% of the world’s production of crushed rock, at relatively unexplored new Paper and steel industry uses coal and sand, gravel, concrete and frontiers, including in the Arctic Packaging it is an important fuel for mortar, lime, cement and region through an arc stretching other industries. concrete products. from Alaska to the Russian far Business profi le • Copebrás is a Brazilian east. During 2006, over • Mondi is an integrated paper producer of phosphate $250 million was spent on and packaging group. fertilisers. exploration – $53 million on • Its operations and interests base metals, $30 million on are worldwide. platinum, $24 million on coal, $9 million on ferrous metals Products and uses and $140 million by De Beers. • Mondi makes packaging and offi ce papers, board, converted packaging and newsprint. Anglo American plc Annual Report 2006 | 03 ANGLO AMERICAN plc ANNUAL REPORT 2006 CHAIRMAN’S STATEMENT ‘Another strong year for the Group with record profi ts and laying the foundation for signifi cant future growth.’ 2006 was another strong year for Anglo American. The Group returned record profi ts and laid the foundations for further growth. A number of major projects were initiated, adding to the strength of the pipeline and a $7.5 billion return of capital was announced in 2006, underlining the Group’s strong balance sheet Progress was made in delivering Tony Trahar has made a pivotal on our strategy of becoming a contribution to Anglo American’s more focused mining group. growth and development at a A number of the steps required crucial time in its history. Over to complete the restructuring the last seven years he has involve complex regulatory presided over a major issues but I am confi dent that streamlining of the Group’s these will be successfully interests, including through managed and substantive a signifi cant programme of further progress made by the acquisitions and disposals. middle of 2007. Moreover, through some shrewd acquisitions, organic growth An important development opportunities and improved cost will be the appointment of control, shareholder returns Cynthia Carroll, who will succeed have been signifi cantly Tony Trahar as chief executive improved. He leaves the on 1 March 2007. The Board Company in good health and was seeking a candidate with poised for a new phase in its experience in a capital intensive development. The Board is industry with long investment grateful to him for his horizons. It identifi ed three contribution over many years that the intensive training drive signifi cantly during 2006 critical factors: a track record of with the Group. undertaken at all management amongst policy makers and operational excellence and of and supervisory levels during the public. Business must growing a global business; an The fi rst three quarters of 2006 the year to embed the Anglo play its part in driving more ability to give new momentum saw a signifi cant improvement Safety Way will yield results effi cient energy use and in the to our work in transforming the in our safety performance in 2007. Some 20 sites have adoption of new technologies. culture of the Group, within South but the record once again undertaken safety peer reviews. However, this involves Africa and beyond; and an ability deteriorated in the fi nal quarter. The lessons emerging from substantial long term investment to work well with governments Despite the strong focus on these will be acted upon across and greater certainty about the and other stakeholders. Cynthia safety during the year only the Group. post Kyoto policy framework is Carroll met these criteria a small improvement in the urgently needed.
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