AngloAmerican Results Presentation Deck
Footnotes
1. Recordable incidents. Data relates to subsidiaries and joint operations over which Anglo American has
management control. Data for fatalities, TRIFR and environmental metrics excludes results from De
Beers' joint operations in Namibia and Botswana. 2021 fatalities was previously restated as a colleague
tragically passed away in 2022 following complications after an accident in 2021.
2. Total Recordable Injury Frequency Rate per million hours worked.
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3.
New cases of occupational disease.
Environmental incidents are classified in terms of a 5-level severity rating. Incidents with medium, high
and major impacts, as defined by standard internal definitions, are reported as level 3-5 incidents.
5. Energy and emissions data has been restated to exclude Thermal Coal South Africa. Emissions refers to
Scopes 1 and 2.
While sites are assessed annually against all requirements applicable to their context, for consistency
during the transition period, the metric reflects performance against the Social Way foundational
requirements.
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Metrics on an underlying basis - before special items and remeasurements adjusted to include the
Group's attributable share of associates' and joint ventures' results. Group EBITDA also includes Crop
Nutrients, third party thermal coal, shipping, exploration expenditure and unallocated corporate costs.
Copper equivalent production is calculated including the equity share of De Beers' production and using
long-term consensus parameters. It is normalised to reflect the demerger of the South Africa thermal
coal operations and the sale of our interest in Cerrejón. Future production levels are indicative and
subject to final approval, see Cautionary Statement slide. 2024F growth vs 2022 updated from Dec-22
investor update presentation to reflect higher 2022 performance.
Margin represents the Group's underlying EBITDA margin for the mining business. It excludes the impact
of non-mining activities (eg PGMs purchases of concentrate, sale of non-equity product by De Beers,
third party trading activities performed by Marketing) & at Group level reflects Debswana accounting
treatment as a 50/50 joint operation. Mining margin for De Beers on a stand alone basis is based on
proportionate consolidation of mining businesses in De Beers only.
Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base
divided by copper equivalent production. Copper equivalent unit cost is normalised to reflect the
demerger of the South Africa thermal coal operations and the sale of our interest in Cerrejón.
$2.4bn base dividend represents the dividend declared in respect of FY2022, of which $1.5bn was paid
out during H2 2022 in respect of H1 2022. $2.4bn allocated to discretionary capital options includes
$0.8bn additional returns (dividends and completion of buyback) paid out in respect of FY2021
earnings.
Attributable ROCE is defined as attributable underlying EBIT divided by average attributable capital
employed. It excludes the portion of the return and capital employed attributable to non-controlling
interests in operations where the Group has control but does not hold 100% of the equity.
Base metals consists of Copper (Chile and Peru) and Nickel.
13.
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Bulks consists of Iron Ore, Steelmaking Coal and Manganese.
15. Price variance calculated as increase/(decrease) in price multiplied by current period sales volume.
16. Inflation variance calculated using CPI on prior period cash operating costs that have been impacted
directly by inflation.
Volume plus cost. Volume: increase/(decrease) in sales volumes multiplied by prior period EBITDA
margin (ie flat unit costs, before CPI). For assets with no prior period comparative (eg in
mp up) all
EBITDA is included in the volume variance. Cost: change in total USD costs before CPI inflation.
18. Other includes the impact of items such as maintenance, deferred stripping and stock movements.
19. Includes $175m community social investment spend not shown on slide.
17.
Anglo American
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33.
Taxes and royalties include all taxes and royalties borne and collected by the Group. This includes
corporate income taxes, withholding taxes, mining taxes and royalties, employee taxes and social
security contributions and other taxes, levies and duties directly incurred by the Group, as well as taxes
incurred by other parties (eg customers and employees) but collected and paid by the Group on their
behalf. Figures disclosed are based on cash remitted, net of entities consolidated for accounting
purposes, plus a proportionate share, based on the percentage shareholding, of joint operations. Taxes
borne and collected by equity accounted associates and joint ventures are not included.
Indicative only. Subject to further studies and Board approval.
Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from
disposal of property, plant and equipment and includes direct funding for capital expenditure from non-
controlling interests. Consequently, for Quellaveco, growth capex reflects our attributable share.
Collahuasi desalination capex shown includes related infrastructure. Guidance includes unapproved
projects and is, therefore, subject to progress of growth project studies. Refer to appendix for more
details.
34.
Sustaining attributable free cash flow is defined as net cash inflows from operating activities net of
capital expenditure (sustaining/lifex only), net interest paid, dividends paid to minorities and capital
repayment of lease obligations.
Source: Climate Action Tracker https://climate actiontracker.org/global/temperatures/. Data was
originally published in November 2022, is protected by copyright and is published in this document with
consent of Climate Analytics and NewClimate Institute. The data is based on the median of the
combined low and high ends of current policy projections.
Source: Anglo American internal analysis, based on sector outlooks in Wood Mackenzie's 1.5 Degree
Scenario, March 2022.
Source: Wood Mackenzie's 1.5 Degree Scenario, M&M Corporate Service, March 2022. Includes copper,
aluminum, iron ore, zinc, nickel, lithium, cobalt, manganese, rare earths, bulk and noble alloys. Rounded to
the nearest $100bn.
31. Long term 2023 real terms premia at 13Mtpa based on risk-weighted price outcomes.
Long term 2023 real terms price at 13Mtpa based on a blend substitution pricing methodology (see
footnote 30 for more details) plus a premia based on risk-weighted price outcomes.
32.
Including Inferred Mineral Resources. Reserve Life is 27 years. Indicative, subject to further studies and
Board approval.
Refer to the Anglo American plc Ore Reserves and Mineral Resources Report 2022 for more details
(published 6 March 2023).
Production is subject to any subject to any socio-political effects and full ramp-up.
Progress as at mid-February 2023.
Subject to studies and final design.
Long term 2023 real terms at 13Mtpa based on a blend substitution pricing methodology, which
assesses whether a current fertiliser blend can be reassembled with the inclusion of POLY4 and the
resulting price a purchaser would be willing to pay for the POLY4 without changing the total cost of the
blend. In many cases, the inclusion of POLY4 offers further benefits such as providing Mg, Ca and
micronutrients, enhancing the blend at no further cost.
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