Anglo American Plc · LSE:AAL
Anglo American — H1 2024 Earnings Presentation
89 slides from Anglo American's earnings presentation, Jul 25, 2024
Slide 1: 25 July 2024
25 July 2024
Slide 2: Cautionary statement
Interim results 2024 Cautionary statement Disclaimer: This document has been prepared by Anglo American plc (“Anglo American”) and comprises the written materials/slides looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forwar
Slide 3: Agenda
Interim results 2024 Agenda H1 2024 operating performance Duncan Wanblad, Chief Executive H1 2024 financial performance John Heasley, Finance Director Accelerating value delivery Duncan Wanblad © Anglo American, 2024 3
Slide 4: Accelerating the delivery of our strategy
Interim results 2024 Accelerating the delivery of our strategy Operational excellence Portfolio simplification Growth Reset mine plans Focus on copper, Outstanding & organisation design premium iron ore growth potential across & crop nutrients the three businesses Creating a leading, future-enabling
Slide 5: Operating performance
NEW PICTURE Operating performance Duncan Wanblad © Anglo American, 2024 5
Slide 6: Safety is our most important value
Interim results 2024 Safety is our most important value Continuing to drive down injury rates Increased leadership time in the field TRIFR1,2 2.24 The Operating Model underpins well planned work, with a 2.19 human centered approach to process & equipment design Focus on contractor performance manage
Slide 7: Operating Model underpins delivery of operational excellence
Interim results 2024 Operating Model underpins delivery of operational excellence Planning Define the most cost-effective plans to operate the business & deliver on budget Operational Execution excellence Deliver the right work, at the right time and in the right way, at the lowest possible cost Con
Slide 8: Operational excellence focus to continuously improve safety, consistency & competitiveness
Interim results 2024 Operational excellence focus to continuously improve safety, consistency & competitiveness Planning Execution Continuous improvement Execution Increasing planned Reducing Example: Addressing high-impact corrective maintenance overall losses conveyor stoppages % planned of all co
Slide 9: Strong H1 2024 operating performance
Interim results 2024 Strong H1 2024 operating performance Copper ↑2% Iron Ore -% PGMs ↓5% Strong operational delivery Minas-Rio maintaining Focused on delivering across the assets strong operational performance value optimised mine plans Quellaveco mine plan Kumba performance aligned Strong processi
Slide 10: Protracted recovery in the diamond market impacted by economic pressure
Interim results 2024 Protracted recovery in the diamond market impacted by economic pressure Macroeconomic situation significantly LGD price falls accelerating – key step impacting natural diamond demand towards market bifurcation Demand growth for natural diamond jewellery6 Average USD retail price
Slide 11: Production suspended at Grosvenor following underground fire
Interim results 2024 Production suspended at Grosvenor following underground fire All emergency protocols followed, with workforce safely evacuated Safety always Counselling & other support offered to workforce across all sites comes first Extensive environment monitoring & community engagement ongo
Slide 12: Financial performance
Financial performance John Heasley © Anglo American, 2024 12
Slide 13: Stable operating performance delivering resilient financial results despite weaker prices
Interim results 2024 Stable operating performance delivering resilient financial results despite weaker prices Group basket price Unit costs10 10% 4% Production8 EBITDA 9 1% $5.0bn 3% Revenue9 EBITDA margin 11 $15.2bn 8% 33% 2pp ROCE12 EPS9 Interim dividend Net debt 14% $1.06 42 cents $11.1bn
Slide 14: Improved cost performance offset by lower prices
Interim results 2024 Improved cost performance offset by lower prices EBITDA9 0.1 (0.1) 0.7 $bn (0.4) 0.1 (0.1) 0.2 (0.2) 0.4 (0.1) 0.2 (0.6) (0.1) PGMs Corporate SMC Copper De Beers Other Volume Iron Ore PGMs De Beers SMC Other Price savings Chile & cost impact impact 5.1 (0.1) 5.0 (0.6) 0.7 0.2 (0
Slide 15: Operational excellence offsetting inflation on stable volumes
Interim results 2024 Operational excellence offsetting inflation on stable volumes 4% unit cost improvement 10 Focusing on total cost base to drive margin improvement H1 2024 vs H1 2023 unit costs Total costs -1.3 $bn One-off fleet costs at 11.5 Minas-Rio; Kumba flat 10.2 Venetia 35% transition 3% U
Slide 16: ~$1.8bn of sustainable costs savings on track to be delivered
Interim results 2024 ~$1.8bn of sustainable costs savings on track to be delivered 17 1 2 3 ~$0.5bn pa ~$0.5bn pa17 ~$0.8bn pa from corporate streamlining operational savings further cost benefits Run-rate savings $0.2bn run-rate realised in H1; Largely to be delivered on delivered in H1 on track fo
Slide 17: Strong margins in our copper & premium iron ore businesses
Interim results 2024 Strong margins in our copper & premium iron ore businesses supporting Group EBITDA margin of 33% Nickel Copper Iron Ore Steelmaking Coal 1% $2.0bn $1.4bn 12% 53% margin 43% margin De Beers Copper 6% 41% PGMs De Beers EBITDA $0.7bn $0.3bn PGMs contribution 24% margin 13% margin 1
Slide 18: Other financials
Interim results 2024 Other financials Effective tax rate18 Impacts from special items include: 40.3% vs 37.0% in H1 2023 $1.6bn impairment of Woodsmith owing to development slowdown Driven by: Grosvenor carrying value of $1.3bn under • profit mix – more from review subject to assessing the impact of
Slide 19: On track to deliver full year capex guidance
Interim results 2024 On track to deliver full year capex guidance Capex19 $bn 5.7 ~5.7 Growth 1.3 ~1.2 H1 growth spend driven by $0.5bn at Woodsmith H1 sustaining spend driven by tailings filtration 2.9 plant at Minas-Rio & Collahuasi desalination plant 0.7 Sustaining 4.4 ~4.5 Full year capex expect
Slide 20: Sustaining attributable free cash flow benefitting from improved cash conversion
Interim results 2024 Sustaining attributable free cash flow benefitting from improved cash conversion Cashflows Working capital release Cash conversion21 $bn 0.3 (0.1) 0.6 Lower receivables due to pricing & 86% 0.4 faster collection +34pp vs H1 2023 Iron Ore Copper Other 5.0 5.2 0.6 (0.2) (0.2) (0.9
Slide 21: Robust balance sheet – focused on strict cost & capex management
Interim results 2024 Robust balance sheet – focused on strict cost & capex management to support deleveraging Net debt $bn 11.1 10.6 0.5 (1.2) 0.5 $15.7bn liquidity 0.7 Focused on significant cost & capital savings to drive sustainable improvement in cash generation 1.1x net debt:EBITDA9, within 1.5
Slide 22: Key financial messages
Interim results 2024 Key financial messages 1 Costs 2 Capital 3 Leverage 4 Returns Unit costs down 4%10 $1.6bn capex savings $15.7bn liquidity 40% dividend payout 2024-2622 ~$1bn pa opex savings by Opportunities to optimise Net debt : EBITDA of 1.1x end of 202417 on track sustaining capex ~$0.8bn pa
Slide 23: Accelerating value delivery: Portfolio transformation
Accelerating value delivery: Portfolio transformation Duncan Wanblad © Anglo American, 2024
Slide 24: Accelerating the delivery of our strategy
Interim results 2024 Accelerating the delivery of our strategy Operational excellence Portfolio simplification Growth Reset mine plans Focus on copper, Outstanding & organisation design premium iron ore growth potential across & crop nutrients the three businesses Creating a leading, future-enabling
Slide 25: A simplified portfolio daylights value of world class assets
Interim results 2024 A simplified portfolio daylights value of world class assets in future-enabling products Copper Copper Quellaveco Los Bronces 54% Collahuasi Sakatti Premium Iron Ore Current CuEq 2030F8 Minas-Rio Kumba production8 Serpentina 46% Crop nutrients Woodsmith Premium iron ore © Anglo
Slide 26: A compelling value proposition for our shareholders
Interim results 2024 A compelling value proposition for our shareholders Portfolio & Outstanding High quality Efficiency & Clear pathway structure organic growth financial profile accountability to deliver transformation options step change 3 products >1Mtpa 31% 11 Proven >50% copper 23 Copper poten
Slide 27: Transformation of our relative cost position underpins a more resilient business
Interim results 2024 Transformation of our relative cost position underpins a more resilient business 2023 EBITDA costs + SIB26 $/t CuEq 12,000 10,000 2023 Anglo American 8,000 Proforma Proforma Anglo American 6,000 Anglo American (incl. Woodsmith) 4,000 2,000 10 20 30 40 50 60 70 80 Peers Other ass
Slide 28: Value-focused approach to sustainability unlocks growth options
Interim results 2024 Value-focused approach to sustainability unlocks growth options Sustainability Innovation Committed to profitable & sustainable outcomes Quellaveco Woodsmith Sakatti © Anglo American, 2024 28
Slide 29: Shareholders to gain full value from portfolio changes
Interim results 2024 Anglo American’s shareholders to gain full value from portfolio changes Portfolio transformation to be delivered at pace by end 2025, while safeguarding shareholder value Steelmaking Coal Nickel PGMs De Beers Divestment Divestment Demerger Divestment or demerger Process under wa
Slide 30: Accelerating value delivery: Growth
Accelerating value delivery: Growth Duncan Wanblad © Anglo American, 2024
Slide 31: Pathway to >1Mtpa of copper production
Interim results 2024 Pathway to >1Mtpa of copper production: well-sequenced growth options supporting multi-decade production Track record of Collahuasi 50- expansion ~1Mt 24 delivering 40- ~100 100 production growth ~20 50 ~760 27 ~150 ~25 Further expansion potential at Quellaveco being evaluated 2
Slide 32: Focused exposure to premium iron ore, with extensive growth optionality
Interim results 2024 Anglo American has focused exposure to premium iron ore, with extensive growth optionality Anglo American’s products are supporting Serpentina is a high value option to double steel industry decarbonisation Minas-Rio’s DRI-grade iron ore production Premium grade (>63% Fe) as % o
Slide 33: Woodsmith: development slowdown enables deleveraging & project optimisation
Interim results 2024 Woodsmith: development slowdown enables deleveraging & project optimisation Slowdown preserves long-term value Significantly reduced capital spend during slowdown Two 1.6km deep shafts: Production shaft paused at ~712m & entering C&M Service shaft at ~745m; intersect sandstone s
Slide 34: Wrap-up
Wrap-up Duncan Wanblad © Anglo American, 2024 34
Slide 35: Clear strategic priorities to deliver value through the cycle
Interim results 2024 Clear strategic priorities to deliver value through the cycle Immediate & ongoing Working at pace Longer term 1. Operational excellence 2. Portfolio simplification 3. Growth delivery Execution underpinned by our differentiated capabilities & disciplined approach to capital alloc
Slide 36: Anglo American delivers
Interim results 2024 Anglo American delivers Unlocking Leading future- shareholder value enabling growth Delivering Enabled by world attractive returns class capabilities © Anglo American, 2024 36
Slide 37: Standard international dial-in
Standard international dial-in: +44 20 3481 4247 South Africa: +27 105 348 155 United Kingdom: +44 20 3481 4247 USA & Canada: +1 800 715 9871 Conference ID: 7778732
Slide 38: Footnotes
Interim results 2024 Footnotes 1. Data relates to subsidiaries and joint operations over which Anglo American has management 16. De Beers unit cost is for consolidated share of production & operating costs. control. Data excludes results from De Beers’ joint operations in Namibia and Botswana. 17. ~
Slide 39: Appendix
Appendix © Anglo American, 2024 39
Slide 40: Simplified earnings and guidance
Simplified earnings and guidance © Anglo American, 2024 40
Slide 41: H1 2024 simplified earnings by Business
Interim results 2024 - appendix H1 2024 simplified earnings by Business De Beers - Steelmaking $m (unless stated) Copper1 Iron Ore2 PGMs Nickel Other3 Total Diamonds Coal Sales volume (mined share) 391kt 29.5Mt 1,218koz4 11.9Mct5 7.9Mt6 19.0kt Average benchmark price $9,083/t7 $123/t8 n/a n/a $252/t
Slide 42: H1 2024 simplified earnings by Business - notes
Interim results 2024 - appendix H1 2024 simplified earnings by Business - notes Iron Ore realised price PGMs basket price Steelmaking Coal blended price Own mined Market price Sales Volume Total Iron Ore Kumba Minas-Rio PGMs basket Realised price Volume Revenue HCC $276/t 6.2Mt Market price8 $123/t
Slide 43: Guidance summary
Interim results 2024 - appendix Guidance summary Earnings Capex1 Capex split for retained businesses4 Volumes See slide 44-45 2024 ~$5.7bn ~5.7 Growth ~$1.2bn Unit costs See slide 46 Sustaining ~$4.5bn ~4.9 • Baseline ~$3.4bn • Lifex ~$0.7bn ~4.3 2024 depreciation $3.0-3.2bn • Collahuasi desalinatio
Slide 44: Production outlook
Interim results 2024 - appendix Production outlook Units 2022 2023 H1 2024 2024F 2025F 2026F Copper1 kt 664 826 394 730-790 690-750 760-820 Iron Ore2 Mt 59 60 31 58-62 57-61 58-62 Platinum Group Metals3 Moz 4.0 3.8 1.8 3.3-3.7 3.0-3.4 3.0-3.4 Diamonds4 Mct 35 32 13 23-26 30-33 32-35 (previously 26-2
Slide 45: Production outlook – supplementary guidance
Interim results 2024 - appendix Production outlook – supplementary guidance Units 2022 2023 H1 2024 2024F 2025F 2026F Chile: 562 Chile: 507 Chile: 247 Chile: 430-460 Chile: 380-410 Chile: 440-470 Copper1 kt Peru: 102 Peru: 319 Peru: 147 Peru: 300-330 Peru: 310-340 Peru: 320-350 Iron Ore (Kumba)7 Mt
Slide 46: Unit costs outlook by Business
Interim results 2024 - appendix Unit costs outlook by Business Copper (C1 c/lb)1 Iron Ore (FOB $/t)2 PGMs ($/PGM oz)3 Chile: Chile: Chile: 166 38 Kumba: Kumba: Kumba: 968 976 200 152 176 ~157 ~190 37 ~37 ~38 ~920 41 39 Peru: Peru: Peru: M-R: M-R: M-R: 111 112 ~110 33 33 ~35 2023 H1 2024 2024F 2023 H
Slide 47: Earnings sensitivities
Interim results 2024 - appendix Earnings sensitivities Impact of 10% Sensitivity analysis – H1 20241 change in price / FX Commodity / Currency 30 June spot Average realised 6-month EBITDA ($m) Copper (c/lb)2 430 429 359 3 4 Iron Ore ($/t) 107 93 258 Platinum ($/oz) 1,012 964 57 Palladium ($/oz) 972
Slide 48: Capex guidance
Interim results 2024 - appendix Capex guidance Capex1 ($bn) Growth2 ~1.2 ~0.5 Collahuasi desal ~0.4 ~0.2 ~0.3 Lifex ~0.7 ~0.7 ~0.5 Baseline sustaining ~3.4 ~3.5 ~3.5 3.0-3.5 + lifex 2024F 2025F 2026F Long-term3 Totals ~5.7 ~4.9 ~4.3 1. Cash expenditure on property, plant and equipment including rela
Slide 49: Life extension capex
Interim results 2024 - appendix Life extension capex Major components of lifex¹ ($bn) Guidance ~0.7 ~0.7 ~0.5 Mototolo – Der Brochen2 (PGMs) ~0.1 ~0.1 Venetia (Diamonds) ~0.3 ~0.3 ~0.1 ~0.1 Jwaneng3 (Diamonds) Mogalakwena4 (PGMs) ~0.1 ~0.1 ~0.1 2024F 2025F 2026F Forecast Returns Capex (pa) Volume (p
Slide 50: Key projects driving growth capex
Interim results 2024 - appendix Key projects driving growth capex Major components of growth capex¹ ($bn) Guidance ~1.2 ~0.5 ~0.3 Collahuasi2 (Copper) ~0.1 Woodsmith3 (Crop Nutrients) ~0.9 ~0.2 ~0.2 ~0.1 Technology & innovation4 ~0.2 ~0.1 ~0.1 2024F 2025F 2026F Capex1 Volume (pa) From1 Growth option
Slide 51: Key operations
Key operations © Anglo American, 2024 51
Slide 52: Three world-class mines in South America
Interim results 2024 - appendix Three world-class mines in South America Collahuasi Quellaveco Los Bronces 44% ownership 60% ownership 50.1% ownership 2023 production 2521 3192 2162 (kt Cu) Reserve life3,4 74 35 33 Ore Reserves (Mt)4 32.8 @ 0.80% TCu 8.2 @ 0.51% TCu 7.7 @ 0.47% TCu 2023 C1 cash cost
Slide 53: Valuable copper growth options & capabilities needed to deliver them
Interim results 2024 - appendix Anglo American has both valuable copper growth options & capabilities needed to deliver them Copper growth is becoming ...in addition to being constrained by more expensive... sustainability considerations Industry capital intensity, $’000/tpa Cu1 Undeveloped copper r
Slide 54: Copper: despite higher prices, returns are too low to encourage investment
Interim results 2024 - appendix Copper: despite higher prices, returns are too low to encourage required investment Higher copper prices are not translating into ...and project approvals are too low to meet elevated ROCE, due to higher operating and future demand capital costs… $/t Average ROCE, % A
Slide 55: Combining Serpentina with Minas-Rio
Interim results 2024 - appendix Combining Serpentina with Minas-Rio Acquire Serpentina plus $157.5m in cash Serpentina offers value upside from Vale for a 15% stake in from scale & quality2 Minas-Rio1 • Minas-Rio moves into harder itabirite ore in mid-2030s • ~4.3Bt Mineral Resources Significantly l
Slide 56: Strong DRI-grade iron ore market fundamentals
Interim results 2024 - appendix Strong DRI-grade iron ore market fundamentals Higher growth in Significantly higher premiums DRI-grade iron ore demand for DRI-grade iron ore 2023-2040 demand CAGR21 Premium per 1% Fe above 65%, $/dmt22 Blast furnace iron ore DRI-grade iron ore 6.5% 5.2% Essential for
Slide 57: Woodsmith: a world class asset with a differentiated product
Interim results 2024 - appendix Woodsmith: a world class asset with a differentiated product Quality asset Competitive product Long-life Multi-nutrient product >40 year asset life1 Contains four of six key plant nutrients Large-scale Sustainable fertiliser solution 13Mtpa planned capacity2 Low carbo
Slide 58: POLY4 is a multi-nutrient fertiliser
Interim results 2024 - appendix POLY4 is a multi-nutrient fertiliser Key nutrients N P K Nitrogen Phosphates Potassium Secondary nutrients S Ca Mg Sulphur Calcium Magnesium Other key attributes Low Organic & low Micro-nutrients chloride carbon POLY4 nutrients © Anglo American, 2024 58
Slide 59: Crop nutrients: the world must increase crop production ~20% by 2050
Interim results 2024 - appendix Crop nutrients: the world must increase crop production ~20% by 2050; crop yields will be crucial Crop production must increase but area Unlike the previous 30 years, additional crop harvested is approaching available cropland production must come almost entirely from
Slide 60: Result by business
Result by business © Anglo American, 2024 60
Slide 61: Copper Total – benefitting from higher prices, favourable FX and cost efficiencies
Interim results 2024 - appendix Copper Total – benefitting from higher prices, favourable FX and cost efficiences Realised Underlying EBITDA Mining Production Sales1 Unit cost2 Capex price EBITDA margin margin3 H1 2024 394kt 391kt 429c/lb 152c/lb $2,038m 53% 53% $855m vs. H1 2023 2% 0% 9% 15%
Slide 62: Copper Chile – benefitting from higher prices, favourable FX and cost control
Interim results 2024 - appendix Copper Chile – benefitting from higher prices, favourable FX and effective cost control Realised Underlying EBITDA Mining Production Sales1 Unit cost2 Capex price EBITDA margin margin3 H1 2024 247kt 242kt 437c/lb 176c/lb $1,196m 49% 49% $620m vs. H1 2023 1% 2% 1
Slide 63: Copper Peru – benefitting from higher prices and lower unit costs
Interim results 2024 - appendix Copper Peru – benefitting from higher prices and lower unit costs Realised Underlying EBITDA Mining Production Sales Unit cost1 Capex price EBITDA margin margin H1 2024 147kt 149kt 415c/lb 112c/lb $842m 59% 59% $235m vs. H1 2023 7% 2% 5% 15% 5% 6pp 6pp
Slide 64: Iron Ore Total – impacted by lower realised prices
Interim results 2024 - appendix Iron Ore Total – impacted by lower realised prices FOB realised Unit cost1 Underlying EBITDA Mining Production1 Sales1 Capex price1 (FOB) EBITDA margin margin2 H1 2024 30.7Mt 29.5Mt $93/t $37/t $1,413m 43% 44% $495m vs. H1 2023 0% 3% 11% 3% 20% 5pp 4pp 30%
Slide 65: Kumba (Iron Ore) – impacted by lower realised prices
Interim results 2024 - appendix Kumba (Iron Ore) – impacted by lower realised prices FOB realised Unit cost1 Underlying EBITDA Mining Production1 Sales1 Capex price1,2 (FOB) EBITDA margin margin H1 2024 18.5Mt 18.1Mt $97/t $39/t $888m 45% 45% $266m vs. H1 2023 2% 5% 8% 0% 20% 6pp 6pp 4
Slide 66: Minas-Rio (Iron Ore) – strong production offset by lower prices
Interim results 2024 - appendix Minas-Rio (Iron Ore) – strong production offset by lower prices FOB realised Unit cost1 Underlying EBITDA Mining Production1 Sales1 Capex price1,2 (FOB) EBITDA margin margin3 H1 2024 12.3Mt 11.4Mt $86/t $33/t $525m 40% 41% $229m vs. H1 2023 2% 0% 17% 3% 22%
Slide 67: PGMs – higher sales volumes and cost control, lower basket price
Interim results 2024 - appendix PGMs – benefitting from higher sales volumes and cost control, mostly offset by lower basket price Realised Underlying EBITDA Mining Production1 Sales2 Unit cost4 Capex basket price3 EBITDA margin margin5 H1 2024 1,755koz 1,974koz $1,442/PGM oz $976/PGM oz $675m 24% 2
Slide 68: Diamonds – weak demand impacting prices and higher unit costs
Interim results 2024 - appendix Diamonds – weak demand impacting prices and higher unit costs Sales Average Realised Underlying EBITDA Mining Production1 Unit cost4 Capex (Cons.)2 price index price3 EBITDA margin margin5 H1 2024 13.3Mct 11.9Mct 109 $164/ct $85/ct $300m 13% 40% $264m vs. H1 2023 19
Slide 69: Steelmaking Coal – lower prices offset higher sales and lower unit costs
Interim results 2024 - appendix Steelmaking Coal – lower prices offset higher sales and lower unit costs Realised Underlying EBITDA Mining Production1 Sales1 Unit cost3 Capex price2 EBITDA margin margin H1 2024 8.0Mt 7.9Mt $265/t $125/t $592m 28% 28% $257m vs. H1 2023 16% 15% 3% 7% 4% 3p
Slide 70: Nickel – impacted by significantly lower prices
Interim results 2024 - appendix Nickel – impacted by significantly lower prices despite strong cost performance Realised Underlying EBITDA Mining Production1 Sales1 Unit cost Capex price EBITDA margin margin H1 2024 19.5kt 19.0kt $6.85/lb $5.05/lb $28m 8% 8% $50m vs. H1 2023 1% 1% 24% 8% 7
Slide 71: Group EBITDA to earnings waterfall
Interim results 2024 - appendix Group EBITDA to earnings waterfall H1 2024 Group EBITDA to statutory earnings ($bn) 5.0 D&A $0.3bn higher due to Quellaveco (1.5) reaching commercial production mid 2023 & increased shipping leases (0.4) Higher net finance costs reflect higher gross (1.2) debt & inter
Slide 72: Liquidity
Liquidity © Anglo American, 2024 72
Slide 73: Strong liquidity & balanced debt maturity profile
Interim results 2024 - appendix Strong liquidity & balanced debt maturity profile Liquidity1 Debt repayments ($bn)1 2.3 $15.7bn 1.5 1.7 1.8 1.6 +$8.6bn cash 1.4 1.2 +$7.1bn undrawn committed facilities 1.0 1.0 0.9 0.8 0.7 0.6 0.4 0.5 0.5 0.2 0.2 0.1 0.1 0.1 Majority of cash held centrally in US doll
Slide 74: Portfolio overview
Portfolio overview © Anglo American, 2024 74
Slide 75: Portfolio overview
Interim results 2024 - appendix Portfolio overview1 Gahcho Kué Sakatti early-stage project 1.3Mcts2 Woodsmith project ~100kt4 ~13Mtpa3 Moranbah, Grosvenor9, Copper Aquila & the open cut mines Iron Ore 8Mt9 Crop Nutrients Barro Alto Platinum Group Metals (PGMs) Quellaveco 20kt Jwaneng/Orapa
Slide 76: A differentiated portfolio of high quality assets
Interim results 2024 - appendix A differentiated portfolio of high quality assets Revenue by product1 (%) Capital employed by geography2 (%) Nickel Manganese Other Corporate & other3 United Kingdom Steelmaking Coal 22 Namibia & Botswana 5 4 1 Copper Chile & Peru 14 26 9 28 Australia 10 De Beers 15 2
Slide 77: High quality endowments in future-enabling products
Interim results 2024 - appendix High quality endowments in future-enabling products 35 year open pit life (Ore Reserves of 8.2Mt Cu) World class endowments offer Quellaveco Exclusive Mineral Resources of 7.6Mt Cu exciting potential Exploring further mineralisation potential UG & in Mamut satellites
Slide 78: Product outlook – medium to long term
Interim results 2024 - appendix Product outlook – medium to long term • Robust long-term demand given critical role in decarbonisation and emerging (e.g. AI) applications Copper • Supply side continues to be challenged with sequential negative revisions to growth through 2024 • Consensus price estim
Slide 79: Sustainability performance
Sustainability performance © Anglo American, 2024 79
Slide 80: Our Sustainable Mining Plan at the heart of our strategy
Interim results 2024 - appendix Our Sustainable Mining Plan at the heart of our strategy © Anglo American, 2024 80
Slide 81: Active route to a more sustainable world
Interim results 2024 - appendix Active route to a more sustainable world 2020 2021-23 2025 2030 2040 8% SA Thermal Coal demerger completed2 100% 3-5 GW 30% Carbon energy renewable electricity renewable energy absolute reduction in neutrality across efficiency1 Cerrejón sale of shareholding generated
Slide 82: Operations carbon neutral by 2040
Interim results 2024 - appendix Operations carbon neutral by 2040 Scopes 1 & 2 - GHG emissions Three renewables plants in construction in South Africa 2030 goal – 30% reduction of GHG emissions vs 20161 Ongoing roll-out of South America 100% Australia 100% integrated solar and renewable energy renew
Slide 83: Ambition: 50% reduction in Scope 3 emissions by 2040
Interim results 2024 - appendix Ambition: 50% reduction in Scope 3 emissions by 2040 Driving scope 3 emissions reduction within our sphere of influence and control 15-20% 10-15% 15-20% ~45-55% 50% emissions 10-15% reduction target 2020 baseline Kumba emission Minas-Rio emission Steelmaking 50% reduc
Slide 84: Our ESG ratings reflect our leading capabilities in sustainable mining
Interim results 2024 - appendix Our ESG ratings reflect our leading capabilities in sustainable mining AAA Anglo American AA A Peer 2 Peer 3 BBB Peer 1 MSCI1 BB B Peer 4 CCC Based on original analysis prepared by Barclays in their research note “ESG comps: leaders and improvers” dated 31 January 202
Slide 85: Processed Mineral Residue Facilities safety management
Interim results 2024 - appendix Processed Mineral Residue Facilities safety management Managing Processed Mineral Processed Mineral Residue Facilities Residue Facilities safely in our portfolio1 Group Technical 57 22 Specialists Managed facilities Facilities inactive or in care & maintenance Interna
Slide 86: ESG integrated into management remuneration
Interim results 2024 - appendix ESG integrated into management remuneration SHE targets in annual bonus ESG targets in LTIPs All employees under the Group bonus scheme & local site-specific operational bonus schemes are incentivised on safety 30% strategic & individual measures that can contain addi
Slide 87: Measuring our ESG progress
Interim results 2024 - appendix Measuring our ESG progress1 Pillar of value Metric H1 2024 H1 2023 Target Target achieved Safety & health Work-related fatal injuries 2 1 Zero Not achieved Total recordable injury frequency rate per million hours2 1.69 1.91 Reduction year on year On track New cases of
Slide 88: Sustainability summary
Interim results 2024 - appendix Sustainability summary Sustainability twice-yearly update presentations FutureSmart MiningTM → For presentations and webinar replays, visit: To deliver on our Purpose, we are changing the way we mine through smart angloamerican.com/investors/investor-presentations inn
Slide 89: Investor Relations
Investor Relations Tyler Broda tyler.broda@angloamerican.com Tel: +44 (0)20 7968 1470 Emma Waterworth emma.waterworth@angloamerican.com Tel: +44 (0)20 7968 8574 Michelle Jarman michelle.jarman@angloamerican.com Tel: +44 (0)20 7968 1494