Anglo American plc (AAL) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:06.105 Okay, good morning, everyone, and very warm welcome to Anglo-American's 2025 00:00:06.105 -- 00:00:11.719 results presentation. Just a few words from me before I hand over to Duncan 00:00:11.719 -- 00:00:13.503 and John. 00:00:13.503 -- 00:00:18.576 Of course, first, as always, safety. It's our very first value and 00:00:18.576 -- 00:00:23.983 our number one priority. And we are making very, very good progress. 00:00:23.983 -- 00:00:29.650 We recorded our lowest ever total recordable injury frequency rate last year. 00:00:29.650 -- 00:00:35.218 But in spite of this great progress, we actually had two workplace fatalities 00:00:35.218 -- 00:00:40.075 last year. Tragic and, of course, unacceptable. 00:00:40.075 -- 00:00:44.340 Duncan will mention this and talk a little more about it in his presentation, but let 00:00:44.340 -- 00:00:49.828 me add that we cannot and will not rest until we are consistently 00:00:49.828 -- 00:00:53.392 achieving zero harm. 00:00:53.392 -- 00:00:59.380 So now, as many of you know, 2025 was a year of transformational 00:00:59.380 -- 00:01:01.743 progress at Anglo-American. 00:01:01.743 -- 00:01:07.071 We've executed major portfolio changes to unlock substantial value 00:01:07.071 -- 00:01:12.739 for our shareholders, and that has paved the way for what we now see as the next step 00:01:12.739 -- 00:01:17.446 in our journey and our strategic phase of value creation. 00:01:17.446 -- 00:01:22.794 And that is, of course, to form a global minerals champion in the shape of Anglo 00:01:22.794 -- 00:01:26.520 Tech, setting up exceptional investment 00:01:26.520 -- 00:01:29.654 exposure to copper in particular. 00:01:29.654 -- 00:01:35.124 Now, whilst offering compelling value, of course, through the exceptional 0...