ANGLO AMERICAN PLC - Production Report for the fourth quarter ended 31 December 2020 Part 1

            
AGL
Production Report for the fourth quarter ended 31 December 2020

Anglo American plc (the "Company")
Registered office: 20 Carlton House Terrace, London SW1Y 5AN
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
ISIN: GBOOB1XZS820
JSE Share Code: AGL
NSX Share Code: ANM

NEWS RELEASE

28 January 2021

Production Report for the fourth quarter ended 31 December 2020

Mark Cutifani, Chief Executive of Anglo American, said: "The strong performance recovery in the second
half continued through the fourth quarter, following the Covid-19 disruptions earlier in the year. As expected,
second half production returned to 95%(1) of 2019 rates, benefiting from strong performances in copper at
Los Bronces in Chile and in iron ore at Minas-Rio in Brazil. The recovery was all the more credible given
planned maintenance at both the Collahuasi copper and Kumba iron ore operations and the suspension of
operations at the Grosvenor metallurgical coal mine.

"As we begin 2021, we are continuing to see positive demand for rough diamonds, supported by consumer
demand for diamond jewellery in the holiday selling season. While it is still too early to signal a strong and
sustained recovery, the resilience in demand in spite of ongoing Covid-19 impacts is very encouraging.
"While many jurisdictions are experiencing a new wave of Covid-19 infections, our extensive health
measures and revised operating procedures have helped keep our people safe and healthy, while supporting
solid production and cost management efforts across our global operations."

Q4 highlights

-   Copper production increased by 6% as Los Bronces secured access to industrial water for processing,
    while Collahuasi delivered record production for the 12 month period, which more than offset planned
    maintenance in the quarter.
-   Iron ore production at Minas-Rio in Brazil increased by 5% to a record 6.5 million tonnes for the quarter.
-   PGMs' ACP Phase A unit rebuild and restart completed ahead of schedule in November, and performing
    strongly to begin processing the build-up of inventory.
-   Rough diamond sales continued to improve, with midstream demand supported by an encouraging
    holiday selling season for diamond jewellery.

                                                                                                       % vs. Q4
                                                                                    Q4 2020   Q4 2019      2019      2020    2019   % vs. 2019  
Diamonds (Mct)(2)                                                                       6.7       7.8     (14)%      25.1    30.8        (18)%   
Copper (kt)(3)                                                                          168       159        6%       647     638           1%   
Platinum group metals (koz)(4)                                                        1,076     1,153      (7)%     3,809   4,441        (14)%   
Iron ore (Mt)(5)                                                                       16.0      18.0     (11)%      61.1    65.5         (7)%   
Metallurgical coal (Mt)                                                                 4.2       6.3     (33)%      16.8    22.9        (26)%   
Thermal coal (Mt)(6)                                                                    4.4       6.8     (35)%      20.6    26.4        (22)%   
Nickel (kt)(7)                                                                         11.7      11.7        0%      43.5    42.6           2%   
Manganese ore (kt)                                                                      942       903        4%     3,520   3,513           0%   

(1) Excludes the impact of the Cerrejon strike. Q4 year-on-year copper equivalent production decreased 5% excluding the impact of the Grosvenor 
    suspension and Cerrejon strike. Including the impact of Grosvenor and Cerrejon, copper equivalent production decreased 2% compared to Q3 2020 
    and decreased 10% compared to Q4 2019.
(2) De Beers production is on a 100% basis, except for the Gahcho Kue joint venture which is on an attributable 51% basis.
(3) Contained metal basis. Reflects copper production from the Copper business unit only (excludes copper production from the Platinum Group Metals 
    business unit).
(4) Produced ounces of metal in concentrate. 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). Reflects own mine production 
    and purchase of concentrate.
(5) Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis, as product is shipped with ~9% moisture).
(6) Reflects export primary production, secondary production sold into export markets and production sold domestically at export parity pricing 
    from South Africa, and attributable export production (33.3%) from Colombia (Cerrejon).
(7) Reflects nickel production from the Nickel business unit only (excludes nickel production from the Platinum Group Metals business unit).

PRODUCTION OUTLOOK SUMMARY

2021 production guidance is summarised as follows:

                                                                                                                   2021 production guidance(1)   
Diamonds(2)                                                                                                                          32-34 Mct
                                                                                                                          Previously 33-35 Mct   
Copper(3)                                                                                                                           640-680 kt   
Platinum group metals(4)                                                                                                           4.2-4.6 Moz   
Iron ore(5)                                                                                                                           64-67 Mt   
Metallurgical coal(6)                                                                                                                 18-20 Mt   
Thermal coal(7)                                                                                                                         ~24 Mt   
Nickel(8)                                                                                                                             42-44 kt   

(1) Subject to the extent of further Covid-19 related disruption.
(2) Subject to trading conditions and on a 100% basis except for the Gahcho Kue joint venture, which is on an attributable 51% basis.
(3) Copper business unit only. On a contained-metal basis.
(4) 5E + gold produced metal in concentrate ounces. Includes own mined production (~65%) and purchased concentrate volumes (~35%). The split 
    of metals differs for own mined and purchased concentrate, refer to FY2019 results presentation slide 30 for indicative split of own mined volumes.
(5) Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis).
(6) Excludes thermal coal production in Australia.
(7) Export South Africa including volumes sold domestically at export parity pricing and Colombia (33.3%) production.
(8) Nickel business unit only.

REALISED PRICES

                                                                                                                       2020 vs.    H2 2020 vs.
                                                                         FY 2020     FY 2019     H2 2020     H1 2020       2019        H1 2020 
De Beers                                                                                                                          
Consolidated average realised price ($/ct)(1)                                133         137         142         119       (3)%            19%   
Average price index(2)                                                       104         116         102         109      (10)%           (6)%   
Copper (USc/lb)(3)                                                           299         273         340         250        10%            36%   
Platinum Group Metals                                                                                                                             
Platinum (US$/oz)                                                            880         861         884         857         2%             3%   
Palladium (US$/oz)                                                         2,214       1,518       2,250       2,141        46%             5%   
Rhodium (US$/oz)                                                          10,628       3,808      12,457       8,985       179%            39%   
Basket price (US$/PGM oz)(4)                                               2,035       1,347       2,095       1,956        51%             7%   
Iron Ore - FOB prices(5)                                                     112          91         132          91        23%            45%   
Kumba Export (US$/dmt)(6)                                                    115          97         133          93        19%            43%   
Minas-Rio (US$/wmt)(7)                                                       107          79         130          88        35%            48%   
Metallurgical Coal                                                                                                                                 
HCC (US$/t)(8)                                                               112         171         104         123      (35)%          (15)%   
PCI (US$/t)(8)                                                                84         110          67          98      (24)%          (32)%   
Thermal Coal                                                                                                                                     
Australia - Export (US$/t)(8)                                                 58          70          58          58      (17)%             0%   
South Africa - Export (US$/t)(9)                                              57          61          54          61       (7)%          (11)%   
Colombia - Export (US$/t)                                                     46          56          46          46      (18)%             0%   
Nickel (USc/lb)                                                              563         624         620         502      (10)%            24%   

(1) Consolidated average realised price based on 100% selling value post-aggregation.
(2) Average of the De Beers price index for the Sights within the 12-month period. The De Beers price index is relative to 100 as at December 2006.
(3) The realised price for Copper excludes third party sales volumes.
(4) Price for a basket of goods per PGM oz. The dollar basket price is the net sales revenue from all metals (PGMs, base metals and other metals), 
    excluding trading, per 5E + gold sold ounces (own mined and purchased concentrate).
(5) Average realised total iron ore price is a weighted average of the Kumba realised price (dry basis) and the Minas-Rio realised price (wet basis).
(6) Average realised export basket price (FOB Saldanha). The realised prices differ to Kumba's standalone results due to sales to other Group companies.
(7) Average realised export basket price (FOB Acu) (wet basis as product is shipped with ~9% moisture).
(8) Weighted average coal sales price achieved at managed operations.
(9) Weighted average export thermal coal price achieved.

DE BEERS

                                                                                  Q4 2020                  Q4 2020                        2020
De Beers(1) (000 carats)                                      Q4         Q4           vs.         Q3           vs.                         vs.
                                                            2020       2019       Q4 2019       2020       Q3 2020     2020     2019      2019
Botswana                                                   4,263      5,888         (28)%      4,827         (12)%   16,559   23,254     (29)%   
Namibia                                                      337        456         (26)%        242           39%    1,448    1,700     (15)%   
South Africa                                               1,287        434          197%      1,178            9%    3,771    1,922       96%   
Canada                                                       776      1,009         (23)%        915         (15)%    3,324    3,900     (15)%   
Total carats recovered                                     6,663      7,787         (14)%      7,162          (7)%   25,102   30,776     (18)%   

Rough diamond production decreased by 14% to 6.7 million carats, driven by continued planned reductions
in response to the lower demand for rough diamonds caused by the Covid-19 pandemic and operational
challenges at Orapa that led to lower than expected production. Covid-19 related measures remain in place
to safeguard the workforce while maintaining operational continuity.

In Botswana, production decreased by 28% to 4.3 million carats, driven by the planned treatment of lower
grade material at Jwaneng, where production decreased by 56%. This was partly offset by a 9% increase at
Orapa due to a planned improvement in grade, despite a slower than anticipated plant restart in December
following scheduled maintenance, as well as power supply interruptions affecting plant availability.

Namibia production decreased by 26% to 0.3 million carats as the majority of the marine fleet remobilised
during Q4, following the Q3 stoppage.

South African production increased to 1.3 million carats due to the expected improvement in ore grade from
the last cut of the open pit at Venetia as the mine continues to transition to underground operations.

Production in Canada decreased by 23% to 0.8 million carats, as maintenance resulted in lower plant
throughput.

Demand for rough diamonds showed positive trends in the fourth quarter of 2020, and the indications are
that encouraging levels of consumer demand for diamond jewellery continued during the holiday season in
the US, while China also performed well. Rough diamond sales totalled 6.9 million carats (6.4 million carats
on a consolidated basis)(2) from two sights, compared with 6.6 million carats (6.5 million carats on a
consolidated basis)(2) from three sights in Q3 2020, and 7.0 million carats (6.6 million carats on a
consolidated basis)(2) from two sights in Q4 2019.

The full year consolidated average realised price decreased by 3% to $133/ct (2019: $137/ct), as a 10%
reduction in the average rough price index was partly offset by an increased proportion of higher value rough
diamonds sold in 2020.

2021 Guidance

Production guidance(1) is revised to 32-34 million carats (previously 33-35 million carats) (100% basis),
subject to trading conditions, due to ongoing operational challenges and lower expected production from the
final cut at Venetia.

(1) De Beers Group production is on a 100% basis, except for the Gahcho Kue joint venture which is on an attributable 51% basis.
(2) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from 
    Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).

                                                                                                  Q4 2020    Q4 2020                      2020 
De Beers(1)                                          Q4        Q3        Q2        Q1        Q4       vs.        vs.                       vs. 
                                                   2020      2020      2020      2020      2019   Q4 2019    Q3 2020     2020     2019    2019
Carats recovered (000 carats)                                                                                                                  
100% basis (unless stated)                                                                                                                     
Jwaneng                                           1,452     1,748     1,138     3,200     3,319     (56)%      (17)%    7,538   12,462   (40)% 
Orapa(2)                                          2,811     3,079       687     2,444     2,569        9%       (9)%    9,021   10,792   (16)% 
Botswana                                          4,263     4,827     1,825     5,644     5,888     (28)%      (12)%   16,559   23,254   (29)% 
Debmarine Namibia                                   256       147       305       417       363     (29)%        74%    1,125    1,292   (13)% 
Namdeb (land operations)                             81        95        53        94        93     (13)%      (15)%      323      408   (21)% 
Namibia                                             337       242       358       511       456     (26)%        39%    1,448    1,700   (15)% 
Venetia                                           1,287     1,178       555       751       434      197%         9%    3,771    1,922     96%   
South Africa                                      1,287     1,178       555       751       434      197%         9%    3,771    1,922     96%   
Gahcho Kue (51% basis)                              776       915       789       844     1,009     (23)%      (15)%    3,324    3,479    (4)%   
Victor                                                -         -         -         -         -       n/a        n/a        -      421     n/a   
Canada                                              776       915       789       844     1,009     (23)%      (15)%    3,324    3,900   (15)%   
Total carats recovered                            6,663     7,162     3,527     7,750     7,787     (14)%       (7)%   25,102   30,776   (18)%   
Sales volumes                                                                                                                                    
Total sales volume (100)% (Mct)(3)                  6.9       6.6       0.3       8.9       7.0      (1)%         5%     22.7     30.9   (27)%   
Consolidated sales volume (Mct)(3)                  6.4       6.5       0.2       8.3       6.6      (3)%       (2)%     21.4     29.2   (27)%   
Number of Sights (sales cycles)                       2         3      2(4)         2         2                          9(4)       10           

(1) De Beers Group production is on a 100% basis, except for the Gahcho Kue joint venture which is on an attributable 51% basis.
(2) Orapa constitutes the Orapa Regime which includes Orapa, Letlhakane and Damtshaa.
(3) Consolidated sales volumes exclude De Beers Group's JV partners' 50% proportionate share of sales to entities outside De Beers Group from 
    Diamond Trading Company Botswana and the Namibia Diamond Trading Company, which are included in total sales volume (100% basis).
(4) Sight 3 in Q2 2020 was cancelled due to Covid-19-related restrictions on the movement of people and product.

COPPER

                                                                                     Q4 2020              Q4 2020                         2020 
Copper(1) (tonnes)                                                   Q4        Q4        vs.        Q3        vs.                          vs.
                                                                   2020      2019    Q4 2019      2020    Q3 2020      2020      2019     2019
Los Bronces                                                      95,900    71,700        34%    79,400        21%   324,700   335,000     (3)%   
Collahuasi (44% share)                                           59,200    72,200      (18)%    75,500      (22)%   276,900   248,800      11%   
El Soldado                                                       12,700    14,900      (15)%    10,800        18%    45,800    54,200    (15)%   
Total Copper                                                    167,800   158,800         6%   165,700         1%   647,400   638,000       1%   


(1) Copper production shown on a contained metal basis. Reflects copper production from the Copper business unit only (excludes copper production 
    from the Platinum Group Metals business unit).

Copper production increased by 6% to 167,800 tonnes, largely due to secured access to industrial water at
Los Bronces, partially offset by planned plant maintenance at Collahuasi.

Production from Los Bronces increased by 34% to 95,900 tonnes, with an 82% increase in plant throughput,
due to secured access to industrial water, partially offset by planned lower ore grades (0.77% vs 0.99%).

At Collahuasi, attributable production decreased by 18% to 59,200 tonnes, driven by a 12% decrease in
throughput, due to planned maintenance, and lower ore grades (1.18% vs 1.25%) reflecting changes in the
mine plan as a result of Covid-19 restrictions.

Production from El Soldado decreased by 15% to 12,700 tonnes as a result of planned lower ore grade
(0.84% vs 1.02%).

2020 sales volumes were 648,500 tonnes at an average realised price of 299 c/lb ($6,592/t), which was
higher than the average LME price of 280 c/lb due to 140,599 tonnes being provisionally priced at 352 c/lb.

2021 Guidance

Production guidance is unchanged at 640,000-680,000 tonnes, subject to the extent of further Covid-19
related disruption.

                                                                                                         Q4 2020    Q4 2020                                2020 
Copper(1)                                      Q4           Q3          Q2           Q1           Q4         vs.        vs.                                 vs.
                                             2020         2020        2020         2020         2019     Q4 2019    Q3 2020         2020         2019      2019
Los Bronces mine(2)
Ore mined                              11,546,300    8,414,600   9,237,400   10,013,000   17,373,800       (34)%        37%   39,211,300   65,915,300     (41)%
Ore processed - Sulphide               13,031,300   11,956,800   9,987,200    7,059,500    7,146,800         82%         9%   42,034,800   42,008,400        0%
Ore grade processed -                        0.77         0.73        0.85         0.98         0.99       (22)%         6%         0.81         0.83      (3)%
Sulphide (% TCu)(3)
Production - Copper cathode                10,200        9,300       9,900        9,900       10,000          2%        10%       39,300       39,000        1%
Production - Copper in concentrate         85,700       70,100      70,800       58,800       61,700         39%        22%      285,400      296,000      (4)%
Total production                           95,900       79,400      80,700       68,700       71,700         34%        21%      324,700      335,000      (3)%
Collahuasi 100% basis
(Anglo American share 44%)
Ore mined                              18,110,000   16,412,100   18,035,100  19,402,000   22,132,200       (18)%        10%   71,959,200   87,253,200     (18)%
Ore processed - Sulphide               12,928,700   14,612,300   14,192,800  14,097,800   14,728,700       (12)%      (12)%   55,831,600   54,133,100        3%
Ore grade processed -                         1.18        1.27         1.31        1.20         1.25        (6)%       (7)%         1.24         1.19        4%
Sulphide (% TCu)(3)
Production - Copper in concentrate         134,600     171,500      172,000     151,000      164,200       (18)%      (22)%      629,100      565,400       11%
Anglo American's 44% share of copper        59,200      75,500       75,700      66,500       72,200       (18)%      (22)%      276,900      248,800       11%
production for Collahuasi
El Soldado mine(2)
Ore mined                                1,982,000   1,885,100    1,378,100   1,915,300    2,721,400       (27)%         5%    7,160,500   12,128,100     (41)%
Ore processed - Sulphide                 1,902,500   1,788,700    1,771,600   1,458,900    1,854,900          3%         6%    6,921,700    7,438,500      (7)%
Ore grade processed -                         0.84        0.78         0.76        1.02         1.02       (18)%         8%         0.84         0.93      (9)%
Sulphide (% TCu)(3)
Production - Copper in concentrate          12,700      10,800       10,400      11,900       14,900       (15)%        18%       45,800       54,200     (15)%
Chagres Smelter(2)
Ore smelted(4)                              29,800      26,700       24,300      30,800       30,800        (3)%        12%      111,600      122,000      (9)%
Production                                  29,000      26,000       23,700      30,000       29,900        (3)%        12%      108,700      118,600      (8)%
Total copper production(5)                 167,800     165,700      166,800     147,100      158,800          6%         1%      647,400      638,000        1%
Total payable copper production            161,200     159,200      160,300     141,700      153,100          5%         1%      622,400      614,300        1%
Total sales volumes                        178,600     176,100      154,200     139,600      176,500          1%         1%      648,500      643,900        1%
Total payable sales volumes                172,600     167,900      148,200     134,300      170,100          1%         3%      623,000      619,500        1%
Third party sales(6)                       133,400     112,600      130,800      76,300      115,300         16%        18%      453,100      349,000       30%

(1) Excludes copper production from the Platinum Group Metals business unit. Units shown are tonnes unless stated otherwise.
(2) Anglo American ownership interest of Los Bronces, El Soldado and the Chagres Smelter is 50.1%. Production is stated at 100% as Anglo American consolidates 
    these operations.
(3) TCu = total copper.
(4) Copper contained basis.
(5) Total copper production includes Anglo American's 44% interest in Collahuasi.
(6) Relates to sales of copper not produced by Anglo American operations.

PLATINUM GROUP METALS (PGMs)

                                                                                   Q4 2020               Q4 2020                          2020
                                                                 Q4        Q4          vs.        Q3         vs.                           vs.
PGMs 000 oz(1)                                                 2020      2019      Q4 2019      2020     Q3 2020      2020      2019      2019
Metal in concentrate production                             1,076.1   1,152.6         (7)%   1,112.8        (3)%   3,808.9   4,440.9     (14)%   
Own mined(2)                                                  716.9     790.7         (9)%     747.3        (4)%   2,549.0   3,011.3     (15)%   
Purchase of concentrate (POC)(3)                              359.2     361.9         (1)%     365.5        (2)%   1,259.9   1,429.6     (12)%   
Refined production(4)                                         673.1   1,317.4        (49)%   1,020.7       (34)%   2,713.0   4,650.0     (42)%   

(1) Ounces refer to troy ounces. PGMs is 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold).
(2) Includes managed operations and 50% of joint venture production.
(3) Includes the other 50% of joint venture production, as well as the purchase of concentrate from third parties.
(4) Refined production excludes toll material.

Metal in concentrate production

Own mined production decreased by 9% to 716,900 ounces, with ongoing safety controls and restrictions in
place to help protect employees from Covid-19. Production at Mogalakwena decreased by 3%, while
Amandelbult production was down 22% as Tumela Upper section and surface production come to the end of
their life. Unki and Mototolo production increased by 7% and 4% respectively, whilst joint ventures were 14%
lower due to strike action and safety related stoppages.

Purchase of concentrate at 359,200 ounces was broadly flat.

Refined production

Refined production was 49% lower, as the ACP Phase B unit was closed earlier than planned on 5
November 2020 to ensure a continued safe operating environment. The rebuild of the ACP Phase A unit was
successfully completed ahead of schedule on 24 November 2020, with first converter matte dispatched to
the Base Metal Refinery for further processing on 7 December. The ACP Phase B unit is now undergoing its
planned full rebuild, scheduled to be completed in the second half of 2021.

The ACP stoppages during 2020 resulted in an increase in work-in-progress inventory of 1.0 million ounces,
which is expected to be released over 2021 and 2022.

Sales

Sales volumes decreased by 47%, driven by lower refined production, partially offset by a drawdown of
refined inventory.

The full year average realised basket price of $2,035/PGM ounce reflects strong palladium and rhodium
prices, with the mix of metals in the second half reverting towards normalised levels, following disruption to
production in the first half of 2020.

2021 Guidance

Production guidance (metal in concentrate) is unchanged at 4.2-4.6 million ounces. Refined production
guidance is also unchanged at 4.6-5.0 million ounces. Both are subject to the extent of further Covid-19
related disruption.

                                                                                               Q4 2020     Q4 2020                        2020
                                                 Q4        Q3        Q2        Q1        Q4        vs.         vs.                         vs.
                                               2020      2020      2020      2020      2019    Q4 2019     Q3 2020      2020      2019    2019 
M&C PGMs production (000 oz)(1)             1,076.1   1,112.8     665.1     954.9   1,152.6       (7)%        (3)%   3,808.9   4,440.9   (14)%   
Own mined                                     716.9     747.3     430.2     654.6     790.7       (9)%        (4)%   2,549.0   3,011.3   (15)%   
Mogalakwena                                   306.7     315.0     277.6     282.3     317.5       (3)%        (3)%   1,181.6   1,215.0    (3)%   
Amandelbult                                   185.5     204.8      50.1     167.7     238.7      (22)%        (9)%     608.1     893.3   (32)%   
Unki                                           55.8      60.0      31.3      49.0      52.0         7%        (7)%     196.1     201.7    (3)%   
Mototolo                                       69.8      72.2      20.4      61.2      66.9         4%        (3)%     223.6     242.3    (8)%   
Joint ventures(2)                              99.1      95.3      50.8      94.4     115.6      (14)%          4%     339.6     459.0   (26)%   
Purchase of concentrate                       359.2     365.5     234.9     300.3     361.9       (1)%        (2)%   1,259.9   1,429.6   (12)%   
Joint ventures(2)                              99.0      95.3      50.8      94.4     115.6      (14)%          4%     339.5     459.0   (26)%   
Third parties                                 260.2     270.2     184.1     205.9     246.3         6%        (4)%     920.4     970.6    (5)%   
Refined PGMs production (000 oz)(1)(3)        673.1   1,020.7     407.0     612.2   1,317.4      (49)%       (34)%   2,713.0   4,650.0   (42)%   
By metal:                                                                                                                                        
Platinum                                      296.4     503.8     160.6     240.3     629.7      (53)%       (41)%   1,201.1   2,210.9   (46)%   
Palladium                                     206.8     354.1     147.4     197.1     396.6      (48)%       (42)%     905.4   1,480.5   (39)%   
Rhodium                                        47.1      48.9      30.6      47.3      90.8      (48)%        (4)%     173.9     293.4   (41)%   
Other PGMs and gold                           122.8     113.9      68.4     127.5     200.3      (39)%          8%     432.6     665.2   (35)%   
Nickel (tonnes)                               3,700     5,000     2,000     3,100     6,400      (42)%       (26)%    13,800    23,000   (40)%   
Tolled material (000 oz)(4)                   146.5     129.4      96.0     131.6     174.7      (16)%         13%     503.5     496.9      1%   
PGMs sales from production (000 oz)(1)(5)     754.3     884.9     548.0     681.3   1,425.3      (47)%       (15)%   2,868.5   4,633.7   (38)%   
Third party PGMs sales (000 oz)(1)(6)         370.8     341.0     210.5     248.6      54.3       583%          9%   1,170.9     349.0    236%   
4E head grade (g/t milled)(7)                  3.67      3.65      3.44      3.44      3.67         0%          1%      3.56      3.61    (1)%   

(1) Ounces refer to troy ounces. PGMs is 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold).
(2) The joint venture operations are Modikwa and Kroondal. Platinum owns 50% of these operations, which is presented under 'Own mined' 
    production, and purchases the remaining 50% of production, which is presented under 'Purchase of concentrate'.
(3) Refined production excludes toll material but includes in comparative periods material now transitioned to tolling.
(4) Ounces refer to troy ounces. Tolled volume measured as the combined content of: platinum, palladium, rhodium and gold, reflecting the 
    tolling agreements in place.
(5) PGMs sales volumes from production are generally ~65% own mined and ~35% purchases of concentrate though this may vary from quarter to quarter.
(6) Relates to sales of metal not produced by Anglo American operations.
(7) 4E: the grade measured as the combined content of: platinum, palladium, rhodium and gold, excludes tolled material. Minor metals are excluded 
    due to variability.

IRON ORE

                                                                                        Q4 2020             Q4 2020                       2020
Iron Ore (000 t)                                                       Q4        Q4         vs.        Q3       vs.                        vs.
                                                                     2020      2019     Q4 2019      2020   Q3 2020     2020     2019     2019
Iron Ore(1)                                                        16,031    17,970       (11)%    14,525       10%   61,102   65,503     (7)%   
Kumba                                                               9,565    11,806       (19)%     9,532        0%   37,021   42,388    (13)%   
Minas-Rio(2)                                                        6,466     6,164          5%     4,994       29%   24,082   23,115       4%   

(1) Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis).
(2) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.

Kumba - Total production decreased by 19% to 9.6 million tonnes, with Sishen production decreasing by
22% to 6.5 million tonnes and Kolomela production decreasing by 13% to 3.1 million tonnes.

The decrease in production was largely driven by higher than average rainfall, which has continued into
2021, and operational issues at the Sishen crusher and Kolomela plant. This coincided with annual rail and
port maintenance that took place in Q4, compared to in Q3 2019. Consequently, production volumes were
supplemented by finished stock, which decreased to 4.8 million tonnes(1) from 5.4 million tonnes(1) at 30
September 2020.

Total sales decreased by 3% to 10.1 million tonnes (1) with export sales decreasing by 1% following extended
maintenance on a ship loader, while domestic sales decreased by 0.2 million tonnes.

In the fourth quarter, the average lump:fines ratio in the Kumba product was 73:27 (1) (full year 68:32)(1), while
the Fe content averaged 64.3%(1) (full year 64.3%)(1).

The full year average realised price of $115/tonne (FOB South Africa) was higher than the 62% Fe
benchmark price of $97/tonne (FOB South Africa, adjusted for freight) due to the lump and Fe content
premiums as well as timing on provisionally priced volumes.

Minas-Rio - Production increased by 5% to a record 6.5 million tonnes, reflecting continued strong
performance following the one-month planned stoppage for a routine internal scanning of the pipeline in the
third quarter.

The full year average realised price of $107/tonne (FOB Brazil) was higher than the Metal Bulletin 66 price of
$92/tonne (FOB Brazil, adjusted for freight and moisture), reflecting timing on provisionally priced volumes
and product quality, including higher (~67%) Fe content.

2021 Guidance

Iron ore production guidance is unchanged at 64-67 million tonnes(2) (Kumba 40-41 million tonnes; Minas-Rio
24-26 million tonnes), subject to the extent of further Covid-19 related disruption.

(1) Sales volumes and stock differ to Kumba's standalone results due to sales to other Group companies.
(2) Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis).

                                                   
                                                                                                       Q4 2020     Q4 2020                                2020 
Iron Ore (tonnes)                             Q4           Q3           Q2           Q1           Q4       vs.         vs.                                 vs.
                                            2020         2020         2020         2020         2019   Q4 2019     Q3 2020         2020         2019      2019
Iron Ore production(1)                16,030,600   14,525,400   14,672,900   15,873,400   17,969,700     (11)%         10%   61,102,300   65,502,600      (7)%   
Iron Ore sales(1)                     16,438,700   15,687,500   14,695,600   16,764,700   17,040,100      (4)%          5%   63,586,500   64,900,700      (2)%   
Kumba production                       9,565,000    9,531,600    8,474,900    9,449,300   11,806,100     (19)%          0%   37,020,800   42,387,700     (13)%   
Lump                                   6,485,600    6,488,700    5,709,800    6,387,900    7,898,500     (18)%          0%   25,072,000   28,510,100     (12)%   
Fines                                  3,079,400    3,042,900    2,765,100    3,061,400    3,907,600     (21)%          1%   11,948,800   13,877,600     (14)%   
Kumba production by mine                                                                                                                                         
Sishen                                 6,480,000    6,511,500    5,782,200    6,579,600    8,263,900     (22)%          0%   25,353,300   29,174,400     (13)%   
Kolomela                               3,085,000    3,020,100    2,692,700    2,869,700    3,542,200     (13)%          2%   11,667,500   13,213,300     (12)%   
Kumba sales volumes(2)                10,124,200   10,902,900    8,084,000   10,683,500   10,469,400      (3)%        (7)%   39,794,600   41,973,700      (5)%   
Export iron ore(2)                    10,124,200   10,902,900    8,084,000   10,331,900   10,237,100      (1)%        (7)%   39,443,000   39,793,500      (1)%   
Domestic iron ore                              -            -            -      351,600      232,300       n/a         n/a      351,600    2,180,200     (84)%   
Minas-Rio production                                                                                                                                             
Pellet feed (wet basis)(3)             6,465,600    4,993,800    6,198,000    6,424,100    6,163,600        5%         29%   24,081,500   23,114,900        4%   
Minas-Rio sales volumes                                                                                                                                          
Export - pellet feed (wet basis)(3)    6,314,500    4,784,600    6,611,600    6,081,200    6,570,700      (4)%         32%   23,791,900   22,927,000        4%   

(1) Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis).
(2) Sales volumes differ to Kumba's standalone results due to sales to other Group companies.
(3) Volumes are reported as wet metric tonnes. Product is shipped with ~9% moisture.

METALLURGICAL COAL

                                                                                        Q4 2020              Q4 2020                      2020
Metallurgical Coal(1) (000 t)                                           Q4       Q4         vs.       Q3         vs.                       vs.
                                                                      2020     2019     Q4 2019     2020     Q3 2020     2020     2019    2019
Metallurgical Coal (Australia)                                       4,182    6,284       (33)%    4,836       (14)%   16,822   22,852   (26)%

(1) Anglo American's attributable share of production.

Export metallurgical coal production decreased by 33% to 4.2 million tonnes, due to the suspension of
operations at Grosvenor following the underground gas incident in May 2020, and lower Moranbah
production owing to geotechnical challenges. Open cut operations have been scaled back at Dawson and
Capcoal in response to reduced demand for lower quality metallurgical coal, while Grasstree benefited from
not having a longwall move.

The ratio of hard coking coal production to PCI/semi-soft coking coal was 77:23, lower than in Q4 2019
(81:19), due to a lower proportion of product coming from the underground operations.

The average realised price for hard coking coal was $112/tonne, which was lower than the benchmark price
of $124/tonne as sales consisted of a lower proportion of premium quality hard coking coal from Moranbah
and Grosvenor.

2021 Guidance

Production guidance for metallurgical coal is unchanged at 18-20 million tonnes, subject to the extent of
further Covid-19 related disruption.

                                                                                                              Q4 2020    Q4 2020                                2020  
Coal, by product (tonnes)(1)                           Q4           Q3          Q2          Q1           Q4       vs.        vs.                                 vs.
                                                     2020         2020        2020        2020         2019   Q4 2019    Q3 2020         2020          2019     2019
Production volumes
Metallurgical Coal                              4,182,400    4,836,100   3,977,200   3,826,200    6,283,600     (33)%      (14)%   16,821,900    22,852,200    (26)%
Hard Coking Coal                                3,221,200    3,969,100   3,221,500   3,012,200    5,117,500     (37)%      (19)%   13,424,000    18,957,100    (29)%
PCI / SSCC                                        961,200      867,000     755,700     814,000    1,166,100     (18)%        11%    3,397,900     3,895,100    (13)%
Export thermal Coal                               562,300      587,000     468,000     403,200      389,200       44%       (4)%    2,020,500     1,410,700      43%
Sales volumes
Metallurgical Coal                              4,318,300    4,818,000   3,901,300   3,850,300    6,100,100     (29)%      (10)%   16,887,900    22,380,600    (25)%
Hard Coking Coal                                3,536,900    4,130,000   3,305,000   2,867,400    5,097,200     (31)%      (14)%   13,839,300    19,069,900    (27)%
PCI / SSCC                                        781,400      688,000     596,300     982,900    1,002,900     (22)%        14%    3,048,600     3,310,700     (8)%
Export thermal Coal                               725,800      500,100     651,700     407,200      500,900       45%        45%    2,284,800     1,807,600      26%

(1) Anglo American's attributable share of production.

                                                                                                              Q4 2020     Q4 2020                               2020 
Metallurgical coal, by operation (tonnes)(1)          Q4           Q3          Q2          Q1          Q4         vs.         vs.                                vs.
                                                    2020         2020        2020        2020        2019     Q4 2019     Q3 2020        2020         2019      2019
Metallurgical Coal                             4,182,400    4,836,100   3,977,200   3,826,200   6,283,600       (33)%       (14)%  16,821,900   22,852,200     (26)%
Moranbah North                                 1,209,200    2,008,500     761,800     450,800   2,332,600       (48)%       (40)%   4,430,300    6,148,400     (28)%
Grosvenor                                              -        4,500     560,900     540,900   1,011,700         n/a         n/a   1,106,300    4,721,900     (77)%
Capcoal (incl. Grasstree)                      1,680,900    1,328,800   1,221,900   1,383,300   1,270,300         32%         26%   5,614,900    5,932,000      (5)%
Dawson                                           461,200      588,300     638,400     741,200     842,500       (45)%       (22)%   2,429,100    2,953,000     (18)%
Jellinbah                                        831,100      906,000     794,200     710,000     826,500          1%        (8)%   3,241,300    3,096,900        5%

(1) Anglo American's attributable share of production.

THERMAL COAL

                                                                                         Q4 2020             Q4 2020                      2020 
Coal(1) (000 t)                                                           Q4       Q4        vs.       Q3        vs.                       vs.
                                                                        2020     2019    Q4 2019     2020    Q3 2020     2020     2019    2019
Export Thermal Coal (South Africa)(2)                                  4,085    4,515      (10)%    4,595      (11)%   16,463   17,796    (7)%
Export Thermal Coal   (Colombia)(3)                                      347    2,315      (85)%    1,038      (67)%    4,130    8,586   (52)%

(1) Anglo American's attributable share of production.
(2) Includes export primary production, secondary production sold into export markets and production sold domestically at export parity pricing.
(3) Anglo American's attributable share of Cerrejon production is 33.3%.

Thermal Coal, South Africa - Export thermal coal production decreased by 10% to 4.1 million tonnes
despite strong underlying operational performance, as the mines continued to operate at c. 90% capacity
due to the impact of Covid-19 measures to help safeguard the workforce, as well as the impact of sections at
Goedehoop reaching their end of life.

Thermal Coal, Colombia - Attributable export thermal coal production decreased by 85% to 0.3 million
tonnes as a result of a three month strike, which ended in the first week of December.

The full year weighted average realised price for export thermal coal from South Africa and Colombia was
$55/tonne (South Africa: $57/tonne; Colombia: $46/tonne). This was 11% lower than the weighted average
quoted FOB price from South Africa and Colombia, largely due to quality discounts relative to the industry
benchmark.

2021 Guidance

Production guidance for export thermal coal is unchanged at c.24 million tonnes (Export South Africa c.16
million tonnes; Colombia c.8 million tonnes (attributable share)), subject to the extent of further Covid-19
related disruption.

                                                                                             Q4 2020     Q4 2020                              2020 
Thermal coal (tonnes)(1)           Q4           Q3           Q2           Q1           Q4        vs.         vs.                               vs. 
                                 2020         2020         2020         2020         2019    Q4 2019     Q3 2020         2020         2019    2019
Production volumes                                                                                                                                 
Thermal Coal                8,059,500    9,575,400    8,293,000    8,680,400    9,340,800      (14)%       (16)%   34,608,300   36,427,600    (5)% 
Export - South Africa(2)    4,085,000    4,595,400    3,587,600    4,195,100    4,515,100      (10)%       (11)%   16,463,100   17,795,600    (7)%   
Export - Colombia(3)          347,000    1,037,700      767,400    1,977,900    2,314,900      (85)%       (67)%    4,130,000    8,586,100   (52)%   
Domestic - South Africa     3,627,500    3,942,300    3,938,000    2,507,400    2,510,800        44%        (8)%   14,015,200   10,045,900     40%   
Sales volumes                                                                                                                                        
Thermal Coal               10,086,000   10,854,100   10,502,900   11,389,000   12,438,300      (19)%        (7)%   42,831,600   47,609,900   (10)%   
Export - South Africa(2)    4,872,100    4,512,700    3,264,300    3,924,000    4,880,100         0%          8%   16,573,100   18,148,400    (9)%   
Export - Colombia(3)          369,900      993,800    1,142,500    2,028,000    2,260,800      (84)%       (63)%    4,534,100    8,773,800   (48)%   
Domestic - South Africa     2,994,600    3,407,700    3,558,700    2,408,400    2,172,700        38%       (12)%   12,369,200    9,767,500     27%   
Third party sales           1,849,400    1,939,900    2,537,400    3,028,600    3,124,700      (41)%        (5)%    9,355,200   10,920,200   (14)%   

(1) Anglo American's attributable share of production.
(2) Includes export primary production, secondary production sold into export markets and production sold domestically at export parity pricing.
(3) Anglo American's attributable share of Cerrejon production is 33.3%.

                                                                                                     Q4 2020    Q4 2020                               2020 
Production by operation (tonnes)(1)            Q4          Q3          Q2          Q1          Q4        vs.        vs.                                vs.  
                                             2020        2020        2020        2020        2019    Q4 2019    Q3 2020         2020         2019     2019
Thermal Coal - South Africa(2)          7,712,500   8,537,700   7,525,600   6,702,500   7,025,900        10%      (10)%   30,478,300   27,841,500       9%   
Goedehoop                               1,907,500   1,816,600   1,192,500   1,207,400   1,488,800        28%         5%    6,124,000    6,066,300       1%   
Greenside                                 938,000   1,199,000   1,179,100   1,177,900   1,428,700      (34)%      (22)%    4,494,000    4,845,900     (7)%   
Zibulo                                  1,099,900   1,429,900   1,331,100   1,291,700   1,351,000      (19)%      (23)%    5,152,600    5,359,300     (4)%   
Khwezela                                1,444,200   1,735,100   1,383,700   1,619,400   1,530,300       (6)%      (17)%    6,182,400    5,760,800       7%   
Mafube                                    491,300     503,100     339,200     484,600     481,200         2%       (2)%    1,818,200    1,807,500       1%   
Other(3)                                1,831,600   1,854,000   2,100,000     921,500     745,900       146%       (1)%    6,707,100    4,001,700      68%   
Thermal Coal - Colombia (Cerrejon)(4)     347,000   1,037,700     767,400   1,977,900   2,314,900      (85)%      (67)%    4,130,000    8,586,100    (52)%   

(1) Anglo American's attributable share of production.
(2) Export and domestic production; Isibonelo and Rietvlei produce exclusively domestic volumes.
(3) Other includes Isibonelo and Rietvlei.
(4) Anglo American's attributable share of Cerrejon production is 33.3%

NICKEL

                                                                                           Q4 2020            Q4 2020                     2020 
Nickel (tonnes)                                                             Q4        Q4       vs.       Q3       vs.                      vs.
                                                                          2020      2019   Q4 2019     2020   Q3 2020     2020     2019   2019
Nickel                                                                  11,700    11,700        0%   10,200       15%   43,500   42,600     2%

Nickel production was flat at 11,700 tonnes, reflecting continued operational stability.

2021 Guidance

Production guidance is unchanged at 42,000-44,000 tonnes, subject to the extent of further Covid-19 related
disruption.

                                                                                            Q4 2020    Q4 2020                            2020 
 Nickel                                    Q4          Q3          Q2       Q1        Q4        vs.        vs.                             vs.
                                         2020        2020        2020      2020      2019   Q4 2019    Q3 2020        2020        2019    2019
Barro Alto
Ore mined                           1,001,600   1,712,200   1,166,200   318,000   623,300       61%      (42)%   4,197,900   4,075,600      3%   
Ore processed                         628,000     536,600     625,900   610,100   609,200        3%        17%   2,400,600   2,265,700      6%   
Ore grade processed - %Ni                1.71        1.72        1.60      1.57      1.73      (1)%       (1)%        1.65        1.69    (2)%   
Production                              9,500       8,000       8,800     8,700     9,500        0%        19%      34,900      33,900      3%   
Codemin                                                                                                                                          
Ore mined                                   -       3,200           -         -         -       n/a        n/a       3,200      40,300   (92)%   
Ore processed                         147,600     142,100     145,800   145,800   141,600        4%         4%     581,300     570,500      2%   
Ore grade processed - %Ni                1.71        1.71        1.59      1.62      1.68        2%         0%        1.66        1.65      1%   
Production                              2,200       2,200       2,000     2,200     2,200        0%         0%       8,600       8,700    (1)%   
Total Nickel production(1)             11,700      10,200      10,800    10,900    11,700        0%        15%      43,500      42,600      2%   
Sales volumes                          11,700      10,900       9,800    10,600    12,500      (6)%         7%      43,000      41,700      3%   

(1) Excludes nickel production from the PGMs business unit.

MANGANESE

                                                                                           Q4 2020            Q4 2020                     2020 
Manganese (000 t)                                                            Q4      Q4        vs.      Q3        vs.                      vs.
                                                                           2020    2019    Q4 2019    2020    Q3 2020    2020    2019     2019
Manganese ore(1)                                                            942     903         4%     939         0%   3,520   3,513       0%
Manganese alloys(1)(2)                                                       15      32      (54)%      18      (20)%      81     137    (41)%

(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.

Manganese ore production increased by 4% to 942,400 tonnes, due to stronger mining performance and
higher concentrator yield in Australia.

Manganese alloy production decreased by 54% to 14,600 tonnes, with the smelter in South Africa on care
and maintenance since the Covid-19 lockdown and an unplanned furnace outage in Australia. The sale of
the TEMCO alloy smelter in Australia completed at the start of 2021.

                                                                                         Q4 2020     Q4 2020                              2020 
Manganese (tonnes)                       Q4        Q3        Q2        Q1        Q4          vs.         vs.                               vs.  
                                       2020      2020      2020      2020      2019      Q4 2019     Q3 2020        2020        2019      2019
Samancor production                                                                                                                              
Manganese ore(1)                    942,400   938,700   796,000   842,900   902,900           4%          0%   3,520,000   3,513,400        0%   
Manganese alloys(1)(2)               14,600    18,300    23,200    24,400    31,600        (54)%       (20)%      80,500     137,200     (41)%   
Samancor sales volumes                                                                                                                           
Manganese ore                       936,800   976,200   810,700   805,400   911,000           3%        (4)%   3,529,100   3,610,600      (2)%   
Manganese alloys                     24,500    22,700    23,400    32,800    27,200        (10)%          8%     103,400     132,500     (22)%   

(1) Saleable production.
(2) Production includes medium carbon ferro-manganese.

EXPLORATION AND EVALUATION

Exploration and evaluation expenditure decreased by 12% to $81 million. Exploration expenditure decreased
by 27% to $32 million driven by decreased drilling activity across most businesses due to Covid-19.
Evaluation expenditure was consistent with the prior period at $49 million, with increased spend at Sakatti
(Copper/PGMs) in Finland, offset by lower activity in the Metallurgical Coal business.

CORPORATE ACTIVITY AND OTHER ITEMS

During the quarter, charges recognised within EBITDA relating to rehabilitation provisions are currently
estimated to be $0.2 billion at Copper.

NOTES

-   This Production Report for the quarter ended 31 December 2020 is unaudited.
-   Production figures are sometimes more precise than the rounded numbers shown in this Production
    Report.
-   Copper equivalent production shows changes in underlying production volume. It is calculated by
    expressing each product's volume as revenue, subsequently converting the revenue into copper
    equivalent units by dividing by the copper price (per tonne). Long-term forecast prices are used, in order
    that period-on-period comparisons exclude any impact for movements in price.
-   Please refer below for information on forward-looking statements.

In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and
"our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally,
or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms
herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity
within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are
responsible for their own day-to-day operations, including but not limited to securing and maintaining all
relevant licences and permits, operational adaptation and implementation of Group policies, management,
training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and
procedures to ensure best uniform practices and standardisation across the Anglo American Group but is
not responsible for the day to day implementation of such policies. Such policies and procedures constitute
prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those
policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and
monitoring within their specific businesses.

For further information, please contact:

Media                                      Investors
UK                                         UK
James Wyatt-Tilby                          Paul Galloway
james.wyatt-tilby@angloamerican.com        paul.galloway@angloamerican.com

Marcelo Esquivel                           Robert Greenberg
marcelo.esquivel@angloamerican.com         robert.greenberg@angloamerican.com

Katie Ryall                                Emma Waterworth
katie.ryall@angloamerican.com              emma.waterworth@angloamerican.com

South Africa
Sibusiso Tshabalala
sibusiso.tshabalala@angloamerican.com

Nomonde Ndwalaza
nomonde.ndwalaza@angloamerican.com

Notes to editors:
Anglo American is a leading global mining company and our products are the essential ingredients in almost every
aspect of modern life. Our portfolio of world-class competitive operations, development projects and undeveloped
resources, provides many of the metals and minerals that enable a cleaner, greener, more sustainable world and that
meet the fast growing consumer-driven demands of developed and maturing economies. With our people at the heart of
our business, we use innovative practices and the latest technologies to mine, process, move and market our products
to our customers - and to discover new resources - safely and sustainably.

As a responsible producer of diamonds (through De Beers), copper, platinum group metals, the steelmaking ingredients
of iron ore and metallurgical coal, and nickel - with crop nutrients in development and thermal coal operations planned
for divestment - we are committed to being carbon neutral across our operations by 2040. We work together with our
business partners and diverse stakeholders to unlock sustainable value from precious natural resources for the benefit
of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American
is re-imagining mining to improve people's lives.

Forward-looking statements and third-party information:

This announcement includes forward-looking statements. All statements other than statements of historical facts included
in this announcement, including, without limitation, those regarding Anglo American's financial position, business,
acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations (including
development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserves and
Mineral Resource estimates) and environmental, social and corporate governance goals and aspirations, are forward-
looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or achievements of Anglo American, or industry
results, to be materially different from any future results, performance or achievements expressed or implied by such
forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future
business strategies and the environment in which Anglo American will operate in the future. Important factors that could
cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-
looking statements include, among others, levels of actual production during any period, levels of global demand and
commodity market prices, mineral resource exploration and development capabilities, recovery rates and other
operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of
infectious diseases, the outcome of litigation or regulatory proceedings, the availability of mining and processing
equipment, the ability to produce and transport products profitably, the availability of transportation infrastructure, the
impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the
effects of inflation, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors,
activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines
and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health,
environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and
resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-
looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed
on forward-looking statements.

These forward-looking statements speak only as of the date of this announcement. Anglo American expressly disclaims
any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK
Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of
the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and
the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any
forward-looking statement contained herein to reflect any change in Anglo American's expect
        
ZAR/USD
15.28
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ZAR/GBP
21.25
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ZAR/EUR
18.31
(-0.76)
ZAR/AUD
11.80
(-0.85)
ZAR/JPY
0.14
(-0.59)
Gold
1696.82
(-0.81)
Silver
25.34
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Platinum
1127.50
(-2.33)
Brent Crude
63.94
(+2.19)
Palladium
2351.00
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All Share
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Top 40
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(-0.97)
Financial 15
12674.59
(+0.82)
Industrial 25
87893.58
(-1.99)
Resource 10
69166.37
(-0.09)
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