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On this page, we look at the highlights from our annual reports for 2023 that showcase how we are transforming the very nature of mining for a safer, smarter, more sustainable future.

Stuart Chambers, Chairman
 2023 saw a mixed operational performance and weaker financial outcomes. Against a background of continuing geopolitical turbulence, more subdued demand for certain products, and a number of constraints specific to our business, we took decisive action to improve margins and returns to ensure the sustained competitiveness of our top calibre assets.

Stuart Chambers Chairman

Looking at global trends

In considering the evolution of our long term strategic context, we identify and analyse a wide range of trends that are likely to influence our business. We assess trends in terms of their potential impact on the value of our business while also considering the value created for, and impact on, all our stakeholders and the timeframe over which they could develop in significance. We recognise that individual trends do not unfold in isolation and that when they converge, there is potential for more pronounced effects.

Our strategy positions us well to navigate the many dimensions of our external context and, as trends develop, is flexible enough to allow us to adapt as required. Our high quality and diversified portfolio of assets, relentless approach to operational delivery, and talented people – combined with business decisions guided by our Purpose – set us up to take advantage of commercial and other opportunities, thereby unlocking our full potential for sustainable value creation.

Climate change

Increased demand for the metals and minerals essential to the low carbon transition and broadening awareness of the vital role that mining must play. Low carbon technologies, such as renewable power generation infrastructure and electric vehicles (EVs) powered by batteries and fuel cells, generate additional demand for many metals, including copper, nickel, platinum group metals (PGMs) and steelmaking raw materials (iron ore, steelmaking coal and manganese)

We produce many of the metals and minerals that are essential to the low carbon transition, including copper for EVs and renewable energy capacity, nickel for EV batteries, and PGMs for hydrogen fuel cells and green hydrogen production.

Climate change

Emerging technologies

Technology will play a major role in identifying new mineral deposits, managing costs of production, improving productivity, and minimising the environmental impact of mining.

Our participation across the value chain allows us to apply our innovations in technology and sustainability more widely, looking beyond upstream production to examine other opportunities in the value chains in which we participate. For example, in 2023 we launched ValutraxTM, a proprietary digital traceability solution designed to provide customers with greater assurance about the provenance of the products they purchase.

Emerging technologies

Geopolitical shifts

The realignment of regional trading blocs and greater socio-political complexity can shift centres of demand, and consequently, the flow of raw materials to them. Trade restrictions and interstate conflict can impact strategically important raw materials, bringing a renewed focus on supply chain resilience and alternative sources of supply.

Our successful track record of developing and operating projects in multiple jurisdictions makes Anglo American a partner of choice for countries looking to develop their natural mineral deposits.

Our Marketing business focuses on providing tailored materials solutions for our customers and, by drawing together our longstanding relationships, market insight and analytics capability, we can respond to demand shifts and redirect flows to fulfil the needs of our customers and stakeholders.

Geopolitical shifts

Macro-economics

As the global population grows and as economies develop, so does the need for food supply and infrastructure, resulting in higher demand for crop nutrients, steel and base metals.

Anglo American has a diversified product portfolio, increasingly focused on products that enable lower-carbon economic development and that serve the needs of the expanding global consumer class.

Macro-economics
Duncan Wanblad, Chief Executive
 We have a world class suite of assets and leading market positions in certain products, coupled with our deep bench of technical and socio-political capabilities, underpinned by disciplined capital allocation and a pipeline of organic growth options in the right products.

Duncan Wanblad Chief Executive

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Our 2023 in numbers
$30.7bn

Revenue

$10.0bn

Underlying EBITDA*

$3.9bn

Operating profit

$2.40

Underlying earnings per share*

$0.3bn

Profit attributable to equity shareholders

$10.6bn

Net debt*

$0.96

Total dividends per share

$(1.4)bn

Attributable free cash flow*

16%

Group attributable ROCE*

Portfolio

Portfolio

Hydrogen in the driving seat

Hydrogen is increasingly being seen as a key enabler of the energy transition. It is a clean, versatile, energy carrier of almost infinite supply that can be employed in sectors where emissions are hard to abate, such as heavy-duty transport, chemicals, steel, cement, aviation and shipping.

The International Energy Agency (IEA) estimates that EVs will have a 35% share of the global vehicle car market by 2035.

Innovation

Innovation

CPR and HDS: Transforming the future of tailings

Anglo American has been trialling and developing two technologies: coarse particle recovery (CPR) and hydraulic dewatered stacking (HDS). CPR allows the separation of the valuable ore from larger-size rock particles to be processed – grains of sand rather than fine dust. This reduces the amount of energy required to crush and grind the ore, and saves water since the resulting tailings are free draining, allowing for greater water recycling and instead delivering unsaturated, drier tailings for storage. HDS is a newer, complementary, technology, patented by Anglo American, developed from the company’s experience with CPR in base-metal sulphide operations.

Following an 18-month pilot period at our El Soldado copper mine’s technology-testing hub in Chile, the two processes, working in tandem with each other, have accelerated dewatering times significantly and yielded water recoveries of around 80%, while considerably lowering the liquefaction risk of stored tailings, as well as delivering significant energy savings.

People

People

A more engaged and inclusive approach to safety leadership

We are building a stronger safety culture, based on the established concept of Visible Felt Leadership (VFL), to help leaders, at all levels, demonstrate in a personal way how much they care about their teams’ safety and well-being in the workplace.

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