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◊ Alternative Performance Measures
Words with this symbol ◊ are defined in the Alternative Performance Measures section of the Integrated Annual Report on pages 334–339
Cover image
Water and diesel truck operator Bridget Seikotagelo
standing in front of a truck at our Sishen iron ore mine in
South Africa.

Revenue |  | Underlying EBITDA◊ |  | Operating profit/(loss)
$27.3 bn | $8.5 bn | $(0.2) bn
Underlying earnings per share◊ |  | Profit/(loss) attributable to equity shareholders |  | Net debt◊
$1.60 |  | $(3.1) bn |  | $10.6 bn
Total dividends per share |  | Attributable free cash flow◊ |  | Group attributable ROCE◊
$0.64 |  | $0.5 bn |  | 12%
Number of fatalities |  | Total recordable injury frequency rate (TRIFR) |  | Level 4-5 environmental incidents
3 |  | 1.57 |  | 0

Re-imagining mining to
improve people’s lives
Mining for a safer, smarter, more
sustainable future.
We are combining integrity, creativity
and smart innovation to unlock enduring
value for our shareholders, for our people,
local communities, our customers, and the
world at large – to better connect precious
resources in the ground to all of us who
need and value them.
Using more precise technologies, less
energy and less water, we aim to reduce
our physical footprint for every tonne of
metal or mineral that we produce.
Together with our business partners and
diverse stakeholders, we aim to help build
brighter and healthier futures around our
operations in host communities and
ultimately for billions of people around
the world who depend on our products
every day.
Our products are essential ingredients in so
much of modern life – from smartphones,
electric vehicles and household appliances
to solar panels, wind turbines, data centres
and the systems that power artificial
intelligence (AI). They build our homes,
offices, railways and airports and will help
feed a healthier and growing global
population. Simply put, our products move
the world towards a more sustainable future
– these are future-enabling products.
Our reporting suite
You can find this report and others, including the
Sustainability Report, our Tax and Economic Contribution
Report, and the Ore Reserves and Mineral Resources
Report, on our corporate website.
▶ For more information, visit:
angloamerican.com/investors/annual-reporting
Social channels
Contents
Strategic Report
0 2 Our business at a glance
0 4 Chair’s statement
0 6 Chief executive’s statement
0 8 Our business model
0 9 Our value chain
10 Our strategy
11 Our approach to sustainability
and innovation
12 Creating value for our stakeholders
14 How we make decisions
16 Understanding our stakeholders
20 Our material matters
24 Reflecting stakeholder views
in our Board decision making
26 Operational excellence
36 Portfolio simplification
50 Growth
58 Strategic enablers
92 Capital allocation
95 Managing risk effectively
104 Key performance indicators
108 Group financial review
112 Copper
118 Iron Ore
123 Platinum Group Metals (PGMs)
128 De Beers
133 Steelmaking Coal
137 Nickel
140 Manganese
142 Crop Nutrients
145 Corporate and other
146 Non-financial and sustainability
information disclosures and footnotes
148 Disclosures related to the
recommendations of the TCFD
154 Streamlined energy and carbon
reporting
Governance
156 Chair’s introduction
158 Directors
162 Executive Leadership Team
164 Board governance framework
167 Board operations
168 Board activity
171 Board effectiveness in 2024
173 Board visit in 2024
175 Stakeholder engagement
178 Sustainability Committee report
180 Nomination Committee report
182 Audit Committee report
192 Directors’ remuneration report
193 Remuneration Committee
chair’s introduction
196 At a glance
199 Directors’ remuneration policy
204 Annual report on directors’
remuneration
224 Statement of directors’ responsibilities
Financial statements and other
financial information
226 Independent auditors’ report
234 Primary statements
238 Notes to the financial statements
320 Financial statements of the
Parent Company
323 Summary by operation
325 Key financial data
326 Exchange rates and commodity prices
Ore Reserves and Mineral Resources
3 28 Estimated Ore Reserves
330 Estimated Mineral Resources
Other information
332 Glossary of terms
334 Alternative performance measures
340 Production statistics
343 Quarterly production statistics
344 Non-financial data
346 Directors’ report
350 Shareholder information
351 Other Anglo American publications
and legal disclaimers
The Strategic Report forms part of the Anglo American plc
Integrated Annual Report for the year ended
31 December 2024 and should be read in conjunction
with the Governance section and Financial Statements
of the Integrated Annual Report.
Basis of reporting
The Anglo American plc Integrated Annual Report for
the year ended 31 December 2024 is produced in
compliance with UK regulations. Additionally, we have
compiled this report using the Guiding Principles and
Content Elements set out in the International Integrated
Reporting Council’s <IR> Framework.
Integrated Reporting aims to demonstrate how
companies create value sustainably over time,
for a range of stakeholders – consistent with
Anglo American’s Purpose, business approach
and strategy. This report, therefore, includes
a comprehensive overview of our material matters,
in the eyes of our stakeholders, and the impact
these matters have on the value we create.
Measuring performance
Throughout the Strategic Report we use a range of
financial and non-financial measures to assess our
performance. A number of the financial measures are
not defined under IFRS so they are termed ‘Alternative
Performance Measures’ (APMs). We have defined
and explained the purpose of each of these measures
on pages 334– 339, where we provide more detail,
including reconciliations to the closest equivalent
measure under IFRS. These APMs should be considered
in addition to, and not as a substitute for, or as superior
to, measures of financial performance, financial
position or cash flows reported in accordance
with IFRS.
Units
‘Tonnes’ are metric tonnes, ‘Mt’ denotes million tonnes,
‘kt’ denotes thousand tonnes, ‘Mct’ denotes million carats
and ‘koz’ denotes thousand ounces; ‘$’ and ‘dollars’
denote US dollars, and ‘cents’ denotes US cents.
AngloAmerican
AngloAmerican
angloamericanplc
@angloamerican
angloamerican
Forward-looking statements, third-party information and
Group terminology
This document includes references to the
Anglo American Group, forward-looking statements
and third‑party information. For information regarding
the Anglo American Group, forward-looking statements
and such third-party information, please refer to the IBC
of this document.
Non-financial and sustainability information disclosures
Non-financial and sustainability information in this report
includes subsidiaries and joint operations over which the
Anglo American Group has management or acts as
operator. It does not include independently managed
operations, such as Collahuasi and Samancor, nor does
it include De Beers' non-managed joint operations in
Namibia and Botswana, unless specifically stipulated.
We continue to evolve our non-financial disclosures
in line with emerging recommendations and principles,
ensuring we continue to comply with the reporting
requirements contained in sections 414CA and 414CB
of the Companies Act; the Financial Stability Board's Task
Force on Climate-related Financial Disclosures (TCFD);
and the Streamlined Energy and Carbon Reporting
(SECR) rules. The tables on pages 148–153 and 154
are intended to guide stakeholders to where the relevant
non-financial and sustainability information is included
within our Strategic Report and other externally available
Anglo American plc publications.

02 | Anglo American plc Integrated Annual Report 2024 | Strategic Report |

North America
1,000 employees(1)
$62 m wages and benefits paid(2)
$32 m taxes and royalties(3)
$132 m local procurement spend(4)
Chile
4,100 employees(1)
$437 m wages and benefits paid(2)
$570 m taxes and royalties(3)
$2,787 m local procurement spend(4)
Europe
2,900 employees(1)
$527 m wages and benefits paid(2)
$446 m taxes and royalties(3)
$998 m local procurement spend(4)
Australia/Asia
3,100 employees(1)
$652 m wages and benefits paid(2)
$820 m taxes and royalties(3)
$1,560 m local procurement spend(4)
Brazil
4,200 employees(1)
$195 m wages and benefits paid(2)
$342 m taxes and royalties(3)
$1,302 m local procurement spend(4)
South Africa
31,500 employees(1)
$1,560 m wages and benefits paid(2)
$891 m taxes and royalties(3)
$3,707 m local procurement spend(4)
Other Africa
7,000 employees(1)
$399 m wages and benefits paid(2)
$396 m taxes and royalties(3)
$570 m local procurement spend(4)
Peru
1,200 employees(1)
$156 m wages and benefits paid(2)
$389 m taxes and royalties(3)
$1,041 m local procurement spend(4)

Product groups/corporate*
n | Copper
n | Iron Ore
¡ | Platinum Group Metals
¡ | De Beers
¡ | Steelmaking Coal
¡ | Nickel
n | Manganese
n | Crop Nutrients
n | Marketing hub
Ø | Early-stage project
¡ | Denotes business to be divested or demerged in line with our portfolio simplification
* Number within dot denotes number of operations shown by product.

See page 147 for footnotes
London
Shanghai
Singapore
Canada
Peru
Chile
Brazil
Zimbabwe
South Africa
Australia
Namibia
Botswana
United
Kingdom
Finland
Anglo American is a leading global mining company with a portfolio of
world-class mining and processing operations and outstanding mineral
endowments, offering significant value-accretive growth optionality,
with around 55,000 employees working for us around the world.
Ø
Our business
at a glance

Anglo American plc Integrated Annual Report 2024 | Strategic Report Our business at a glance | 03

Our business

Copper |  | Iron Ore |  | PGMs |  | De Beers |
$3,805 million Underlying EBITDA◊ |  | $2,655 million Underlying EBITDA ◊ |  | $1,106 million Underlying EBITDA ◊ |  | $(25) million Underlying EBITDA ◊ |
45% Group underlying EBITDA (5)◊ |  | 31% Group underlying EBITDA(5)◊ |  | 13% Group underlying EBITDA(5)◊ |  | 0% Group underlying EBITDA(5)◊ |
773 kt Production: Copper |  | 35.7 Mt Production: Iron ore – Kumba |  | 3,553 koz Production: PGMs |  | 24.7 Mct Production (100% basis)(6) |
|  | 25.0 Mt Production: Iron ore – Minas‑Rio |  |  |  |  |
Steelmaking Coal |  | Nickel |  | Manganese (Samancor) |  | Crop Nutrients |
$924 million Underlying EBITDA ◊ |  | $92 million Underlying EBITDA ◊ |  | $116 million Underlying EBITDA ◊ |  | $(34) million Underlying EBITDA ◊ Woodsmith is a greenfield project Corporate and other $(179)million Underlying EBITDA◊ |
11% Group underlying EBITDA◊ |  | 1% Group underlying EBITDA◊ |  | 1% Group underlying EBITDA◊ |  |
14.5 Mt Production: Steelmaking coal |  | 39.4 kt Production: Nickel |  | 2.3 Mt Production: Manganese ore |  |

We provide many of the essential
Our overview video gives a complete
introduction to what we do and our
ambitions for the future
See https://youtu. be/cYUz_h97X0A
▶ More detailed information and maps
can be found in the business reviews
See pages 112–1 45
metals and minerals that are
fundamental to the transition to a
low-carbon economy, as well as
meeting the growing demands for
improved living standards across
the world’s developed and maturing
economies, and feeding a growing
global population. We endeavour
to do so i n a way that not only
generates sustainable returns for
our shareholders over the long term,
but that also strives to make a real
and lasting positive contribution to
society as a whole.

04 | Anglo American plc Integrated Annual Report 2024 | Strategic Report Chair’s statement |

Re-imagining
mining to
improve
people’s lives
We are delivering accelerated
portfolio changes to create a world-
class copper, premium iron ore and
crop nutrients business – future-
enabling products essential for
decarbonisation, improving living
standards and food security.
Through portfolio focus, asset quality and
outstanding growth options, we are
positioning Anglo American as a highly
differentiated investment proposition with
strong cash generation and the capabilities
and longstanding relationship networks to
deliver our full value potential. We continue
to build on the rapid progress we have made
this year in our portfolio simplification –
reshaping Anglo American into a simpler,
higher margin and more agile business for
decades to come.
We are in the midst of a
major transformation of
Anglo American that the
Board believes will create
a far more resilient and
valuable business.”
Stuart Chambers
Chair
Safety
Safety is always paramount, and keeping
our people safe is an unremitting endeavour
for every one of us at Anglo American. It was
therefore deeply saddening that three
people died at our managed operations
in 2024, following two incidents at our
Amandelbult PGMs operation in South
Africa, in June and October.
We are wholly committed to stopping our
people from getting hurt at work and we
believe it is possible to put an end to such
incidents. We put great focus on Visible Felt
Leadership (VFL), connecting operational
leaders in the field to work directly with
teams to ensure that a task or activity is
performed safely. This is complemented
by the continued implementation of our
Contractor Performance Management
framework, ensuring that every person
working for our company is valued equally
and that our contractors are fully integrated
into our systems and processes, with the
work they undertake well planned, aligned
with our Operating Model, and rigorously risk
assessed and resourced with the right skills.
Delivering our strategy
We are in the midst of a major
transformation of Anglo American that the
Board believes will create a far more resilient
and valuable business that is set up to fulfil
its full value and growth potential. The
delivery of the portfolio simplification is well
in train. In November, we agreed the sale of
the bulk of our steelmaking coal business
to Peabody Energ y, subject to relevant
approvals, which, together with the sale of
our interest in Jellinbah to Zashvin, will
generate up to $4.8 billion in cash. The
sale of the nickel business was agreed
in February 2025 for up to $500 million in
cash and the demerger of Anglo American
Platinum is expected in June 2025.
We anticipate that the separation of
De Beers will then follow, ensuring
we recognise the value of its leadership
position and iconic brand as trading
conditions improve.
Value-accretive growth
Anglo American’s simplified portfolio offers
significant value-accretive growth options
across each of copper, premium iron ore
and crop nutrients, positioning the company
to deliver into structurally attractive
demand trends.
Our outstanding copper endowment
through our interests in three world-class
copper assets – Quellaveco, Los Bronces
and Collahuasi – is set for multiple decades
of competitive production and growth.
We have well-sequenced brownfield and
greenfield prospects for a pathway to more
than one million tonnes of annual copper
production, which includes our greenfield
Sakatti project in Finland.
In our premium iron ore business,
both Minas-Rio and Kumba contribute
significantly to cash flow and offer
value‑enhancing opportunities. UHDMS
technology is being deployed at Kumba
to deliver a step change in the proportion
of premium quality product, while the
combination of Minas-Rio and Serpentina
provides a high-value option to double

Anglo American plc Integrated Annual Report 2024 | Strategic Report Chair’s statement | 05

Minas-Rio’s production, with meaningful
operational and logistics synergies.
And in crop nutrients, we have the project
at Woodsmith to bring online the world’s
largest-known deposit of polyhalite – a
highly attractive fertiliser that is well
positioned to play a meaningful role in the
transition to more sustainable, lower-carbon
food production.
We expect to be in a position to unlock
these and other growth opportunities by
leveraging our proven delivery capabilities,
our global relationship networks and our
longstanding reputation as a responsible
mining company, in the jurisdictions where
Anglo American’s experience and track
record are most valuable and most valued.
Operating and financial performance
In a year characterised by still volatile
markets and slow economic recovery in
China, and with a weakening iron ore price
and cyclically low PGMs and diamond
prices, Anglo American delivered a much
more stable operating performance.
Combined with the strategic progress
we are making with the portfolio and
significant cost savings already delivered,
Anglo American delivered a far stronger
return for shareholders, with a Total
Shareholder Return (TSR) for the year of
24%, compared with the FTSE 100 Index
of 10% and a negative 12% TSR for the
FTSE 350 Mining Index.
Group underlying EBITDA decreased by
15% to $8.5 billion (2023: $10.0 billion),
reflecting lower prices across most products,
albeit at a healthy 30% EBITDA margin as a
result of the focus on cost discipline and
operational excellence. Prevailing conditions
in the diamond markets led the Group to
review its carrying value of De Beers,
contributing to total net impairments for the
year of $3.8 billion and a resulting loss
attributable to shareholders of $3.1 billion.
In line with our payout-based dividend
policy, the Board has recommended a final
dividend of $0.22 per share, equal to 40% of
underlying earnings, bringing total dividends
for the year to $0.64 per share or $0.8 billion.
Governance
The Board gave serious consideration
in 2024 to the unsolicited and highly
conditional combination proposals
from BHP, reviewing them in detail and
unanimously rejecting each in turn. At
the same time, the Board supported the
management team’s accelerated value
delivery plans as being in the best interests
of Anglo American’s shareholders.
The Board is in close touch with the
implementation of these plans and is
pleased with the good progress to date.
Over several years now, our Board has
gained plenty of additional perspectives
from its engagement with the company’s
employees, providing a healthy sense-check
across a number of areas. Leading this
initiative is the Global Workforce Advisory
Panel, which includes 12 colleagues drawn
from across the G roup, chaired by non-
executive director Marcelo Bastos. In 2024,
the panel met on three occasions, one of
which was in person in South Africa.
Our Board
In December, we announced the
appointment of Anne Wade as a non-
executive director and as a member of the
Board’s Audit and Sustainability committees,
with effect f rom 1 January 2025. Anne brings
a wealth of buy-side insights from her career
as a global asset manager, with a particular
focus on infrastructure and raw materials,
as well as extensive experience as a
non‑executive director across a number
of relevant industries.
I am always keen that our non-executive
directors experience our operations at first
hand and have the opportunity to engage
face to face with employees. So, it was
pleasing that our Board was able to interact
directly with a wide range of employees,
both at our country office and at site, during
the Board’s visit to Brazil in September.
Outlook
The global macro-economic landscape
continued to present challenges in 2024,
though somewhat soothed as fears of
global recession gradually receded – in
large part due to more robust growth in the
US. As we enter 2025, political factors will
likely play a pivotal role in driving economic
outcomes. On the proviso that the ongoing
global conflicts begin to de-escalate,
near‑term growth will likely depend on the
nature and scale of emerging international
trade restrictions, Chinese economic
stimulus measures, and Europe’s ability
to reinvigorate its industrial sectors. Many
regions continue to face higher than
targeted inflation and interest rates, while
elevated and increasing government debt
levels suggest limited scope for direct fiscal
stimulus, and instead we will likely see more
creative and diverging policy approaches
to supporting growth.
Looking through these challenging macro
factors, Anglo American continues to
prioritise growth and growing markets where
our mineral endowments and capabilities
best match the major trends that shape
supply and demand for our products. As we
progress with our portfolio simplification
to focus on the responsible production of
copper, premium iron ore and crop nutrients,
our future-enabling products are well
positioned to feed into three major global
trends of decarbonisation, improving living
standards and food security.
Thanks
I would like to express my thanks to all our
employees, the senior leadership team
and the Board for their resilience and
c ommitment this year, and also to our
shareholders and stakeholders for their
continued support.
Our Strategic Report
Our 2024 Strategic Report, from pages
2–154, was reviewed and approved
by the Board on 19 February 2025.
Stuart Chambers
Chair

06 | Anglo American plc Integrated Annual Report 2024 | Strategic Report Chief Executive’s statement |

Delivering
exceptional
value through
portfolio focus
and growth
Our future-enabling products of
copper, premium iron ore and crop
nutrients each offer significant value-
accretive growth optionality from our
outstanding mineral endowments.
Safety – our number one value
We are unconditional about safety and
strive continuously to create a workplace
where everyone returns home safely. Safety
is our number one value and first priority,
and we continue to make progress towards
our goal of zero harm, recording our lowest
ever injury rate in 2024. However, I am
deeply sorry to report that three colleagues
died in the year, following two accidents
underground at our PGMs business in
South Africa. We extend our heartfelt
condolences to their families, friends and
colleagues. In addition to investigating
each of these tragic incidents, we are
committed to sharing the learnings across
the industry to help prevent any repeats.
We are also continuing to implement our
targeted safety strategy, investing in
systems and technology, standards, and
training our people, with a particular focus
on Visible Felt Leadership (VFL) to ensure all
leaders, at all levels in the organisation, are
spending sufficient time in the field having
quality interactions with our workforce.
A highly attractive and differentiated
value proposition
In 2024 we set out an acceleration of our
strategy, to focus on the three businesses
where we believe we have distinct strategic
advantage through a combination of our
operational expertise; our outstanding
mineral endowments and the very
significant growth optionality they offer; and
our technical and sustainability capabilities
to operate and deliver that growth
responsibly – and in a way that delivers
enduring value for our shareholders.
Through our world-class positions in copper,
premium iron ore and crop nutrients, we will
offer entirely future-enabling products that
play into the compelling dynamics created
by the structural trends of decarbonising the
global economy, improving living standards,
and food security. We are moving at pace to
set up Anglo American as a highly attractive
and differentiated investment proposition
for the long term, offering strong cash
generation to support sustainable
shareholder returns and the capabilities
and longstanding relationship networks
to deliver our full value and growth potential.
We are moving at pace to set
up Anglo American as a highly
attractive and differentiated
investment proposition.”
Duncan Wanblad
Chief Executive
Maximising value across Anglo American
The shape of Anglo American has evolved
many times over its long history and we
are currently implementing another such
transformation to unlock the inherent value
in our portfolio. While our current portfolio
configuration has constrained value
transparency as the capital markets have
themselves evolved, we are ensuring that
each of our businesses is set up for success,
whether as part of Anglo American,
as independent businesses, or within
a different portfolio.
We are transforming our organisation as
well as our portfolio, structurally resetting
our cost base. We are ahead of schedule
having reduced costs by $1.3 billion on a run
rate basis in 2024, with a further $0.5 billion
of run rate cost savings expected by the end
of 2025. Anglo American will be increasingly
well positioned as a much higher-margin
and far more cash-generative business in
a more volatile macro environment that
demands greater resilience and agility.
We have made rapid progress with our
portfolio simplification. In November, we
announced an agreement with Peabody
Energy to sell our steelmaking coal business
in Australia which, together with the sale of
our interest in Jellinbah to Zashvin, we
expect to generate up to $4.8 billion in
aggregate gross cash proceeds. In February
2025 we agreed the sale of our nickel
business in Brazil to MMG for a cash
consideration of up to $500 million. Our
demerger of Anglo American Platinum is well
on track and expected in June 2025.

Anglo American plc Integrated Annual Report 2024 | Strategic Report Chief Executive’s statement | 07

The separation of De Beers will follow, with
decisive action taken to strengthen cash
flow in the near term and position De Beers
for long-term success and value realisation.
Operational stability and cost discipline
driving far stronger cash generation
For 2024 as a whole, we have achieved far
greater stability across our operations as a
result of our focus on our biggest margin
lever: operational excellence.
All our businesses delivered within their
production guidance for the year. In
particular, we saw strong operational
delivery aligned to robust mine plans in our
copper and premium iron ore businesses,
with Minas-Rio achieving its best ever 12-
month operational performance with a
record 25 million tonnes of iron ore
produced in 2024.
Group underlying EBITDA decreased by
15% to $8.5 billion (2023: $10.0 billion),
reflecting a 10% lower basket price for our
products and unit costs held flat – a strong
cost performance. Our focus on working
capital and cost efficiency translated into
stronger cash generation and a stable
EBITDA margin of 30% (2023: 31%) despite
an 11 % reduction in revenue. Our copper
and iron ore businesses were again the
standout EBITDA margin performers at
50% and 40% respectively.
Far stronger cash conversion allowed us to
keep net debt flat at $10.6 billion, equal to
1.3 x underlying EBITDA, with the cash
proceeds from our divestments expected to
continue flowing through during this year.
Reflecting prevailing market conditions, we
have reduced our carrying value of De Beers
by $2.9 billion (before tax). Recognising total
net impairments of $3.8 billion, we report a
loss attributable to equity shareholders of
$3.1 billion.
Our $0.8 billion total dividend for the year
of $0.64 per share is in line with our 40%
payout policy.
Technical and sustainability
competencies; key to accessing
and unlocking growth
How metals and minerals are produced is
ever more important to all stakeholders,
from local communities to our customers
and the ultimate consumer – and rightly so.
Sustainability, innovation and operating
responsibly are embedded into our strategy:
from day-to-day operational decisions to
portfolio choices. We believe this approach
is a prerequisite for sustainable value
creation in the mining industry and it is
integral to our DNA as a company.
Our FutureSmart Mining™ approach
integrates innovation in both sustainability
and technology to deliver improved
business and ESG outcomes, putting us in
a strong position to deliver the numerous
g rowth opportunities in each of our three
businesses: copper, premium iron ore and
crop nutrients, as well as other growth
opportunities that we aim to secure over time.
H aving established Quellaveco as our first
generation of FutureSmart mine, we are now
taking those learnings to Woodsmith in the UK
a nd then Sakatti in Finland – truly modern
mines with minimal surface footprint to
responsibly produce the critical minerals that
the world requires.
While many of the world’s undeveloped
resource opportunities are stalled due to
environmental and social concerns, it is the
way in which we deliver on our sustainability
commitments that sets us apart. With each
undeveloped resource having its own
physical characteristics and social context,
we have shown what can be achieved when
genuine dialogue, collaboration and trust
are combined with the required technical
and sustainability competencies built up
over time to deliver profitable outcomes and
sustainable value.
Fostering a purpose-led and high-
performance culture
People are the very heart of our business
and are always front of mind in terms of their
safety, health and the working environment
that we provide for them to fulfil their
potential. We have a holistic approach to
fostering a culture that is guided by our
Purpose in which our employees feel safe,
both physically and psychologically,
valued for who they are and the work they
do, and empowered and accountable to
grow business value for the long term.
Anglo American was once again recognised
in 2024 in the Inclusive Top 50 UK
Employers for the sixth year in a row and we
were also awarded the Inclusive Culture
Initiative Award for our domestic violence
policy and awareness campaign. We know
that the support we offer to survivors of
domestic violence who work for us can
save lives and help people escape from
dangerous situations. I was therefore
extremely encouraged to see our sector-
leading policy and approach being
recognised in this way and we hope it will
embolden more businesses to do the same.
Outlook
I am very pleased with the pace at which we
are delivering what we set out in early 2024
– achieving far greater operational stability
in 2024, making great strides in simplifying
our portfolio, and setting up Anglo American
as a compelling platform to deliver long-
term value-accretive growth.
I believe there is just a very small handful
of companies that have the track record,
capabilities and trusted reputation to bring
to market the incremental metals and
minerals that society will need – and to do so
responsibly. The partnerships we create and
the contributions we make as part of the fabric
of host countries over many decades together
form the backbone of the trust that is so vital to
one’s licence to operate in our industry.
I thank the Board for its unwavering support
and all our workforce for everything we have
achieved together over the past year.
Duncan Wanblad
Chief Executive

08 | Anglo American plc Integrated Annual Report 2024 | Strategic Report |

Our business
model
Ore Reserves and Mineral Resources
Our high-quality, long-life mineral assets provide a
range of organic options for long-term value delivery.
Other natural resources
We aim to effectively manage the water and energy
requirements of our mining and processing activities.
Know-how
We use our industry-leading technical, sustainability
and market knowledge to realise optimal value from
our assets.
Plant and equipment
We form strong relationships with suppliers, many of
whom are located in the countries where we operate,
to deliver tailored equipment and operating solutions.
Financial
A strong focus on productivity, cost discipline and
working capital management helps deliver sustainable
positive cash flows, with balanced capital allocation
to optimise returns.
Anglo American draws upon a number of key inputs that,
through targeted allocation, development, extraction and
marketing, create sustainable value for our shareholders and
our diverse range of stakeholders.
We provide many of the precious metals and minerals
our modern society needs for improving living
standards and food security in a cleaner, greener and
decarbonising world. We combine integrity, creativity,
and smart innovation, with the utmost consideration
for our people, their families, loc al com munities, our
customers and the world at la rge – to better connect
precious resources to all of us who need and va lue them.
End of life
plan
We invest in those parts of
the value chain that
provide us with the best
return on our investment,
holding ourselves to high
standards through our
holistic and integrated
approach to sustainable
business practices.
Plan and
build
Move and
market
Mine
Process
Discover

Attributable free cash flow $0.5 bn CO 2 equivalent emissions (Scope 1 and 2) 11.6 Mt | Group attributable ROCE 12% Mined product shipped by our fleet >75 Mt
Production in 2024 |
– Copper: 773 kt – Iron ore: 60.8 Mt – Platinum: 1,846 koz refined – Diamonds: 24.7 Mct – Steelmaking coal: 14.5 Mt | – Nickel (from Nickel and PGMs): 65.2 kt – Manganese ore: 2.3 Mt – Palladium: 1,249 koz refined – Rhodium: 248 koz refined

Ho w we measure the value we cre ate
Governance
Our governance controls ensure we respond effectively
to those matters that have the potential to cause financial,
operational or reputational harm, while acting ethically and
with integrity.
▶ For more information See pages 155–191
Materiality and risk
Identifying and understanding our material matters and risks
is critical in the development and delivery of our strategy.
▶ For more information See pages 20–23
Stakeholder engagement
Open and honest engagement with our stakeholders is critical
in gaining and maintaining our social and regulatory licences
to operate. Working within our social performance framework,
it is our goal to build and sustain constructive relationships with
host communities and countries that are based on mutual
respect, transparency and trust.
▶ For more information See pages 16–19
Safety
and health
Financial
Cost
Environment
People
Production
Socio-political
▶ For our pillars of value See pages 104–107
▶ For more on the value we create for stakeholders See pages 12–13
Our inputs
Our value chain
Outputs

Anglo American plc Integrated Annual Report 2024 | Strategic Report | 09

Discover
Our geologists search for and discover new sources of the
minerals that make our modern lives possible. We benefit from
developing and using world-class expertise and leading
technologies, often that we have developed ourselves, to find
deposits we can develop and mine in a safe and sustainable way.
Plan and build
Before we put a spade in the ground, our geologists and
engineers work together using virtual mine planning systems to
design the most effective, cost-efficient and environmentally
sound construction and operational mine plan.
Mine
In extracting the products that we all need in our daily lives,
we draw on over 100 years of mining experience. Safety
comes first: our whole way of working is focused on keeping
our people safe. We plan for the lifecycle of the mine and
beyond and use our holistic approach to innovation to
reduce waste and protect environments.
Process
By processing, converting and refining our raw materials, we
produce what our customers need and value. Our processing
technologies also enable us to reduce energy and waste,
recycle more water, increase efficiency, drive innovation and,
by adding value to our products, further support economic
activity in the areas we mine.
End of life plan
We do not only plan for the lifecycle of the mine – we also take
great care to look beyond and determine the rehabilitation of
the site and the real benefits that will help sustain local
communities, long after the site is closed.
Move and market
After processing, we then transport our metals and minerals
to where they are needed, to our customers. We use the latest
technologies to co-ordinate and optimise our global shipping
needs. And we use our scale and detailed knowledge of the
demand and uses for our products to offer our customers a
reliable supply, tailored to their requirements and expectations –
adding value for them every step of the way and, ultimately, for
billions of consumers who rely on our products every day.
Across every aspect of our value chain, we are thinking
innovatively about how we work to ensure the safety of
our people, enhance our sustainability performance,
and deliver industry-leading margins and returns.
Our value
chain

10 | Anglo American plc Integrated Annual Report 2024 | Strategic Report |

We develop and actively manage a portfolio of high-quality mineral
assets, with a focus on operating safely, efficiently and competitively
– to reliably serve our customers, deliver sustainably attractive
shareholder returns and create wider stakeholder value.
Our strategic priorities
We prioritise growth and growing
markets where our capabilities best
match the major trends that shape
supply and demand for our products
for generations to come. We achieve
this by focusing on three clear strategic
priorities of operational excellence,
portfolio simplification and growth.
Our strategic enablers
Built up over many decades of
operating businesses and developing
major projects in developing and
developed markets, our strategic
enablers are integral to delivering the
full potential of Anglo American’s
portfolio and other growth opportunities
that we will secure over time.
Anglo American’s Values and behaviours are at the heart of everything we do. Guided by our
Purpose and our Values, we enable high performance and purposeful action. Our Values and the way in
which we, as individuals, are expected to behave are the foundation of our Code of Conduct.
Customer
solutions
Reputation
Sustainability
and technical
competencies
Culture
▶ For more information on our strategic enablers see pages 58–91
▶ For more information see pages 26–35
▶ For more information see pages 36–49
▶ For more information see pages 50–57
Operational
excellence
Portfolio
simplification
Growth
Our Values
Our Purpose
Our strategy

Anglo American plc Integrated Annual Report 2024 | Strategic Report | 11

Our approach to
sustainability and innovation
Anglo American’s longstanding and
holistic approach to sustainability,
innovation and operating responsibly
helps to build trust with our employees
and stakeholders across society,
reduce operational risk and deliver
direct financial value for our business.
This approach is embedded in our strategy,
from day-to-day operational decisions to
portfolio choices, and we believe it is a
prerequisite for sustainable value creation
and integral to our DNA as a company. Our
aim is to reliably and responsibly provide
metals and minerals that are required to
decarbonise our planet and that are also the
building blocks of modern life – from housing
to food – for ever more people.
Our reputation as a responsible mining
company supports our ability to access
future resource development opportunities,
both from the significant endowments within
our business and more broadly – critical to
delivering our growth ambitions – while also
forming meaningful partnerships to deliver
sustainability outcomes far beyond our own
financial investments, for the benefit of
our stakeholders.
▶ For an overview of our strategy and full suite of
strategic enablers
See page 10
FutureSmart Mining™
Sustainability and innovation go hand
in hand. By integrating our innovative
approach to sustainability with our
technical expertise, our FutureSmart
Mining™ approach helps us reach our
sustainability ambitions and deliver the
significant growth opportunities in our
portfolio, as well as others that we aim
to secure over time.
While many of the world’s
undeveloped resource opportunities
are stalled due to environmental and
social concerns, we continue to work
on sustainable and innovative ways
to unlock these opportunities –
whether through how we engage
communities using our Social Way
framework, our innovative approach to
delivering and measuring net-positive
impact (NPI) on biodiversity, or our use
of technologies to reduce water and
energy intensity – to further enhance
these outcomes, with a focus on
driving economic returns for our
shareholders and to generate positive
benefits for stakeholders.
▶ For an overview of FutureSmart Mining™
See page 62
Sustainable Mining Plan
Our Sustainable Mining Plan (SMP) is
integral to FutureSmart Mining™. Built
around three Global Sustainability Pillars,
we are committed to operating
responsibly with a clear focus on
sustainability and the goals and
ambitions we have set ourselves to help
deliver a healthy environment, thriving
communities and building trust
as a corporate leader. We work together
with our business partners and diverse
stakeholders to unlock enduring value
from precious natural resources for
our shareholders, for the benefit of the
communities and countries in which we
operate, and for society as a whole.
Designed to be a flexible, living plan, we
continue to evolve our Sustainable Mining
Plan and optimise the delivery pathways
as we learn and make progress and as
technologies develop, while also ensuring
it stays relevant and suitably stretchi ng,
in tune with our stakeholders’ and
employees’ expectations for our business.
We are refreshing the Sustainable
Mining Plan to reflect Anglo American’s
future portfolio composition that was
announced in May 2024. We continue to
ensure that our sustainability ambitions
remain relevant and that they deliver
tangible value for our many stakeholders
and we will set out an update when we
have completed the review, likely only
once the portfolio simplification has made
further progress during 2025.
▶ For more information on our Sustainable Mining Plan
See page 64

12 | Anglo American plc Integrated Annual Report 2024 | Strategic Report |

$0.8 bn(7) Total returns to shareholders
2.9%* Dividend yield

Investors
Delivering sustainable financial
returns
Underpinning our strategy, we have
a value-focused approach to capital
allocation, with clear prioritisation:
sustaining capital to maintain asset
integrity; payment of base dividends;
and then the allocation of
discretionary capital to either growth
investments, upgrades to our portfolio,
or additional returns to shareholders.
▶ For more information
Visit angloamerican.com/investors
Workforce
People are at the heart of our
business, and that means our first
priority is always workforce safety
Our people are critical to all that we
do. And always front of mind are the
safety and health of our employees
and contractors; we train, equip and
empower our people to work safely
every day. We believe, too, in the
value that we can deliver by creating
an inclusive and diverse working
environment and culture that
encourages and supports high
performance and innovative thinking.
▶ For more information
Visit angloamerican.com/employees

$4.2 bn Total wages and benefits paid(2)

* Calculated using average share
price of $28.43 for the year ended
31 December 2024.
Communities
Support ing thriving communities
We are committed to delivering a
lasting, positive contribution to host
communities, beyond the life of our
mines. This starts with understanding
and responding to their particular
needs and priorities. We nurture
relationships with host communities
through our social performance
system, the Social Way, and aim to
drive shared value through our
Sustainable Mining Plan commitments.
▶ For more information
See pages 78–83

$145 m Total Community Social Investment (CSI)
157,199 Total number of jobs supported off site

C reating value for
our stakeholders
Anglo American is re-imagining
mining to improve people’s lives.
We combine integrity, creativity and smart
innovation to unlock enduring value for our
shareholders, our people, local communities,
our customers and the world at large – to
better connect precious resources in the
ground to all of us who need and value them.
For the past 100 years and more, our
employees have led from the front. Today,
we are finding new ways to source, mine,
process, supply, move and market our
products, aiming to reduce our physical
footprint for every tonne of metal or mineral
that we produce.
We work together with our business
partners and diverse stakeholders to unlock
enduring value from precious natural
resources for our shareholders, for the
benefit of the communities and countries
in which we operate, and for society as
a whole.
Our metals and minerals build our homes,
offices, railways and airports and will help
feed a healthier and growing global
population. Simply put, our products move
the world towards a more sustainable future
– these are future-enabling products.

Anglo American plc Integrated Annual Report 2024 | Strategic Report Creating value for our shareholders | 13

Natural environment
Protecting our natural environment
We apply holistic thinking to address
the interconnectivity of nature, the
environment and the ecosystems in
which we operate as we work towards
delivering positive biodiversity
outcomes and addressing global
challenges such as climate change.
Some of the targets we have set
include:
– To be carbon neutral across our
operations (Scope 1 and 2 GHG
emissions) by 2040
– Net-positive biodiversity outcomes
across our managed operations
– Reducing absolute fresh water
withdrawals by 50% in water-scarce
areas by 2030, relative to the 2015
baseline.
Suppliers
Responsible sourcing aligned to
our Purpose
Our approach to responsible sourcing
defines the minimum sustainability
requirements and decent work
principles we expect of our 13,000+
suppliers. We contribute to a supply
chain that supports diversified
economic growth and sustainable
livelihoods within mining communities.
Through purposeful procurement from
host communities, we have supported
over 75,000 jobs globally, contributing
to enhanced prosperity and skills
transfer in host countries.
▶ For more information
See page 85

$12.1 bn spent with local suppliers in 2024
88% of total supplier spend of $13.7 bn

Customers
Understanding our customers’ needs
Across our activities, we harness the
potential of our portfolio to provide a
commercial offering that responds to
customer requirements, supported by
consistently high-quality service, and
which reflects society’s increasing
expectations for responsible production
and sourcing of raw materials. We
believe in the value of third-party
certifications with multi-stakeholder
governance and, by the end of 2025, all
of our assets will have undergone
audits against third-party standards.
We are also making headway in our
roadmap to deliver on our ambition to
achieve carbon neutrality by 2040 for
our controlled ocean freight, having
completed delivery of our 10 LNG
dual-fuelled Ubuntu dry bulk carriers in
the first quarter of 2024.
▶ For more information
Visit angloamerican.com/about-us
Host countries
Playing our role in society
Anglo American contributes to
economies and society both directly
and indirectly, through the taxes and
royalties we pay, the jobs we create,
the local workforces we upskill, the
local business opportunities we
generate, and the education and
community health initiatives
we support.
▶ For more information
Visit angloamerican.com/about-us

$3.9 bn Total taxes and royalties borne and taxes collected
▶ For more information See our Tax and Economic Contribution Report 2024

Stay up to date
For more on our performance in the year, see the video link.
Visit https://www.youtube.com/watch?v=Sfujk_DkHyk

14 | Anglo American plc Integrated Annual Report 2024 | Strategic Report |

Capital allocation
U nd erpinning our strategy, we have a value-focused approach to
capital allocation, with clear prioritisation: first to sustaining our
operations and maintaining asset integrity (including Reserve Life);
secondly to the base dividend to our shareholders, determined on
a 40% underlying earnings-based payout ratio.
Board review
– Chief executive and the Executive Leadership Team formulate
the Group’s long-term strategy.
– In addition to regular discussion on strategic topics, the Board
dedicates a full meeting to a discussion of the Group’s strategy,
addressing critical short, medium and long-term issues.
Strategy
We develop and actively manage a portfolio of high-quality
mineral asset s, which we operate safely, efficiently and
c ompetitively – to reliably serve our c ustomers, deliver sustainably
attracti ve shareholder returns and create wider stakeholder value.
We prioritise growth and growing markets where our capabilities
best match the major trends that shape supply and demand for
our products for generations to come. We achieve this by focusing
on our three clear strategic priorities of operational excellence,
portfolio simplification and growth.
Insights
Stakeholder engagement
and topics raised
▶ See pages 16–19
How we make
decisions
In line with best-practice corporate
reporting, Anglo American’s
Integrated Annual Report includes
a comprehensive assessment of
the principal risks we face, as well
as those matters that we and our
stakeholders believe have a
material bearing on the success of
the business in the near and long
term – beginning with safety and
environmental sustainability.
By engaging with our stakeholders and
being aware of their perspectives, and
by understanding the risks we know we
face, we are better placed to make
informed decisions that help support the
delivery of our strategy.
In t urn, these priorities are supported by a set of strategic enablers:
c ustomer solutions (our M arketing business), s ustainability and
technical competencies, re putation and c ulture.
Built up over many decades of operating businesses and
developing major projects in developing and developed markets,
our strategic enablers are integral to delivering the full potential
of Anglo American’s portfolio and other growth opportunities that
we will secure over time.
▶ F or more on our s trategy
See page 10
– Board approves critical strategic decisions and endorses the
Group’s strategy.
– Board reviews progress of delivery of the Group’s strategic
priorities, as well as periodic business strategic reviews.
▶ Fo r more on Board activity during 2024
See pages 168–170
All of our capital allocation decisions consider sustainability
issues and impacts.
▶ F or more information on our capital allocation approach
See pages 92–94
Material matters
▶ See pages 20–2 3
Demand growth trends
▶ See pages 39–4 2
Principal risks
▶ See page s 98–103

Anglo American plc Integrated Annual Report 2024 | Strategic Report How we make decisions | 15

(Left to right) Governor of Minas Gerais Romeu Zema in conversation with chief executive Duncan Wanblad and
chair Stuart Chambers, during the Board’s visit to Brazil in September 2024.
Determining what is important
Identifying and evaluating matters that
are of common material interest to our
stakeholders and to our business, and
understanding how they may affect our
ability to create shareholder value over
time, are integral to our planning
processes and help support the delivery
of Anglo American’s strategy.
Consideration of the wide
spectrum of stakeholder
interests is firmly embedded
into Anglo American’s culture,
governance structures and
management systems and
is guided by our Purpose.”
At the heart of decision making
Consideration of the wide spectrum
of stakeholder interests is firmly embedded
in to Anglo American’s culture, governance
structures and management systems and
is guided by our Purpose. Stakeholder
concerns and considerations therefore
feature prominently in the discussions of our
Board meetings and those of its committees.
The Board, through its role in setting the
tone from the top, provides leadership
to the Group and is responsible for
promoting and safeguarding the long-term
success of the business, supporting the
Executive Leadership Team in its formulation
and implementation of the Group’s strategy.
The duties of directors with regard to
ensuring there is effective dialogue between
the Group and its shareholders and
stakeholders are broadening in scope, while
society’s expectations of company boards
also continue to grow. At Anglo American,
those matters considered by the Board
and our stakeholders to be of material
importance, and the views of our
stakeholders in relation to those matters,
are integral to the Board’s discussions and
decision making, including in relation to
the Group’s strategy and its evolution.

16 | Anglo American plc Integrated Annual Report 2024 | Strategic Report |

Healthy stakeholder relationships help us to better engage about how our
business decisions, activities and performance are likely to affect or be of
significant intere st to our stakeholders, and provide the opportunity to
co‑create effective and lasting solutions to business and other challenges.
Understanding
our stakeholders
Investors
Our shareholders own the business, and
their continued support is key to its long-
term sustainability. Regular meetings and
occasional site visits with the investor and
financial analyst community inform and help
to shape our strategy, including our value-
based approach to capital allocation.
Employees
Our people are critical to all that we do and