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ANGLO AMERICAN PLC - Anglo American statement re. Los Bronces project permitting

Release Date: 25/04/2022 10:21
Code(s): AGL     PDF:  
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Anglo American statement re. Los Bronces project permitting

Anglo American plc (the "Company")
Registered office: 17 Charterhouse Street, London EC1N 6RA
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
JSE Share Code: AGL
NSX Share Code: ANM

25 April 2022

Anglo American statement re. Los Bronces project permitting

Anglo American plc ("Anglo American") is currently engaged in an environmental assessment process for
its Los Bronces Integrated Project (LBIP) in Chile, a process which began in 2019. LBIP is a mine life
extension project which expands the current open pit within Los Bronces’ operating site and replaces
future lower grade ore by accessing higher grade ore from a new underground section of the mine. The
project uses the mine’s existing processing facilities, optimises water efficiency, and requires no
additional water or tailings storage facilities. LBIP represents a significant investment in the future of one
of Chile’s largest copper mines and is an example of modern mining where the full range of sustainability
considerations have been consulted on and designed in from the outset.

Anglo American notes the recommendation published by the Environmental Assessment Service of Chile
(SEA) to reject the permitting application for the Los Bronces Integrated Project. The SEA has confirmed
that LBIP satisfies all relevant environmental regulation but bases its adverse recommendation on an
alleged lack of information during the evaluation process to fully remove any doubts about a potential
risk to public health. The SEA’s recommendation is despite the strong support for the project offered to
date by 23 of the 25 technical services bodies and government ministries that form part of the assessment
process. A decision on the LBIP permit application by the SEA is expected within the next week.

Anglo American welcomes the SEA’s confirmation that LBIP meets all the required environmental
regulatory criteria. Anglo American also firmly believes that all appropriate information has been
provided throughout the evaluation process, and that this information has been appropriately socialised
at every available opportunity within the regulated permitting process, including through formal
meetings and via written submissions.

LBIP has been designed with the benefit of ten years of scientific studies and a thorough and transparent
consultation process with local communities and the relevant authorities. Mitigation measures will
compensate for 120% of the emissions created by the project and Los Bronces’ current operations, both
during construction and in operation, thereby improving local air quality. The result is a project that has
been configured specifically to protect the local environment, without any impact on biodiversity or on
the nearby protected areas or glaciers.

In the event of a negative decision from the SEA, the permitting process allows for further review to
evaluate the full range of merits of the project alongside the technical permitting considerations. Anglo
American is committed to following the established process and is working with the Chilean authorities
to demonstrate that all potential impacts have been fully mitigated and to secure approval for the project.

Current copper production guidance in respect of 2022 and 2023 is unchanged. Production guidance
remains subject to water availability and the ongoing effects of Covid-19.

The Company has a primary listing on the Main Market of the London Stock Exchange and secondary
listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange
and the SIX Swiss Exchange.

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

For further information, please contact:

 Media                                                   Investors

 UK                                                      UK
 James Wyatt-Tilby                                       Paul Galloway           
 Tel: +44 (0)20 7968 8759                                Tel: +44 (0)20 7968 8718

 Marcelo Esquivel                                        Emma Waterworth            
 Tel: +44 (0)20 7968 8891                                Tel: +44 (0) 20 7968 8574

 Katie Ryall                                             Juliet Newth                 
 Tel: +44 (0)20 7968 8935                                Tel: +44 (0)20 7968 8830

 South Africa                                            Michelle Jarman
 Nevashnee Naicker                                                  Tel: +44 (0)20 7968 1494
 Tel: +27 (0)11 638 3189

 Sibusiso Tshabalala
 Tel: +27 (0)11 638 2175

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, with a broad
range of future development options, provides many of the future-enabling metals and minerals for a
cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions
of consumers. With our people at the heart of our business, we use innovative practices and the latest
technologies to discover new resources and to mine, process, move and market our products to our
customers – safely and sustainably.

As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium
quality iron ore and metallurgical coal for steelmaking, and nickel – with crop nutrients in development
– we are committed to being carbon neutral across our operations by 2040. More broadly, our
Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy
environment, creating 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 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:
This document includes forward-looking statements. All statements other than statements of historical facts included
in this document, 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
Reserve and Mineral Resource positions) 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 transport
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 document. 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 expectations with regard thereto or
any change in events, conditions or circumstances on which any such statement is based.

Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will
necessarily match or exceed its historical published earnings per share. Certain statistical and other information
about Anglo American included in this document is sourced from publicly available third party sources. As such it has
not been independently verified and presents the views of those third parties, but may not necessarily correspond
to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in
respect of, such information.

Date: 25-04-2022 10:21:00
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