ANGLO AMERICAN COPPER MITSUBISHI ANALYSTS VISIT 9 ndash 10 March 2015

Los Bronces mine

2

AGENDA

Our strategy Hennie Faul CEO 3

Overview of the Copper business Performance and Outlook

Craig Fish CFO 9

Focus on Los Bronces Juan Carlos Roman VP ndash Operations Sur 16

Quellaveco Hennie Faul CEO 24

Key risks and Sustainability issues Hennie Faul CEO 26

Summary and Outlook Hennie Faul CEO 29

OUR STRATEGY

4

THE DIVERSIFIED MINER Our strategy and its component parts

WE ARE

ANGLO AMERICAN

HOW WE WORK TOGETHER

OUR WORLD

OUR AMBITION

HOW WE DELIVER

The Diversified Miner that takes a values-based approach to business by together creating sustainable value that makes a real difference to become partners in the future

Responding to a changing world in which bull Mining remains important but demand growth and

prices are normalising bull Anglo American has not delivered on its potential bull A business turn-around is needed alongside long-term

continuous improvement and profitable growth

Double our 2014 operating profit by 2020 by bull Focusing on core mining

assets with long-term value creation

bull Maintaining a highly competitive mind-set with innovation and delivery at the forefront

bull Developing critical core skills to improve our returns

Four strategic imperatives bull Deliver Driving Value bull Focus the portfolio bull Develop core business

processes bull Create a high performance

culture

Measure progress through a holistic Business Scorecard

The right people in the right roles doing the right work (organisation model) and our structured approach for how we set targets plan execute

and improve work (operating model)

5

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

6

PORTFOLIO AND RESOURCE OPTIONALITY We have focused on ldquoPriority 1rdquo opportunities to reshape the portfoliohellip

hellipand we are prioritising our opportunity pipeline

Los Bronces Collahuasi

Quellaveco

Priority growth options bull Los Bronces District bull Quellaveco bull Collahuasi further expansion

Portfolio optimisation bull Mantos BlancosMantoverde ndash

Sale process to commence in H1 2015

bull El SoldadoChagres ndash in consultation with key stakeholders

7

A STEP CHANGE IN SUSTAINABILITY PERFORMANCE

Our ambition is spread across three time horizonshellip

We aim tohellip hellipreset global conversations

2016 2030+ 2030

Do No Harm Provide safe and healthy workplaces Respect the rights of local stakeholders Honour our licensing commitments

Net positive impacthellip

Change in mining approach to achieve community support

Shared Purpose Employees are moved to realise our vision Relationships with business and social partners Delivering on all of our commitments

Flourishing Ecosystemshellip

Competitive companies communities and countries all win together

Clean effective and efficient mines

From ldquoextractive industryrdquo to development partner Support employee

wellbeing

Employ leading designs and technology

Work with others to reshape perception of mining

To be a valued part of society

Have a net positive impact on local communities

hellipas we believe this work is ldquoMission Critical in our industry Integrated into operating model

Environmental and social responsibility

8

KEY CHALLENGES In looking forward the key challenges arehellip

hellipmanaging short-term priorities delivering long-term value potential

bull External environment ndash Prices reverting to marginal costs more quickly than expected hellipplaces focus on asset quality

bull Operating performance ndash Continuing positive performance improvements hellipaccelerating the pace of the operating model roll-out

bull Capital management ndash Cash flow and balance sheet pressure hellipintense focus on capital discipline is key

bull Restructuring ndash Refocusing the portfolio hellipto dedicate time and capital to priority assets

OVERVIEW OF THE COPPER BUSINESS PERFORMANCE AND OUTLOOK

10

OUR COPPER ASSETS

Quellaveco project AA ownership 819

Los Bronces AA ownership 501 2014 Cu production 405kt

Mantos Blancos AA ownership 100 2014 Cu production 52kt

Chagres (smelter) AA ownership 501 2014 anode production 128kt

Collahuasi AA ownership 44 2014 Cu production (44) 207kt

El Soldado AA ownership 501 2014 Cu production 32kt

Mantoverde AA ownership 100 2014 Cu production 52kt

1

2

5

6

3

Q

4

Q

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

2

AGENDA

Our strategy Hennie Faul CEO 3

Overview of the Copper business Performance and Outlook

Craig Fish CFO 9

Focus on Los Bronces Juan Carlos Roman VP ndash Operations Sur 16

Quellaveco Hennie Faul CEO 24

Key risks and Sustainability issues Hennie Faul CEO 26

Summary and Outlook Hennie Faul CEO 29

OUR STRATEGY

4

THE DIVERSIFIED MINER Our strategy and its component parts

WE ARE

ANGLO AMERICAN

HOW WE WORK TOGETHER

OUR WORLD

OUR AMBITION

HOW WE DELIVER

The Diversified Miner that takes a values-based approach to business by together creating sustainable value that makes a real difference to become partners in the future

Responding to a changing world in which bull Mining remains important but demand growth and

prices are normalising bull Anglo American has not delivered on its potential bull A business turn-around is needed alongside long-term

continuous improvement and profitable growth

Double our 2014 operating profit by 2020 by bull Focusing on core mining

assets with long-term value creation

bull Maintaining a highly competitive mind-set with innovation and delivery at the forefront

bull Developing critical core skills to improve our returns

Four strategic imperatives bull Deliver Driving Value bull Focus the portfolio bull Develop core business

processes bull Create a high performance

culture

Measure progress through a holistic Business Scorecard

The right people in the right roles doing the right work (organisation model) and our structured approach for how we set targets plan execute

and improve work (operating model)

5

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

6

PORTFOLIO AND RESOURCE OPTIONALITY We have focused on ldquoPriority 1rdquo opportunities to reshape the portfoliohellip

hellipand we are prioritising our opportunity pipeline

Los Bronces Collahuasi

Quellaveco

Priority growth options bull Los Bronces District bull Quellaveco bull Collahuasi further expansion

Portfolio optimisation bull Mantos BlancosMantoverde ndash

Sale process to commence in H1 2015

bull El SoldadoChagres ndash in consultation with key stakeholders

7

A STEP CHANGE IN SUSTAINABILITY PERFORMANCE

Our ambition is spread across three time horizonshellip

We aim tohellip hellipreset global conversations

2016 2030+ 2030

Do No Harm Provide safe and healthy workplaces Respect the rights of local stakeholders Honour our licensing commitments

Net positive impacthellip

Change in mining approach to achieve community support

Shared Purpose Employees are moved to realise our vision Relationships with business and social partners Delivering on all of our commitments

Flourishing Ecosystemshellip

Competitive companies communities and countries all win together

Clean effective and efficient mines

From ldquoextractive industryrdquo to development partner Support employee

wellbeing

Employ leading designs and technology

Work with others to reshape perception of mining

To be a valued part of society

Have a net positive impact on local communities

hellipas we believe this work is ldquoMission Critical in our industry Integrated into operating model

Environmental and social responsibility

8

KEY CHALLENGES In looking forward the key challenges arehellip

hellipmanaging short-term priorities delivering long-term value potential

bull External environment ndash Prices reverting to marginal costs more quickly than expected hellipplaces focus on asset quality

bull Operating performance ndash Continuing positive performance improvements hellipaccelerating the pace of the operating model roll-out

bull Capital management ndash Cash flow and balance sheet pressure hellipintense focus on capital discipline is key

bull Restructuring ndash Refocusing the portfolio hellipto dedicate time and capital to priority assets

OVERVIEW OF THE COPPER BUSINESS PERFORMANCE AND OUTLOOK

10

OUR COPPER ASSETS

Quellaveco project AA ownership 819

Los Bronces AA ownership 501 2014 Cu production 405kt

Mantos Blancos AA ownership 100 2014 Cu production 52kt

Chagres (smelter) AA ownership 501 2014 anode production 128kt

Collahuasi AA ownership 44 2014 Cu production (44) 207kt

El Soldado AA ownership 501 2014 Cu production 32kt

Mantoverde AA ownership 100 2014 Cu production 52kt

1

2

5

6

3

Q

4

Q

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

OUR STRATEGY

4

THE DIVERSIFIED MINER Our strategy and its component parts

WE ARE

ANGLO AMERICAN

HOW WE WORK TOGETHER

OUR WORLD

OUR AMBITION

HOW WE DELIVER

The Diversified Miner that takes a values-based approach to business by together creating sustainable value that makes a real difference to become partners in the future

Responding to a changing world in which bull Mining remains important but demand growth and

prices are normalising bull Anglo American has not delivered on its potential bull A business turn-around is needed alongside long-term

continuous improvement and profitable growth

Double our 2014 operating profit by 2020 by bull Focusing on core mining

assets with long-term value creation

bull Maintaining a highly competitive mind-set with innovation and delivery at the forefront

bull Developing critical core skills to improve our returns

Four strategic imperatives bull Deliver Driving Value bull Focus the portfolio bull Develop core business

processes bull Create a high performance

culture

Measure progress through a holistic Business Scorecard

The right people in the right roles doing the right work (organisation model) and our structured approach for how we set targets plan execute

and improve work (operating model)

5

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

6

PORTFOLIO AND RESOURCE OPTIONALITY We have focused on ldquoPriority 1rdquo opportunities to reshape the portfoliohellip

hellipand we are prioritising our opportunity pipeline

Los Bronces Collahuasi

Quellaveco

Priority growth options bull Los Bronces District bull Quellaveco bull Collahuasi further expansion

Portfolio optimisation bull Mantos BlancosMantoverde ndash

Sale process to commence in H1 2015

bull El SoldadoChagres ndash in consultation with key stakeholders

7

A STEP CHANGE IN SUSTAINABILITY PERFORMANCE

Our ambition is spread across three time horizonshellip

We aim tohellip hellipreset global conversations

2016 2030+ 2030

Do No Harm Provide safe and healthy workplaces Respect the rights of local stakeholders Honour our licensing commitments

Net positive impacthellip

Change in mining approach to achieve community support

Shared Purpose Employees are moved to realise our vision Relationships with business and social partners Delivering on all of our commitments

Flourishing Ecosystemshellip

Competitive companies communities and countries all win together

Clean effective and efficient mines

From ldquoextractive industryrdquo to development partner Support employee

wellbeing

Employ leading designs and technology

Work with others to reshape perception of mining

To be a valued part of society

Have a net positive impact on local communities

hellipas we believe this work is ldquoMission Critical in our industry Integrated into operating model

Environmental and social responsibility

8

KEY CHALLENGES In looking forward the key challenges arehellip

hellipmanaging short-term priorities delivering long-term value potential

bull External environment ndash Prices reverting to marginal costs more quickly than expected hellipplaces focus on asset quality

bull Operating performance ndash Continuing positive performance improvements hellipaccelerating the pace of the operating model roll-out

bull Capital management ndash Cash flow and balance sheet pressure hellipintense focus on capital discipline is key

bull Restructuring ndash Refocusing the portfolio hellipto dedicate time and capital to priority assets

OVERVIEW OF THE COPPER BUSINESS PERFORMANCE AND OUTLOOK

10

OUR COPPER ASSETS

Quellaveco project AA ownership 819

Los Bronces AA ownership 501 2014 Cu production 405kt

Mantos Blancos AA ownership 100 2014 Cu production 52kt

Chagres (smelter) AA ownership 501 2014 anode production 128kt

Collahuasi AA ownership 44 2014 Cu production (44) 207kt

El Soldado AA ownership 501 2014 Cu production 32kt

Mantoverde AA ownership 100 2014 Cu production 52kt

1

2

5

6

3

Q

4

Q

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

4

THE DIVERSIFIED MINER Our strategy and its component parts

WE ARE

ANGLO AMERICAN

HOW WE WORK TOGETHER

OUR WORLD

OUR AMBITION

HOW WE DELIVER

The Diversified Miner that takes a values-based approach to business by together creating sustainable value that makes a real difference to become partners in the future

Responding to a changing world in which bull Mining remains important but demand growth and

prices are normalising bull Anglo American has not delivered on its potential bull A business turn-around is needed alongside long-term

continuous improvement and profitable growth

Double our 2014 operating profit by 2020 by bull Focusing on core mining

assets with long-term value creation

bull Maintaining a highly competitive mind-set with innovation and delivery at the forefront

bull Developing critical core skills to improve our returns

Four strategic imperatives bull Deliver Driving Value bull Focus the portfolio bull Develop core business

processes bull Create a high performance

culture

Measure progress through a holistic Business Scorecard

The right people in the right roles doing the right work (organisation model) and our structured approach for how we set targets plan execute

and improve work (operating model)

5

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

6

PORTFOLIO AND RESOURCE OPTIONALITY We have focused on ldquoPriority 1rdquo opportunities to reshape the portfoliohellip

hellipand we are prioritising our opportunity pipeline

Los Bronces Collahuasi

Quellaveco

Priority growth options bull Los Bronces District bull Quellaveco bull Collahuasi further expansion

Portfolio optimisation bull Mantos BlancosMantoverde ndash

Sale process to commence in H1 2015

bull El SoldadoChagres ndash in consultation with key stakeholders

7

A STEP CHANGE IN SUSTAINABILITY PERFORMANCE

Our ambition is spread across three time horizonshellip

We aim tohellip hellipreset global conversations

2016 2030+ 2030

Do No Harm Provide safe and healthy workplaces Respect the rights of local stakeholders Honour our licensing commitments

Net positive impacthellip

Change in mining approach to achieve community support

Shared Purpose Employees are moved to realise our vision Relationships with business and social partners Delivering on all of our commitments

Flourishing Ecosystemshellip

Competitive companies communities and countries all win together

Clean effective and efficient mines

From ldquoextractive industryrdquo to development partner Support employee

wellbeing

Employ leading designs and technology

Work with others to reshape perception of mining

To be a valued part of society

Have a net positive impact on local communities

hellipas we believe this work is ldquoMission Critical in our industry Integrated into operating model

Environmental and social responsibility

8

KEY CHALLENGES In looking forward the key challenges arehellip

hellipmanaging short-term priorities delivering long-term value potential

bull External environment ndash Prices reverting to marginal costs more quickly than expected hellipplaces focus on asset quality

bull Operating performance ndash Continuing positive performance improvements hellipaccelerating the pace of the operating model roll-out

bull Capital management ndash Cash flow and balance sheet pressure hellipintense focus on capital discipline is key

bull Restructuring ndash Refocusing the portfolio hellipto dedicate time and capital to priority assets

OVERVIEW OF THE COPPER BUSINESS PERFORMANCE AND OUTLOOK

10

OUR COPPER ASSETS

Quellaveco project AA ownership 819

Los Bronces AA ownership 501 2014 Cu production 405kt

Mantos Blancos AA ownership 100 2014 Cu production 52kt

Chagres (smelter) AA ownership 501 2014 anode production 128kt

Collahuasi AA ownership 44 2014 Cu production (44) 207kt

El Soldado AA ownership 501 2014 Cu production 32kt

Mantoverde AA ownership 100 2014 Cu production 52kt

1

2

5

6

3

Q

4

Q

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

5

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

6

PORTFOLIO AND RESOURCE OPTIONALITY We have focused on ldquoPriority 1rdquo opportunities to reshape the portfoliohellip

hellipand we are prioritising our opportunity pipeline

Los Bronces Collahuasi

Quellaveco

Priority growth options bull Los Bronces District bull Quellaveco bull Collahuasi further expansion

Portfolio optimisation bull Mantos BlancosMantoverde ndash

Sale process to commence in H1 2015

bull El SoldadoChagres ndash in consultation with key stakeholders

7

A STEP CHANGE IN SUSTAINABILITY PERFORMANCE

Our ambition is spread across three time horizonshellip

We aim tohellip hellipreset global conversations

2016 2030+ 2030

Do No Harm Provide safe and healthy workplaces Respect the rights of local stakeholders Honour our licensing commitments

Net positive impacthellip

Change in mining approach to achieve community support

Shared Purpose Employees are moved to realise our vision Relationships with business and social partners Delivering on all of our commitments

Flourishing Ecosystemshellip

Competitive companies communities and countries all win together

Clean effective and efficient mines

From ldquoextractive industryrdquo to development partner Support employee

wellbeing

Employ leading designs and technology

Work with others to reshape perception of mining

To be a valued part of society

Have a net positive impact on local communities

hellipas we believe this work is ldquoMission Critical in our industry Integrated into operating model

Environmental and social responsibility

8

KEY CHALLENGES In looking forward the key challenges arehellip

hellipmanaging short-term priorities delivering long-term value potential

bull External environment ndash Prices reverting to marginal costs more quickly than expected hellipplaces focus on asset quality

bull Operating performance ndash Continuing positive performance improvements hellipaccelerating the pace of the operating model roll-out

bull Capital management ndash Cash flow and balance sheet pressure hellipintense focus on capital discipline is key

bull Restructuring ndash Refocusing the portfolio hellipto dedicate time and capital to priority assets

OVERVIEW OF THE COPPER BUSINESS PERFORMANCE AND OUTLOOK

10

OUR COPPER ASSETS

Quellaveco project AA ownership 819

Los Bronces AA ownership 501 2014 Cu production 405kt

Mantos Blancos AA ownership 100 2014 Cu production 52kt

Chagres (smelter) AA ownership 501 2014 anode production 128kt

Collahuasi AA ownership 44 2014 Cu production (44) 207kt

El Soldado AA ownership 501 2014 Cu production 32kt

Mantoverde AA ownership 100 2014 Cu production 52kt

1

2

5

6

3

Q

4

Q

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

6

PORTFOLIO AND RESOURCE OPTIONALITY We have focused on ldquoPriority 1rdquo opportunities to reshape the portfoliohellip

hellipand we are prioritising our opportunity pipeline

Los Bronces Collahuasi

Quellaveco

Priority growth options bull Los Bronces District bull Quellaveco bull Collahuasi further expansion

Portfolio optimisation bull Mantos BlancosMantoverde ndash

Sale process to commence in H1 2015

bull El SoldadoChagres ndash in consultation with key stakeholders

7

A STEP CHANGE IN SUSTAINABILITY PERFORMANCE

Our ambition is spread across three time horizonshellip

We aim tohellip hellipreset global conversations

2016 2030+ 2030

Do No Harm Provide safe and healthy workplaces Respect the rights of local stakeholders Honour our licensing commitments

Net positive impacthellip

Change in mining approach to achieve community support

Shared Purpose Employees are moved to realise our vision Relationships with business and social partners Delivering on all of our commitments

Flourishing Ecosystemshellip

Competitive companies communities and countries all win together

Clean effective and efficient mines

From ldquoextractive industryrdquo to development partner Support employee

wellbeing

Employ leading designs and technology

Work with others to reshape perception of mining

To be a valued part of society

Have a net positive impact on local communities

hellipas we believe this work is ldquoMission Critical in our industry Integrated into operating model

Environmental and social responsibility

8

KEY CHALLENGES In looking forward the key challenges arehellip

hellipmanaging short-term priorities delivering long-term value potential

bull External environment ndash Prices reverting to marginal costs more quickly than expected hellipplaces focus on asset quality

bull Operating performance ndash Continuing positive performance improvements hellipaccelerating the pace of the operating model roll-out

bull Capital management ndash Cash flow and balance sheet pressure hellipintense focus on capital discipline is key

bull Restructuring ndash Refocusing the portfolio hellipto dedicate time and capital to priority assets

OVERVIEW OF THE COPPER BUSINESS PERFORMANCE AND OUTLOOK

10

OUR COPPER ASSETS

Quellaveco project AA ownership 819

Los Bronces AA ownership 501 2014 Cu production 405kt

Mantos Blancos AA ownership 100 2014 Cu production 52kt

Chagres (smelter) AA ownership 501 2014 anode production 128kt

Collahuasi AA ownership 44 2014 Cu production (44) 207kt

El Soldado AA ownership 501 2014 Cu production 32kt

Mantoverde AA ownership 100 2014 Cu production 52kt

1

2

5

6

3

Q

4

Q

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

7

A STEP CHANGE IN SUSTAINABILITY PERFORMANCE

Our ambition is spread across three time horizonshellip

We aim tohellip hellipreset global conversations

2016 2030+ 2030

Do No Harm Provide safe and healthy workplaces Respect the rights of local stakeholders Honour our licensing commitments

Net positive impacthellip

Change in mining approach to achieve community support

Shared Purpose Employees are moved to realise our vision Relationships with business and social partners Delivering on all of our commitments

Flourishing Ecosystemshellip

Competitive companies communities and countries all win together

Clean effective and efficient mines

From ldquoextractive industryrdquo to development partner Support employee

wellbeing

Employ leading designs and technology

Work with others to reshape perception of mining

To be a valued part of society

Have a net positive impact on local communities

hellipas we believe this work is ldquoMission Critical in our industry Integrated into operating model

Environmental and social responsibility

8

KEY CHALLENGES In looking forward the key challenges arehellip

hellipmanaging short-term priorities delivering long-term value potential

bull External environment ndash Prices reverting to marginal costs more quickly than expected hellipplaces focus on asset quality

bull Operating performance ndash Continuing positive performance improvements hellipaccelerating the pace of the operating model roll-out

bull Capital management ndash Cash flow and balance sheet pressure hellipintense focus on capital discipline is key

bull Restructuring ndash Refocusing the portfolio hellipto dedicate time and capital to priority assets

OVERVIEW OF THE COPPER BUSINESS PERFORMANCE AND OUTLOOK

10

OUR COPPER ASSETS

Quellaveco project AA ownership 819

Los Bronces AA ownership 501 2014 Cu production 405kt

Mantos Blancos AA ownership 100 2014 Cu production 52kt

Chagres (smelter) AA ownership 501 2014 anode production 128kt

Collahuasi AA ownership 44 2014 Cu production (44) 207kt

El Soldado AA ownership 501 2014 Cu production 32kt

Mantoverde AA ownership 100 2014 Cu production 52kt

1

2

5

6

3

Q

4

Q

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

8

KEY CHALLENGES In looking forward the key challenges arehellip

hellipmanaging short-term priorities delivering long-term value potential

bull External environment ndash Prices reverting to marginal costs more quickly than expected hellipplaces focus on asset quality

bull Operating performance ndash Continuing positive performance improvements hellipaccelerating the pace of the operating model roll-out

bull Capital management ndash Cash flow and balance sheet pressure hellipintense focus on capital discipline is key

bull Restructuring ndash Refocusing the portfolio hellipto dedicate time and capital to priority assets

OVERVIEW OF THE COPPER BUSINESS PERFORMANCE AND OUTLOOK

10

OUR COPPER ASSETS

Quellaveco project AA ownership 819

Los Bronces AA ownership 501 2014 Cu production 405kt

Mantos Blancos AA ownership 100 2014 Cu production 52kt

Chagres (smelter) AA ownership 501 2014 anode production 128kt

Collahuasi AA ownership 44 2014 Cu production (44) 207kt

El Soldado AA ownership 501 2014 Cu production 32kt

Mantoverde AA ownership 100 2014 Cu production 52kt

1

2

5

6

3

Q

4

Q

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

OVERVIEW OF THE COPPER BUSINESS PERFORMANCE AND OUTLOOK

10

OUR COPPER ASSETS

Quellaveco project AA ownership 819

Los Bronces AA ownership 501 2014 Cu production 405kt

Mantos Blancos AA ownership 100 2014 Cu production 52kt

Chagres (smelter) AA ownership 501 2014 anode production 128kt

Collahuasi AA ownership 44 2014 Cu production (44) 207kt

El Soldado AA ownership 501 2014 Cu production 32kt

Mantoverde AA ownership 100 2014 Cu production 52kt

1

2

5

6

3

Q

4

Q

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

10

OUR COPPER ASSETS

Quellaveco project AA ownership 819

Los Bronces AA ownership 501 2014 Cu production 405kt

Mantos Blancos AA ownership 100 2014 Cu production 52kt

Chagres (smelter) AA ownership 501 2014 anode production 128kt

Collahuasi AA ownership 44 2014 Cu production (44) 207kt

El Soldado AA ownership 501 2014 Cu production 32kt

Mantoverde AA ownership 100 2014 Cu production 52kt

1

2

5

6

3

Q

4

Q

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

11

COPPER RESULTS SUMMARY Copper turnaround since 2012hellip

helliphas delivered excellent results

Los Bronces material mined turnaround (Mt) Driving value delivering results

Production (kt) US$ million FY2012 FY2013 FY 2014 Revenue 5122 5392 4827

EBITDA 2288 2402 1902

EBIT 1736 1739 1193

Underlying earnings 941 803 493

Capex ndash SIB(1)(2) 854 695 572

Capex ndash Growth(2) 360 264 156

Attributable ROCE 29 25 18

Realised price (clb) 364 326 300

C1 unit cash cost(3) (clb) 171 162 169

bull Primary focus is first on stabilising then optimising the operations bull Los Bronces has stabilised the mine and plant having caught up on

waste backlogs from previous years 2016 Asset Review targets already met including bull Record material mined in 2014 of 145Mt vs 129Mt in 2012 bull Continuous ore feed from mine to plant increasing plant throughput bull Greater residence time in flotation plant leading to higher recoveries

bull Collahuasi mine has been stabilised with the focus now shifting to the plant

0

50

100

150

200

2014 2012 2013

-12 -26 +6

Actual Plan

(1) SIB includes development and stripping capex (2) Capital expenditure on PPE net of proceeds from disposal of PPE and net of capital expenditure funded directly by non-controlling interests on a cash basis (3) Unit costs presented on a nominal basis

660

2015

720-750

2014

775

2012

748

2013 2016

Other

710-740

2017

AA Sur

720-750

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

12

STRATEGY IN ACTION ndash LOS BRONCES CASE STUDY The business turnaround since 2012 has established stability in 2014hellip

Value

2012 2015 2013 2014 2020+

Realise Potential Build Capability

Establish Stability

bull Under-delivered on budgets bull Waste backlog development

behind plan bull Plant processing constraints

bull Strong focus on compliance to mine plan bull Waste backlog caught up bull Pit flexibility reinstated bull Improve ore flow continuity Debottleneck

plants and increase total throughput

bull Implementation of Anglo American Operating Model bull Optimise Contractor Services amp Productivity bull Operational efficiencies

bull Mitigate long term decline in ore grades bull Massive resource endowment bull Development of Los Bronces Underground

project

We transformed Los Bronces from this in 2010hellip

hellipas we move to building capability and efficiency in 2015

To this in 2014hellip

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

13

LOS BRONCES OPERATIONAL PERFORMANCE Performance at the Los Bronces mine and plants has significantly improvedhellip

hellipwaste stripping is now back on schedule and mine flexibility has been reinstated

129 128

145

67 78

91

2014 2013 2012

88

92 94

Mine compliance to plan Material mined (Mt)

2014 2013 2012 2014 2013 2012

Confluencia plant feed (ktpd)

2 7 - 0 9 - 2 0 1 4 3 1 - 0 7 - 2 0 1 4 2 8 - 0 5 - 2 0 1 4 2 5 - 0 3 - 2 0 1 4 2 0 - 0 1 - 2 0 1 4 1 7 - 1 1 - 2 0 1 3 1 4 - 0 9 - 2 0 1 3 1 2 - 0 7 - 2 0 1 3 0 9 - 0 5 - 2 0 1 3 0 6 - 0 3 - 2 0 1 3 0 1 - 0 1 - 2 0 1 3

1 4 0

1 2 0

1 0 0

8 0

6 0

4 0

2 0

0

k t p d

_ X = 8 7 7

_ X = 9 1 0

_ X = 9 1 3

_ X = 8 7 6

_ X = 8 8 7

_ X = 9

2 0 1 3 Q 1 2 0 1 3 Q 2 2 0 1 3 Q 3 2 0 1 3 Q 4 2 0 1 4 Q 1 2 0 1 4 Q 2 2 0 1 4 Q 3

1

1

1 1

1

1

1

1 1 1

1 1 1 1

1

1

1 1

1

1

1

1 1 1

1

1

1

1

1

1

1

1

1

1

1 1 1 1

1

1

1

1

1

1

1

1

C o n t r o l C h a r t C F P l a n t T h r o u g h p u t ( k t p d ) Confluencia Plant Feed (ktpd)

Summer Winter Winter Summer

Major maintenance

27-09-2014 31-07-2014 28-05-2014 25-03-2014 20-01-2014 17-11-2013 14-09-2013 12-07-2013 09-05-2013 06-03-2013 01-01-2013

700

600

500

400

300

200

100

0

Control Chart LB Mine Rock Extraction (ktpd)

Summer Winter Winter Summer

k t p d

2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2 2014 Q3

1 1 1

1

1

1

1

1

1

1

1

1

1 1

1

1

1 1

1 1

1

1

1

1

1

1 1

1 1

1 1

1

1 1

1

1 1

1

1

1

1

1

1

1 1 1

1

1

Confluencia plant operating time ()

Mine extraction (ktpd)

Establish Stability

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

14

COMMODITY PRICES The near-term pressure induced by lower Copper priceshellip

hellipgives further impetus to our imperative to optimise for the long-term

Indexed commodity price (1st Jan 2014 = 1)

12

11

07

10

09

08

06

05

04 31 Dec 14 01 Oct 14 01 Jul 14 01 Apr 14 01 Jan 14

Thermal Coal (-16)

Iron Ore (-47)

Met Coal (-16)

Platinum (basket) (-2)

Copper (-23)

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

15

bull Sale of smaller-scale copper assets

bull Capital redeployed into Priority 1 asset developments

RESPONSE TO WEAKENING MACRO ENVIRONMENT Our portfolio operating and capital management strategieshellip

hellipare contributing to the delivery of a more competitive business

Operating Model Capital Management Managing Margins The Portfolio

bull Operating model focuses improving labour productivity and waste cost

bull Reducing overhead and indirect costs improve cost base

bull Supply focus on strategic buyers reduces major OEM costs

bull Operating model improvements supports reduced capital spending

bull Improved planning requires less capital in mine developed inventory

bull Lower return projects are being deferred for re-work

bull Projects outside scope on marginal assets are cut

bull Mining process changes improve asset capability

bull Planning supports consistent delivery

bull Stability improves product recoveries

bull Technical focus on core business processes supports capability delivery

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

FOCUS ON LOS BRONCES

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

17

bull Location The Cordillera of the Andes 3500m above sea level and 65km east of Santiago bull Type Open pit mine with 2 processing plants plus Las Toacutertolas flotation plant

Copper concentrate and Cathodes production plus molybdenum and other by-products bull Production 2014 4045kt fine copper bull Employees c6000 (own employees and contractors) bull Ownership 501 Anglo American

204 Mitsubishi Corporation 200 Codelco

95 Mitsui

SUMMARY One of the worldacutes largest copper mineshellip

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Mineral Resources are additional to the Ore Reserves

hellipwith significant further potential

LB Reserves and Resources (2013) Tonnes (Mt)

Grade (TCu)

Contained Metal (kt)

Sulphide (flotation)

Proved 7214 069 4977

Probable 7241 053 3838

Total Ore Reserves 14454 061 8815

Measured amp Indicated 12111 040 4860

Total Inferred 35769 037 13101

Sulphide (dump leach)

Proved 4391 032 1405

Probable 1585 029 460

Total Ore Reserves 5976 031 1865

Total Inferred 1750 028 490

Los Sulfatos Inferred 12000 146 17520

San Enrique Monolito

Inferred 9000 081 7290

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

18

RECENT HISTORY Is punctuated by a series of quantum capacity expansionshellip

hellipmost recently with the Confluencia plant (LBDP) coming online in 2011

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

19

LOS BRONCES PERFORMANCE VS PEERS Benchmarking Confluenciaacutes Sag Mill 40acutehellip

hellipshows its class-leading performance vs peers Note Data shown as at H1 2014 unless stated otherwise data based on encare Survey ndash Chile and Peru major private miners

7147

86 79

encare benchmark

2013

Mine B Mine A Los Bronces

Total Los Bronces productivity (2013 cu tperson)

Mine B

23

Mine A

19

Confluencia

06

Mean time to repair (hr)

encare benchmark

2013

947

Mine B

927

Mine A

879

Confluencia

963

Availability ()

907

Mine B Mine A

861

Confluencia

938

Operating time ()

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

20

IMPLEMENTATION OF ANGLO AMERICAN OPERATING MODEL Anglo American Operating Model to be rolled out in 2015 at Los Bronces going live in December

Build Capability

Project Set-up

Project scope and schedule is agreed and signed-off and the project is set-up to ensure that it is adequately planned and resourced

Detailed Training

Los Bronces Implementation team and support teams undergo training required to ensure successful implementation

Configure Workshop

LB Senior management and implementation teams configure all flowsheets and assign responsibilities

Gap Analysis

Social technical resources metrics and measurement assessments

Critical Issue

Resolution

All barriers identified in gap analyses need to be addressed

Site Readiness

The site is configured to new systems roles and procedures

Role Holder

Training Supervisors and operators undergo training required to ensure successful implementation

GO LIVE

Date from which measurement of compliance will start

Stabilize

Coaching continued measurement resolution of new items

1 2 3 4 5 6 7 8

9

2014 2015 2016 2017 2018

Los Bronces

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

21

LOS BRONCES IS A WORLD-CLASS ASSET With over 8BT of mineral reserves and resources 65km from Chilersquos capital

Los Bronces

Los Bronces Sur

Los Sulfatos

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

22

RESERVES AND RESOURCES Los Bronces is one of the largest copper deposits in the worldhellip

and is well positioned for the future vs its peers Source RampR database of Woodmac based on 2013 publicly available information (1) Includes only inferred resources (12BT146) Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

Realise Potential

Pebble

Cobre Panama

Cerro Colorado (Pn)

Radomiro Tomic Phll Quebrada Blanca Mill

Toromocho

Quellaveco

Golpu

Sierra Gorda Relincho

Kerr Sulphurets Mitchell

Agua Rica

Panantza

Sentinel

Namosi

Michiquillay

Caserones

Haquira

Canariaco Norte

Galeno

El Morro

Galore Creek

Rosemont

Shaft Creek

Cristalino

Los sulfatos Ore body(1)

000

050

100

150

200

0 6000 12000 18000

Oyu Tolgoi

Contained Copper KT

Cu

() G

rade

Mill Reserves Base Case in Construction

In Production Reserves (Sources Rio Tinto Chartbook September 2014)

bull High potential to expand capacity

Top-20 copper project deposits by contained copper in Mill Reserves (Highly probable possible probable)

Inferred Resources

Project

23

LOS BRONCES DISTRICT Significant resources to sustain production with expansion potentialhellip

hellipwith studies being advanced for execution post-2020

bull Main development focus is on the Los Sulfatos orebody which is one of the largest untapped high-grade deposits in the world minus Principally replacement ore for the current mine plan to maintain copper

production as grades decline minus Initial studies indicate high grade underground mining possible minus 8km exploration tunnel completed in 2012 to provide access minus 15000m of exploration drilling planned for 2015 and 84000m by 2019

bull A number of other options in the district show promising results

-

5

10

15

20

Reserves Measured ampInd

Inferred San EnriqueMonolito Inf

Los SulfatosInf

061

040

037

146

081

Cu grade (flotation)

Con

tain

ed C

u (M

t flo

tatio

n)

Los Bronces

Los Sulfatos

San Enrique Monolito Exploration

tunnel

Realise Potential

Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013 Due to the uncertainty associated with some Inferred resources it cannot be assumed that all or part of the Inferred Mineral Resources will necessarily be upgraded to Indicated or Measured Resources with continued exploration

QUELLAVECO

25

QUELLAVECO PROJECT A significant orebody with attractive gradeshellip

hellipQuellaveco complements our quality re-shaped copper portfolio Source Wood Mackenzie 2020 cost curve data and Anglo American actual data Quellaveco C1 cost averaged over the first six years of production Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013

bull Located in southern Peru at gt3500 metres in an established mining district - strong socialpolitical support

bull An attractive cost curve position with CuEq grades over

090 in initial years bull Reserves of 916Mt at 065 Cu 0019 Mo plus Ag and

a 28 year LOM with production of ~220ktpa (~315ktpa in initial years)

bull Construction early works commenced in 2012 and the

Feasibility Study is on schedule for completion in 2015 bull Construction would result in a copper portfolio consisting

of three major mines in the lower half of the cost curve

bull Given the magnitude of the project Anglo American will look to syndicate the capital exposure

Cost curve positioning (2020)

Quellaveco cross section

001 02 03 04 06 gt 10

GRADE

-50

-

50

100

150

200

250

300

350

400

0 25 50 75 100

QuellavecoCollahuasi

Los Bronces

KEY RISKS AND SUSTAINABILITY ISSUES

27

bull We will lead the industry in resource development mining and operational innovation to drive margins that support the delivery of exceptional returns from our assets

bull Our employees lsquoarersquo the business and we partner with our customers and our broader stakeholders across society to together deliver sustainable value that makes a real difference

bull Key risks to achieve sustainable value for Copper ndash Environment (legislation and regulation

reform) ndash Water (water security and extreme weather) ndash People (labour reforms and negotiations)

APPROACH TO SUSTAINABILITY Together we create sustainable value that makes a real difference

hellipbut recognise we have some key risks to address along the way

Pillars of Value KPI

Safety and Health

FIFR(1)

NCOD(1)

TRCFR(1)

Environment Energy consumption

GHG(2) emissions

Total new water consumed

Socio-political Corp social investment

Enterprise development

People Voluntary labour to

Gender diversity

Production Production volume

Cost C1 unit cash cost of production

Financial Attributable ROCE

(1) FIFR Work-related fatal injury frequency rate NCOD New cases of occupational disease TRCFR Total recordable case frequency rate Managed operations only

(2) GHG Greenhouse gas

28

STRUCTURAL HEADWINDS A CHALLENGE AT LOS BRONCES Plans are in place to mitigate the impacthellip

hellipoffset by productivity gains and grade in 2015

Average haulage distance (km)

Average haulage distance increase 80 from 2012 to 2016 Grades are variable and declining

Despite this plant throughput levels will be maintained Ore hardness is increasing 2017

074

2016

074

2015

089

2014

078

2013

083

Grade

2017 2016 2015 2014 2013

142 146 148

133 146

42

2017

+80

63 52 56

35

2016 2015 2014 2013 2012

58

ktpd

2012

126

2012

084

-11

+16

2017

107

2016

122

2015

109

2014

82

2013

82

Ore hardness (SPI)

2012

85

+43

SUMMARY AND OUTLOOK

30

OPERATIONAL IMPROVEMENTS HAVE BEEN EMBEDDED Increased production versus prior forecastshellip

although grade variability remains

Variable copper grades ( Cu)(1)

(1) Grade shown is the weighted average grade for sulphide flotation across all assets

Copper production increased to 2017

075

080

085

090

095

2013 2014 2015 2016 2017

700 700 700

748

+7

720-750 720-750 710-740

2014E 2015 2016 2017

2013 guidance 2014 guidance

31

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

• anglo american copperMitsubishi analysts visit
• agenda
• Our strategy
• The diversified miner
• strategy
• Portfolio and resource optionality
• a step change in sustainability performance
• Key challenges
• Overview of the copper business Performance and outlook
• Our Copper Assets
• Copper results Summary
• Strategy IN ACTION ndash LOS BRONCES CASE STUDY
• Los bronces Operational performance
• commodity prices
• Response to weakening macro environment
• Focus on los bronces
• summary
• Recent history
• Los bronces performance vs peers
• Implementation of Anglo american operating model
• Los Bronces is a world-class asset
• Reserves and resources
• Los bronces district
• quellaveco
• qUELLAVECO Project
• Key risks and sustainability issues
• Approach to sustainability
• structural headwinds a challenge at Los Bronces
• SUMMARY and outlook
• Operational improvements have been embedded
• strategy

QUELLAVECO

25

QUELLAVECO PROJECT A significant orebody with attractive gradeshellip

hellipQuellaveco complements our quality re-shaped copper portfolio Source Wood Mackenzie 2020 cost curve data and Anglo American actual data Quellaveco C1 cost averaged over the first six years of production Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013

bull Located in southern Peru at gt3500 metres in an established mining district - strong socialpolitical support

bull An attractive cost curve position with CuEq grades over

090 in initial years bull Reserves of 916Mt at 065 Cu 0019 Mo plus Ag and

a 28 year LOM with production of ~220ktpa (~315ktpa in initial years)

bull Construction early works commenced in 2012 and the

Feasibility Study is on schedule for completion in 2015 bull Construction would result in a copper portfolio consisting

of three major mines in the lower half of the cost curve

bull Given the magnitude of the project Anglo American will look to syndicate the capital exposure

Cost curve positioning (2020)

Quellaveco cross section

001 02 03 04 06 gt 10

GRADE

-50

-

50

100

150

200

250

300

350

400

0 25 50 75 100

QuellavecoCollahuasi

Los Bronces

KEY RISKS AND SUSTAINABILITY ISSUES

27

bull We will lead the industry in resource development mining and operational innovation to drive margins that support the delivery of exceptional returns from our assets

bull Our employees lsquoarersquo the business and we partner with our customers and our broader stakeholders across society to together deliver sustainable value that makes a real difference

bull Key risks to achieve sustainable value for Copper ndash Environment (legislation and regulation

reform) ndash Water (water security and extreme weather) ndash People (labour reforms and negotiations)

APPROACH TO SUSTAINABILITY Together we create sustainable value that makes a real difference

hellipbut recognise we have some key risks to address along the way

Pillars of Value KPI

Safety and Health

FIFR(1)

NCOD(1)

TRCFR(1)

Environment Energy consumption

GHG(2) emissions

Total new water consumed

Socio-political Corp social investment

Enterprise development

People Voluntary labour to

Gender diversity

Production Production volume

Cost C1 unit cash cost of production

Financial Attributable ROCE

(1) FIFR Work-related fatal injury frequency rate NCOD New cases of occupational disease TRCFR Total recordable case frequency rate Managed operations only

(2) GHG Greenhouse gas

28

STRUCTURAL HEADWINDS A CHALLENGE AT LOS BRONCES Plans are in place to mitigate the impacthellip

hellipoffset by productivity gains and grade in 2015

Average haulage distance (km)

Average haulage distance increase 80 from 2012 to 2016 Grades are variable and declining

Despite this plant throughput levels will be maintained Ore hardness is increasing 2017

074

2016

074

2015

089

2014

078

2013

083

Grade

2017 2016 2015 2014 2013

142 146 148

133 146

42

2017

+80

63 52 56

35

2016 2015 2014 2013 2012

58

ktpd

2012

126

2012

084

-11

+16

2017

107

2016

122

2015

109

2014

82

2013

82

Ore hardness (SPI)

2012

85

+43

SUMMARY AND OUTLOOK

30

OPERATIONAL IMPROVEMENTS HAVE BEEN EMBEDDED Increased production versus prior forecastshellip

although grade variability remains

Variable copper grades ( Cu)(1)

(1) Grade shown is the weighted average grade for sulphide flotation across all assets

Copper production increased to 2017

075

080

085

090

095

2013 2014 2015 2016 2017

700 700 700

748

+7

720-750 720-750 710-740

2014E 2015 2016 2017

2013 guidance 2014 guidance

31

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

• anglo american copperMitsubishi analysts visit
• agenda
• Our strategy
• The diversified miner
• strategy
• Portfolio and resource optionality
• a step change in sustainability performance
• Key challenges
• Overview of the copper business Performance and outlook
• Our Copper Assets
• Copper results Summary
• Strategy IN ACTION ndash LOS BRONCES CASE STUDY
• Los bronces Operational performance
• commodity prices
• Response to weakening macro environment
• Focus on los bronces
• summary
• Recent history
• Los bronces performance vs peers
• Implementation of Anglo american operating model
• Los Bronces is a world-class asset
• Reserves and resources
• Los bronces district
• quellaveco
• qUELLAVECO Project
• Key risks and sustainability issues
• Approach to sustainability
• structural headwinds a challenge at Los Bronces
• SUMMARY and outlook
• Operational improvements have been embedded
• strategy

25

QUELLAVECO PROJECT A significant orebody with attractive gradeshellip

hellipQuellaveco complements our quality re-shaped copper portfolio Source Wood Mackenzie 2020 cost curve data and Anglo American actual data Quellaveco C1 cost averaged over the first six years of production Details of the Reserve and Resource estimates appear in the Anglo American Annual Report - 31 December 2013

bull Located in southern Peru at gt3500 metres in an established mining district - strong socialpolitical support

bull An attractive cost curve position with CuEq grades over

090 in initial years bull Reserves of 916Mt at 065 Cu 0019 Mo plus Ag and

a 28 year LOM with production of ~220ktpa (~315ktpa in initial years)

bull Construction early works commenced in 2012 and the

Feasibility Study is on schedule for completion in 2015 bull Construction would result in a copper portfolio consisting

of three major mines in the lower half of the cost curve

bull Given the magnitude of the project Anglo American will look to syndicate the capital exposure

Cost curve positioning (2020)

Quellaveco cross section

001 02 03 04 06 gt 10

GRADE

-50

-

50

100

150

200

250

300

350

400

0 25 50 75 100

QuellavecoCollahuasi

Los Bronces

KEY RISKS AND SUSTAINABILITY ISSUES

27

bull We will lead the industry in resource development mining and operational innovation to drive margins that support the delivery of exceptional returns from our assets

bull Our employees lsquoarersquo the business and we partner with our customers and our broader stakeholders across society to together deliver sustainable value that makes a real difference

bull Key risks to achieve sustainable value for Copper ndash Environment (legislation and regulation

reform) ndash Water (water security and extreme weather) ndash People (labour reforms and negotiations)

APPROACH TO SUSTAINABILITY Together we create sustainable value that makes a real difference

hellipbut recognise we have some key risks to address along the way

Pillars of Value KPI

Safety and Health

FIFR(1)

NCOD(1)

TRCFR(1)

Environment Energy consumption

GHG(2) emissions

Total new water consumed

Socio-political Corp social investment

Enterprise development

People Voluntary labour to

Gender diversity

Production Production volume

Cost C1 unit cash cost of production

Financial Attributable ROCE

(1) FIFR Work-related fatal injury frequency rate NCOD New cases of occupational disease TRCFR Total recordable case frequency rate Managed operations only

(2) GHG Greenhouse gas

28

STRUCTURAL HEADWINDS A CHALLENGE AT LOS BRONCES Plans are in place to mitigate the impacthellip

hellipoffset by productivity gains and grade in 2015

Average haulage distance (km)

Average haulage distance increase 80 from 2012 to 2016 Grades are variable and declining

Despite this plant throughput levels will be maintained Ore hardness is increasing 2017

074

2016

074

2015

089

2014

078

2013

083

Grade

2017 2016 2015 2014 2013

142 146 148

133 146

42

2017

+80

63 52 56

35

2016 2015 2014 2013 2012

58

ktpd

2012

126

2012

084

-11

+16

2017

107

2016

122

2015

109

2014

82

2013

82

Ore hardness (SPI)

2012

85

+43

SUMMARY AND OUTLOOK

30

OPERATIONAL IMPROVEMENTS HAVE BEEN EMBEDDED Increased production versus prior forecastshellip

although grade variability remains

Variable copper grades ( Cu)(1)

(1) Grade shown is the weighted average grade for sulphide flotation across all assets

Copper production increased to 2017

075

080

085

090

095

2013 2014 2015 2016 2017

700 700 700

748

+7

720-750 720-750 710-740

2014E 2015 2016 2017

2013 guidance 2014 guidance

31

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

• anglo american copperMitsubishi analysts visit
• agenda
• Our strategy
• The diversified miner
• strategy
• Portfolio and resource optionality
• a step change in sustainability performance
• Key challenges
• Overview of the copper business Performance and outlook
• Our Copper Assets
• Copper results Summary
• Strategy IN ACTION ndash LOS BRONCES CASE STUDY
• Los bronces Operational performance
• commodity prices
• Response to weakening macro environment
• Focus on los bronces
• summary
• Recent history
• Los bronces performance vs peers
• Implementation of Anglo american operating model
• Los Bronces is a world-class asset
• Reserves and resources
• Los bronces district
• quellaveco
• qUELLAVECO Project
• Key risks and sustainability issues
• Approach to sustainability
• structural headwinds a challenge at Los Bronces
• SUMMARY and outlook
• Operational improvements have been embedded
• strategy

KEY RISKS AND SUSTAINABILITY ISSUES

27

bull We will lead the industry in resource development mining and operational innovation to drive margins that support the delivery of exceptional returns from our assets

bull Our employees lsquoarersquo the business and we partner with our customers and our broader stakeholders across society to together deliver sustainable value that makes a real difference

bull Key risks to achieve sustainable value for Copper ndash Environment (legislation and regulation

reform) ndash Water (water security and extreme weather) ndash People (labour reforms and negotiations)

APPROACH TO SUSTAINABILITY Together we create sustainable value that makes a real difference

hellipbut recognise we have some key risks to address along the way

Pillars of Value KPI

Safety and Health

FIFR(1)

NCOD(1)

TRCFR(1)

Environment Energy consumption

GHG(2) emissions

Total new water consumed

Socio-political Corp social investment

Enterprise development

People Voluntary labour to

Gender diversity

Production Production volume

Cost C1 unit cash cost of production

Financial Attributable ROCE

(1) FIFR Work-related fatal injury frequency rate NCOD New cases of occupational disease TRCFR Total recordable case frequency rate Managed operations only

(2) GHG Greenhouse gas

28

STRUCTURAL HEADWINDS A CHALLENGE AT LOS BRONCES Plans are in place to mitigate the impacthellip

hellipoffset by productivity gains and grade in 2015

Average haulage distance (km)

Average haulage distance increase 80 from 2012 to 2016 Grades are variable and declining

Despite this plant throughput levels will be maintained Ore hardness is increasing 2017

074

2016

074

2015

089

2014

078

2013

083

Grade

2017 2016 2015 2014 2013

142 146 148

133 146

42

2017

+80

63 52 56

35

2016 2015 2014 2013 2012

58

ktpd

2012

126

2012

084

-11

+16

2017

107

2016

122

2015

109

2014

82

2013

82

Ore hardness (SPI)

2012

85

+43

SUMMARY AND OUTLOOK

30

OPERATIONAL IMPROVEMENTS HAVE BEEN EMBEDDED Increased production versus prior forecastshellip

although grade variability remains

Variable copper grades ( Cu)(1)

(1) Grade shown is the weighted average grade for sulphide flotation across all assets

Copper production increased to 2017

075

080

085

090

095

2013 2014 2015 2016 2017

700 700 700

748

+7

720-750 720-750 710-740

2014E 2015 2016 2017

2013 guidance 2014 guidance

31

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

• anglo american copperMitsubishi analysts visit
• agenda
• Our strategy
• The diversified miner
• strategy
• Portfolio and resource optionality
• a step change in sustainability performance
• Key challenges
• Overview of the copper business Performance and outlook
• Our Copper Assets
• Copper results Summary
• Strategy IN ACTION ndash LOS BRONCES CASE STUDY
• Los bronces Operational performance
• commodity prices
• Response to weakening macro environment
• Focus on los bronces
• summary
• Recent history
• Los bronces performance vs peers
• Implementation of Anglo american operating model
• Los Bronces is a world-class asset
• Reserves and resources
• Los bronces district
• quellaveco
• qUELLAVECO Project
• Key risks and sustainability issues
• Approach to sustainability
• structural headwinds a challenge at Los Bronces
• SUMMARY and outlook
• Operational improvements have been embedded
• strategy

27

bull We will lead the industry in resource development mining and operational innovation to drive margins that support the delivery of exceptional returns from our assets

bull Our employees lsquoarersquo the business and we partner with our customers and our broader stakeholders across society to together deliver sustainable value that makes a real difference

bull Key risks to achieve sustainable value for Copper ndash Environment (legislation and regulation

reform) ndash Water (water security and extreme weather) ndash People (labour reforms and negotiations)

APPROACH TO SUSTAINABILITY Together we create sustainable value that makes a real difference

hellipbut recognise we have some key risks to address along the way

Pillars of Value KPI

Safety and Health

FIFR(1)

NCOD(1)

TRCFR(1)

Environment Energy consumption

GHG(2) emissions

Total new water consumed

Socio-political Corp social investment

Enterprise development

People Voluntary labour to

Gender diversity

Production Production volume

Cost C1 unit cash cost of production

Financial Attributable ROCE

(1) FIFR Work-related fatal injury frequency rate NCOD New cases of occupational disease TRCFR Total recordable case frequency rate Managed operations only

(2) GHG Greenhouse gas

28

STRUCTURAL HEADWINDS A CHALLENGE AT LOS BRONCES Plans are in place to mitigate the impacthellip

hellipoffset by productivity gains and grade in 2015

Average haulage distance (km)

Average haulage distance increase 80 from 2012 to 2016 Grades are variable and declining

Despite this plant throughput levels will be maintained Ore hardness is increasing 2017

074

2016

074

2015

089

2014

078

2013

083

Grade

2017 2016 2015 2014 2013

142 146 148

133 146

42

2017

+80

63 52 56

35

2016 2015 2014 2013 2012

58

ktpd

2012

126

2012

084

-11

+16

2017

107

2016

122

2015

109

2014

82

2013

82

Ore hardness (SPI)

2012

85

+43

SUMMARY AND OUTLOOK

30

OPERATIONAL IMPROVEMENTS HAVE BEEN EMBEDDED Increased production versus prior forecastshellip

although grade variability remains

Variable copper grades ( Cu)(1)

(1) Grade shown is the weighted average grade for sulphide flotation across all assets

Copper production increased to 2017

075

080

085

090

095

2013 2014 2015 2016 2017

700 700 700

748

+7

720-750 720-750 710-740

2014E 2015 2016 2017

2013 guidance 2014 guidance

31

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

• anglo american copperMitsubishi analysts visit
• agenda
• Our strategy
• The diversified miner
• strategy
• Portfolio and resource optionality
• a step change in sustainability performance
• Key challenges
• Overview of the copper business Performance and outlook
• Our Copper Assets
• Copper results Summary
• Strategy IN ACTION ndash LOS BRONCES CASE STUDY
• Los bronces Operational performance
• commodity prices
• Response to weakening macro environment
• Focus on los bronces
• summary
• Recent history
• Los bronces performance vs peers
• Implementation of Anglo american operating model
• Los Bronces is a world-class asset
• Reserves and resources
• Los bronces district
• quellaveco
• qUELLAVECO Project
• Key risks and sustainability issues
• Approach to sustainability
• structural headwinds a challenge at Los Bronces
• SUMMARY and outlook
• Operational improvements have been embedded
• strategy

28

STRUCTURAL HEADWINDS A CHALLENGE AT LOS BRONCES Plans are in place to mitigate the impacthellip

hellipoffset by productivity gains and grade in 2015

Average haulage distance (km)

Average haulage distance increase 80 from 2012 to 2016 Grades are variable and declining

Despite this plant throughput levels will be maintained Ore hardness is increasing 2017

074

2016

074

2015

089

2014

078

2013

083

Grade

2017 2016 2015 2014 2013

142 146 148

133 146

42

2017

+80

63 52 56

35

2016 2015 2014 2013 2012

58

ktpd

2012

126

2012

084

-11

+16

2017

107

2016

122

2015

109

2014

82

2013

82

Ore hardness (SPI)

2012

85

+43

SUMMARY AND OUTLOOK

30

OPERATIONAL IMPROVEMENTS HAVE BEEN EMBEDDED Increased production versus prior forecastshellip

although grade variability remains

Variable copper grades ( Cu)(1)

(1) Grade shown is the weighted average grade for sulphide flotation across all assets

Copper production increased to 2017

075

080

085

090

095

2013 2014 2015 2016 2017

700 700 700

748

+7

720-750 720-750 710-740

2014E 2015 2016 2017

2013 guidance 2014 guidance

31

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

• anglo american copperMitsubishi analysts visit
• agenda
• Our strategy
• The diversified miner
• strategy
• Portfolio and resource optionality
• a step change in sustainability performance
• Key challenges
• Overview of the copper business Performance and outlook
• Our Copper Assets
• Copper results Summary
• Strategy IN ACTION ndash LOS BRONCES CASE STUDY
• Los bronces Operational performance
• commodity prices
• Response to weakening macro environment
• Focus on los bronces
• summary
• Recent history
• Los bronces performance vs peers
• Implementation of Anglo american operating model
• Los Bronces is a world-class asset
• Reserves and resources
• Los bronces district
• quellaveco
• qUELLAVECO Project
• Key risks and sustainability issues
• Approach to sustainability
• structural headwinds a challenge at Los Bronces
• SUMMARY and outlook
• Operational improvements have been embedded
• strategy

SUMMARY AND OUTLOOK

30

OPERATIONAL IMPROVEMENTS HAVE BEEN EMBEDDED Increased production versus prior forecastshellip

although grade variability remains

Variable copper grades ( Cu)(1)

(1) Grade shown is the weighted average grade for sulphide flotation across all assets

Copper production increased to 2017

075

080

085

090

095

2013 2014 2015 2016 2017

700 700 700

748

+7

720-750 720-750 710-740

2014E 2015 2016 2017

2013 guidance 2014 guidance

31

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

• anglo american copperMitsubishi analysts visit
• agenda
• Our strategy
• The diversified miner
• strategy
• Portfolio and resource optionality
• a step change in sustainability performance
• Key challenges
• Overview of the copper business Performance and outlook
• Our Copper Assets
• Copper results Summary
• Strategy IN ACTION ndash LOS BRONCES CASE STUDY
• Los bronces Operational performance
• commodity prices
• Response to weakening macro environment
• Focus on los bronces
• summary
• Recent history
• Los bronces performance vs peers
• Implementation of Anglo american operating model
• Los Bronces is a world-class asset
• Reserves and resources
• Los bronces district
• quellaveco
• qUELLAVECO Project
• Key risks and sustainability issues
• Approach to sustainability
• structural headwinds a challenge at Los Bronces
• SUMMARY and outlook
• Operational improvements have been embedded
• strategy

30

OPERATIONAL IMPROVEMENTS HAVE BEEN EMBEDDED Increased production versus prior forecastshellip

although grade variability remains

Variable copper grades ( Cu)(1)

(1) Grade shown is the weighted average grade for sulphide flotation across all assets

Copper production increased to 2017

075

080

085

090

095

2013 2014 2015 2016 2017

700 700 700

748

+7

720-750 720-750 710-740

2014E 2015 2016 2017

2013 guidance 2014 guidance

31

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

• anglo american copperMitsubishi analysts visit
• agenda
• Our strategy
• The diversified miner
• strategy
• Portfolio and resource optionality
• a step change in sustainability performance
• Key challenges
• Overview of the copper business Performance and outlook
• Our Copper Assets
• Copper results Summary
• Strategy IN ACTION ndash LOS BRONCES CASE STUDY
• Los bronces Operational performance
• commodity prices
• Response to weakening macro environment
• Focus on los bronces
• summary
• Recent history
• Los bronces performance vs peers
• Implementation of Anglo american operating model
• Los Bronces is a world-class asset
• Reserves and resources
• Los bronces district
• quellaveco
• qUELLAVECO Project
• Key risks and sustainability issues
• Approach to sustainability
• structural headwinds a challenge at Los Bronces
• SUMMARY and outlook
• Operational improvements have been embedded
• strategy

31

STRATEGY Our approach to building performance is simplehellipand continuoushellip

hellipestablish stabilityhellipbuild a foundation for capabilityhelliprealise potential

Value

Time

STABILITY

CAPABILITY

Realise Potential

bull Operations bull Markets bull People

bull Brownfield options bull Debottleneck bull Operating Model

bull Resource potential bull Priority capital options bull FutureSmartTM innovation

2013 2016

Build Capability

Establish Stability

• anglo american copperMitsubishi analysts visit
• agenda
• Our strategy
• The diversified miner
• strategy
• Portfolio and resource optionality
• a step change in sustainability performance
• Key challenges
• Overview of the copper business Performance and outlook
• Our Copper Assets
• Copper results Summary
• Strategy IN ACTION ndash LOS BRONCES CASE STUDY
• Los bronces Operational performance
• commodity prices
• Response to weakening macro environment
• Focus on los bronces
• summary
• Recent history
• Los bronces performance vs peers
• Implementation of Anglo american operating model
• Los Bronces is a world-class asset
• Reserves and resources
• Los bronces district
• quellaveco
• qUELLAVECO Project
• Key risks and sustainability issues
• Approach to sustainability
• structural headwinds a challenge at Los Bronces
• SUMMARY and outlook
• Operational improvements have been embedded
• strategy