Quellaveco Site Visit Presentation PDF

QUELLAVECO  A WORLD WORL D CLA CL A SS COPPER PROJ PROJECT ECT TOM MCCU MCCULL LLEY EY,, CEO QUELLAVEC QUELLAVECO O 27 NOVEMBER 2018

Real Mining. Real people. Real Difference

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CAUTIONARY STATEMENT Disclaimer : Th This is pr pres esen enta tati tion on ha has s be been en pr prep epar ared ed by An Angl glo o Am Amer eric ican an pl plc c (“An (“Anglo glo Ame America rican”) n”) an and d co compr mpris ises es the wr writte itten n ma mater teria ials/ ls/sl slid ides es for a pre prese senta ntatio tion n con concer cerni ning ng An Angl glo o Am Ameri erica can. n. By atten att endi ding ng thi this s pre presen sentat tatio ion n an and/o d/orr re revie viewi wing ng the sli slide des s yo you u ag agre ree e to be bo boun und d by the fol follow lowing ing con condi ditio tions. ns. Th The e di distr strib ibuti ution o n of thi this s do docu cumen mentt in cer certai tain n jur juris isdi dicti ction ons s ma may y be res restri tricte cted d by la law w an and d persons pers ons into wh whose ose poss possessi ession on this docu documen mentt come comes s shou should ld infor inform m thems themselv elves es abou about, t, and obse observe,any rve,any such restr restrictio ictions. ns. This Th is pr pres esen enta tati tion on is fo forr in info form rmat atio ion n pu purp rpos oses es on only ly an and d do does es no nott co cons nsti titu tute te an of offe ferr to se sell ll or th the e so soli lici cita tati tion on,, in indu duce ceme ment nt or an of offe ferr to bu buy y sh shar ares es in An Angl glo o Am Amer eric ican an or an any y ot othe herr se secu curi riti ties es.. Furt Fu rthe her, r, it do does es no nott co cons nsti titu tute te a re reco comm mmen enda dati tion on by An Angl glo o Am Amer eric ican an or an any y ot othe herr pa part rty y to se sell ll or bu buy y sh shar ares es in An Angl glo o Am Amer eric ican an or an any y ot othe herr se secu curi riti ties es an and d sh shou ould ld no nott be tr trea eate ted d as gi givi ving ng investmen inves tment, t, lega legal, l, accou accountin nting, g, regu regulato latory, ry, taxa taxationor tionor other advi advice. ce. No rep repre resen sentat tatio ion n or wa warra rranty nty,, ei eithe therr exp expre ress ss or imp implie lied, d, is pro provid vided ed in re relat latio ion n to the acc accura uracy, cy, co compl mpletene e teness ss or re relia liabi bilit lity y of th the e in infor forma matio tion n co conta ntain in he herei rein. n . No None ne of An Angl glo o Am Ameri erican can,, its aff affililia iate tes, s, advi ad viso sors rs or re repr pres esen enta tati tive ves s sh shal alll ha have ve an any y li liab abil ilit ity y wha hats tsoe oeve verr (i (in n ne negl glig igen ence ce or ot othe herw rwis ise) e) fo forr an any y lo loss ss ho how wso soev ever er ar aris isin ing g fr from om an any y us use e of th this is ma mate teri rial al or ot othe herw rwis ise e in co conn nnec ecti tion on wit ith h th this is material. Forward-looking Forward-look ing state statements ments This Thi s pr pres esen entat tatio ion n in inclu clude des s for forwa wardrd-lo look okin ing g sta statem temen ents. ts. All sta statem temen ents ts oth other er tha than n sta statem temen ents ts of hi histo stori rica call fa facts cts in incl clud uded ed in thi this s pre presen sentat tatio ion, n, in inclu cludi ding ng,, wi witho thout ut lilimit mitati ation on,, th those ose reg regard ardin ing g An Angl glo o  American’s  America n’s fin finan ancia ciall po posi sitio tion, n, bu busin sines ess, s, ac acqu quis isiti ition on an and d di dives vestme tment nt str strate ategy gy,, di divid viden end d po polilicy, cy, pl plan ans s an and d ob objec jectiv tives es of man manag agem emen entt for fut future ure op opera eratio tions ns (i (incl nclud uding ing de devel velop opme ment nt pl plan ans s an and d obje ob jecti ctives ves re rela latin ting g to An Angl glo o  America  American’s n’s pro produ ducts cts,, pro produ ducti ction on for forec ecas asts ts an and d re reser serve ve an and d re resou sourc rce e po posit sitio ions ns), ), ar are e for forwa wardrd-loo lookin king g sta state teme ments nts.. By the their ir na natur ture, e, su such ch for forwa wardrd-lo looki oking ng sta state temen ments ts invo in volve lve kn know own n an and d un unkn know own n ris risks, ks, un uncer certai tainti nties es an and d oth other er fac factor tors s wh which ich may cau cause se the act actua uall res resul ults, ts, pe perfo rform rman ance ce or ac achi hiev evem emen ents ts of An Angl glo o Ame Americ rican an,, or in indu dustr stry y re resu sults lts,, to be ma mater teria ially lly different diffe rent from any futur future e resu results, lts, perfo performan rmance ce or achie achieveme vements nts expr expresse essed d or impli implied ed by such forw forwardard-look lookingstatemen ingstatements. ts.  American’s ’s pre Such Su ch for forwa wardrd-lo looki oking ng sta statem temen ents ts ar are e ba base sed d on nu nume mero rous us ass assum umpti ption ons s reg regar ardi ding ng An Angl glo o  American prese sent nt an and d fut futur ure e bu busin sines ess s str strate ategi gies es an and d the en envir viron onme ment nt in wh which ich An Angl glo o Am Ameri erica can n wi willll oper op erate ate in the fut futur ure. e. Imp Impor ortan tantt fac factor tors s th that at cou could ld ca caus use e Ang Anglo lo America  American’s n’s actu actual al resu results, lts, perf performa ormance nce or achi achieve evemen ments ts to diffe differr mate materia rially lly from thos those e in the forw forwardard-loo looking king state statemen ments ts inc includ lude, e, among amo ng othe others, rs, lev levels els of actu actual al pro product duction ion duri during ng any per period, iod, lev levels els of glo global bal dem demand and and com commod modity ity mark market et pric prices, es, min mineral eral reso resource urce exploration oration and deve develop lopment ment cap capabi abilitie lities, s, reco recovery very rate rates s and other oth er op oper erati ation onal al cap capab abili ilitie ties, s, the av avai aila labi bilit lity y of mi mini ning ng an and d pr proce ocessi ssing ng eq equi uipm pmen ent, t, the ab abilility ity to pro produ duce ce an and d tra trans nspo port rt pr prod oduc ucts ts pro profit fitab ably, ly, the av avai aila labil bility ity of tra trans nspor portt in infra frastr struc uctur ture, e, the im impa pact ct of  forei for eign gn cu curre rrenc ncy y ex excha chang nge e rat rates es on mar marke kett pri price ces s an and d op opera eratin ting g cos costs, ts, the ava availilab abili ility ty of suf suffic ficie ient nt cre credi dit, t, the eff effect ects s of in infla flatio tion, n, po polilitic tical al un uncer certai tainty nty an and d eco econo nomic mic con condi ditio tions ns in re rele levan vantt ar area eas s of  the wo world rld,, the ac actio tions ns of co comp mpeti etitor tors, s, ac activ tiviti ities es by go gover vernm nmen ental tal au autho thori ritie ties s su such ch as per permit mittin ting g an and d ch chan ange ges s in tax taxati ation o n or sa safet fety, y, he healt alth, h, en envir viron onme menta ntall or oth other er typ types es of reg regul ulati ation on in th the e cou countr ntrie ies s whe here re An Angl glo o Am Amer eric ican an op oper erat ates es,, co conf nfli lict cts s ov over er la land nd an and d re reso sour urce ce ow owne ners rshi hip p ri righ ghts ts an and d su such ch ot othe herr ri risk sk fa fact ctor ors s id iden enti tifi fied ed in An Angl glo o  America  American’s n’s mo most st re recen centt An Annu nual al Re Repo port. rt. For Forwa ward rd-lo -look okin ing g statement state ments s shou should, ld, ther therefor efore, e, be con construe strued d in lig light ht of such risk facto factors rs and und undue ue reli relianc ance e sho should uld not be pla placed ced on forw forward-l ard-look ooking ing state statement ments. s. The These se forw forward-l ard-looking ooking state statemen ments ts spea speak k onl only y as of  the da date te of thi this s pr prese esenta ntatio tion. n. An Angl glo o Ame Americ rican an ex expre pressl ssly y di discl sclai aims ms any ob obliliga gatio tion n or un under dertak takin ing g (e (exce xcept pt as re requ quire ired d by ap appl plica icabl ble e law law,, the Ci City ty Co Code de on Tak Takeo eover vers s an and d Me Merge rgers rs (th (the e “Takeover  Code”), the UK Li Listi sting ng Ru Rule les, s, the Di Discl sclosu osure re an and d Tra Trans nspa pare rency ncy Ru Rule les s of the Fin Finan ancia ciall Co Cond nduc uctt Au Autho thori rity, ty, the Li Listi sting ngs s Re Requ quire iremen ments ts of th the e se secur curiti ities es ex exch chan ange ge of theJSE Li Limit mited ed in Sou South th Afr Afric ica, a, the SIX Sw Swiss iss Exc Excha hang nge, e, the Bo Botsw tswan ana a Sto Stock ck Ex Excha chang nge e an and d the Na Nami mibi bian an Sto Stock ck Exc Excha hang nge e an and d an any y oth other er ap appl plic icab able le re regu gula latio tions) ns) to re rele lease ase pu publ blicl icly y an any y up updat dates es or re revis visio ions ns to an any y for forwa wardrd American’s n’s ex looking loo king stat stateme ement nt con contain tained ed here herein in to refl reflect ect any chan change ge in Ang Anglo lo America expe pecta ctatio tions ns wi with th reg regard ard the there reto to or any ch chan ange ge in ev even ents, ts, co cond nditi ition ons s or cir circu cumst mstan ances ces on wh which ich an any y su such ch sta state teme ment nt is base based. d.

Nothing in this pres Nothing presenta entationshould tionshould be inter interpret preted ed to meanthat futur future e earn earning ings s per shar share e of Angl Anglo o Amer Americanwill icanwill nece necessar ssarily ily match or exce exceed ed its histo historica ricall publ publishe ished d earn earningsper ingsper shar share. e. Certa Ce rtain in sta statis tistic tical al an and d oth other er inf infor ormat matio ion n ab abou outt An Angl glo o Am Ameri erican can in inclu clude ded d in th this is pr pres esen entat tatio ion n is sou source rced d fro from m pu publ blicl icly y ava availilab able le thi third rd pa party rty so sourc urces es.. As su such ch it ha has s no nott be been en in inde depe pend nden ently tly ver verifi ified ed and an d pre prese sents nts th the e vi view ews s of tho those se thi third rd pa parti rties es,, bu butt ma may y no nott ne nece cessa ssaril rily y cor corres respo pond nd to the vie views ws he held ld by An Angl glo o Ame Americ rican an an and d An Angl glo o Am Ameri erican c an ex expr pres essly sly di discl sclai aims ms any re respo sponsi nsibi bilit lity y for for,, or liliab abili ility ty in respect resp ect of, such infor informati mation. on. No Inve Investment stment Advice This Th is pr pres esen enta tati tion on ha has s be been en pr prep epar ared ed wi with thou outt re refe fere renc nce e to yo your ur pa part rtic icul ular ar in inve vest stme ment nt ob obje jecti ctives, v es, fi fina nanc ncia iall si situ tuat atio ion, n, ta taxa xati tion on po posi siti tion on an and d pa part rtic icul ular ar ne need eds. s. It is im impo port rtan antt th that at yo you u vi view ew th this is presen pre sentat tatio ion n in its en entir tirety ety.. If yo you u ar are e in an any y do doub ubtt in relation a tion to the these se ma matte tters, rs, yo you u sh shou ould ld co consu nsult lt yo your ur sto stockb ckbro roker ker,, ba bank nk man manag ager, er, so solic licito itor, r, ac accou counta ntant, nt, tax taxati ation on ad advis viser er or oth other er in inde depe pend nden entt finan fin ancia ciall ad advi viser ser (w (wher here e ap appl plica icabl ble, e, as au auth thori orised sed un unde derr th the e Fin Finan ancia ciall Se Servi rvices ces an and d Mar Marke kets ts Act 20 2000 00 in the UK UK,, or in So South uth Afr Africa ica,, un unde derr the Fin Finan ancia ciall Ad Advis visory ory an and d Int Inter erme media diary ry Ser Servic vices es Act 37 of 2002 2002). ).  Alt erna tiv e Perf orm ance Measu res Throu Thr ough ghou outt thi this s pr pres esen entat tatio ion n a ra rang nge e of fin finan anci cial al an and d no nonn-fin finan ancia ciall me meas asure ures s are use used d to as asses sess s our per perfor forma manc nce, e, in incl clud udin ing g a nu numb mber er of the fin finan anci cial al me measu asure res s tha thatt ar are e no nott de defin fined ed or spe specif cifie ied d

underr IFR unde IFRS, S, wh whichare ichare ter termed med ‘Alternative Performance Measures’ (APM (APMs). s). Man Manage agemen mentt use uses s the these se mea measure sures s to mon monitor itor the Group’s fina financi ncial al per perform formanc ance e alo alongs ngside ide IFRS mea measure sures s to imp improve rove the th e co comp mpar arab abil ilit ity y of in info form rmat atio ion n be betw twee een n re repo port rtin ing g pe peri riod ods s an and d bu busi sine ness ss un unit its. s. Th Thes ese e AP APMs Ms sh shou ould ld be co cons nsid ider ered ed in ad addi diti tion on to to,, an and d no nott as a su subs bsti titu tute te fo for, r, or as su supe peri rior or to to,, me meas asur ures es of  finan fin ancia ciall pe perfo rforma rmanc nce, e, fin finan ancia ciall po posit sitio ion n or cas cash h flo flows ws rep report orted ed in ac accor corda danc nce e wi with th IFR IFRS. S. AP APMs Ms ar are e no nott un unifo iforml rmly y de defin fined ed by al alll co comp mpan anie ies, s, in incl clud udin ing g tho those se in the Group’s ind industry ustry.. Acco Accordin rdingly, gly, it may not be comp comparab arable le wit with h simil similarl arly y title titled d measu measures res and discl disclosu osures res by othercompani othercompanies. es.

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QUELLAVECO – MANY COMPANIES, ONE TEAM

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A WORLD CLASS COPPER PROJECT SUPPORTED BY… 1

Highly experienced management management team, leading leading EPCM EPCM cont ractor 

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In-depth Indepth knowledge of pr oject: world -cla -class ss feasibility study

Favourable Favour able geolog geology: y: high -grade ore in payback period; period ; 30-ye 30 -year ar reserve life; si gnif icant endowm ent potential

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Q1 cost po siti on driven driv en by inherent struct ural advantages, advantages, with w ellell-understood understood processing technology Fully permitted with good social credentials credentials

Execution Exe cution on-track, benefiting benefiting from significant early wor ks

Robust financials, meeting Group’s investment criteria

While risks remain we are confident Quella Quellaveco veco is w ell positioned for success

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A WORLD CLASS COPPER PROJECT SUPPORTED BY… 1

Highly experienced management management team, leading leading EPCM EPCM cont ractor 

2

In-depth Indepth knowledge of pr oject: world -cla -class ss feasibility study

Favourable Favour able geolog geology: y: high -grade ore in payback period; period ; 30-ye 30 -year ar reserve life; si gnif icant endowm ent potential

3

4

5

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Q1 cost po siti on driven driv en by inherent struct ural advantages, advantages, with w ellell-understood understood processing technology Fully permitted with good social credentials credentials

Execution Exe cution on-track, benefiting benefiting from significant early wor ks

Robust financials, meeting Group’s investment criteria

While risks remain we are confident Quella Quellaveco veco is w ell positioned for success

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