Anglo American : announces first copper production from Quellaveco project in Peru

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Anglo American plc (the "Company")

Registered office: 17 Charterhouse Street, London EC1N 6RA

Registered number: 3564138 (incorporated in England and Wales)

Legal Entity Identifier: 549300S9XF92D1X8ME43

ISIN: GBOOB1XZS820

JSE Share Code: AGL

NSX Share Code: ANM

12 July 2022

Anglo American announces first copper production from Quellaveco project in Peru

Anglo American plc ("Anglo American") announces first production of copper concentrate from its Quellaveco project in Peru - a major milestone as Quellaveco nears completion ahead of receiving final regulatory clearance for commercial operations to begin.

Tom McCulley, who has led Anglo American's development of Quellaveco, said: "First copper production at Quellaveco is a key milestone in our delivery of this world-class asset, on time and on budget. The fact that we are today producing copper less than four years after project approval, including through two years of considerable pandemic-related disruption, is testament to the strength of our commitment to our workforce, local communities, the Moquegua region and government stakeholders in Peru. This first production of copper concentrate marks the beginning of the normal period of testing the processing plant with ore and the ramping up of mining activities to demonstrate readiness for operations."

Adolfo Heeren, CEO of Anglo American in Peru, added: "Quellaveco is a project for all of Peru and especially for the Moquegua region. Once in full operation, Quellaveco alone will increase Peru's copper production by around 10%, and deliver sustainable benefits for decades to come, including 2,500 direct jobs, the incorporation of local suppliers into our supply chain, the increase of water sources for human consumption and irrigation, digital connectivity, the expansion of agricultural areas and tax revenues. By working together in partnership, we will deliver enduring positive outcomes for all our stakeholders."

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Anglo American plc

17 Charterhouse Street, London, EC1N 6RA, United Kingdom

Registered office as above. Incorporated in England and Wales under the Companies Act 1985.

Registered Number: 3564138 Legal Entity Identifier: 549300S9XF92D1X8ME43

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South Africa Nevashnee Naicker [e-mail]: [phone]

Sibusiso Tshabalala [e-mail]: [phone]

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

Sponsor

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Notes to editors:

Quellaveco is an open pit copper mine located in the Moquegua region in the south of Peru. Construction started in 2018, with estimated total capex of $5.5 billion, which includes the $0.6 billion additional cost of managing the impacts of the Covid-19 pandemic since 2020. In 2021, Anglo American also approved the construction of a Coarse Particle Recovery plant to allow retreatment of coarse particles from flotation tailings to further enhance copper recovery rates.

Quellaveco is expected to produce 300,000 tonnes of copper equivalent per year on average over the first 10 years of operation, at a highly competitive C1 unit cost of c. 95c/lb over the first five years once the operation reaches full production capacity.

The support of local communities is paramount in both the success of developing the project and its operational phase. Such support is underpinned by an innovative 18-month "Dialogue Table" consultation with local authorities and community representatives from the Moquegua region that took place in 2011. A total of 26 commitments were made, spanning water to environmental protection and social development. One of the major such commitments delivered is the construction of the Vizcachas Dam which brings net positive water benefits to local communities by delivering supply of high-quality water for agriculture, among other uses, while the Quellaveco operation will predominantly utilise water that is unfit for such uses.

Quellaveco has an estimated 1.7 billion tonnes of Ore Reserves, 8.9 million tonnes of contained copper at 0.53% TCu, and a 36-year Reserve Life, with potential for further expansion given its estimated additional Mineral Resources at 1.6 billion tonnes, containing 6.1 million tonnes copper (at 0.38% TCu).1

Anglo American expects that Quellaveco will reach design production capacity in 12 months. Production guidance for 2022 is 100,000 - 150,000 tonnes of copper at a C1 unit cost of c.135c/lb. Production guidance for 2023 and 2024 is 320,000 - 370,000 tonnes. Quellaveco is owned 60:40 between Anglo American and Mitsubishi Corporation.

Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions

1 Estimates as at 31 December 2021. Please refer to the Anglo American Ore Reserves and Mineral Resources Report 2021 for further information. TCu = total copper

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of consumers. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and to mine, process, move and market our products to our customers - safely and sustainably.

As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and steelmaking coal, and nickel - with crop nutrients in development - we are committed to being carbon neutral across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people's lives. www.angloamerican.com

Forward-looking statements:

This document includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions) and environmental, social and corporate governance goals and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource exploration and development capabilities, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to produce and transport products profitably, the availability of transport infrastructure, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward- looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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

Legal Entity Identifier: 549300S9XF92D1X8ME43