|
(3) During the year ended 31 December 2006, the whole of the Anglo America n
plc convertible bond was converted to equity by bondholders. This has resulted
in a reduction in the discounted balance sheet liability of $1,068 million and
a corresponding increase in issued share capital and share premium. A further
reserve transfer of $32 million has been made from the convertible bond reserve
to share premium to reflect the total fair value of shares issued to
bondholders. During the year ended 31 December 2006, the number of shares
converted was 47,789,096, at a conversion price of $23.12 to May 2006 and
$22.76 subsequently.
12. Reconciliation of changes in equity (continued)
Fair value and other reserves comprise:
Convertible Available Cash flow
debt for sale hedge
reserve reserve reserve
US$ million
Balance at 1 January 2005 128 48 50
Total recognised income and expense 3 6 (171)
Balance at 1 January 2006 131 54 (121)
Total recognised income and expense - 437 (301)
Reclassification on conversion of
bond (32) - -
Convertible debt reserve transfer
to retained earnings (109) - -
Transfer to legal reserve - - -
Revaluation reserve arising from
acquisition of minority - - -
interests
Tax credit on transactions with
equity holders 10 - -
Balance at 31 December 2006 - 491 (422)
Total fair
value and
Other other
reserves(1) reserves
US$ million
Balance at 1 January 2005 772 998
Total recognised income and expense - (162)
Balance at 1 January 2006 772 836
Total recognised income and expense - 136
Reclassification on conversion of bond - (32)
Convertible debt reserve transfer to retained
earnings - (109)
Transfer to legal reserve 3 3
Revaluation reserve arising from acquisition of
minority interests (4) (4)
Tax credit on transactions with equity holders - 10
Balance at 31 December 2006 771 840
(1) Other reserves comprise $693 million (2005: $690 million) legal reserve and
$82 million (2005: $82 million) capital redemption reserve, partially offset by
negative revaluation reserve of $4m (2005: nil).
13. Consolidated cash flow analysis
a) Reconciliation of profit before tax to cash inflows from operations
US$ million 2006 2005
Profit before tax 9,562 5,208
Depreciation and amortisation 2,036 2,441
Share-based payment charge 189 92
Special items and remeasurements of subsidiaries
and joint ventures (300) 365
Net finance costs before remeasurements 165 428
Fair value gains before special items
and remeasurements (152) (278)
Share of net income from associates (685) (657)
Additional pension contributions (232) -
Provisions 11 113
Increase in inventories (377) (453)
Increase in operating receivables (625) (600)
Increase in operating payables 470 539
Other adjustments (5) 67
Cash inflows from operations 10,057 7,265
b) Reconciliation to the balance sheet
Cash and cash
US$ million equivalents
2006 2005
Balance sheet
Continuing operations 3,004 3,430
Disposal groups(2) 63 -
Bank overdrafts
Continuing operations (87) (111)
Disposal groups(2) - -
Net debt classifications 2,980 3,319
Short term borrowings(1)
US$ million 2006 2005
Balance sheet
Continuing operations (2,028) (2,076)
Disposal groups(2) (135) -
Bank overdrafts
Continuing operations 87 111
Disposal groups(2) - -
Net debt classifications (2,076) (1,965)
Medium and long term
US$ million borrowings
2006 2005
Balance sheet
Continuing operations (4,220) (6,363)
Disposal groups(2) (8) -
Bank overdrafts
Continuing operations - -
Disposal groups(2) - -
Net debt classifications (4,228) (6,363)
(1) Short term borrowings on the balance sheet include overdrafts which
are included within cash and cash equivalents for net debt.
(2) Disposal group balances are shown as `assets classified as held for
sale` and `liabilities associated with assets classified as held for sale`
on the balance sheet.
13. Consolidated cash flow analysis (continued)
c) Movement in net debt
Debt due within
one year
Cash and cash Carrying
US$ million equivalents (1) value Hedge(2)
Balance at 1 January 2005 2,781 (3,272) 55
Cash flow 602 1,356 25
Acquisition and disposal of
businesses - 2 -
Unwinding of discount on convertible
debt - - -
Reclassifications - (300) -
Movement in fair value - - (67)
Other non-cash movements - - -
Currency movements (64) 249 -
Balance at 1 January 2006 3,319 (1,965) 13
Cash flow (170) (193) -
Acquisition and disposal of
businesses - 224 -
Conversion to equity - 311 -
Unwinding of discount of convertible
debt - - -
Reclassifications - (509) -
Movement in fair value - - (7)
Other non-cash movements - 6 -
Currency movements (169) 50 -
Balance at 31 December 2006 2,980 (2,076) 6
Debt due after
one year
Current
financial
US$ million Carrying asset Total
value Hedge(2) investments net debt(3)
Balance at 1 January 2005 (7,961) 302 2 (8,093)
Cash flow 632 - (13) 2,602
Acquisition and disposal
of businesses 5 - - 7
Unwinding of discount on
convertible debt (53) - - (53)
Reclassifications 299 - 1 -
Movement in fair value 12 (302) - (357)
Other non-cash movements - - 29 29
Currency movements 703 - (3) 885
Balance at 1 January 2006 (6,363) - 16 (4,980)
Cash flow (374) - (5) (742)
Acquisition and disposal
of businesses 1,480 - (1) 1,703
Conversion to equity 757 - - 1,068
Unwinding of discount of
convertible debt (13) - - (13)
Reclassifications 438 - - (71)
Movement in fair value 5 187 - 185
Other non-cash movements (13) - (14) (21)
Currency movements (145) - 4 (260)
Balance at 31 December
2006 (4,228) 187 - (3,131)
(1) The Group operates in certain countries (principally South Africa and
Venezuela) where the existence of exchange controls may restrict the use of
certain cash balances. These restrictions are not expected to have any material
effect on the Group`s ability to meet i ts ongoing obligations.
(2) Derivative instruments that have been designated as hedges of assets and
liabilities included above to reflect the true net debt position of the Group
at the year end. These instruments are classified within other financial assets
and liabilities on the balance sheet.
(3) Net debt excluding the impact of hedges is $3,324 million (2005: $4,993
million) and consists of cash and cash equivalents of $2,980 million (2005:
$3,319 million), short term borrowings of $2,076 million (2005: $1,965
million), medium and long term borrowings of $4,228 million (2005: $6,363
million) and current financial asset investments of nil (2005: $16 million).
14. EBITDA by business segment
US$ million 2006 2005
Platinum 2,845 1,282
Gold 843 871
Diamonds 541 655
Coal 1,082 1,243
Base Metals 4,214 1,990
Industrial Minerals 580 618
Ferrous Metals and Industries 1,560 1,779
Paper and Packaging 923 916
Exploration (132) (150)
Corporate Activities (259) (245)
EBITDA 12,197 8,959
EBITDA is stated before special items and remeasurements and is reconciled to
`Total profit from operations and associates` as follows:
US$ million 2006 2005
Total profit from operations and associates 9,727 5,601
Operating special items and remeasurements
(including associates) 991 640
Net profit on disposals (including associates) (1,367) (185)
Associates` financing remeasurements (26) (7)
Depreciation and amortisation: subsidiaries and joint
ventures 2,036 2,441
Share of associates` interest, tax, depreciation,
amortisation and underlying minority interests 836 469
EBITDA 12,197 8,959
EBITDA is reconciled to cash inflows from operations as follows:
US$ million 2006 2005
EBITDA(1) 12,197 8,959
Share of operating profit of associates before special
items (1,090) (1,032)
Underlying depreciation and amortisation in associates (329) (142)
Share-based payment charge 189 92
Fair value gains before special items and remeasurements (152) (278)
Additional pension contributions (232) -
Provisions 11 113
Increase in inventories (377) (453)
Increase in operating receivables (625) (600)
Increase in operating payables 470 539
Other adjustments (5) 67
Cash inflows from operations 10,057 7,265
(1) EBITDA is operating profit before special items, remeasurements,
depreciation and amortisation in subsidiaries and joint ventures and share of
EBITDA of associates:
US$ million 2006 2005
Operating profit including associates` operating profit
before special items and remeasurements 9,832 6,376
Depreciation and amortisation
Subsidiaries and joint ventures 2,036 2,441
Associates 329 142
12,197 8,959
15. Business combinations
The Group made one material acquisition in the year ended 31 December 2006. The
Group acquired a 100% interest in AltaSteel, including the remaining 50% of
Moly-Cop Canada, on 1 February 2006, for a total cash consideration of $84
million (including transaction costs).
AltaSteel(1)
Carrying Carrying
US$ million value Fair value value
Net assets acquired
Intangible assets - 3 5
Tangible assets 74 75 116
Deferred tax asset - - 1
Other financial assets (derivatives) 40 40 -
Other non-current assets 1 1 -
Inventories 30 30 41
Trade and other receivables 27 27 55
Cash and cash equivalents 8 8 11
Short term borrowings - - (36)
Overdrafts - - (20)
Trade and other payables (21) (21) (35)
Medium and long term borrowings - - (10)
Retirement benefit obligations (46) (46) (4)
Deferred tax liabilities (11) (4) (1)
Provisions for liabilities and charges - (21) (2)
Other non-current liabilities - - (1)
Equity minority interests - - 15
Revaluation on acquisition of minority
interest - - -
Net assets acquired 102 92 135
Goodwill arising on acquisition -
Negative goodwill arising on
acquisition (8)
Total cost of acquisition 84
Satisfied by
Net cash acquired 8
Deferred consideration -
Net cash paid 76
Total fair
Other value
US$ million Fair value 2006
Net assets acquired
Intangible assets 1 4
Tangible assets 182 257
Deferred tax asset 3 3
Other financial assets (derivatives) - 40
Other non-current assets - 1
Inventories 41 71
Trade and other receivables 55 82
Cash and cash equivalents 11 19
Short term borrowings (36) (36)
Overdrafts (20) (20)
Trade and other payables (37) (58)
Medium and long term borrowings (10) (10)
Retirement benefit obligations (6) (52)
Deferred tax liabilities (8) (12)
Provisions for liabilities and charges (2) (23)
Other non-current liabilities (1) (1)
Equity minority interests 3 3
Revaluation on acquisition of minority interest 4 4
Net assets acquired 180 272
Goodwill arising on acquisition 41 41
Negative goodwill arising on acquisition (2) (10)
Total cost of acquisition 219 303
Satisfied by
Net cash acquired (9) (1)
Deferred consideration 18 18
Net cash paid 210 286
(1) The revenue and operating profit for the year ended 31 December 2006 of
AltaSteel, including the remaining 50% of Moly-Cop Canada, if the acquisition
date had been at the beginning of the year, would have been $93 million and $34
million respectively. The operating profit for the period since acquisition was
$32 million.
There was one material acquisition made during the year to 31 December 2005.
The Group acquired the remaining 48.75% minority interest in Ticor Ltd for a
total cash consideration of $177 million. Net assets acquired in the
transaction totalled $191 million.
16. Disposal of subsidiaries and businesses
Total Total
US$ million 2006 2005
Net assets disposed
Tangible assets 7,925 178
Other non-current assets 1,027 87
Current assets 3,115 408
Current liabilities (2,878) (231)
Non-current liabilities (4,683) (87)
Net assets 4,506 355
Minority interests (1,679) (3)
Group`s share of net assets immediately prior to disposal 2,827 352
Less: Retained investment in an associate (1,451) -
Less: Retained financial asset investment (370) -
Less: Movement in share of assets arising on deemed
disposal (170) -
Add: Purchase price adjustment 10 -
Add: Liabilities retained - 95
Net assets disposed 846 447
Cumulative translation differences recycled from reserves (9) -
Increase in minority share 220 -
Fair value losses arising on transaction 52 -
Other 13 -
Net gain on disposal 1,072 30
Net sale proceeds 2,194 477
Net cash and cash equivalents disposed (283) (58)
Non-cash proceeds (393) -
Other 2 -
Net cash inflow on disposals 1,520 419
Disposals recorded during the year principally include the partial disposal of
AngloGold Ashanti, disposal of the non-iron ore operations of Kumba Resources,
disposal of a 49.8% interest in Highveld Steel and Vanadium and the disposal of
a 15% interest in Anglo Platinum`s Rustenburg Platinum Mines Union section
mining and concentrating business and interests in prospecting rights.
Details of these disposals are included below. The prior year disposals
principally relate to Boart Longyear.
16a. AngloGold Ashanti
On 20 April 2006 the Group completed the sale of 19.7 million ordinary shares
held in AngloGold Ashanti Limited for cash of $978 million. This, together with
the Group`s non-participation in the issue of additional ordinary shares,
throughout the year, by AngloGold Ashanti, diluted the Group`s percentage
investment from 50.9% to 41.7%. With effect from that date, the Group ceased to
account for AngloGold Ashanti as a subsidiary and began accounting for it as an
associate under the equity method.
The net asset position at the date of disposal, together with the
reclassification to an associate and resulting gain on disposal of shares and
related net cash inflow are shown below:
US$ million 2006
Tangible assets 6,613
Other non-current assets 856
Current assets 2,162
Current liabilities (2,596)
Non-current liabilities (4,233)
Net assets 2,802
Minority interest (1,101)
Group`s share of AngloGold Ashanti net assets immediately prior to
disposal 1,701
Less: Retained investment in an associated undertaking immediately
after disposal (1,451)
Net assets disposed 250
Cumulative translation differences recycled from reserves (9)
Net gain on disposal 737
Net sale proceeds 978
Net cash and cash equivalents disposed (147)
Other 8
Net cash inflow from partial disposal of AngloGold Ashanti 839
The non-participation in the issue of additional shares by AngloGold Ashanti
further diluted the percentage investment and thereby resulted in a deemed
disposal. The gain on deemed disposal is:
US$ million 2006
Movement in share of net assets as a result of share issue 187
Deemed disposal of goodwill and mining properties (17)
Cumulative translation differences recycled from reserves 2
Deemed gain on disposal 172
16b. Kumba (non iron-ore)
On 28 November 2006 the Kumba Resources BEE transaction was effected. Kumba
Iron Ore was accordingly unbundled from Kumba Resources (i.e. leaving the
non-iron ore operations) which was renamed Exxaro. The Group retained a 64%
interest in Kumba Iron Ore. The Group disposed of part of its investment in
Exxaro through a share buyback and sale of shares. The Group retains an
interest of 23% in Exxaro over which it does not exercise significant influence
and accordingly this has been held as an available for sale financial asset
since 28 November 2006.
The net asset position of Exxaro at 28 November 2006, together with the
resulting loss on disposal of shares and related net cash inflow are shown
below:
US$ million 2006
Tangible assets 1,186
Other non-current assets 145
Current assets 887
Current liabilities (248)
Non-current liabilities (438)
Net assets 1,532
Minority interest (564)
Group`s share of Exxaro net assets immediately prior to disposal 968
Less: Retained financial asset investment (370)
Net assets disposed 598
Cumulative translation differences recycled from reserves (4)
Increase in minority share 50
Fair value loss arising on transaction 36
Other 9
Net loss on disposal (52)
Net sale proceeds 637
Net cash and cash equivalents disposed (123)
Non-cash proceeds (393)
Net cash inflow from partial disposal of Exxaro 121
16c. Highveld Steel and Vanadium Corporation (Highveld)
On 14 July 2006, the Group announced the sale of Anglo American`s 79% stake in
Highveld to Evraz Group SA and Credit Suisse for a total consideration of $678
million. Following the disposal of the initial 49.8%, for which Anglo American
received $412 million, following certain regulatory approvals Evraz has an
option to acquire Anglo American`s remaining 29.2% stake in Highveld for $266
million. This amount will be reduced by any dividends paid by Highveld prior to
Anglo American selling its remaining shares. Anglo American and Credit Suisse
have agreed that Anglo American will retain the voting rights in respect of the
shares acquired by Credit Suisse until such time as Anglo American disposes of
all its shares in Highveld. As a result, the Group continues to consolidate
Highveld (while recording an increased minority interest).
The net asset position at the date of the initial disposal, 14 July 2006,
together with the resulting gain on disposal of shares and related net cash
inflow are shown below:
US$ million 2006
Increase in minority share 100
Cumulative translation differences recycled from reserves 5
Other 6
Net gain on disposal 301
Net cash inflow from partial disposal of Highveld 412
16d. Anglo Platinum`s Rustenburg Platinum Mines
On 8 November 2006, Anglo Platinum announced the conclusion of the BEE
transaction with the Bakgatla-Ba-Kgafela (Bakgatla) traditional community. In
terms of this transaction the Bakgatla acquired a 15% interest in Anglo
Platinum`s Rustenburg Platinum Mines Union section mining and concentrating
business and interests in prospecting rights of the Rooderand 46 JQ, portion 2
and Magazynskraal 3 JQ properties. The agreements became unconditional on 1
December 2006.
The net assets disposed together with the resulting loss and related cash
inflow are shown below:
US$ million 2006
Net assets disposed 47
Increase in minority share 70
Fair value charge arising on transaction 16
Net loss on disposal (84)
Purchase price adjustment 10
Net cash inflow from partial disposal of Union mine 59
Production statistics
The figures below include the entire output of consolidated entities and the
Group`s share of joint ventures, joint arrangements and associates where
applicable, except for De Beers and Collahuasi in Base Metals which are quoted
on a 100% basis.
2006 2005
Anglo Platinum (troy ounces) (1)(2)
Platinum 2,863,900 2,502,000
Palladium 1,563,000 1,376,700
Rhodium 331,700 333,500
4,758,600 4,212,200
Nickel (tonnes)(3) 21,700 20,900
Gold 115,400 119,100
AngloGold Ashanti (gold in troy ounces)(2)(4)
South Africa 1,506,500 2,676,000
Argentina 128,900 211,000
Australia 260,900 455,000
Brazil 193,200 346,000
Ghana 359,200 680,000
Guinea 146,400 246,000
Mali 318,400 528,000
Namibia 51,500 81,000
Tanzania 187,900 613,000
USA 164,300 330,000
3,317,200 6,166,000
De Beers (Diamonds recovered - carats)
100% basis
Debswana 34,293,000 31,890,000
Namdeb 2,084,800 1,774,000
DBCM 14,568,900 15,156,000
Williamson 189,400 190,000
51,136,100 49,010,000
Anglo Coal (tonnes)
South Africa
Eskom 34,821,200 34,327,900
Trade - Thermal 22,754,000 20,281,100
Trade - Metallurgical 1,768,200 2,268,800
59,343,400 56,877,800
Australia(5)
Thermal 15,258,400 15,214,800
Metallurgical 9,195,600 9,390,300
24,454,000 24,605,100
South America
Thermal 11,008,900 10,066,000
Total 94,806,300 91,548,900
(1) Includes Anglo Platinum`s share of Northam Platinum Limited: 76,700 ounces
Platinum, Palladium and Rhodium; 1,800 ounces Gold; and 400 tonnes Nickel
(2005: 77,700 ounces Platinum, Palladium and Rhodium, 1,600 ounces Gold and 400
tonnnes Nickel).
(2) See the published results of Anglo Platinum Limited, Northam Limited and
AngloGold Ashanti Limited for further analysis of production information.
(3) Also disclosed within total attributable nickel production of Anglo
Base Metals.
(4) Gold production for AngloGold Ashanti reflects 100% of that company`s
production to 20 April 2006 and the Group`s share of production thereafter.
(5) 2005 and 2006 excludes Dartbrook which was closed in the year. Production
for Dartbrook was 792,000 tonnes in 2006 and 1, 495,500 tonnes in 2005.
Production statistics (continued)
2006 2005
Anglo Coal (tonnes) (continued)
South Africa
Bank 477,600 3,202,200
Greenside 2,778,100 2,730,000
Goedehoop 8,534,500 6,298,600
Isibonelo 4,020,100 1,358,300
Kriel 12,318,400 12,030,900
Kleinkopje 3,898,400 4,483,500
Landau 4,102,400 3,682,900
New Denmark 5,508,500 4,139,400
New Vaal 16,275,000 17,100,000
Nooitgedacht 711,000 794,400
Mafube 719,400 1,057,600
59,343,400 56,877,800
Australia(1)
Callide 9,816,100 9,500,000
Drayton 4,136,300 4,099,000
German Creek (Capcoal) 3,165,400 3,560,000
Jellinbah East 887,400 851,100
Moranbah 2,928,500 3,432,800
Dawson Complex 3,520,300 3,162,200
24,454,000 24,605,100
South America
Carbones del Guasare 1,531,700 1,409,700
Carbones del Cerrejon 9,477,200 8,656,300
11,008,900 10,066,000
Total 94,806,300 91,548,900
(1) 2005 and 2006 excludes production at Dartbrook which was closed during the
year. Production for Dartbrook was 792,000 tonnes in 2006 and 1,495,500 tonnes
in 2005.
Production statistics (continued)
2006 2005
Anglo Base Metals
Copper
Collahuasi
100% basis (Anglo American 44%)
Ore mined tonnes 45,843,300 40,705,000
Ore processed Oxide tonnes 6,390,300 6,461,000
Sulphide tonnes 41,347,700 36,659,000
Ore grade processed Oxide % Cu 1.0 0.9
Sulphide % Cu 1.0 1.0
Production Copper concentrate dmt 1,312,400 1,234,000
Copper cathode tonnes 59,800 60,700
Copper in
concentrate tonnes 380,200 366,400
Total copper production
for Collahuasi tonnes 440,000 427,100
Minera Sur Andes
Los Bronces mine
Ore mined tonnes 22,346,200 22,146,000
Marginal ore mined tonnes 35,538,000 27,936,000
Las Tortolas
concentrator Ore processed tonnes 20,514,700 21,034,000
Ore grade processed % Cu 1.0 1.0
Average recovery % 88.1 88.3
Production Copper concentrate dmt 555,900 510,000
Copper cathode tonnes 42,500 38,800
Copper in
concentrate tonnes 183,500 188,500
Total tonnes 226,000 227,300
El Soldado mine
Ore mined Open pit
- ore mined tonnes 5,812,300 2,907,000
Open pit
- marginal
ore mined tonnes 110,800 384,000
Underground
(sulphide) tonnes 2,028,600 1,996,000
Total tonnes 7,951,700 5,287,000
Ore processed Oxide tonnes 654,200 665,000
Sulphide tonnes 7,527,700 7,004,000
Ore grade processed Oxide % Cu 1.4 1.3
Sulphide % Cu 1.0 1.1
Production Copper concentrate dmt 222,900 210,500
Copper cathode tonnes 6,500 6,500
Copper in
concentrate tonnes 62,200 60,000
Total tonnes 68,700 66,500
Production statistics (continued)
2006 2005
Anglo Base Metals (continued)
Chagres Smelter
Copper concentrate smelted tonnes 183,200 144,800
Production Copper blister/
anodes tonnes 173,400 138,100
Acid tonnes 499,200 371,900
Total copper production for the Minera
Sur Andes group tonnes 294,700 293,800
Mantos Blancos
Mantos Blancos mine
Ore processed Oxide tonnes 4,533,800 4,535,000
Sulphide tonnes 3,979,800 3,954,000
Marginal ore mined tonnes 6,307,300 5,337,000
Ore grade processed Oxide %Cu
(soluble) 0.8 0.8
Sulphide %Cu
(insoluble) 1.1 1.1
Marginal ore %Cu
(soluble) 0.8 0.4
Production Copper concentrate dmt 123,800 105,300
Copper cathode tonnes 49,100 48,600
Copper in
concentrate tonnes 42,600 39,100
Total tonnes 91,700 87,700
Mantoverde mine
Ore processed Oxide tonnes 9,502,300 9,439,000
Marginal ore tonnes 4,879,900 3,625,000
Ore grade processed Oxide %Cu
(soluble) 0.7 0.7
Marginal ore %Cu
(soluble) 0.3 0.3
Production Copper cathode tonnes 60,300 62,000
Black Mountain tonnes 3,400 3,200
Total Anglo Base Metals copper production tonnes 643,800 634,600
Anglo Platinum
Production(1) tonnes 11,400 11,500
Total attributable copper production tonnes 655,200 646,100
Nickel, Niobium and Mineral Sands
Nickel
Codemin
Ore mined tonnes 487,600 528,600
Ore processed tonnes 518,600 521,400
Ore grade processed % Ni 2.1 2.1
Production tonnes 9,800 9,600
Loma de Niquel
Ore mined tonnes 1,324,300 1,317,000
Ore processed tonnes 1,205,000 1,169,000
Ore grade processed % Ni 1.6 1.6
Production tonnes 16,600 16,900
Total Anglo Base Metals nickel production tonnes 26,400 26,500
Anglo Platinum
Production(1) tonnes 21,700 20,900
Total attributable nickel production tonnes 48,100 47,400
(1) Includes Anglo Platinum`s share of Northam production.
Production statistics (continued)
2006 2005
Anglo Base Metals (continued)
Niobium
Catalao
Ore mined tonnes 795,400 723,100
Ore processed tonnes 813,900 672,300
Ore grade processed Kg Nb/tonne 10.9 11.0
Production tonnes 4,700 4,000
Mineral Sands
Namakwa Sands
Ore mined tonnes 17,382,700 18,100,000
Production Ilmenite tonnes 272,200 316,100
Rutile tonnes 28,200 29,100
Zircon tonnes 128,400 128,600
Smelter production Slag tapped tonnes 133,900 164,400
Iron tapped tonnes 88,900 105,400
Zinc and Lead
Black Mountain
Ore mined tonnes 1,544,500 1,413,000
Ore processed tonnes 1,403,800 1,350,000
Ore grade processed Zinc % Zn 3.4 3.3
Lead % Pb 4.1 3.7
Copper % Cu 0.4 0.4
Production Zinc in concentrate tonnes 34,100 32,100
Lead in concentrate tonnes 48,300 42,200
Copper in concentrate tonnes 3,400 3,200
Lisheen
Ore mined tonnes 1,605,900 1,527,000
Ore processed tonnes 1,527,600 1,461,000
Ore grade processed Zinc % Zn 12.3 12.0
Lead % Pb 2.1 2.0
Production Zinc in concentrate tonnes 170,700 159,300
Lead in concentrate tonnes 23,100 20,800
Skorpion
Ore mined tonnes 1,456,500 1,199,000
Ore processed tonnes 1,311,800 1,280,000
Ore grade processed Zinc % Zn 11.8 12.4
Production Zinc tonnes 129,900 132,800
Total attributable zinc production tonnes 334,700 324,200
Total attributable lead production tonnes 71,400 63,000
Anglo Industrial Minerals
Aggregates tonnes 92,268,200 85,887,000
Lime products tonnes 1,428,900 1,428,100
Concrete m3 8,526,800 8,353,200
Sodium tripolyphosphate tonnes 71,100 106,000
Phosphates tonnes 901,500 1,036,200
Production statistics (continued)
2006 2005
Anglo Ferrous Metals and
Industries
Kumba Iron Ore Limited
(unbundled from
Kumba Resources Limited)(1)
Iron ore production
Lump tonnes 18,639,800 18,747,000
Fines tonnes 12,470,300 12,240,000
Total iron ore 31,110,100 30,987,000
Scaw Metals
Rolled products tonnes 409,000 386,500
Cast products tonnes 166,900 133,900
Grinding media tonnes 481,800 461,400
Highveld Steel
Rolled products tonnes 767,300 684,000
Continuous cast blocks tonnes 863,100 874,900
Vanadium slag tonnes 65,000 66,800
Samancor
Manganese ore mtu m 109 88
Manganese alloys tonnes 256,300 309,000
Tongaat-Hulett(2)
Sugar tonnes 897,300 1,055,000
Aluminium tonnes 203,300 192,000
Starch and glucose tonnes 573,100 595,000
Anglo Paper and Packaging
Mondi Packaging
Packaging papers tonnes 2,894,700 2,705,700
Corrugated board and boxes m m 2 2,103 2,081
Paper bags m units 3,606 3,282
Coating and release liners m m 2 2,360 1,681
Pulp - external tonnes 180,200 174,700
Mondi Business Paper
Uncoated wood free paper tonnes 2,012,300 1,890,000
Newsprint tonnes 187,100 186,900
Pulp - external tonnes 114,100 127,700
Wood chips bone dry tonnes 886,600 1,142,100
Mondi Packaging South Africa
Packaging papers tonnes 369,300 373,000
Corrugated board and boxes m m 2 328 330
Newsprint Joint Ventures
Newsprint (attributable share)tonnes 320,900 316,500
(1) 2006 data shown above excludes production from Kumba Resources Limited
(Exxaro) which ceased to be a subsidiary during the year and is now held as a
Financial Asset Investment.
(2) Includes Hippo Valley`s production, which was acquired by a subsidiary of
Tongaat-Hulett during the year.
Reconciliation of subsidiaries` and associates` reported earnings to the
underlying earnings included in the consolidated financial statements
For the year ended 31 December 2006
Note only key reported lines are reconciled
2006
AngloGold Ashanti Limited US$ million
IFRS adjusted headline earnings (published) 413
Exploration 16
Depreciation on assets fair valued on acquisition (26)
Deferred tax on depreciation on assets fair valued on
acquisition 8
Other 10
Minorities` share of profit during subsidiary period up to 20
April 2006 (69)
Share of earnings not attributable to Anglo American`s 41.7%
shareholding from 20 April 2006 (174)
Contribution to Anglo American plc underlying earnings 178
2006
Anglo Platinum Limited US$ million
IFRS headline earnings (US$ equivalent of published) 1,771
Exchange rate difference (40)
Exploration 30
Adjustment to profit on disposal(1) 16
Other adjustments (6)
1,771
Minority interest (454)
Depreciation on assets fair valued on acquisition (net of tax) (52)
Contribution to Anglo American plc underlying earnings 1,265
(1) The BEE cost included in the current year transaction in respect of the
disposal of 15% of Union section by Anglo Platinum is calculated in accordance
with IFRS 2 "Share -based payment". This is excluded from Anglo American`s
`Underlying earnings` as it is considered to be part of the profit or loss on
disposal, however this amount is included in Anglo Platinum`s `Headline
earnings` as defined by the Johannesburg Securities Exchange (JSE).
2006
DB Investments (DBI) US$ million
DBI underlying earnings (100%)(1) 425
Adjustments(2) 18
DBI underlying earnings - Anglo American plc basis (100%) 443
Anglo American plc`s 45% ordinary share interest 199
Income from preference shares 28
Contribution to Anglo American plc underlying earnings 227
(1) DBI underlying earnings is stated before costs of $57 million in relation
to the amended class action settlement agreement, and profits of $229 million
and $105 million relating to the Ponahalo BEE transaction and sale of interest
in Fort a la Corne, respectively.
(2) Adjustments include the reclassification of the actuarial gains and losses
booked to the income statement by Dbsa under the corridor mechanism of IAS 19.
Reconciliation of subsidiaries` and associates` reported earnings to the
underlying earnings included in the consolidated financial statements
(continued)
2006
Kumba Iron Ore Limited (KIO) US$ million
IFRS proforma headline earnings (US$ equivalent of published)(1) 314
Depreciation on assets fair valued on acquisition (net of tax) (6)
Adjustment to profit on disposal(2) 23
Other adjustments (3)
328
Minority interest (66)
KIO contribution to Anglo American plc underlying earnings 262
Add contribution from Kumba non iron-ore 40
Kumba contribution to Anglo American plc underlying earnings 302
(1) The KIO IFRS pro -forma headline earnings for the 12 months ended 31
December 2006 assume a minority interest of 20% in KIO`s underlying mining
assets.
(2) The BEE cost in respect of KIO`s disposal of 3% of the issued share capital
of Sishen Iron Ore Company (Pty) Limited (`SIOC`) to the SIOC Community
Development Trust, as part of the conditions of the Kumba Resources empowerment
transaction, is calculated in accordance with IFRS 2 `Share-based payments`.
This is excluded from Anglo American`s `Underlying earnings` as it is
considered to be part of the Kumba empowerment transaction. This amount,
however, is included in KIO`s `Headline earnings` as defined by the
Johannesburg Securities Exchange.
2006
Highveld Steel and Vanadium Corporation Limited US$ million
IFRS headline earnings (US$ equivalent of published) 154
Adjustment in respect of disposa
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