ANGLO AMERICAN
A WORLD OF
DIFFERENCE
5 August 2004
This presentation is being made only to and is directed only at (a) persons who have professional experience in matters
relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2001 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling
within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a
relevant person should not act or rely on this presentation or any of its contents.
2004 Interim Results
Highlights
 Record H1: - Earnings up 52% at $1,304m
- EPS up 49% at 91c per share
 EBITDA up by $1bn to $3,433m
 Record performances from Base and Ferrous Metals
 Cost cutting and efficiencies of $248m (2003:$127m)
 Interim dividend up 27% at 19c per share
2
2004 Interim Results
Headline earnings by business unit
H1 2003
H1 2004
5%
16% 11%
13%
24%*
10%
29%
13%
7% 13%
Platinum
5%
Gold
Industrial Minerals
17%
17%
9%
11%
35%
Diamonds
Coal
Paper & Packaging
Base Metals
Ferrous & Industries
*NB:Headline earnings for Paper and Packaging have been adjusted for the 6 months ended 30 June 2003 as net interest for wholly owned operations in Paper and Packaging is now accounted
for centrally within Corporate Activities
3
2004 Interim Results
Geographic headline earnings mix
H1 2003
H1 2004
15%
28%
15%
30%
29%
12%
41%
30%
4
Europe
South Africa
Americas
Rest of World
2004 Interim Results
EBITDA – up 40%
Strong cash generation into 2004
$3,433
$2,377
H1 2001
5
$2,237
H1 2002
$2,444
H1 2003
H1 2004
2004 Interim Results
The economic cycle - where are we?
OECD industrial production
%
8.0
6.0
4.0
2.0
0.0
1996
1997
1998
1999
2000
2001
2002
2003
2004
-2.0
-4.0
-6.0
Source: MSU
6
2004 Interim Results
Falling inventories, rising prices
Total LME inventories & MG base metals index
LME inventories
(kt)
3555
MG base
metals
MG base
metals
260
3055
240
LME inventories
(kt)
2555
220
200
2055
180
1555
160
1055
140
555
55
1984
Source: UBS
7
120
100
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
MG Base Metal Index Cash – Price Index
Nickel, Aluminium, Copper LME inventories
2004 Interim Results
H1:Robust commodity prices
H1 2004
260
Coal *
240
220
Copper
200
180
160
140
Platinum
Zinc
H1 2003
120
Gold
100
80
Jan Feb Mar Apr May Jun
Source: MSU
8
Jul
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Jul
* API4 FOB Richards Bay
2004 Interim Results
Strategy for growth
 Growth through projects
 Growth through acquisitions
 Value from cost cutting and efficiencies
9
2004 Interim Results
Approved $6bn project portfolio
Kleinkopje
$56m
Buxton
$173m
Richards Bay
$235m
Skorpion
$454m
Collahuasi
$288m
Merebank
$150m
Isibonelo
$65m
HBMS 777
$276m
ACP Project
$250m
Siguri
$52m
Copebras
$22m
Ruzomberok
$233m
PMR Expan.
$99m
2004
TauTona
$52m
Kroondal
$138m
Ticor 1
$137m
Chagres
$21m
Grasstree
$106m
2005
2006
W.L. Tailings
$186m
Cerrejón
$17m
Black Mtn
$110m
BRPM
$317m
Dartbrook
$55m
Finsch
$130m
Ticor 2
$54m
Unki
$84m
El Soldado
$80m
RPM Ph 2
$444m
Mponeng
$191m
RPM Ph 1
$210m
Twickenham
$343m
2007
Selected major authorised projects. 100% of subsidiaries and AA plc’s share of JV’s and associates. Full production dates.
Anglo Platinum
10
Diamonds
AngloGold Ashanti
Coal
Base Metals
Industrial Minerals
Paper & Packaging
Ferrous Metals
2004 Interim Results
Longer term unapproved project
portfolio
South America
South Africa
Rest of the World
$2.5bn
$2.0bn
$2.6bn
Quellaveco
Copper (Peru)
Pandora
Hope Downs*
Iron ore (Australia)
Morro Sem Bone
Nickel (Brazil)
Western Complex
Obuasi Deeps
(Ghana)
Barro Alto
Nickel (Brazil)
Gamsberg
Zinc
Dawson Valley
(Australia)
Los Bronces expansion
Copper (Chile)
Sishen South
Iron ore
Lake Lindsay
(Australia)
Collahuasi expansion
Copper (Chile)
Sishen Expansion
Iron ore
Snap Lake
(Canada)
*It is anticipated that final Kumba Board approval to proceed will be sought before the end of the year
Anglo Platinum
11
Diamonds
AngloGold Ashanti
Coal
Base Metals
Industrial Minerals
Paper & Packaging
Ferrous Metals
2004 Interim Results
Actively managing the asset base
• Mining acquisitions for cash at current
H1 cash acquisitions
and disposals ($bn)
stage in the cycle unlikely
• But opportunities in IMD/Paper &
1.3
0.9
Packaging:
– Acquisition of Frantschach minority
• Sale of Gold Fields stake ($1.18bn)
Acquisitions
12
Disposals
2004 Interim Results
Cost savings and efficiency
improvements: $248m
$188m
$116m
$60m
$52m
$40m
$1m
$3m
$4m
$22m
$10m
Procurement
Operating efficiencies
Maintenance
13
Admin & overhead
Labour
Materials & supplies
2004 Interim Results
REVIEW OF FINANCIALS
Tony Lea
2004 Interim Results
Headline earnings
$m
H1 ’04
Profit for the financial period
1,709
Exceptional items
(535)
7
112
98
18
(9)
Amortisation of goodwill
Related tax & minority interests
Headline earnings for the financial period
H1 ’03
%ch
760 125%
1,304
856 52%
EPS (cents per share)
91
61 49%
DPS (cents per share)
19
15 27%
15
2004 Interim Results
Headline earnings variances
$m
2,000
866
1,800
1,600
75
1,304
(216)
1,400
(40)
(105)
1,200
1,000
(28)
(20)
(31)
(53)
856
800
600
400
200
0
H1 2003
16
Price
Exchange Inflation
Volume
Cash
cost
Non-cash Interest
cost
DBI
Structural H1 2004
& Other
2004 Interim Results
Headline variance: Exchange
Group total = -$216m
Platinum
Base
Metals
Gold
Coal
Corporate & Ferrous &
Exploration Industries
Industrial
Minerals
Paper &
Packaging
5
7
Total
-
(50)
(100)
(100)
(150)
(37)
(36)
(200)
(35)
(250)
(17)
(3)
(216)
$m
17
2004 Interim Results
Headline variance: Price
Group total = +$866m
$m
1,000
82
900
800
700
600
39
15
120
866
(71)
172
509
500
400
300
200
100
0
Base Metals
18
Platinum
Coal
Ferrous &
Industries
Gold
Industrial
Minerals
Paper &
Packaging
Total
2004 Interim Results
Balance sheet
$m
Shareholders’ Funds
30/06/2004
31/12/2003
22,531
19,772
Net Debt:
South Africa
2,702
Rest of World
6,028
Minority Interests
19
3,145
8,730
5,488
8,633
4,160
3,396
Total Capital
35,421
31,801
Net Debt/Total Capital
24.6%
27.1%
ROCE
13.7%
10.7%
EBITDA/Total Capital
20.4%
17.3%
2004 Interim Results
Cash flow analysis
EBITDA
Share of EBITDA of JVs & associates
Increase in working capital
Provisions & other non cash
Operating cash flow
Dividends from JVs & associates
Operating cash flow including
dividends from JVs & associates
Net interest & other dividend income
Taxation
Disposal of fixed assets
Available cash flow
Dividends paid - company & minorities
Net acquisitions & disposals
Capital expenditure
- maintenance
- expansionary
Other
Increase in net debt
20
H1 ‘04
3,433
(938)
(467)
47
2,075
147
H1 ‘03
2,444
(800)
(375)
17
1,286
203
2,222
(140)
(246)
56
1,489
(75)
(413)
40
1,892
(686)
618
(673)
(724)
427
(524)
(97)
1,041
(739)
(315)
(547)
(625)
(1,185)
(226)
(1,411)
2004 Interim Results
REVIEW OF OPERATIONS
Tony Trahar
2004 Interim Results
Highlights – Base Metals
• Higher prices, acquisitions and new
projects boost performance
Headline earnings
up 658% ($m)
455
• Minera Sur Andes contributes $194m
• Commissioning of Collahuasi Rosario
project ($654m) ahead of schedule
and under budget
• Skorpion at 85% of design capacity full production set for end 2004
• ROCE (annualised) of 23.5%
60
H1 '03
22
H1 '04
2004 Interim Results
Highlights – Paper and Packaging
• European markets impacted by strong
Euro and slower growth
• Bauernfeind (€344m) and Frantschach
minority (€320m) acquired
Headline earnings
up 10% ($m)
226
205*
• Structure: creation of single global
UCWF and packaging businesses
• Ruzomberok and Mondi SA
expansions on track and
within budget
• Previous reporting basis 2004:
headline earnings of $174m
(H1 2003: $178m*)
H1 '03
H1 '04
*NB:Headline earnings for Paper and Packaging have been adjusted for the 6 months ended 30 June 2003 as net interest for wholly owned operations in Paper and Packaging is now accounted
for centrally within Corporate Archives
23
2004 Interim Results
Highlights – Diamonds
• Solid performance from De Beers
• DTC sales of $2.98bn up 2%
Headline earnings
down 13% ($m)
248
• Operating cashflow of $870m
217
• Net Debt (including preference
shares) reduced by 34% to $1,169bn
• Preference share redemption of
$175m
• US Department of Justice settlement
in July
H1 '03
24
H1 '04
2004 Interim Results
Highlights – Ferrous Metals and
Industries
• Improved prices for iron ore, steel,
manganese, ferrochrome and
vanadium
Headline earnings
up 405% ($m)
207
• Strong performances from Highveld,
Scaw and Samancor; improved results
from Boart and Terra
• First fully consolidated contribution
from Kumba
• Kumba: attractive iron ore growth
opportunities
41
H1 '03
25
H1 '04
2004 Interim Results
Highlights – Coal
• South African & South American
earnings up significantly (+116%)
Headline earnings
up 37% ($m)
147
• Australian earnings impacted by
– A$ strength
– Moranbah – production resumption in H2
107
• H2 realised prices higher than H1
• Proposed Western Complex joint
venture announced in May 2004
• Drilling commenced on Xiwan Lease
Area (China) on 1 July 2004
H1 '03
26
H1 '04
2004 Interim Results
Highlights – Platinum
• Revenues increased due to higher
prices and greater sales volumes
• Platinum production up 26.6% at
1.16m oz (excluding pipeline
movements, up 7.8%)
Headline earnings
up 30% ($m)
139
107
• Cost initiatives gain momentum
• Target of 2.45m oz in 2004 remains on
track
H1 '03
27
H1 '04
2004 Interim Results
Highlights – Industrial Minerals
• Solid performance despite difficult UK
markets
• Strengthening market conditions
in Czech Republic and Poland
Headline earnings
stable ($m)
113
114
H1 '03
H1 '04
• Copebrás operating profit doubled due
to market strength and contribution
from new Goiás plant
• New Buxton cement plant (UK)
operating at capacity
28
2004 Interim Results
Highlights – Gold
• Lower earnings on the back of strong
rand and lower production at Morila
Headline earnings
down 20% ($m)
82
• Cash costs of $260/oz
66
• AngloGold Ashanti transaction
completed in April - integration of
assets progressing well
• Acquisition of 29.9% stake in TransSiberian Gold
H1 '03
29
H1 '04
2004 Interim Results
Outlook
 Positive global environment for commodities
 US/Japan GDP growth encouraging
 China set for soft landing?
 European growth remains sluggish
 Anglo’s product and geographic diversity
to underpin performance
30
2004 Interim Results
ANGLO AMERICAN
ADDING VALUE TO
NATURAL RESOURCES
5 August 2004
This presentation is being made only to and is directed only at (a) persons who have professional experience in matters
relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2001 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling
within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a
relevant person should not act or rely on this presentation or any of its contents.
2004 Interim Results
ADDITIONAL INFORMATION
Handout only
2004 Interim Results
Key Dates
• Currency Conversion
• Ex-dividend (JSE)
2 August 2004
16 August 2004
• Ex-dividend (LSE)
18 August 2004
• Record date
20 August 2004
• Payment of Interim Dividend
• Annual Results
33
21 September 2004
23 February 2005
2004 Interim Results
Market Prices
H1 ‘04
H1 ‘03
Gold
401
349
Platinum
850
654
Palladium
248
207
Rhodium
696
557
Copper
125
75
Nickel
619
379
48
35
49.15
25.75
$m
Zinc
Coal: thermal (RSA - API 4 index average)
34
2004 Interim Results
Headline Earnings Sensitivities
US$m
10% change in gold price
10% change in platinum price
10% change in palladium price
10% change in coal price
10% change in copper price
10% change in nickel price
10% change in zinc price
10% change in pulp price
10% movement in SA rand/US$
10% movement in AUD/US$
10% movement in Euro/US$
10% movement in £/US$
± 36
± 51
±7
± 81
± 77
±9
± 20
±4
± 249
± 29
± 14
± 17
Estimated sensitivities represent 6 month outlook. Excludes the effect of any hedging activities. Stated after tax at marginal rate. Pulp sensitivity depends on recoveries.
35
2004 Interim Results
Projects
Gold
Approved
Life of mine
production1
Production
commences
Full
prod.
Approved
capex $m2
Mponeng
4.8m oz
2004
2007
191
TauTona - Expansion project
0.5m oz
2004
2006
52
TauTona - VCR A & Pillar & CLR <120L
2.4m oz
2005
2010
117
Moab Khotsong
4.9m oz
2003
2011
690
Siguri
2.1m oz
2005
52
- CIP project
Total
Industrial Minerals
14.7m oz
1,102
Total additional
production3
Production
commences
Full
prod.
Approved
capex $m
Buxton Cement Plant
500,000 t
2004
2004
173
Copebras
121,000 t
2005
2005
22
Approved
Total
1
2
3
195
Gold incremental production is total additional capacity over life of project. Capex converted to US$ on date of project approval.
Nominal.
Incremental production is a per year amount once full production is reached. Capex converted at date of project approval.
36
2004 Interim Results
Projects
Platinum
Total additional
production1
Full
prod.
Approved
capex $m2
2004
250
PMR Plant Expansion
Meet
expansion
2005
121
Rustenburg UG2 Phase 1
360,000 oz
2007
210
Bafokeng Rasimone Mine (BRPM)
250,000 oz
2005
317
W. Limb Tailings Retreatment
120,000 oz
2008
186
Rustenburg UG2 Phase 23
306,000 oz
2009
444
Twickenham
160,000 oz
2009
343
Kroondal
280,000 oz
2006
138
58,000 oz
2008
84
Approved
ACP Convertor Phase 1
Unki
Total
1
2
3
2,093
Incremental production is a per year amount once full production is reached.
Capex converted at date of project approval.
Replacement ounces.
37
2004 Interim Results
Projects
Coal
Approved
Kleinkopje Expansion
Greenside Expansion
Cerrejón
Isibonelo
German Creek - Capcoal (Grasstree)2
Dartbrook (Kayuga)
Total
Base Metals
Approved
HBMS 777 Project3
Black Mountain Deeps
Collahuasi Rosario Project
Skorpion
El Soldado pit extension4
Codemin II
Total
1
2
3
4
Total additional
production1
Production
commences
Full
prod.
Approved
capex $m2
1.3m tpa
1.0m tpa
2.0m tpa
5.0m tpa
3.9m tpa
3.7m tpa
16.9m tpa
2004
2003
2005
2005
2006
2004
2004
2004
2007
2006
2006
2004
56
17
17
65
106
55
316
Total additional
production
Production
commences
Full
prod.
Approved
capex $m
2003
2004
2004
2003
2008
2005
2004
2006
2004
2004
2008
2005
276
110
288
454
80
67
1,275
150,000 t Zn
4,000 t Ni
Incremental production is a per year amount once full production is reached. Capex converted at date of project approval.
To maintain & expand production levels at German Creek & Dartbrook. Incremental tonnes - German Creek (1.6m tpa) & Dartbrook (0.9m tpa).
Extends HBMS life to 2018.
Extends El Soldado life to 2027
38
2004 Interim Results
Projects
Paper and Packaging
Total additional
production1
Production
commences
Full
prod.
Approved
capex $m1
Ruzomberok: Pulp Mill
105,000 t
2004
2005
129
Ruzomberok: PM18 Expansion
100,000 t
2003
2004
104
Richards Bay: BEKP Line
145,000 t
2004
2005
235
Merebank: PM31 Rebuild
160,000 t
2005
2006
150
Approved
Total
Approved
Ybbstal: Flex 05
618
Total converting
capacity3
Production
commences
Full
prod.
Approved
capex $m
60,000 t³
2004
2005
51
Total
51
1
Incremental production is a per year amount once full production is reached. Capex converted at date of project approval.
Made up of 20,000t pulp and 10,000t paper.
3 60,000 t increase in cut size capacity plus 16,000t additional production of UCWF paper.
2
39
2004 Interim Results
Projects
Diamonds
Current projects
Total additional
production1
Production
commences
Full
prod.
Approved
capex $m2
Finsch Block 4
17m carats
2004
2006
130
BB1E Cullinan
5m carats
2004
2007
12
Elizabeth Bay Upgrade
2m carats
2004
2004
27
Total
24m carats
169
Estimated
capex $m2
Under review / awaiting approval
C-Cut Cullinan
97m carats
2009
2014
473
C-Cut BA West Lower Cullinan
18m carats
2009
2012
45
Finsch Block 5
16m carats
2009
2010
180
2m carats
2006
2007
32
19m carats
2007
2008
282
Victor
6m carats
2008
2008
321
Total
158m carats
Finsch Plant Upgrade
Snap Lake
1
2
1,333
Total additional production shown for the life of the project. Shown on a 100% basis.
Approved capex is AA plc’s effective attributable share (48.65%).
40
2004 Interim Results
Projects
Ferrous Metals and Industries
Total additional
production1
Production
commences
Full
prod.
Approved
capex $m1
Sishen – up current classifier
1 000 ktpa
2004
2004
13
Ticor: Mineral Sands Furnace 1
125 kt slag
2003
2006
137
Ticor: Mineral Sands Furnace 2
125 kt slag
2003
2007
54
Approved
Total
204
Estimated
capex $m
Awaiting approval
Hope Downs
Sishen Expansion
Sishen South
1
41
25 mtpa
10 mtpa
9 mtpa
300
Incremental production is a per year amount once full production is reached. Capex converted at date of project approval.
2004 Interim Results
Analysis of Headline Earnings
H1 ‘04
H1 ‘03
139
107
66
82
Diamonds
217
248
Coal
147
107
Base Metals
455
60
Industrial Minerals
114
113
Paper and Packaging¹
226
205
Ferrous Metals
207
41
Exploration
(42)
(39)
Corporate Activities¹²
(225)
(68)
Headline Earnings
1,304
856
$m
Platinum
Gold
¹Headline earnings for Paper and Packaging have been adjusted for the 6 months ended 30 June 2003 as net interest for wholly owned operations in Paper and Packaging is now accounted for
centrally within Corporate Activities
² Includes Gold Fields
42
2004 Interim Results
Analysis of Operating Profit
H1 ‘04
H1 ‘03
Platinum
320
204
Gold
133
180
Diamonds
350
378
Coal
196
172
Base Metals
565
98
Industrial Minerals
145
136
Paper and Packaging
320
357
Ferrous Metals and Industries
387
104
Exploration
(56)
(50)
Corporate Activities1
(112)
(45)
Operating Profit2
2,248
1,534
$m
1
2
includes Gold Fields.
after operating exceptional items.
43
2004 Interim Results
Capital Expenditure
H1 ‘04
H1 ‘03
Platinum
292
394
Gold
227
117
Coal
64
74
Base Metals
127
155
Industrial Minerals
127
136
Paper and Packaging
409
233
Ferrous Metals and Industries
144
59
Other
7
4
Total
1,397
1,172
$m
44
2004 Interim Results
Headline variance: Volume
Group total = +$75m
$m
120
5
14
27
100
(17)
80
29
75
(20)
60
40
37
20
0
Platinum
45
Paper &
Packaging
Base Metals
Ferrous
Metals &
Industries
Industrial
Minerals
Gold
Coal
Total
2004 Interim Results
Operating Profit Variance
Operating profit after operating exceptional items
$m
3,000
1,195
2,500
106
107
(411)
2,000
(33)
(188)
1,534
2,248
(62)
1,500
1,000
500
H1 2003
46
Price
Exchange Inflation
Volume
Cash
Cost
Non-cash Structural H1 2004
Cost
& Other
2004 Interim Results
Regional Analysis
Operating profit
H1 ‘04
H1 ‘03
South Africa
777
548
Rest of Africa
241
299
Europe
416
409
Americas
723
187
91
91
2,248
1,534
$m
Australasia
47
2004 Interim Results
Operating Cost Reconciliation
Subsidiary & JV Operating Costs
H1 2003 operating costs
Subsidiaries
JVs (share of turnover less operating profit)
Inflation
Exchange
Volume
Depreciation & amortisation
Structural changes
Operating impairments
Costs higher than inflation & other
H1 2004 operating costs before cost savings
Cost saving initiatives
H1 2004 Operating costs
Subsidiaries
JVs (share of turnover less operating profit)
48
$m
(7,979)
(386)
(10,279)
(329)
(8,365)
(247)
(945)
(279)
(81)
(775)
12
(176)
(10,856)
248
(10,608)
2004 Interim Results
Anglo Platinum Reconciliation
$m
IAS net profit (published)
STC adjustment
Movement on unrealised profit on FECs
Exploration
Profit on assets exchanged not recognised for UK GAAP
Net exceptional items
Weighted average exchange impact
Other
Minority interest
Depreciation on assets revalued on acquisition
217
(9)
(9)
11
(10)
22
3
4
229
(58)
(32)
UK GAAP contribution to headline earnings
139
49
2004 Interim Results
AngloGold Ashanti Reconciliation
$m
IAS Headline earnings (published)1
Exploration (excluding joint ventures)
Amortisation on bond discount
Depreciation on assets revalued on acquisition
Minority interest
UK GAAP contribution to headline earnings
1
111
19
5
(5)
(64)
66
Before unrealised non-hedge derivatives and fair value losses on interest rate swaps
50
2004 Interim Results
De Beers Reconciliation
51
$m
Total
Ordinary
shares
DBI headline earnings – IFRS (100%)
GAAP adjustments
DBI headline earnings - UK GAAP (100%)
AA plc’s 45% ordinary share interest
Additional 3.65% ordinary share interest
AA plc’s portion of preference shares
AA plc headline earnings
424
(14)
410
161
13
43
217
357
161
13
174
Preference
shares
53
43
43
2004 Interim Results
EBITDA by Business: H1 ‘04
$m
Operating Profit
(incl JVs
& Associates)
Platinum
Gold
Diamonds
Coal
Base Metals
Industrial Minerals
Paper & Packaging
320
133
350
196
565
145
320
Ferrous Metals & Industries 387
Other
(168)
Total
2,248
52
Exclude
Exceptional
Items
Add Back
Subsidiaries
Depreciation
Add Back
Subsidiaries
Amortisation
Add Back JVs
& Associates
Depr. & Amort.
EBITDA
-
149
143
68
118
105
184
127
7
901
8
18
2
30
14
3
12
87
2
23
45
20
35
1
14
46
11
197
479
317
395
286
718
281
532
563
(138)
3,433
2004 Interim Results
EBITDA by Business: H1 ‘03
$m
Operating Profit
(incl JVs
& Associates)
Platinum
Gold
Diamonds
Coal
Base Metals
Industrial Minerals
Paper & Packaging
204
180
378
172
98
136
357
Ferrous Metals & Industries 104
Other
(95)
Total
1,534
53
Exclude
Exceptional
Items
12
12
Add Back
Subsidiaries
Depreciation
Add Back
Subsidiaries
Amortisation
Add Back JVs
& Associates
Depr. & Amort.
EBITDA
90
87
64
109
86
148
43
6
633
8
16
2
26
9
3
11
75
1
28
33
18
28
2
9
54
17
190
303
323
411
256
235
250
523
204
(61)
2,444
2004 Interim Results
ANGLO AMERICAN
ADDING VALUE TO
NATURAL RESOURCES
5 August 2004
2004 Interim Results