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Diamond sorters in the new Debswana sorting facility in Gaborone, Botswana.

Driving targeted, high quality growth

Anglo American has a clear strategy of deploying capital in those commodities that deliver long term, through-the-cycle returns for our shareholders, which have strong fundamentals and have the most attractive risk-return profiles. We have developed a portfolio of world class, low cost, long life operating assets and growth projects focused on those most structurally attractive commodities.

Our decision to continue the development of several of our key strategic growth projects during the economic downturn positions us to capitalise on the next phase of global economic growth and to deliver our projected organic production growth of over one third by 2013.

Four major projects - the Minas Rio iron ore project and the Barro Alto nickel project, both in Brazil, the Los Bronces copper expansion project in Chile and the Kolomela (previously Sishen South) iron ore project in South Africa - are all well placed on their respective industry cost curves, have long resource lives, further expansion potential and are on track to enter production, some from next year onwards, in what we expect to be a growing commodity demand environment.

We will be driving forward these and other projects during 2010, investing $4.2 billion in projects out of a total planned capital expenditure investment of $6.0 billion for the year. We are also modernising our project management processes and standards to ensure they not only capture lessons from previous projects but that they provide us with world class tools for the future allocation of capital and control of major projects.

Trucks

Two of Sishen Mine's custom-built 254 t capacity haul trucks being assembled on site. The new model truck was developed jointly over a five year period by Kumba and Komatsu.

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Annual Report 2009