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Copper
estimates as at 31 December 2009

Copper

The Ore Reserve and Mineral Resource estimates were compiled in accordance with the Australasian Code for Reporting of Mineral Resources and Ore Reserves (The JORC Code, 2004) as a minimum standard. THE MINERAL RESOURCES ARE REPORTED AS ADDITIONAL TO ORE RESERVES.

The figures reported represent 100% of the Ore Reserves and Mineral Resources, the percentage attributable to Anglo American plc is stated separately. Rounding of figures may cause computational discrepancies.

Copper
Ore Reserves
Tonnes   Grade   Contained metal
Attributable % LOM Classification   2009 2008   2009 2008   2009 2008
Los Bronces (OP) 100 39     Mt Mt   %Cu %Cu   kt kt
Sulphide (TCu)(1)     Proved   797.7 715.4   0.73 0.73   5,823 5,222
Flotation     Probable   849.8 890.7   0.55 0.55   4,674 4,899
      Total   1,647.5 1,606.1   0.64 0.63   10,497 10,121
Sulphide (TCu)(2)     Proved   442.3 303.9   0.36 0.33   1,592 1,003
Dump Leach     Probable   382.0 492.6   0.28 0.22   1,069 1,084
      Total   824.3 796.5   0.32 0.26   2,662 2,087
El Soldado (OP and UG) 100 18           %Cu %Cu      
Sulphide (TCu)(3)     Proved   79.6 71.2   0.94 1.00   750 712
Flotation     Probable   49.9 44.2   0.76 0.89   381 393
      Total   129.6 115.4   0.87 0.96   1,131 1,105
Oxide (TCu)     Proved   3.0 3.2   0.86 0.89   26 28
Heap Leach     Probable   4.2 2.8   0.54 0.57   23 16
      Total   7.2 6.0   0.67 0.74   48 44
Mantos Blancos (OP) 100 6           %Cu %Cu      
Sulphide (ICu)     Proved   7.2 12.9   0.88 0.93   63 120
Flotation     Probable   18.8 18.5   0.94 0.94   177 173
      Total   26.0 31.3   0.93 0.94   240 293
Oxide (ASCu)     Proved   3.3 1.4   0.70 0.70   23 10
Vat and Heap Leach     Probable   29.2 37.6   0.43 0.45   126 169
      Total   32.5 39.0   0.46 0.46   149 179
Oxide (ASCu)     Proved   0.9 0.6   0.24 0.24   2 1
Dump Leach     Probable   11.9 11.6   0.25 0.26   30 30
      Total   12.7 12.1   0.25 0.26   32 31
Mantoverde (OP) 100 5           %Cu %Cu      
Oxide (ASCu)     Proved   37.7 45.6   0.59 0.60   222 273
Heap Leach     Probable   6.6 8.0   0.54 0.54   36 43
      Total   44.3 53.6   0.58 0.59   258 317
Oxide (ASCu)     Proved   17.3 20.9   0.32 0.36   55 75
Dump Leach     Probable   7.0 10.1   0.42 0.39   29 39
      Total   24.3 31.1   0.35 0.37   85 115
Collahuasi (OP) 44.0 33           %Cu %Cu      
Oxide, Mixed and Secondary Sulphides (TCu) Proved   0.2 0.2   1.16 1.60   3 4
Heap Leach     Probable   19.3 20.3   0.74 0.77   143 156
      Total   19.6 20.5   0.75 0.78   146 160
Sulphide (TCu)     Proved   322.9 315.4   1.03 0.99   3,326 3,123
Flotation - direct feed     Probable   1,227.7 1,224.1   0.93 0.95   11,417 11,629
      Total   1,550.6 1,539.5   0.95 0.96   14,743 14,752
Low Grade Sulphide (TCu)(4) Proved   - -   - -   - -
Flotation - stockpile     Probable   615.0 675.1   0.52 0.51   3,198 3,443
      Total   615.0 675.1   0.52 0.51   3,198 3,443

Mining method: OP = Open Pit, UG = Underground. LOM = Life of Mine in years based on scheduled Ore Reserves.
TCu = total copper, ICu = insoluble copper (total copper less acid soluble copper), ASCu = acid soluble copper.
Year on year changes to the Ore Reserves have been driven by changes in the copper price, mining and processing costs and changes to pit slope angles.

(1)
Los Bronces - Sulphide (Flotation): Changes are due to an increase in the copper price offset against an increase in the flotation cut-off grade.
(2)
Los Bronces - Sulphide (Dump Leach): The primary change is due to the Sulphide Flotation process which resulted in a transfer of flotation ore to leach ore.
(3)
El Soldado - Sulphide (Flotation): Changes are due to an increase in the copper price offset against a reduction of copper grades related to an updated resource model and the incorporation of a dilution factor to convert Mineral Resources to Ore Reserves.
(4)
Collahuasi - Low Grade Sulphide: Decrease is due to an updated resource model.
Copper
Mineral Resources
  Tonnes   Grade   Contained metal
Attributable % Classification   2009 2008   2009 2008   2009 2008
Los Bronces (OP)(5) 100     Mt Mt   %Cu %Cu   kt kt
Sulphide (TCu)(6)   Measured   55.7 110.8   0.43 0.42   240 466
Flotation   Indicated   739.8 1,287.3   0.39 0.42   2,885 5,407
  Measured and Indicated   795.5 1,398.2   0.39 0.42   3,125 5,872
    Inferred (in LOM)   121.0 50.7   0.52 0.46   629 233
    Inferred (ex. LOM)   3,065.0 2,472.0   0.38 0.39   11,647 9,639
    Total Inferred   3,186.0 2,522.7   0.39 0.39   12,276 9,872
Sulphide (TCu)   Measured   - -   - -   - -
Dump Leach   Indicated   - -   - -   - -
  Measured and Indicated   - -   - -   - -
    Inferred (in LOM)   132.0 190.6   0.25 0.18   330 343
    Inferred (ex. LOM)   - -   - -   - -
    Total Inferred   132.0 190.6   0.25 0.18   330 343
El Soldado (OP and UG)(5) 100           %Cu %Cu      
Sulphide (TCu)(7)   Measured   30.4 45.2   0.72 0.80   219 360
Flotation   Indicated   23.0 20.2   0.65 0.81   150 163
  Measured and Indicated   53.4 65.4   0.69 0.80   368 523
    Inferred (in LOM)   13.1 12.9   0.68 0.77   89 99
    Inferred (ex. LOM)   34.3 70.3   0.60 0.56   206 394
    Total Inferred   47.4 83.2   0.62 0.59   295 493
Oxide (TCu)   Measured   0.2 0.1   0.91 0.67   2 1
Heap Leach   Indicated   0.2 0.1   0.83 0.81   1 1
  Measured and Indicated   0.4 0.3   0.88 0.75   3 2
    Inferred (in LOM)   0.5 0.8   0.80 0.80   4 6
    Inferred (ex. LOM)   0.7 0.7   0.69 0.84   5 6
    Total Inferred   1.2 1.5   0.74 0.82   9 13
Mantos Blancos (OP)(5) 100           %Cu %Cu      
Sulphide (ICu)(8)   Measured   10.6 14.5   0.68 0.72   72 104
Flotation   Indicated   105.2 112.7   0.68 0.66   715 743
  Measured and Indicated   115.8 127.2   0.68 0.67   788 848
    Inferred (in LOM)   2.0 0.4   0.66 0.77   13 3
    Inferred (ex. LOM)   10.4 14.8   0.55 0.59   57 87
    Total Inferred   12.4 15.2   0.57 0.59   70 90
Oxide (ASCu)(9)   Measured   1.1 0.3   0.56 0.56   6 2
Vat and Heap Leach   Indicated   27.1 9.5   0.37 0.57   100 54
  Measured and Indicated   28.2 9.8   0.38 0.57   106 56
    Inferred (in LOM)   1.3 0.4   0.53 0.56   7 2
    Inferred (ex. LOM)   3.3 1.6   0.58 0.59   19 10
    Total Inferred   4.7 2.1   0.57 0.58   26 12
Oxide (ASCu)   Measured   - -   - -   - -
Dump Leach   Indicated   - -   - -   - -
  Measured and Indicated   - -   - -   - -
    Inferred (in LOM)   1.2 0.3   0.23 0.24   3 1
    Inferred (ex. LOM)   - -   - -   - -
    Total Inferred   1.2 0.3   0.23 0.24   3 1
Mantoverde (OP)(5) 100           %Cu %Cu      
Oxide (ASCu)(10)   Measured   38.5 51.8   0.35 0.39   135 200
Heap Leach   Indicated   22.9 40.6   0.34 0.39   78 157
  Measured and Indicated   61.5 92.4   0.35 0.39   213 357
    Inferred (in LOM)   0.2 0.2   0.54 0.61   1 1
    Inferred (ex. LOM)   4.4 5.0   0.62 0.53   27 26
    Total Inferred   4.6 5.2   0.62 0.53   28 28
Oxide (ASCu)   Measured   - -   - -   - -
Dump Leach   Indicated   2.7 3.5   0.35 0.32   9 11
  Measured and Indicated   2.7 3.5   0.35 0.32   9 11
    Inferred (in LOM)   0.2 0.3   0.37 0.39   1 1
    Inferred (ex. LOM)   - -   - -   - -
    Total Inferred   0.2 0.3   0.37 0.39   1 1
Collahuasi (OP)(5) 44.0           %Cu %Cu      
Oxide, Mixed and Secondary Sulphides (TCu)(11) Measured   - -   - -   - -
Heap Leach   Indicated   18.0 2.0   0.69 1.18   124 24
  Measured and Indicated   18.0 2.0   0.69 1.18   124 24
    Inferred (in LOM)   0.6 0.6   1.09 1.09   7 7
    Inferred (ex. LOM)   1.3 2.3   0.71 0.76   9 17
    Total Inferred   2.0 2.9   0.83 0.83   16 24
Sulphide (TCu)(12)   Measured   1.4 1.4   0.73 0.78   10 11
Flotation - direct feed   Indicated   344.6 289.3   0.86 0.85   2,964 2,459
  Measured and Indicated   346.0 290.7   0.86 0.85   2,974 2,470
    Inferred (in LOM)   252.3 258.9   0.93 0.93   2,346 2,407
    Inferred (ex. LOM)   1,558.6 1,372.0   0.90 0.90   14,027 12,350
    Total Inferred   1,810.8 1,630.9   0.90 0.90   16,373 14,757
Low Grade Sulphide (TCu)   Measured   1.2 1.2   0.48 0.47   6 5
Flotation - stockpile   Indicated   76.0 109.3   0.49 0.50   373 547
  Measured and Indicated   77.2 110.5   0.49 0.50   378 552
    Inferred (in LOM)   62.0 90.0   0.51 0.50   316 450
    Inferred (ex. LOM)   614.0 627.7   0.50 0.50   3,070 3,138
    Total Inferred   676.0 717.7   0.50 0.50   3,386 3,588
(5)
Copper Resources: A test of reasonable eventual economic extraction is applied through consideration of an optimised pit shell. Materials outside the optimised shell that have potential of eventual economic extraction via underground means are included in the Mineral Resource statement. Due to the uncertainty that may be attached to some Inferred Mineral Resources, it cannot be assumed that all or part of an Inferred Mineral Resource will necessarily be upgraded to an Indicated or Measured Resource after continued exploration.
(6)
Los Bronces - Sulphide (Flotation): Changes are due to an increase in the copper price offset against some Mineral Resource to Ore Reserve conversion.
(7)
El Soldado - Sulphide (Flotation): Decrease due to a reduction in the pit slope angle, an increase in processing costs and a reduction in metallurgical recovery.
(8)
Mantos Blancos - Sulphide (Flotation): Decrease is due to an increase in mine and process costs and a decrease in overall pit slope angles.
(9)
Mantos Blancos - Oxide (Vat and Heap Leach): Increase is mainly due to the incorporation of Indicated Resources from Mercedes waste dump (18.4Mt @ 0.28%TCu).
(10)
Mantoverde - Oxide (Heap Leach): Decrease due to the exclusion of the Kuroki sector (8.6Mt @ 0.78%ASCu) and an increase in the marginal cut-off grade to 0.20%ASCu.
(11)
Collahuasi - Oxide, Mixed and Secondary Sulphides: Increase due to the incorporation of La Borracha and Dulcinea oxide ore bodies (15.0Mt @ 0.61%TCu).
(12)
Collahuasi - Sulphide: Increase due to application of a higher copper price.

Audits related to the generation of the Ore Reserve and Mineral Resource statements were carried out by independent consultants during 2009 at the following operations: Los Bronces, El Soldado, Mantos Blancos and Mantoverde

Copper Projects
Ore Reserves
Tonnes   Grade   Contained metal
Attributable % LOM Classification   2009 2008   2009 2008   2009 2008
Quellaveco (OP)(1) 81.9 28     Mt Mt   %Cu %Cu   kt kt
Sulphide (TCu)     Proved   672.2 253.3   0.61 0.76   4,101 1,925
Flotation     Probable   207.8 636.8   0.76 0.61   1,579 3,885
      Total   880.0 890.1   0.65 0.65   5,680 5,810
Copper Projects
Mineral Resources
  Tonnes   Grade   Contained metal
Attributable % Classification   2009 2008   2009 2008   2009 2008
Quellaveco (OP)(1) 81.9     Mt Mt   %Cu %Cu   kt kt
Sulphide (TCu)   Measured   213.1 1.9   0.44 0.39   937 8
Flotation   Indicated   394.6 193.9   0.45 0.43   1,776 834
  Measured and Indicated   607.6 195.9   0.45 0.43   2,713 842
    Inferred (in LOM)   32.7 21.8   0.72 0.60   235 131
    Inferred (ex. LOM)   77.7 392.7   0.45 0.48   350 1,885
    Total Inferred   110.4 414.5   0.53 0.49   585 2,016
Los Sulfatos(2) 100           %Cu %Cu      
Sulphide (TCu)   Measured   - -   - -   - -
Flotation   Indicated   - -   - -   - -
  Measured and Indicated   - -   - -   - -
    Inferred   1,200.0 -   1.46 -   17,520 -
Mantoverde Sulphide Project 100           %Cu %Cu      
Sulphide (TCu)   Measured   1.0 1.2   0.80 0.78   8 9
Flotation   Indicated   50.6 57.1   0.75 0.72   380 411
  Measured and Indicated   51.7 58.2   0.75 0.72   388 420
    Inferred   100.6 111.6   0.69 0.66   694 736
Pebble (OP/UG)(3)(4)(5)(6)(7)(8) 50.0           %Cu %Cu      
Cu-Au-Mo Porphyry   Measured(4)   510.0 500.0   0.34 0.34   1,734 1,700
    Indicated(5)   4,890.0 4,120.0   0.46 0.48   22,494 19,776
  Measured and Indicated   5,400.0 4,620.0   0.45 0.46   24,228 21,476
    Inferred(6)   2,840.0 2,270.0   0.32 0.37   9,088 8,399
San Enrique Monolito(9) 100           %Cu %Cu      
Sulphide (TCu)   Measured   - -   - -   - -
Flotation   Indicated   - -   - -   - -
  Measured and Indicated   - -   - -   - -
    Inferred   900.0 -   0.81 -   7,290 -

Mining method: OP = Open Pit, UG = Underground. LOM = Life of Mine in years based on scheduled Ore Reserves.
Due to the uncertainty that may be attached to some Inferred Mineral Resources, it cannot be assumed that all or part of an Inferred Mineral Resource will necessarily be upgraded to an Indicated or Measured Resource after continued exploration.

(1)
Quellaveco: Resource model has been updated with new drill data. Estimation and classification methodologies have been improved. Increased metal prices and changes to the pit slopes have also resulted in positive changes to the Mineral Resources. Additional drill data have increased confidence in Ore Reserve classification
(2)
Los Sulfatos: Test of reasonable eventual economic extraction based on an underground operation.
(3)
Pebble: The Resources are based on drilling to May 2009 and a block model finalised in December 2009. Reported Mineral Resources fall within a volume defined by resource price estimates and are based on a cut-off grade of 0.40% CuEq. Calculation of copper equivalent (CuEq) is based on long-term metal prices and takes into consideration the recovery of copper, gold and molybdenum. At a cut-off of 0.60% CuEq the estimate of Measured Resources is 277Mt at 0.40% Cu, 0.42 g/t Au, 0.020% Mo while the estimate of Indicated Resources is 3,391Mt at 0.56% Cu, 0.41 g/t Au, 0.029% Mo.
(4)
Pebble co-product estimated grades 2009 (Measured): Gold 0.36g/t, Molybdenum 0.018%. CuEq average grade 0.66%.
(5)
Pebble co-product estimated grades 2009 (Indicated): Gold 0.36g/t, Molybdenum 0.027%. CuEq average grade 0.85%.
(6)
Pebble co-product estimated grades 2009 (Inferred): Gold 0.30g/t, Molybdenum 0.026%. CuEq average grade 0.66%.
(7)
Pebble: Significant changes between 2008 and 2009 Mineral Resources include additional drilling and changes to some of the parameters used for the determination of the reasonable prospects pit (costs, recoveries and pit slope angle). The Resource was also affected by changes to the long term metal prices that impacted on the calculation of the copper equivalent grade.
(8)
Pebble: The property comprises a continuous block of 1,335 located Alaska State mineral claims which total 98,000 acres (39,659 hectares) and which are currently valid. The claims must be renewed annually before 1 December through the payment of rental fees (approximately US$200,000) and registration of work conducted or payment of cash in lieu (approx. US$250,000). There are no known factors affecting the claims.
(9)
San Enrique Monolito: Test of reasonable eventual economic extraction based on an underground operation.

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Annual Report 2009