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Nickel
estimates as at 31 December 2009

Nickel

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.

Nickel
Ore Reserves		 Tonnes   Grade   Contained metal
Attributable % LOM Classification   2009 2008   2009 2008   2009 2008
Barro Alto (OP)(1) 100 27     Mt Mt   %Ni %Ni   kt kt
Laterite     Proved   9.0 9.5   1.66 1.66   150 158
      Probable   30.5 31.2   1.71 1.72   522 535
      Total   39.5 40.7   1.70 1.70   672 693
Codemin - Niquelândia (OP) 100 6           %Ni %Ni      
Laterite     Proved   3.2 3.2   1.33 1.33   42 42
      Probable   0.5 0.5   1.33 1.33   7 7
      Total   3.7 3.7   1.33 1.33   49 49
Loma de Níquel (OP)(2) 91.4 23           %Ni %Ni      
Laterite     Proved   7.4 12.1   1.46 1.48   109 179
      Probable   25.0 21.0   1.42 1.46   354 306
      Total   32.4 33.1   1.43 1.47   463 485
Nickel
Mineral Resources		   Tonnes   Grade   Contained metal
Attributable % Classification   2009 2008   2009 2008   2009 2008
Barro Alto (OP)(1) 100     Mt Mt   %Ni %Ni   kt kt
Laterite   Measured   3.5 4.3   1.30 1.32   46 57
    Indicated   16.6 16.8   1.27 1.27   211 213
  Measured and Indicated   20.1 21.1   1.28 1.28   257 270
    Inferred (in LOM)   38.5 38.7   1.55 1.55   597 599
    Inferred (ex. LOM)   22.4 21.8   1.27 1.27   285 275
    Total Inferred   61.0 60.5   1.45 1.45   883 875
Codemin - Niquelândia (OP)(3) 100           %Ni %Ni      
Laterite   Measured   3.3 3.4   1.29 1.29   43 43
    Indicated   3.5 3.5   1.25 1.25   44 44
  Measured and Indicated   6.9 6.9   1.27 1.27   87 87
    Inferred (in LOM)   - -   - -   - -
    Inferred (ex. LOM)   - -   - -   - -
    Total Inferred   - -   - -   - -
Loma de Níquel (OP)(2) 91.4           %Ni %Ni      
Laterite   Measured   1.9 0.9   1.51 1.38   29 13
    Indicated   7.2 4.8   1.51 1.45   109 69
  Measured and Indicated   9.2 5.7   1.51 1.44   138 82
    Inferred (in LOM)   - 1.7   - 1.39   - 23
    Inferred (ex. LOM)   6.4 4.5   1.53 1.50   97 68
    Total Inferred   6.4 6.2   1.53 1.47   97 91
Nickel Projects
Mineral Resources		   Tonnes   Grade   Contained metal
Attributable % Classification   2009 2008   2009 2008   2009 2008
Jacaré(4) 100     Mt Mt   %Ni %Ni   kt kt
Ferruginous Laterite   Measured   - -   - -   - -
    Indicated   98.5 -   1.19 -   1,175 -
  Measured and Indicated   98.5 -   1.19 -   1,175 -
    Inferred   80.8 -   1.16 -   939 -
Saprolite   Measured   - -   - -   - -
    Indicated   25.3 -   1.54 -   388 -
  Measured and Indicated   25.3 -   1.54 -   388 -
    Inferred   85.1 -   1.36 -   1,156 -

Mining method: OP = Open Pit. 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)
Barro Alto: Ore from Barro Alto is currently being processed at the Codemin plant (the current life of the plant is 22 years). Mineral Resources are quoted above a 0.90% Ni cut-off and below an iron content of 30%.
(2)
Loma de Níquel: Due to the increased uncertainty regarding renewal of mining concessions and the restoration of the 13 cancelled mining concessions, Anglo American's participation in Loma de Níquel is at risk and might not continue beyond 2012 (refer to note 7). Three mining concessions are due for renewal in November 2012 (see additional information under Nickel Financial overview). Currently, the areas with fully approved permits and active concessions account for 8.3Mt (at 1.46 %Ni) of the Ore Reserves reported above. Mineral Resources include all mineralisation inside a saprolite envelope defined by nickel and iron grade boundaries (>0.80% Ni and <35% Fe) and it also includes the 13 cancelled concessions.
(3)
Codemin - Niquelândia: Mineral Resources are quoted above a 0.90% Ni cut-off and below an iron content of 30%.
(4)
Jacaré: The submission of the Plano de Aproveitamento Economico (PAE) to Brazil's Departamento Nacional de Produção Mineral (DNPM), which included a pit optimisation, fulfils the test for "reasonable prospects for eventual economic extraction". The Mineral Resources are based on drilling to February 2009 and a block model finalised in December 2009. The PAE is currently under consideration by the DNPM. The Saprolite Mineral Resources tabulated are a combination of higher-grade Mineral Resources that are expected to feed a pyrometallurgical treatment facility and lower-grade Mineral Resources that could be used to neutralise the acid in the proposed treatment of the Ferruginous Laterite material. Ferruginous Laterite is envisaged to be treated by hydrometallurgical processes.

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: Barro Alto, Codemin - Niquelândia and Jacaré

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Annual Report 2009