Anglo American Regulatory News (AAL)

Anglo American plc ("Anglo American") announces the temporary withdrawal of the majority of employees and contractors from its Quellaveco copper project in Peru, following the Government of Peru's announcement of a 15-day national quarantine to curb the spread of COVID-19. Construction work on the project will therefore be significantly slowed, with only critical areas of the project continuing as normal, until such time as workers can return safely.

Mark Cutifani, Chief Executive of Anglo American, said: "The safety and health of everyone must come first, ever more so at times such as these. We are in the process of safely demobilising most of the 10,000 strong construction workforce at our Quellaveco copper project, in support of the Government of Peru's measures to control the spread of COVID-19. Our development of this world-class project has progressed ahead of schedule and within our budget and we would expect to be able to accommodate this slowdown within our market guidance on both timing and costs at this stage."

The Quellaveco copper project is expected to begin production in 2022, with an expected capital cost of $5.0 to 5.3 billion. During the first ten years of full production, Quellaveco is expected to produce approximately 300,000 tonnes per year at a cash cost of $1.05 per pound of copper.

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Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive mining operations and undeveloped resources provides the metals and minerals that enable a cleaner, greener, more sustainable world and that meet the fast growing consumer-driven demands of the world's developed and maturing economies. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and mine, process, move and market our products to our customers around the world - safely, responsibly and sustainably.

As a responsible miner - of diamonds (through De Beers), copper, platinum group metals, iron ore, coal and nickel - we are the custodians of what are precious natural resources. We work together with our business partners and diverse stakeholders to unlock the sustainable value that those resources represent for our shareholders, the communities and countries in which we operate, and for society as a whole. Anglo American is re-imagining mining to improve people's lives.

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