Anglo American plc (AA) is one of the world’s leading mining company with a diversified commodity portfolio of platinum, diamonds, coal, base metals and iron ore across Africa (44% of GBP 31.9bn Total Assets 2010), Europe(7%), North & South America (39%) and Australia & Asia (10%). AA owns the largest platinum reserves and is the 4th largest iron ore producer globally. Iron ore (EBITDA 2010 (GBP 7,8bn): 32%) and copper (26%) dominated earnings in 2010. AA expects to deliver 50% growth by 2015 (capex 2010 GBP 3,2bn) and double production over the next decade with a project selection from GBP 45bn project pipeline (over 60 projects). AA’s asset optimization, streamlined supply chain and divestiture programmes continue to show promising results and added value of GBP 3,8bn in 2010. Key growth remains industrialization and urbanization in China, India and emerging economies. Risks include inflation dampening economic growth, tightening fiscal cycles (China), continued weakness in the US particularly the labour market affecting economic growth and volatility in commodity prices.