Okay. Thank you very much and welcome everyone. I probably should give a little bit of a health warning at the start of the presentation. We are trying a new approach and a new technology. If there are any stuff-ups, it's my fault. It's not Paul's and it's not the operators'. We'll see how we go. The theme for our presentation is keeping our feet on the ground. While I'm a believer in the strong fundamentals for demand in our industry and the likely constrained supply in many of our products, the last thing I want to see in our team is anyone lifting their heads and forgetting about our focus on our continuing business transformation journey. To be clear, we believe we have a portfolio of assets and opportunities that play favorably into the big global themes around climate change, circular economy, and the growing importance of material sciences in finding new and exciting uses for our metals and minerals. We've been strategic in our outlook and positioning for a number of years, and today's world continues to confirm we are mostly, more than ever, positioned to improve and grow our business, both in the short, medium, and the longer term. I now move to the cautionary statement. You should read carefully, preferably in your own time. On slide three, our order of play is consistent with our established routines. I'll touch on performance and highlight a few key points. Stephen will run you through the numbers to provide detailed insights and to reinforce our focus on capital and our investment disciplines. To close, I will take you through how we are transforming the business and positioning for today and the future. Again, next slide please to number four. On Safety, Health, and Environment. For us, the improvement journey continues. First on Safety. Over the last five years, we've recorded a 40% reduction in total injuries and an 82% reduction in fatal incidents. For us, despite a couple of serious incidents early in the year, it was our best ever safety performance as we continue our journey towards zero. As we say, no year is a good year if you've lost someone in your operations, we still have to get there, but we're getting very close, everything's going in to get us there. Secondly, on Health cases. Those issues are made up of less obvious or immediate hazards or risks in the business. We're also heading in the right direction, significant improvement, since 2013, about 95% reduction. We're very proud of that performance. On the environment, our improved planning and operating disciplines continue to support incident reductions across the Group. As people know, making sure we don't get that call in the middle of the night requires constant focus, appropriate technical design, operating disciplines, and an open and effective governance process to ensure we're doing the right things, the right way all the time. For us, we still haven't got to a point where we've eliminated all of our incidents and our early issues, last year points to that. I do want people to understand we're working very hard to eliminate all of those things from the business. From our point of view, we've made significant progress, but we're certainly not yet where we want to be. I now move to page five. On our broader ESG context, we continue to make good progress on our critical targets. Our energy efficiency improvements have also supported our greenhouse gas savings. As you can see, we've met both improvement targets for 2020. Working off our 2016 baseline, that's represented by the horizontal green bars that we have on those charts. Our next step is an absolute reduction of 30% on both by 2030. On our Social Way compliance and Social Way being our social standards and practices package per our broader Operating Model approach to business, you can see we are approaching full compliance across the Group. As you know, these things evolve and develop over time, we have now designed the third generation Social Way package that will be used as a new and higher bar for community and social engagement. We would say we've still got a long way to go. We haven't yet got our community relations where we want them to be. Again, just to let you know, we are working very hard in all of our communities and across all of our sites on this particular aspect of the business. The new package goes beyond industry benchmarks and has been imaginatively called Social Way 3.0. A new industry standard with a title that only an engineer could love. Next slide. On COVID-19, despite the encouraging vaccine progress in many countries, it is clear the pandemic and its challenges for most are not going away quickly. Our responsible, holistic approach, including supporting our communities, continues. This broader community approach is an approach we share with many of our industry colleagues, particularly in jurisdictions where government support is less equipped to deal with these types of issues. We have been taking these initiatives further as we have understood when people in communities are under stress, domestic and gender-based violence issues can grow. We're working with our community leaders and governments to make sure we're dealing with all of the direct and indirect impacts of COVID. The lives and livelihoods of our employees, their families, and the communities are the priority, and we've managed a strong operational recovery at the same time. We've been strengthening and reinforcing protocols to help deal with second waves affecting our operations as well. Our focus on people returning to work post-Christmas has been very important, and we've seen some impacts, but they're being managed effectively. In anticipation of that post-Christmas surge, we put in extra levels of testing to identify and mitigate risks. Based on our latest data, we expect most of the side impacts will be negligible as we move into March. On demand for products, despite lockdowns and limitations, our order books are generally pretty full. On diamonds, the demand bounce has been quite solid. The early signs have been encouraging, but we do have some residual risks that will probably remain in some jurisdictions, probably to the mid-year. It's not significant. It's being managed. From our point of view, I'd have to say the teams have done a great job in managing all the dimensions of the COVID-19 issue. On results, an encouraging finish after a tough start to the year. Despite all the issues and drama through the first half, we finished the year running at around 95% of full production capacity. Even more importantly, and despite lower volumes, our unit costs and our capital spends were held in tight control. Along with the improving prices, we saw our second half EBITDA recover to $6.5 billion, our highest for a six-month period since 2011. This recovery and the disciplines that have gone with the learnings from the Q1 disruptions have put us in a good position going into 2021. On earnings per share, $2.53 for the year, or $1.81 in the second half. The full-year return on capital employed at 17% was impacted by our higher capital base, with spending on Quellaveco and The Sirius acquisition impacting the denominator for the calculation. We will show pre- and post-new project spends when we report these numbers going forward. However, the second half ROCE number was a pleasing 24%. That's a good number. Hopefully, we're all now on slide eight and looking at our four key business segments. De Beers has seen sales picking up through the fourth quarter and continuing into 2021, with site one in January delivering our highest site sales for three years. The team will continue to manage production levels to demand and have kept costs very well managed through the process, with a 10% unit cost improvement year-on-year, despite 18% lower volumes. Given our broader restructuring work, we expect to see more unit cost improvements through 2021. You guys have done some really hard yards through the year, and we will continue the work through 2021. In copper and nickel, we've delivered consistent performance. In copper, we've navigated the twin challenges of water constraints and COVID, with production meeting target levels despite the challenges. The effective implementation of social distancing in Chile and Brazil has been a model for all of our operations, with work on water and securing alternative sources in Chile being a real winner for the year. Our team and the guys have done great work there, Ruben and the crew in full support. On PGMs, a pleasing mining performance and processing production back to 100% levels by year-end. At the same time, the reinstalled A unit at the ACP has been running very well since late November, after a very careful and well-managed commissioning process by Natascha and the team. We are looking forward to a better year of both mined and refined production, and with current strong spot prices, we're very well-placed to deliver some strong margins and cash generation. In bulks, Minas-Rio has continued to improve. Another record performance in a year when we were down for one month for the planned pipeline inspection makes it a really credible performance. At Kumba, despite lower production, largely as a result of COVID, unit costs were 6% lower at $31 a tonne. It was a similar story in our South African thermal coal operations. In Met Coal, the spat between Australia and China still remains an issue, although the pricing gap is starting to close as the market adjusts now for deliveries to new customers or adjusts to new deliveries for new customers. In addition, we've had our operating challenges. Most recent, the current longwall panel at Moranbah has been moving through some tough ground since last Saturday night, and we recorded a high carbon monoxide gas reading in the waste areas. Now, carbon monoxide is a result of latent heating in the goaf area. As per our protocols, we withdrew the workforce, and we commenced monitoring the gas from the goaf since that time. By the end of the shift, the levels had actually returned to normal. We think that might have been the result of a goaf fall. We're taking extra precautions. We're actually pumping nitrogen in to make sure that we don't have any further gas levels, and we'd expect to return to operations in the next two to three weeks. We are working with the inspector in Queensland again to make sure we've got all the angles covered. At this stage, I think we have seen these things before, and it usually takes a week or two to get through them. Watching it carefully, but I think the guys have done a good job in handling it and certainly satisfied that all the issues have been covered. On Grosvenor, the key issue for us is the timing of the restart and the commissioning of the new longwall. We expect to restart sometime in the second half of the year, but we don't want to preempt the inquiry or its findings, and so we will be both patient and cautious in our approach. If I can go to the next slide, please. Okay. Consistent with growing cash flow and returns. You should be on slide nine. Consistent with growing cash flow and returns, for Anglo American, the improvement journey does continue. While we've reported a 43% margin for the year, our 47% margin in the second half was the eye-catcher. Our 2023 target is greater than 45% using long-term prices. With Quellaveco and our other projects and the incremental projects we have in the pipeline, we'd expect to hit those numbers. The long-term improvement approach has been driven by portfolio restructuring, our technical reconfiguration through Tony and his team, and in his work with the operating leaders of the assets that stayed within the portfolio. The introduction of our industrial operating disciplines brought by the Anglo operating model, and that is unique for the industry. The total change package supported a 45% real improvement in our operating costs or around 30% in nominal terms. That's despite running 50% less assets, and that is, we've actually grown production by around 12%. That's in 2019 numbers. Obviously, we've come back in 2020, again, we'll be back on that profile this year and beyond. As I've said before, the improvement journey has no end in terms of what we see. In our phase II work, we'll continue to drive up the benchmark performance curves on our capital assets while building incremental and new capacity that has a lower cost structure, further supporting our margin growth. It's not just about growth, it's about quality growth in terms of the portfolio. If we go to slide 10 and looking forward, we've carefully sequenced the execution of our portfolio of incremental and new projects, which drives significant margin accreted production growth over the next five years and beyond. From a strategic perspective, this growth is also continuing our portfolio repositioning towards future-enabling commodities. Our 20% growth by 2023, and that's compared to 2018, is more like 30% if we compare it to last year's production, and that is well underway. The 25% by 2025 builds off our technology footprint and is as much about quality, as I said, as it is about top-line growth. With our sequencing, we are not trying to do too many things at the same time. That's been considered quite carefully in the way we've phased our projects. Stephen will step you through some of this later, but the two main new constituents in our stage growth process are Quellaveco and Woodsmith. On Quellaveco, we're tracking the original schedule despite COVID. Whilst we picked up six months in the pre-COVID execution work, we've given most of that back to COVID. Whilst we are still dealing with some cases on site, we're at about 90% manning levels, and we've got the work focusing on the critical task items. We're still doing very well on the schedule. Tom and the guys have done a great job. We have now also approved the installation of Coarse Particle Recovery in the plant following very successful test work. That will enhance overall production recovery and will continue to improve the economics of the program as we try and bring our commissioning process forward in terms of additional production, which we can see we can do as a consequence of the latest drilling. The other thing that we've done is we're in the process of committing to a fully renewable energy power contract, which will also improve our carbon emission credentials as part of the development of the project. At Woodsmith, progress is solid. The tunnel has now been driven to almost 13 km of its 37 km target. Our detailed technical review is nearing completion and confirms the quality of the overall project design and the development approach within the parameters we had set. Ahead of our scheduled mid-2021 update to the market, which will present final capital and schedule estimates, we are refining two aspects of the project that we had allowed for in our investment case. We will likely bring forward the investment in additional ventilation to increase early production flexibility. We are working through the detailed scheduling of the two shaft installations. Based on our work and involvement so far, we're very happy with the asset and its market potential. Importantly, it sits in the Q1 of the cost curve and is therefore capable of some really attractive returns. From our point of view. These are really important points to focus on. I will again stress the point that it's not a potash mine, it's polyhalite. Four nutrients, low carbon footprint. We don't have to do all that downstream processing, and we can put product on a boat cheaper than literally anyone and deliver it to almost any market in the world. This is a very different project to the ones you've been hearing about, and from our point of view, we think it's great potential. We're certainly very pleased with what we've got based on everything we've seen so far. If I go to the next slide. Finally, and most importantly on our business improvement focus, as I've said before, the first steps were in the operating model, setting a stable base from which we use our P101 program, which is about getting all of our capital assets up to top industry performance, not in top quarter. We're talking top. P101 means best of the best to drive improving performance levels. To date, the team has delivered around $2 billion in raw numbers in the improvement, which is in terms of annual EBITDA on the business improvement side through efficiencies in operational delivery. The more difficult issue is we've given some of that back due to the instability that we have in some parts of the process, and the ACP failure in platinum is an example of that instability. The opportunity to get that additional $1 billion back to the bottom line is around stability and consistency in the operation. That's a real focus in the operating model. Yes, we've come a long way. We've doubled productivity. We've dropped 30%, as I said, out of our cost. Getting that stability gap to the next one, that's a work in progress. That's through Tony and his team and the operating lens across the business. We're making progress, but we're not where we need to be. With that, let me hand over to Stephen. Thanks very much, Mark. Those of you who know me know I like to start the numbers section with the themes that I want to take you through. You'll be surprised that those themes remain the same as last year and in fact the year before. It's all about operations, cash flow, and we've worked hard to recapture that in 2020. Two, return to your holders, about 40% payout ratio dividend. Three, a strong balance sheet and investing in the future. That balance really sets us up for a strong and sustainable future. If you're on slide 13, let's turn to the 2020 numbers. EBITDA, good recovery, $6.4 billion in the second half, a record since 2011. Looking at the full year, strong performance underpinning the result, pleasing unit cost down for the year with the broader challenges that we had. Earnings per share fairly consistent and that then flows through to consistent dividends. Net debt at 0.6 x EBITDA benefited from good prices, but more to come in terms of that story with the unwind of the working capital build that we had this year. Half two free cash flow $3.3 billion, strong without the help of the working capital. If we turn to slide 14, looking across the different BUs. Decent recovery in diamonds in the second half. Strong mining margins at 54%, which talks to the underlying quality and resilience of the assets. $600 million in revenue from site one in 2021. Encouraging recovery so far, helped by decent selling season through Thanksgiving, Christmas, New Year and lower rough and polished inventory. Of course, good performance on unit cost of $1.13 per pound. We had some additional non-cash movements in provisions in the year. Again, margins. PGMs, good recovery in the second half. Last price on spots around or above $3,000 PGM an ounce. Remember that 60% of that PGM, previously known as minor metals, obviously having their day in the sun, even with the ACP disruption. Last year, we generated, I think it was $2 billion of revenue from palladium and $2 billion from rhodium in pairs [inaudible], which I'll give the PGM, as you mentioned, will be most likely in excess of $6 billion. In terms of bulks, Minas-Rio has been the standout performer. Again, good stability, driving the sales in the year at 24 million tons of high iron content product. That's a $1.9 billion EBITDA of 62% margin. At Kumba, the margin was 55% and an 80% return on capital employed year. Clearly some prices, but those higher quality product from both Minas-Rio and Kumba that will lead real issues and demand themes in the steel industry. Clearly a tough year for Met Coal, but improved prices hopefully persist into 2021. Overall, a good set of numbers, particularly pleasing with the recovery through the second half. Just before I leave this slide, I would encourage you to play with the full spreadsheet that I think is the first slide in the appendix. Please form your own view on forward prices across the year. I would note, while it's a fast-moving situation, if you put in spots even from a couple of weeks ago, you could well end up with a number [inaudible] does work. If we turn to the slide, a quick look at drivers of EBITDA shows that overall, we're at relatively consistent levels, even with the volatility from price, COVID, and operational disruptions. Importantly, as Mark mentioned, we are seeing underlying constant volume improvements, primarily this period for Copper and Minas-Rio, but we are very focused on turning around those operating challenges at PGMs and Met Coal going forward so that you do see the improvements drop to the bottom line. I'll expand on that a little bit more in a slide. Turning to the balance sheet on slide 16. The half-cash turn, with a bit of help from the PGM payment, supports bringing net debt down by half by $2 billion, and leaves us well within our target gearing at a ratio of 0.6 net debt to EBITDA. [inaudible] is very well to its stage of delivery. Just to remind you, $5.6 billion of net debt includes $1 billion attributes of Mitsubishi due to the accounting treatment of Quellaveco, $1.6 billion from inventory build that's all through the year, largely in PGMs and diamonds, and particularly in PGM, as we're pleased to see that unwind over the next quarter. Structurally in a very good position, a strong balance sheet, a strong pipeline of value, and retaining good returns to shareholders. If we go to slide 17, we pull out the payout to the scorecard each period. Again, it's about favorite word balance, reposition the portfolio when required, and return cash to shareholders. I mentioned good cash across the period, $2.7 billion after funding sustaining capital with $3.3 billion in the second half. ESG, we use that to support the payout ratio-based dividend with a total of $1.2 billion declared for 2020. We allocated $1.4 billion in terms of growth CapEx, $0.7 billion in terms of the acquisition of Sirius Minerals. The final piece of the puzzle, $0.2 billion remained from that $1 billion share buyback scheme that we initiated in July 2019 and completed early in 2020. If we turn to slide 18, just over the next couple of slides, I want to spend a little bit of time just focusing on CapEx. I know there's a few questions out there to understand the timing, particularly in how that relates to the volumes. I'll focus and talk through in detail, both in terms of sustaining and growth CapEx. Hopefully get a better understanding of some of our priorities. Just to be clear, there's no change to previous guidance on CapEx that we provided back in December. Let's have a first look at sustaining CapEx on this slide. You can see that there's a long-term sustaining CapEx level around that $3 billion as our portfolio evolves, and life ex spend is on top of that, and that'll be a little bit more variable. We are seeing slightly elevated levels of life ex CapEx over the next couple of years, around that $700 million-$900 million per year. That's as we complete the development of projects that you know around Venetia Underground, Aquila, and Kolomela. Longer-term average, more around that region of $500 million per year. The underlying sustaining CapEx is also a touch higher in the next couple of years. The main drivers being the deferral of spend from 2020, and as we reprogram those work streams over the next year or two. We've also included the desalination plant at Collahuasi. That's probably a combination of sustaining and growth that supports both current water requirements and wider expansion of Collahuasi, which I'll come onto in a moment. Probably a combination of growth enabling and sustaining. Needless to say, there's some growth embedded in these numbers simply linked to the growth in the portfolio on a copper unit equivalent basis as we deliver that growth. Let's now look at growth CapEx on slide 19. In terms of growth CapEx, again, I'll walk you through a couple of slides just to provide a bit more clarity on what we're setting up here, particularly in terms of that growth CapEx and how that links to delivering the growth volumes over time. Again, just to emphasize, no change to the guidance that we provided back in December. If we exclude Woodsmith just for the moment, growth CapEx per year around $ 1.5 billion to$ 2 billion over the next three years. With that, we see our copper equivalent production increasing by around 20% by 2023 of that 2018 base. It's disciplined, it's margin accretive, and predominantly focused around forward-facing or future-enabling portfolio. It's technology-friendly and links directly to the decarbonization agenda that we have in many places. The CapEx that's forecast on this slide out to 2023 also provides some of the earlier spend on some of that volume growth beyond 2023 on projects that we do anticipate approving in that interim period. For example, Collahuasi phase I, Mogalakwena, and the Moranbah-Grosvenor Plant debottlenecking. If we go to slide 20, please. Let's look at some of those projects in detail. Each case, attractive IRRs. As Mark mentioned, they are well sequenced across time so that we manage the spend and the balance sheet appropriately. Quellaveco, as Mark mentioned, progressing well. Our share remaining around that $1.5 billion over the next 18 months or so. In 2023, we expect to see copper production of 300,000 to 350,000 tons. That adds, in its own right, around 10% to our overall copper equivalent volume. At spots from about two weeks ago, obviously it's fast-moving, at least from about two weeks ago, that would give us EBITDA of around $1 billion in 2022 and more than $2 billion in 2023 on a 100% basis. Another project, the Debmarine Namibia new vessel, the AMV3, again, on time for delivery. It's a fast-returning brownfield project, adds around 500,000 carats at a very high value per carat on 100% basis. For us, it adds about 1% in copper equivalent volumes for our 50% share. Turn to Collahuasi. It's clearly a world-class long life asset, and we're looking at efficient and incremental growth over time in a number of phases. Phase I we would see as adding an additional ore mill and related infrastructure. Our CapEx, while still being refined, around $0.6 billion. Phase I increased the throughput by around 20%, moving from about 160,000 to 200,000 tons per day. This equates to about 50,000 tons per annum of additional copper for our share, and that's about 2% copper equivalent production growth at the group level. We'll also progressively look at technology initiatives such as bulk ore sorting to further optimize the operation, but that's more likely to be in the Phase II expansion. Those studies are underway. That would most likely be a full fourth line expansion, increasing throughput to around 300,000 tons per day, and that would add about 100,000 tons of copper equivalent production our share. Obviously, it would require new permits, and it's a little early to provide capital estimates on that just at this stage. Mogalakwena, a long life asset. We've almost already doubled production over the last eight years without spending major capital. The focus has been on embedding the operating model and production efficiencies. While we'll continue to drive efficiencies, the next stage will require some debottlenecking, and it's likely that we'll add some additional concentrated capacity, which will add around 300,000 to 600,000 PGM ounces of production. While still being refined, it's expected to cost between around $0.8 billion-$1.4 billion, and again, will take a technology-led focus, and the study towards this are underway through 2021. If I could then turn to slide 21. If we look beyond 2023, you would've seen earlier this week we approved the Sishen UHDMS project. It adds iron units to existing production if you assume that we're rail-constrained by increasing iron grade and quality of product. Importantly, Sishen adds at least three to four years of mine life. In terms of Woodsmith, as Mark mentioned, a Q1 cost curve asset with strong margins. We've committed to spend around $0.5 billion this year and will provide further guidance in July. In its own right, it would add around 5% to our copper equivalent production when it's fully ramped up to that 10 million ton production level. Moranbah-Grosvenor, again, a brownfield debottlenecking of the wash plant. Immediate focus, though, does remain bringing Grosvenor safely back in H2, but when completed, would add around 3% of copper equivalent growth in around 2024. Finally, on the technology projects, there's a number of fast payback, relatively small individual investments, and there's quite a bit more detail provided in the appendix. Programs such as the bulk ore sorting or the coarse particle flotation projects, cost competitive, help modernize the operations, set us up on a more sustainable basis. For example, the hydrogen haul trucks can really underpin that journey as we go forward. If we move to slide 22, and just to pull those themes together across the three pillars as we've spoken about on our journey through to 2022. The three pillars. One, sustaining CapEx provides a continuing base for delivering on that efficiency. Two, technology and innovation adds to that in a productive and sustainable way. The growth projects, as I just discussed, build on and transition the portfolio. Our $3 billion-$4 billion improvement target to 2022 remains very much on target. Let's just quickly look at each of those pillars. Firstly, on the operating model and P101, and some examples. The business on the ground is getting more efficient, as we've often spoken about. Minas-Rio approaching 26 million tons by 2022. P101 systematically targeting opportunities across the value chain. Some examples, again, 15% increase in truck utilization at Orapa, increased haul truck payloads at Los Bronces, an 8% throughput increase at the Minas-Rio beneficiation plant, and world-class shovel performance across multiple operations. As Mark highlighted, we've seen about $2 billion increase in the underlying business run rates, and $1 billion of that has dropped through to the bottom line to EBITDA so far. $800 million in the P101 category and about $0.2 billion in the technology area. Our focus now remains on delivering that stable and capable platform so we get more of those improvements to drop to that bottom line. On the technology and development front, digital technologies, for example, the predictive maintenance, are leading the way and have delivered that $0.2 billion to date. Some other examples, bulk ore sorting, testing and early rollout going well. The El Soldado pilot plant shows about a 10% reduction in energy and water intensity for that operation. Full-scale units are now being installed at Mogalakwena, Barro Alto, and Los Bronces, and expected to be fully operational within 12 months. Bulk ore sorting also allows us to process more accurate by discarding some of the lower value ores before we put them through the plant. Results in energy and water savings per unit processed as well, ultimately that can drive a 5%-10% grade uplift, which flows through to production and a 3%-4% unit cost improvement. With Bulk Ore Sorting, we expect to see initial benefits to EBITDA of probably $0.1 billion-$0.2 billion per annum, with very strong runway averaging post that. Another example, the Coarse Particle Recovery. First full-scale plant, again, now installed at El Soldado. Through separation, concentrated ore at a higher particle size. That saves around 30% in energy and crushing and greater water recovery in terms of reuse from tailings up to a 50% benefit in water usage. Combination of those factors can drive a 5%-10% production increase and up to a 5% reduction in unit costs. We believe that this technology is applicable across as many as six of the Group's key assets, including Quellaveco, and we've announced the approval of that project today. Limited benefit by 2022, but will potentially drive EBITDA benefits rising over time to around $250 million per year. I've already touched on the growth pillar. I won't re-go over that. Again, just to confirm, we remain on track for that $3 billion-$4 billion target improvement by 2022 that we first committed to back in 2018. Just to conclude on slide 23, our story remains consistent. It's all about balance. Returns continuing with $6.1 billion in dividends and buybacks since 2017. The balance sheet remains strong. Our commitment to discipline remains while we deliver this value-added growth of around that 20% level through to 2023. That, in turn, drives our margins into our target range of 45%-50%. Mark, back to you. Thanks, Stephen. Now we'll look more broadly and forward across the business. I am now on page 25. On diamonds, at an industry level, the fundamentals continue to improve. Our views on a positive recovery are simply built on industry fundamentals and the associated buying behaviors of our customers. First, on demand. Demand has been steady and the outlook looks pretty encouraging. Given long-term and most recent experience, we expect demand to continue to follow global GDP and perhaps more importantly for a luxury good, personal disposable income or PDI. Both GDP and PDI are expected to grow by around 3% per year over the next decade, as the middle class is growing in size and their aspirations grow as we better target advertising and key customer segments. In China, currently the second-biggest diamond market after the U.S., Chinese middle classes are expected to purchase around $1 billion worth of diamond jewelry over this same period. Globally, the demand profile is shifting towards female self-purchasing, now making up almost one-third of diamond jewelry purchases. The continuing shift in focus on branding and provenance is something De Beers has led for many years. On supply. Looking forward in terms of natural diamond production, it's generally agreed the industry is on a flat to declining production trajectory. There has been a lack of significant kimberlite discoveries most recently, and that's on a global basis. In addition, some 15% of existing supply by volume has been taken off stream or has reached the end of its mine life. The combination of growth in consumer demand for diamond jewelry and the flat to declining production points to good prospects for the diamond industry both in the medium to longer term. Certainly, we expect the recovery to continue in 2021 off those fundamentals. On De Beers and our branding story, this has really been the most significant part of Bruce and the team's work most recently. We're building off the De Beers brand and tailoring our offering to target segments. That is a key to the driving price for only the best philosophy that we have in De Beers. Our drive towards longer-term margin improvement has built from our COVID response with the accelerated business transformation necessitated by our stark first half reality. Being a key player in driving the necessary modernization of business with more efficient inventory management, increased online purchasing, and growing consumer desire for products with demonstrable ethical and sustainability credentials, including an enhanced appreciation of the natural world, really have been key considerations in the evolution of our change model. These are all messages that are resonating and consistent with the Anglo American and De Beers branding positions. The De Beers focus on continuing cost reduction reflects what all good businesses should be doing. Shortening production to customer times, increasing our own jewelry business offerings and premium brands are all part of a strategic remaking of the business, all connected through digital technologies in mining, processing, cutting, selling, tracing. They're all part of the strategic makeover. Bruce Cleaver and Tony O'Neill, in terms of technology application, are joined at the hip. Consistent with our De Beers strategy, our Lightbox strategy for lab-grown products has also been an important part of our strategic approach to different market segments. De Beers is all about natural products that reflect and recognize every natural diamond is special, a one of a kind, a measure of a personal commitment on our very most or our most special personal relationships. On Lightbox, a fun fashion lab-grown product with growing discounts now around 60%-70% compared to the natural product. From our point of view, a good market to be in, but share market to the naturals. Whilst that's not a simple two-market piece, what we are seeing is the differentiation of those two segments in people's mind increases over time. Bruce and the team are very sensitive to make sure the messaging is right in both contexts. Now, to go to slide 27. On PGMs, we have another sector with strong fundamentals and a great long-term potential. Obviously, the news from Russia overnight probably increases the short-term potential given palladium and nickel impacts. PGM pricing has also been driven by strong fundamentals on a broader basis. The strength in demand with mixed supplies resulted in a 50% increase in PGM basket price in 2020, and this strength in pricing has obviously continued into the new year. On the demand side, ever-increasing emission standards is crucial for the auto industry and means higher loadings of PGMs. We believe a 40% increase in loadings in 2029 is possible. In particular, tighter emission standards in both Europe and China are driving demand for palladium and rhodium. Both are currently in deficit. Palladium is expected by many to remain in deficit for at least two to three years, even after taking into account a 10% substitution to platinum. In our case, that's not a bad thing. We're happy to see platinum pick up more market. Again, when we look at platinum, it's the all-rounder PGM. A diverse range of other demand sources continue to emerge. Food storage, glass making, 5G technology being some of the examples. The point here being that these are young metals with unique properties, the full application of which is still being understood. We're not standing back waiting for others to recognize potential applications. Through the AP Ventures Fund, we are investing in the development of PGMs for new applications to unlock their full potential, which, for example, we think will be a key for a volatile hydrogen economy. By the way, the AP Ventures Fund has to date raised $325 million of our $100 million seed funding. We're very excited about where we are and what the potential is in the industry. On the supply side, there are very few near to medium-term supply growth options across PGM production, 128 now. At the same time, currently mineable assets are depleting. With PGM processing capacity at a premium, we're in a massive strategic position of more than 50% of the world's ex-Russia smelting, refining, and associated base metals refining capacity. In the longer term, producers are unsure whether to expand production until they see more evidence of BEV and hydrogen developments. Certainly, from our perspective, hydrogen today is a real conversation and moving quicker by the day. While we don't have to worry about the decisions on putting more capital into new downstream processing capacity, we've already got the lion's share. We can build our incremental mine opportunities while debottlenecking and squeezing better margins from a full value chain position. It is unique in this industry. The result is likely price will continue to do the heavy lifting in what is a constrained market. We have a great business with highly competitive and improving unit costs of around $700 an ounce, which supports a 70% mining margin across our basket of PGM products. The remarkable point to note, after a very tough year, we have still delivered a record financial performance, and we have no doubt, and we have no debt in the business, and with 70% mining margin as we stand today. From our point of view, we have a unique position in what is shaping up to be a long tailwind to the portfolio. To slide 29, talking about portfolio, our future-enabling commodity mix, alongside quality with diversity, are positive differentiators in our industry. Consumer-driven demand for diamonds, crop nutrients, and PGMs, and environmental themes and electrification driving demand for our copper, nickel, and again, PGMs contributes to the hydrogen economy are all big positive for Anglo American and our portfolio. Our Iron Ore and Met Coal assets are high quality, both physically and chemically, and therefore desirable inputs for steel mills and in particular, future green steel mills. For those that understand with high iron ore values and low deleterious elements, the green technologies are far more efficient, the higher quality the iron ore feed. We are uniquely positioned in that market as well for the longer term. For a generalist investor, our mix across these high-demand growth sectors is not just for the next five years, but for the next 10 to 20 years. From our point of view, positioning the business through 2040 is something we've been thinking about and doing for the last few years. To slide 30. Our role in making the world a better place is the way we think about a number of the issues that we're working through and making sure they connect with good performance. Our technology push, led by Tony and in partnership with our business leaders, is part of why we've been able to commit to making the business carbon neutral by 2040. Earlier than most, but we think that this is the right timeline as it will continue to drive EBITDA while supporting our relentless push down all of our cost curves. Importantly, it's more than a target. We have plans to get there, and we have plans to get eight of our sites to carbon neutrality by 2030. As you know, we've contracted to be on 100% renewable power in Chile and Brazil by 2021 with solar and wind initiatives. In Peru, we are already working through the same options for the Quellaveco business. On our planned exit from South African thermal coal operations, I'm pleased to report we're making good progress with the preparation work on the demerger option certainly available to us probably during the course of this year. If we do see a trade sale option emerge that we think has merits, we will still look at that. Certainly on the demerger option, we're well advanced and in a good place to continue the process and announce something during the course of this year. On Cerrejón, we also intend to exit our one-third in Cerrejón, certainly within three years, but obviously, we've got two partners that we have to work with to make sure that's the right way. Now, turning to slide 31 and talking to carbon reduction and turning carbon reduction into a competitive advantage is something we recognized back in 2015. Again, Tony and the team working on the options with our corporate relations team. We've been thinking through the technical issues, and that's been led by Tony, and how we set the business up to connect with our communities. You've heard about that decarbonization strategy and how it applies to operations. We think 2040 is a challenging target, but it is deliverable. We have a plan to deliver. While we don't want to get caught up in the conversation around Scope 3 emissions and what we call the carbon reduction arms race, we believe the target that we have is appropriate and reflects the actions we're putting in place, which will also improve our competitive position. On Scope 3 emissions, we make a few simple observations. First, our Scope 3 work has helped us understand more clearly the carbon intensity of our value chain. The one thing that is clear is there are many different ways of calculating the numbers. Off the base that we've used, we understand that, for example, thermal coal represents around 25% of our carbon emissions. Obviously, an exit from thermal coal over the next three years would impact our reported Scope 3 numbers in that order. We also point to our work on Scope 1 and 2 emissions, where the technical work will also impact the agencies, how we connect with our communities. We also think there are credits both in supply chain terms of what we're doing out in the community to further impact our Scope 3 emissions. In the steel industry, you've got Met Coal and Iron Ore, again, they represent the two other most significant areas in terms of our Scope 3 emissions. For iron ore, it represents somewhere around 45%-50% of our reported Scope 3 emissions, and the industry tells us they'd expect to have green steel production making up about 50% of the world's steel supply by 2040. You can apply those assumptions across, do a read-across in terms of our iron ore business, remembering that the products we produce are favored in those new technologies because of the high quality, then you start to get a sense of what think we can do in iron ore. In Met Coal, it's a really important point to note that at the moment we don't have significant alternatives that we can replace existing technologies in steel very quickly. Based on what we think the direction of travel and the timing it would take to do that conversion to the steel industry, that timing would be far longer than the life of our Met Coal assets. What we're thinking through is how do we continue to make improvements in those businesses and make a meaningful contribution to our partners in the industry, but at the same time continue to improve our carbon position. We don't think it's right to just think about depleting assets. We don't think that's the right way that we should be working. We should be thinking of all the angles we can improve, and we're working through that, and we'll keep you posted on how that thinking is all coming together over the next 12 months. We've got our sustainability update in April. We'll again update at the AG and continue to update you over the next 12 months. The one thing that I think is important to note, the credibility we've built on how we're attacking the Scope 1 and Scope 2 issues is the same approach we're dealing with Scope 3. Again, when we come with the final positions and targets, it will be thoughtful, it will be backed by a plan, it will be supported by the technology and how we believe we should shape the portfolio to the future. As you know, the work we're doing today is all about the future and certainly the positioning of our portfolio in the long term. On page 32, I did want to step back and reflect on purpose again. It's founded on the delivery of sustainable returns to shareholders, employees, and our business and societal stakeholders. To reimagine mining to improve people's lives is not something we just say. It is what we believe we must do as a business, both through the value we contribute to our host communities and society, and also in the way we provide basic materials that then enable the world to be sustainable in all of its dimensions. Our business, we keep our targets pretty simple. We target a better than 10% free cash flow on capital employed, and that's after making sure we're replacing depleted resources and reserves, as the prime measure of our effectiveness as business managers. To measure the efficiency or how we got that free cash flow, we measure capital employed in the range 15%-20%, which is about measuring the efficiency of those cash flows. Then we have our seven performance pillars that look at safety, health, environment, our competitive cost position in each of our target markets, and as a business, how we set the balance sheet up to flex the muscle Stephen has described for you today. That's the focus of everyone within Anglo American, and everybody has a responsibility to make sure every day we're moving closer to hitting those targets consistently and improving those numbers on a day-to-day basis. Then finally, on page 33, just to remind you of our investment proposition, and it's pretty simple. We have the assets, we have the people, and we have delivered industry-leading returns since 2013, around 16% a year. We have set the foundations to outperform through 2030 and beyond. We've got the portfolio and we're in the right businesses to continue to improve that performance. With that, we'll pause for questions. Just to say, Stephen and Tony are also here to answer the really hard questions. We'll hand across to the moderator. Thank you. Ladies and gentlemen. Mark, thanks. We will now begin the question and answer session. As you wish to ask a question please press the star and one in the telephone and wait for it to be announced. If you wish to cancel your request press star two, once again, if you want to ask a question press star and one. Paul, did you try and jump in then? All good, Mark. I think the first question's on the line. Thank you. Yeah. It's coming. Your first question comes from the line of Jason Fairclough from Bank of America. Your line's open. Please ask your question. Good morning, guys. Thanks for the presentation. Sort of some great message to deliver. I wanted to come back to a line of questioning from your business update in December, which is on technology. Tony gets $1 billion to invest in these high-return, fast payback projects. I think you've spent $200 million so far. I was just looking through your slide 49, and I think Stephen mentioned this Coarse Particle Flotation retrofit, if we can call it that, at Quellaveco. He says 3% improvement in recoveries over the life of the mine. To me, that's huge. That's absolutely huge, right? If we're talking $250 million EBITDA benefit per year, I guess the question is, why aren't you pushing this out at other properties as fast as possible? Why can't you be more agile with these technology initiatives? Jason, I'll make one comment and hand across to Tony. Each ore body is different, the approach has to be different. With that, I'll hand across to Tony, and he'll give you the real technical story. Tony? Yeah, thanks, Mark. Hello, Jason. Good to hear you. Quellaveco, we're really chasing the supergene upfront, and that's why we've really accelerated that. Across the company, though, we've got enough sprints and the technology, what we've found with these sprints, is we are able to move it much, much quicker. We've got other stuff we haven't talked about, for example, a microwave technology that we're trialing or a trial. We've got a heap leaching technology, really quite amazing. I think the rate-limiting step for us at the moment is basically getting approvals through the statutory side of things. The guys in copper have had days with the Chilean government people, and they've been fantastic. We've just got to see that now manifest into, if you like, an accelerated approval process. That's the rate-limiting step at this point. I think that's the important point to make, Jason. Okay. Thanks, Mark. Just in terms of some of the other properties, you're saying that you're putting it in place at Mogalakwena, and then the potential rollout at Los Bronces, maybe even Collahuasi. Can we be talking about a 3% improvement in recovery at these other properties? It's not going to be quite as beneficial? Jason, really, to Mark's point, horses for courses. It's certainly in the design for Mogalakwena. At Los Bronces, we'd actually, in the initial phases, put it down at the Los Bronces end. We see it's different dependent on each site, basically. Tony, is it fair to say that in some cases, we might go for a little more volume versus recovery because that's a more effective outcome depending on the ore body capacity? Yeah, that's correct. I think the other part on CPR, apart from the value, in May this year, we will have a new tailings dam trial commissioned in El Soldado. It's key for us, not only for value, but basically moving away into engineered tailings dam. It's a key part of our strategy, and we're driving it as hard as we can. Okay. Okay. Jason, Mark covered? Yep, thank you. Welcome. Our next question comes from the line of Alain Gabriel from Morgan Stanley. Good morning, gentlemen. I have two questions from my side. That's the first one. On current spot prices, you would almost be debt-free year-end. Is your dividend policy up for debate internally, and are you looking to make any changes to your payout to match those of your peers in spite of your superior cost profile? That's the first question. Well, I'll give the first one to Stephen. Stephen, your turn. Listen, we're comfortable with the base payout given, let's call it yesterday's realistic expectation of prices. That doesn't mean that we can't, at any reporting period, stop, and in fact, we do as part of that capital allocation cycle, stop and consider any other forms of additional returns to shareholders. You saw back, what's now 18 months ago, July 2019, I think it was, we announced the $1 billion buyback. It's something that we do think about, it's something that we actively discuss, and something we actively consider. If prices continue, then obviously, that challenge becomes near term, even with the growth spend. I'd probably see that as being in the form of some sort of special return above the base. Remembering, the beauty of the payout ratio is that that also increases in terms of amount as profits increase. 40% of a couple of billion, bigger than 40% of $1 billion. It sort of naturally adjusts in addition to considering additional returns. Thanks, Mark. Yeah. Thanks. Thanks. The second question, Mark, is on the PGMs business. You've touched on the issues that have been faced by a lot of your competitors in Russia. How do you think, if these issues eventually turn out to be more frequent or structural, how is that impacting your thinking around PGMs? Do you have scope to accelerate some of the projects? How do you think about the business holistically in that context? Thanks. Well, firstly, we don't know how structural the challenges are. Obviously, the processing side is more readily fixable. The mining side, I don't have better information at this stage. You may have better information than us at this stage. It's an issue for the industry because what we don't want to see are PGMs race away too far in terms of pricing and encouraging alternatives. Certainly, in terms of application, the PGM suite are attractive for a whole range of reasons, rhodium, for example. We're watching it carefully. Our ability to accelerate, we are already improving Amandelbult. Mogalakwena, you'd know, we've got incremental improvements planned. Those things have to be planned out carefully because we've got communities that we've got to make sure that we've got good relationships as we grow the business. We've got other assets there that people are aware of that we're ticking over. We've got the ability to accelerate and go bigger, but we still think it's a bit too early to call anything big and, from our point of view, probably best to continue our debottlenecking and improving the processing operations and making sure we're getting the best bang for our buck from our internally sourced products by getting our costs down. We can build and improve, but we'll watch the market and look for a few more signs, but certainly very encouraging at the moment. Thank you. Your next question comes from the line of Jack O'Brien from Goldman Sachs. Your line's open. Please ask your question. Good morning, everyone. Thanks for taking the question. My question is a fairly high-level general one is, we are seeing moves from some jurisdictions or countries potentially making mine development more challenging. I was just wondering, from a sort of business risk perspective, whether you see that applicable to any of your jurisdictions, whether that's something that keeps you up at night and is sort of a meaningful risk for Anglo? Jack, it's something we always think about. We really pushed the sustainability agenda from 2013, 2014, really hard. We built the technical team under Tony, and we built the corporate relations team under Anik, because we thought they were two critical areas for the future that you had to get right, and you had to make sure that you were connecting well with communities, regional governments, and federal governments. The living mining concept that Tony's been talking to, for those that know the Eden Project, will have a sense of what we've got in our heads. Anik's work in Social Way in making sure those two pieces connect is a really strategic approach to making sure we're developing partnerships and we don't have this old paternalistic management approach to managing communities. I mean, you don't manage communities. You have to partner with communities, and whether that's on heritage issues or whether that's on mine development or whether that's the work we do in the communities in developing jobs and our sustainability targets on being a catalyst for five jobs for every one job on site. If you're doing those sorts of things, you're going to have lots of problems getting your projects away. I think, look at Quellaveco as a good example. Peru has had a history of challenges, and I think so far, Tom hasn't done a fantastic job in connecting with the local communities. That's the sort of stuff you have to do to be successful. It's a big issue, it's a long-term issue, and you really have to treat it as a strategic issue from our point of view. Mark, if I might just add, that it can be underestimated a little bit, the ease of bringing on additional projects or supply, because it does take time to work through, as you say, with the community or as Tony mentioned, permitting with authorities. That could be a rate limiter on the supply side, as we go forward. Yeah, we think that's the biggest 15-year timeline to get a new project above. I was just going to add, obviously, it's something, with a potential new constitution in Chile next year with some comments from Biden. I know that more relates to oil and gas, but it just feels like things are getting incrementally harder. I know it's quite a general question, but it's just something I'm considering more broadly. Perhaps just one follow-up, if I may. You obviously mentioned that current spot 2021 earnings look very good. Obviously, a balance sheet in good position. Some very interesting initiatives. I mean, what are the things that you are sort of most concerned about from a risk perspective, if at all? Somebody asked me the question about resource nationalism. I don't worry too much around resource nationalism in terms of relationships. We have got a diversified portfolio. That's a big advantage. Geographically diversified, and we continue to improve our relationships in most of those jurisdictions. We've still got a lot to do. We've still got to do a lot more work. What worries me for the industry is where we have incidents, whether it's a safety issue, whether it's an environmental issue, whether it's a heritage issue. These sorts of things tend to harden up regulators in dealing with the industry in an open and constructive way. We've all got to do better, connect better, and help communities understand what we actually do in society. A lot of people don't realize that the mining industry drives 25% of the world's GDP through 10% on a good measured basis, another 10% through the services that we use to provide the products we produce. We drive industry's ability to be more competitive, and people don't understand that you need copper and nickel and all of these things to decarbonize the world's economy. We've got to get our message out there much better than we have. Our faith-based work, for example, is about getting to 2 billion people that are really influential with NGOs and helping them understand what we're trying to do and how we're trying to partner. We're changing the nature of global conversations around mining. We all have to do it, the world is not going to be an easy place to live without mining. We have a commitment and a dedication to make sure we get the story out the right way. Great. Thanks, Mark. Yeah. Appreciate it. Your next question comes from the line of Chris LaFemina from Jefferies. Your line's open. Please ask your question. Hey, thanks, guys. Taking my question. Mark, you've talked about operational strategy, which is, I guess, about bringing online incremental volumes at low unit cost and moving down cost curves, generating high returns long haul, which is obviously a smart way to run a business. If we're in a multi-year period, let's say, of very high commodity prices, is it okay, first of all, to bring online capacity that might be much higher on the cost curve? If so, where is there operational flexibility for any potentially capitalizing on this period of very high prices? Thanks. We remain really sensitive to bringing on high-cost capacity or we wouldn't go out and buy new capacity at high cost because we think longer-term, that's false economy. There will be volatility. We know our resources, we understand how to get the best of them, and we do things like the UHDMS project at Kumba. Kumba used to be really high cost, used to cost us $77 a ton break-even cost into China. Today, it's in the 30s. We halved our cost, and we've got the ability to bring on new technologies to get more production. Those are the sort of smart things we can do. Tony, do you want to talk about some of the technology stuff that you're driving in terms of the volumes across the business, the mining strategies in terms of that question? Look, I think it's really about value. We look at the ore bodies at, not rate per hour or dollar per hour. How do we push more through the whole system? Things like Bulk Ore Sorting. Bulk Ore Sorting is now effectively handed over to the business units and it's for them to include in their businesses. The microwave technology, the CPF, are all about fundamentally shifting the rates up. Where possible, probably up 20%-25%. We concentrate on that. We've got a really good strategic understanding of our ore bodies. I think it's important that we, and to Mark's point, keep our discipline and in previous cycles, we've seen everyone blow their heads off. I think if we can keep our discipline, push through these extra tons, we've got them, then I think it actually helps us reposition further again. We don't want to add too much volume to a market and take the steam out of it. What we're trying to do is be smart in the way we allocate our capital, get the best returns, hold our margins, and at the same time, keep an eye on when things will turn the other way and not get caught. I think that's a really important discipline to keep in the business. That's why I said from the outset, we're keeping our feet on the ground. Just as a follow-up to that. If we're not talking about any significant changes to strategy, it looks like you'll be generating enormous amounts of free cash flow. The balance sheet's already strong. This question was sort of asked earlier, but just to follow up on this in terms of capital allocation. No Should we expect surplus cash flow to just be returned to shareholders? Is that going to be the model going forward? Is it possible that you start to invest more aggressively in the business? I mean, how do we think about that surplus cash flow being the balance sheet's already strong, cash generation is so strong already? Let me take Stephen's word; balance. We think too many times in our industry, we forget about that word, and it's a really important word. We're investing in the right things. Quellaveco, we saw a great opportunity in Sirius, and we're certainly very pleased with what we've seen so far. We've got a pipeline of opportunities that we're sequencing. We're not looking to jump all over the place. We're going to keep with that discipline. If we do see an opportunity out there, look at it. We've got to think long and hard about where it fits longer term. We're not going to do short-term stuff that doesn't make sense. We're going to keep the discipline, keep the strategy, and as Stephen said, and he talked to, he's making sure that capital discipline or allocation is right. We're very happy to return money to shareholders on the basis that they seem to like it. Thanks. It's hard to add to that, Chris, from my perspective, when the CEO and the Technical Director are talking balance and discipline, my job is done. Your next question comes in line of Liam Fitzpatrick from Deutsche Bank. Your line's open to ask your question. Thank you. Good morning, everyone. Two questions for you. Firstly, on De Beers. Before 2019, De Beers was generally averaging around $1.4 billion in EBITDA per annum. Given what you're seeing today in terms of demand recovery, is there any reason that you're seeing why De Beers doesn't reach or exceed that type of level in 2021? Second question on the Group structure. I know today everything looks very correlation is going well in terms of cash flows, et cetera, but a lot of us can still view Anglo as a relatively complicated business. You've got two subsidiary listings in the SA. There are large minorities through the Group, et cetera. Do you as a management team believe these complications impact the Group in terms of its rating? Is there any current thinking or plans on how you could simplify the Group going forward, whether that's through divestments or consolidating minorities? I'm thinking beyond the coal divestments that you've already mentioned. Thank you. Yeah. Two good questions. Firstly, on De Beers. Bruce and the team have the same cash flow-return and sustainability targets we have across the company, and they compete for capital. Certainly, we expect with the new strategy, Bruce should be able to deliver beyond those numbers that we talked about, $1.4 billion. He's certainly got a higher target than that. At the same time, you've got to be careful in forecasting how quickly the business recovers. It's something we'll watch carefully through 2021. I think his strategy is right. I think the focus on understanding and playing to our brand strategy, which is something that we've rebuilt after we've got the De Beers brand back in the stable. I think that was a really important strategic move. The success of Forevermark, the success of the work he's done in China, the work on Lightbox and differentiating between the naturals. I think they're all things that will help us get back to those numbers and better. Certainly, that's where we're taking the business. Again, we're very excited by what Bruce is doing and the hard yards he's taking at the moment. I'm very confident and certainly a big supporter of what Bruce and the guys have done. In terms of complexity, one thing that we would certainly like is for some of those relationships to be a little bit easier. At the same time, we're not about to go and do something for the sake of just doing it and blowing value. We have all those types of issues on our radar, and there are certain things we'd like to simplify. There's no doubt about that. Making it an easier entity to analyze is very important to us. That's why Paul's put his business on a page. Certainly, we had great feedback in helping demystify, making it a lot simpler. There's a lot more stuff we can do, and let me say, it's all on our radar, but at the same time, we look to do those sorts of things for value, and in time we'll get there. Mark, if I could just add, obviously, the diamond market is coming back nicely at the moment, we do remain cautiously optimistic through 2021. I would love it if De Beers got there in Q1, really getting back to that level is probably a multi-year journey. Hopefully, stability and profitability comes back to that market. Certainly, those targets are there over a number of years to meet and exceed those previous profit levels. I'm a big fan of simplicity in capital structures, yes, we are somewhat complex. We've halved the number of assets, as everyone knows, over the last five to seven years. I suppose we will continue to look for opportunities to simplify. As Mark says, it's about discipline and value, they are paramount in anything that we would consider. Is it fair to say that any kind of simplifications from here is more about structure and minorities rather than shedding more assets? Yes. Mark, do you want to take that one? Yes. We like the portfolio we have. There's always a process of renewal and improvement. We're pretty happy with what we've got generally. We can always incrementally improve, and we're growing in different areas. There are certain things we understand we can do to simplify things. Some of those things occur naturally over time. We don't need to rush, but we certainly are focused on those types of opportunities and get there as quick as we can. Got it. Thank you. Your next question comes from the line of Sylvain Brunet from Exane BNP Paribas. Sylvain, your line is open. Please start the question. Thank you. Good morning, gentlemen, and well done on the H2 performance. My first question is on working cap in diamonds. With a strong catch-up that you guys could score deals the later part of the year, the 5% price increase in January, it looks like conditions are probably stronger than most of us expected. Is there a case we could expect a faster unwind of inventory in the course of H1 already? That's my first question. My second one is on PGMs and really reflecting on your slide 27, where you're showing an increase in loadings with EU 7 and China 7 standards coming by 2025. If you could perhaps help us understand if some PGMs are going to be impacted more than others. Is it more of a rhodium, palladium story, which would explain the risk we're seeing at the moment? Or would you say those standards would impact all the three of them in a symmetric way? My last question is on emissions. When we look at source of emissions, and Mark, you hinted at that, fugitives, methane emissions are pretty big theme and a big share to your Scope 1 in Met Coal. I know the coal exit strategy mainly about thermal, but if you want to stay ahead of the curve on this theme, is now a time to also consider Met Coal as a little bit more problematic than is usually perceived? We see you had some operational issues at Moranbah, and we've seen China pushing back on imports. I'm just wondering whether it is still worth deploying technology, CapEx, and time in a business which is facing so many headwinds. Thanks. Okay. Stephen, you want to pick up the De Beers, I'll pick up the PGM, Sylvain can go. Yeah. Thanks, Mark. We finished the last quarter last year reasonably with some good Sights and therefore good volume pull-through, and as you say, that continued through Sight 1. Hopefully through this first quarter. I would expect any of that excess diamond inventory to have largely worked its way out of De Beers through that first quarter. We're on track to do that at this stage. The focus for us on working capital then largely moves to the PGM buildup that we've had. We've done a lot of work, and the team have done an enormous amount of planning out over the next 12 plus months, but that will take us a little bit longer as we see it today. We continue to look for opportunities to unwind that working capital as well. Thanks, Mark. Thanks, Stephen. On PGMs, it's a very good question, as you know, there's also iridium now is in the mix as well. When you look at hydrogen, where we produce, I think it's around 100,000 ounces of iridium. I think it's up near 3,000 now. All of these things are becoming quite interesting as the vehicle emissions are being dealt with and we're getting the hydrogen economy and demand, ultimate demand source is really important. Whether the PGMs will be impacted on a symmetrical way will depend on price. I think platinum will still be increasing its substitution across on palladium, albeit that will take a bit of time. Rhodium at 20,000 to 25,000 worries me a little on the demand side, because of its ability to clean NOx emissions at low temperatures, it remains a favored technology. At those sort of numbers, I think the pressure will be to pull it back. At around $10,000-$12,000, I don't think there's an issue for rhodium, but at $25,000, it's a bit high. Depending on the price you're assuming, yeah, I think there will be some asymmetry, which will probably favor platinum demand as we go forward. The other will sort of adjust based on the relative prices between the three. Your guess is as good as mine as to how that'll play out, that's how we see it at the moment. On Met Coal, you're right in saying methane emissions are what we're focusing on. Tony, do you want to talk about Pierre's work and how we're thinking about broadly the emissions, in particular the handling of the methane work and the research work we're doing? Yeah. Thanks, Mark. We are working on VAM, vent air methane. We currently burn a percentage of that, but we are looking at technological approaches to actually lift our rate of, I guess, extraction to a much higher level. The early days are promising, but it's a little bit too early at this point to call exactly how that will pan out. Mark? Yeah. Thanks, Tony. I think 2016, just to add the second part of that question about whether we should continue to invest in Met Coal. Look, from our point of view, all the businesses compete for capital. We've got some great assets on the ground, so we'll nurture those assets and make sure we get ourselves back up to full rate. The business has generated, I think about $5.5 billion free cash flow since 2016. Seamus and the team have done a great job. We'll get it back up there. It'll probably take us the best part of this year with the Grosvenor restart and Moranbah settling down. It is a great business. It is worth the effort. Certainly, the returns are there. We've got a great team, probably the leading team, I think, in Australia in the coal industry. Certainly by numbers. Yeah, we're still there. We're going to stick with it. We're going to stick with the team. They've done a good job. It has great earnings potential, we've posted a pretty good set of results without much from coal. Seamus will come back, and the team will come roaring back in the next year. Thanks, Tony. Our next question comes from the line of Ian Rossouw from Barclays. Your line's open to ask a question. Hi, good morning. Mark, you mentioned a comment about the community relations and you're not where you want to be. Could you provide a bit more color on this and I guess what do you need to do to fix that? Maybe just related to that, your PGM assets, I guess with the disposal of Bokoni, you've gained credit from most of the assets you've sold now, but your key assets now are 100% owned. Is there plans to, I guess, involve some of the communities in some of these sort of asset sharing and the assets equity stake? Just a second question on Cerrejón. It seems like the process is taking a little bit longer than what you alluded to in terms of the exit there, versus what you said in December. I was just curious what's causing that delay. I guess now that you've given an intention to exit that asset, I just wanted to get a sense of what your obligations are within the JV, whether you need to. Let me make a point. We don't believe as an industry, this is as Anglo, we don't believe as industry we're terribly good to communities, and that we all need to lift. I'm not pointing the finger anywhere. I'm saying we've all got a lot of work to do. For those that have tracked our faith-based engagements and some of our other community engagements, and you've heard of the Courageous Conversations stuff that we've sponsored in South Africa, respect people's values, their beliefs, and ensure we connect with the way that's good. In South Africa, we're on a journey. We're on a journey with our communities. In some cases, our relocation is pretty well. We've just about done the Dingleton move. We've got more difficult moves where I think we've had 30 different residents in Mogalakwena. We're making progress. What we've got to do on that engagement and relocating, sure that we're reading people's ability to living or managing where we go. I don't think we've done that terribly well. We're doing all of those things, and the commitment to the Social Way 3.0 is all about taking that up another level. What I'm saying is, I'm making an observation as part of our industry on what we're doing there. At the end of the day, if you think of it, we derive so much economic benefit across the globe, but when you look at the community impact, people will be extremely frustrated. I don't think they get a terribly good deal on government or regional leaders as well, and/or that. Our commitment to cast five jobs for each job that we have on site is about doing more in those communities, and as well, it recognizes the digital technologies are coming towards us. We're trying to get ahead of those curves and trying to make sure we improve all operations. I'm not sitting ruling out one operation. I'm saying we've got to do it right across. In Australia, down in Moranbah, whether it's at Mogalakwena, whether it's around Sishen, or whether it's around Venetia in northern South Africa. [inaudible] With our staff here at PGM, certainly is a unique package across our industry, but it needs more. Elsie, could you just pick up the next question very quickly? Got another seven questions queued. I'm afraid we've got time for three. If you could overlook two of them, but we will take your questions first in the roundtable that follow. Thanks very much. Next question. Next question comes on. Comes from the line of Myles Allsop of UBS. Yes, your line's up please ask your question. Great. Thank you. Just similar to PGMs and particularly with rhodium and palladium, what we're seeing, I guess, over the last six months, an acceleration in battery electric vehicles. What sort of preparation of the EVs do you think becomes an issue for rhodium and palladium where there is no alternative end use? Well, I was going to say, I think hydrogen will certainly be a beneficiary on the large scale or the larger scale transportation industry, and I think that's good news from our point of view, particularly with platinum. I think in terms of palladium, we see palladium and rhodium. Palladium, we see the next two or three years where the industry will be short, but we think it starts to founder and platinum becomes the output. Our estimate is about a three-year life. As well, it's got other abrasion and other physical characteristics that support its broader use. Certainly, we think in around a two to three-year period, palladium starts to drop away in price compared to platinum. Platinum is quite a beneficiary, particularly for the hydrogen industry. My view is that there'll also be reconsideration of palladium in a whole range of other areas. There's a lot going on in battery technologies as well. I don't think the game's played out yet. I don't think people fully appreciate where the demand- Your last question comes on the line of Dominic. Dominic O'Kane from J.P.Morgan. Your line's open, please ask your question. Morning, Mark. My question relates specifically to South Africa. I guess in the context of your slide 32 with the targets for free cash flow and return on capital employed. How does yesterday's sort of relaxation of currency controls, which is clearly what you've been talking about for years, change your attitude to investing in South Africa? Clearly, you have some great expansion options, great deposits in South Africa long term. How should we think about your upside for greater investment in South Africa over the long term? Equally, to your comment on the minorities, does the removal of those exchange controls make it more value accretive to start to maybe look at increasing the minority stakes there rather than upstreaming of dividends from South Africa? Look, I've worked in South Africa or with South Africa since 2007. The single most important issue in terms of investing in the country has been exchange control. With that announcement and with what we've done in the last 12 months, I think that's the single most important strategic issue for us as a Group, and it makes South Africa one hell of an attractive investment. Even with its challenges for the mining industry, you've got a maturing leadership regime. The financial team understands the importance of attracting foreign direct investment, and this is a critical step. For us, absolutely key, and for those that talk about two balance sheets, forget that conversation. There's only one balance sheet in Anglo American today, and I think the move is quite significant. I think it's strategic. Whilst all countries have got their issues, South Africa has made another important step in making itself an attractive destination for FDI. It's going to be important in terms of their growth in the future, and they know it. I think it's a big step, really important to us, and very pleased to see it. Steve, do you want to add anything to that? Hard to add too much, Mark, except that we've always had great working relationship, both with the Reserve Bank and with the National Treasury. You've seen what we've done progressively over time in terms of additional flows and returns to shareholders out of South Africa. As you say, I think a great step for the economy going forward and their ability to attract capital in, and we're no different as we consider that decision. As you say, you want to have as even and consistent set of fiscal regimes as you can, as you consider different projects. I think it's a terrific step forward for the country, and we happen to benefit from that as well. Thanks, Stephen. Guys, one thing I guess I didn't answer the Cerrejón question earlier. I should just make the point that we'll wait for Gary Nagle to get his feet under the table and work out where he wants to go. Hopefully, we'll be able to resolve something in the next 12 months with the two partners on Cerrejón. We have to wait and see. Mark and gents, thank you very much for that. Thank you very much for running the show. Audience, thank you very much indeed for your time and your patience this morning. It was a slightly longer presentation than previous. There were some key messages that we wanted to try and share with you. As ever, if there is anything that investor relations and my colleagues can do, then you know where we are. Please contact us. We'll be delighted to try and help. For the sell-side analysts that are joining us on the round table, that will start in about five minutes' time. Stay safe, stay well. Thank you very much indeed. All the very best