Energy

Our coal marketing activities are supported by our significant production assets. Our marketing activities include coal either on a principal basis, where we take ownership of the coal, or on an agency/advisory basis, pursuant to a marketing agreement. The main sources of our principal steam coal purchases are the coal mining companies located in the strategically important producing regions of South Africa, Russia, Australia, Colombia, the US, Canada and Indonesia. We supply thermal coal to a diverse geographic and industrial customer base, including major utilities in Spain, France, Italy, the United Kingdom, Hong Kong, China, Japan, Taiwan, South Korea, South America, North America and the Caribbean. We also sell coal to major cement producers, steel mills, chemical plants and other industrial users throughout the world.

We are a world leading exporter of bituminous thermal coal and a significant producer of premium quality hard coking coal and semi-soft coking coal. We have interests in over 30 operating coal mines in Australia, South Africa and Colombia. We have development projects in Australia, South Africa and the Americas.

We have marketing operations in crude oil, refined products and natural gas supported by a substantial shipping portfolio and access to a range of logistics, storage and investments.

Crude oil represents the most significant product supplied by physical volume. We source crude oil and oil products from a variety of supplier types. Our diverse supplier base includes the major integrated oil companies, national oil companies, independent oil companies, other marketing companies and refineries.

We have interests in oil and gas production sharing contracts offshore Equatorial Guinea and Cameroon.

Significant oil and gas reserves have been discovered in Equatorial Guinea and in 2011 we announced our first production from the Aseng oil field, whilst the Alen condensate field is due to commence production later in 2013. A continued exploration and drilling programme has resulted in several other discoveries which are awaiting appraisal and development to tie in to the existing production facilities, in addition to many prospects identified for future drilling.

We also have both operated and non-operated interests in three deepwater licences offshore Equatorial Guinea which will be the focus for future exploration seismic and drilling campaigns.

In Cameroon we completed our first operated drilling programme in 2012, resulting in the Oak oil discovery and are entering a new phase of operated exploration and appraisal drilling across our Matanda and Bolongo licences.

In addition to our offshore activities, we also have non-operated interests in the Mangara and Badila oil fields in the Doba basin of Chad which are due to commence production in 2013. These fields will mark a new phase of oil production and export via the Chad-Cameroon pipeline. In addition to these field developments, the Chad licence areas also cover some of the most prospective regions of the Doseo and Doba basins and an aggressive multi-rig drilling campaign is underway to test these new prospects and appraising existing oil discoveries.