• The capitals
• Connectivity of information

Key observations:

Anglo American includes an overview of its business model on pages 14-15 of its 2014 Annual Report.  The inputs to the business model are stated in terms of the capitals identified in the <IR> Framework. The core activities are diagrammed and explained, running the gamut of the entire mining value chain from exploration through to marketing.  Diversification is a key attribute of the Anglo American portfolio and enables the company to focus on particular commodities, markets and stages of the value chain that deliver the most value. The six capitals are again noted as business outcomes, and are connected with the company’s seven pillars of value through the use of icons.  Each outcome is briefly explained and accompanied by cross-references to additional detailed information in the report.