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Read the case study below and answer ALL the questions thatfollow. ANGLO ENDS 2021 ON A HIGH WITH A ROSY OUTLOOK FOR THEFUTURE Anglo American expects its strong performance this year willgain momentum in 2022 and beyond as the global mining companyexpects 35% growth over the next decade. In an update to investorsahead of the year-end, Anglo CEO Mark Cutifani said the company hasproved "resilient and agile" and is expected to continue to deliversector-leading growth into the future. Key to Anglo’s rosy outlookis its flagship Quellaveco project in Peru, which is on track andon budget despite having lost six months to Covid-19-relateddisruptions. The group now plans to create additional value havingincreased it early copper production plans for the project. AmongAnglo American’s highlights for the year is a 7% increase inproduction, bolstered by higher diamond demand as well as a strongperformance by its Platinum Group Metals business, Anglo AmericanPlatinum. Under the leadership of CEO Natascha Viljoen, Amplats onFriday announced it has approved a R3.9 billion project to extendthe life of its Mototolo platinum mine by 30 years. The project,Viljoen said, is an example of the high-quality, low-cost expansionoptions that the business has in its portfolio of assets that willallow it to continue delivering industry-leading returns toshareholders. Another Anglo subsidiary in South Africa, Kumba IronOre, said its production is expected to be 7% higher than that in2020, demonstrating its "operational resilience and ability tomanage through external challenges" such as Covid-19-related supplychain disruptions and rising input costs. Anglo also responded toclimate concerns this year by disposing of its South African coalassets while also committing to operate carbon neutral mines by2040. Climate change, Cutifani said, is "the defining challenge ofour time", and Anglo has a crucial role to play in supporting thetransition to a low carbon economy by producing many of the metalsand minerals that enable decarbonised energy and transport. "AngloAmerican offers an increasingly differentiated investmentproposition centred around sustainable performance and highquality, responsible growth," Cutifani said. "Combined with ourintegrated approach to technology in pursuit of the safer and moresustainable supply of materials essential to the energy transitionand growing consumer demand patterns, we are well positioned tomeet the expectations of our full breadth of stakeholders acrosssociety." Extracted from:https://www.news24.com/fin24/companies/ ... 1210Answer ALL questions in this section.Question 1 1.1 In the context of Anglo American, discuss thecomponents and purposes of financial statements. (20 Marks) 1.2Anglo CEO Mark Cutifani said the company has proved "resilient andagile" and is expected to continue to deliver sector-leading growthinto the future and make significant improvements to its operatingcycle. In light of this statement discuss what he means byoperating cycle and describe the measures that can be adopted inimproving Anglo American’s operating cycle. (20 Marks)