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About Anglo American
Anglo American is a British multinational mining company headquartered in London, United Kingdom. It is the world's largest producer of platinum, with around 40% of world output, and a major producer of diamonds, copper, nickel, iron ore and metallurgical and thermal coal. It has operations in Africa, Asia, Australasia, Europe, North America and South America.
20 Carlton House Terrace
SW1Y 5AN London
Mark Cutifani |
Anglo American is listed and traded at the London Stock Exchange as AAL. On the Johannesburg Stock Exchange in South Africa it is listed as AGL.
In December 2012, former gold miners and their dependents filed South Africa's largest-ever class action lawsuit against 30 mining companies, including Anglo American South Africa Ltd., Anglo American's South African subsidiary. The lawsuit claims the company knowingly exposed workers to hazardous mine dust, causing them to develop the life-threatening respiratory disease, silicosis. Over 200,000 former miners potentially suffer from the disease. In March 2013, eighteen miners, later twenty-two, suffering from silicosis, filed an additional class action lawsuit against Anglo American South Africa Ltd. The case was settled confidentially in September 2013.
In February 2013, nine employees were injured at Anglo American's Siphumelele mine in Rustenburg, South Africa, after Anglo American Platinum security personnel fired rubber bullets to disperse a union dispute.
In March 2016 Anglo American reached a USD30 million settlement with 4,400 gold miners who contracted the fatal lung disease silicosis while working underground, the companies and lawyers said.
In September 2013, Chile's environmental regulator, SMA, pressed charges against Anglo American for violations including failing to preserve and relocate vegetation, ineffective wetland conservation and water management plans, lack of environmental monitoring, and dumping mine tailings in unauthorized areas. In addition to potentially losing their environmental permit, Anglo American faced fines between USD970,000 and USD4.9 million.
In Peru, community opposition continued to delay Anglo American's plans to begin production at their Michiquillay and Quellaveco copper mines. Local communities fear the mines will cause severe environmental damage and deplete water supplies.
A study conducted in 2013 by the Climate Accountability Institute ranked Anglo American 20th in attributable worldwide carbon dioxide and methane emissions compared to global totals between 1751 and 2010.
Labor disputes and pollution complaints, as well as calls for adequate community compensation, mostly from indigenous communities like the Wayuu, frequently disrupt operations. Protesters demonstrated at Anglo American's 2013 annual general meeting after the company's mining activities allegedly jeopardized the lives of 13,000 people.
In northern Amapa, in Brazil the company was fined USD ten million following an incident at the company's port terminal that left three people dead and three missing.
Anglo American plans to hasten coal and iron ore sell-offs as profits halve
Anglo American has revealed plans to accelerate the sale of its iron ore, coal and nickel mines, in a sweeping overhaul after its annual profits more than halved and its bonds were downgraded to junk status (source: The Guardian).
Anglo American credit rating pushed further into junk territory
According to The Guardian: The mining giant Anglo American Plc's debt has been downgraded further into junk territory by Moody's, which cited a deterioration in commodities market conditions and doubts over how long it will take the company to reduce debt levels. Moody's said it does not expect Anglo American to generate enough operating cash flows to deliver substantial debt reduction in the next two years.
Anglo American teeters on the brink
The world's number five diversified mining company, Anglo American announced a "radical portfolio restructuring" a month ago. The company with roots going back more than a hundred years to South Africa's gold and diamond fields said it would cut around 85,000 employees, almost two-thirds of its workforce. London-listed Anglo also said it is reducing the number of mines it operates from 55 to the "low 20s". According to CEO Mark Cutifani Anglo would focus on diamonds, copper and platinum because of better long-term potential. Only cash-producing (good luck with that) nickel, coal and iron ore assets will be kept in its portfolio (source: www.mining.com).