Jump to content

Anglo American plc: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
mNo edit summary
mNo edit summary
Line 2: Line 2:
| name = Anglo American plc
| name = Anglo American plc
| logo = [[Image:Anglo American.svg|200px]]
| logo = [[Image:Anglo American.svg|200px]]
| type = [[Public company|Public]]<br>({{LSE|AAL}})<br>({{jse|ANGLO}})<br>(Pink Sheets (OTC)|AAUKY)<br>
| type = [[Public company|Public]]<br>({{LSE|AAL}})<br>({{jse|ANGLO}})<br>(Pink Sheets|AAUKY)<br>
| genre =
| genre =
| foundation = 1999
| foundation = 1999

Revision as of 09:04, 25 August 2009

Anglo American plc
Company typePublic
(LSE: AAL)
(JSE: ANGLO)
(Pink Sheets
ISINGB00B1XZS820 Edit this on Wikidata
IndustryMining
Founded1999
Headquarters
England London
,
England
Area served
Worldwide
Key people
Sir John Parker
(Chairman of the Board)
Cynthia B. Carroll
(CEO) & (Executive Director)
ProductsFerrous metals, platinum, nonferrous metals, coal, base metals, industrial minerals
RevenueIncrease US$ 26.311 billion (2008)
Decrease US$ 8.014 billion (2008)
Decrease US$ 5.215 billion (2008)
Total assetsIncrease US$ 49.738 billion (2008)
Total equityDecrease US$ 20.221 billion (2008)
Number of employees
105,000 - Dec 2008
Websitehttp://www.angloamerican.co.uk

Anglo American PLC (LSE: AAL, JSE: ANGLO), (Pink Sheets (OTC)|AAUKY) is a multi-national mining company, founded in South Africa as a mining enterprise but now extending into other areas. Natural resources remains the focus of its operations. Its headquarters are in London, England. Its primary listing is on the London Stock Exchange and it is a constituent of the FTSE 100 Index.

History

Company Milestones

Sir Ernest Oppenheimer founded the Anglo American Corporation, a gold mining company, in 1917 with £1 million, raised from U.K. and U.S. sources, and ultimately derived the name of the company.[1] The AAC became the majority stakeholder in the De Beers company in 1926. Two years later, the AAC began mining in the Zambian copper belt.

1940s to 1960s

In 1945, the AAC moved into the coal industry by acquiring Coal Estates. Twelve years later, in 1957, Sir Ernest died in Johannesburg and was succeeded by his son, Harry Oppenheimer, who also became chairman of De Beers. In the late 1940s and 1950s, the AAC focused on the development of the Free State goldfields (seven major mines simultaneously) and the Vaal Reefs mine. The success of the mines meant the company became the world’s largest gold-mining group.[2]

1960s to 1980s

In 1961, the AAC expanded outside of southern Africa for the first time and became a major investor in the Hudson Bay Mining and Smelting Company in Canada. In 1967, the company moved into the steel industry by acquiring Scaw Metals. From 1967 to 1975, it continued to grow and established a number of ventures, including the Mondi Group (timber, pulp and paper), Amgold (later AngloGold Ashanti) and then Amcoal (through the consolidation of several of its mining operations in South Africa and later known as Anglo Coal). In 1982, Harry Oppenheimer retired as chairman of the AAC and was succeeded by Gavin Relly. Two years later, Oppenheimer retired from De Beers and passed the chairmanship to Julian Ogilvie Thompson, who in 1990 also became chairman and chief executive of the AAC.

1990s to 2000s

Anglo American Corporation merged with Minorco on May 24, 1999 to form Anglo American plc with its primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.[3] Its gold mining operations were spun off into the separate AngloGold corporation, which in 2004 merged with the Ashanti Goldfields Corporation to form AngloGold Ashanti. Anglo American reduced its stake in AngloGold Ashanti to 16.6 percent in 2008[4] and exited the company completely in 2009.

In 2000, Julian Ogilvie Thompson retired as chief executive of Anglo American and was succeeded by Tony Trahar. Ogilvie Thompson also retired as chairman in 2002 and was replaced by Sir Mark Moody-Stuart. In the same year, Anglo American acquired Tarmac, a supplier of building materials,[5] and Shell Petroleum Company’s Australian coal assets[6] In 2001, De Beers was privatized after being a listed company for more than 70 years.[7]
In 2002, South Africa’s Mining Charter was approved [8] and Anglo American and other mining companies with operations in the country were mandated to transfer a percentage of their South African production to historically disadvantaged South Africans.[9] Anglo American has since carried out black economic empowerment transactions across all businesses with operations in South Africa totaling R26 billion worth of transactions.[10]. Also, in 2002, Anglo Base Metals acquired the Disputada copper operations in Chile from Exxon Mobil Corporation [11] and opened a representative office in Beijing, China.[12] In 2003, Anglo American acquired a major stake in iron ore producer Kumba Resources.[13]

In 2007, Cynthia Carroll became the first non-South African and first female chief executive of Anglo American and succeeded chief executive Tony Trahar. [14] The Mondi Group, a paper and packaging business, was also spun out in 2007.[15] During the next two years, Anglo American opened a representative office in New Delhi, India,[16] acquired control of the Michiquillay copper project in northern Peru and the MMX Minas-Rio and Amapa iron ore projects in Brazil [17] and later acquired stakes in the Pebble copper project in Alaska[18] and Foxleigh coal mine in Australia.

Operations

The Company focuses on natural resources with five core business units: base metals, coal, diamonds, iron ore (or ferrous metals and industries) and platinum. Its operating footprint includes Africa, Asia, Australia, Europe, North America and South America.[19]

Wholly-owned subsidiaries include Anglo Base Metals, Anglo Ferrous Metals and Industries, Anglo Coal and Anglo Industrial Minerals (Tarmac)[20]. Partially owned subsidiaries include Copebras (Brazil), Anglo Platinum Ltd (South Africa)(79.6%)and 63.4% of Kumba Iron Ore. [21] The paper and packaging business Mondi Group was spun out in 2007. It also holds 45% of the diamond mining company De Beers.[22]

In 2008, the company had 105,000 permanent employees and 39,000 contract employees in its managed operations located in 45 countries. [23]

Exploration

In 2008, Anglo American (excluding De Beers) spent $212 million on exploring 21 countries for resources including copper, nickel, niobium phosphates and zinc.[24] The two main types of exploration for the company are Greenfield and Brownfield with nearly 70% devoted to Greenfield projects. [25]

Technology and innovation

Anglo American, along with De Beers, backed the manufacturing of a Superconducting Quantum Interference Device (SQUID) to help improve the sensitivity of exploration surveys.[26]

Anglo American established Boart Products South Africa Limited in 1936 (later named Boart International) to turn the company’s stockpile of boart, or low-grade natural diamonds, into drilling products.[27] This initiative resulted in the development of the first mechanically set diamond drill bit and later led to additional research into cutting and abrasive tools. [28]

Sustainable Development

Anglo American is a member of the World Business Council for Sustainable Development Cite error: The <ref> tag has too many names (see the help page). and in August 2008, the company was named as a winner of the UK Sustainability Reporting Awards Cite error: The <ref> tag has too many names (see the help page).. Additionally, Anglo American committed to support the Extractive Industries Transparency Initiativewhich strengthens governance by improving transparency and accountability in the extractives sector Cite error: The <ref> tag has too many names (see the help page)..

A socio economic toolkit originally developed by Anglo American to manage the social aspects of its operational impacts, was released into the public domain for non-profits and other companies to use Cite error: The <ref> tag has too many names (see the help page).. The program was commended by the World Business Awards program of the United Nations Development Programme Cite error: The <ref> tag has too many names (see the help page).

With a significant number of operations and employees in South Africa, Anglo American faces the HIV/AIDS challenge on a large scale Cite error: The <ref> tag has too many names (see the help page).. In response, it runs a workplace program for HIV/AIDS testing and counseling Cite error: The <ref> tag has too many names (see the help page).. In 2002, it started to provide antiretroviral drugs for employees with AIDS Cite error: The <ref> tag has too many names (see the help page).

Criticism

In 1977, the company demanded the paper it owned, Rand Daily Mail, tone down its equal-rights support after exposing the murder of South African activist Steve Biko amid the subsequent government backlash. In August 2007, the British charity, War on Want, published a report accusing Anglo American of profiting from the abuse of people in the developing countries in which the company operates. According to the charity, "in the Philippines and South Africa, local communities threatened with Anglo American mines have faced severe repression in their fight to stay on their land, while in Ghana and Mali, local communities see little of the huge profits being made by AngloGold Ashanti but suffer from fear and intimidation and from the damaging impact of its mines on their environment, health and livelihoods".[29]. Anglo American subsequently published a report [30] responding to War on Want and separately disclosed its safety performance in its most recent annual earnings report [31], along with immediate measures to address safety concerns Cite error: The <ref> tag has too many names (see the help page).


Anglo American was also accused in 2007 of damaging environmental practices: in order to complete its planned Alaskan Pebble Mine in collaboration with Northern Dynasty Minerals, the global mining giant may build a massive dam at the headwaters of the world's largest sockeye salmon fishery, which it would risk obliterating.[32] Opponents are also pointing to the use of cyanide, heavy metals, and acid mine drainage which can all have potentially devastating effects on the pristine environment of the Bristol Bay area. Opponents of the Pebble Mine created Ballot Measure 4 to impose additional water quality standards on new large-scale mines in the state. However, in August 2007, Alaskans voted against the initiative Cite error: The <ref> tag has too many names (see the help page).. The Pebble Limited Partnership has not yet put forward a project proposal and is working to prepare a Prefeasibility Study for the project in the second half of 2009 Cite error: The <ref> tag has too many names (see the help page).. The mine proposal must still undergo environmental studies and the permitting process, including being subject to state and federal water protections Cite error: The <ref> tag has too many names (see the help page).


Nunamta Aulukestai (Caretakers of Our Land) and the Renewable Resources Coalition commissioned a report regarding Anglo American and their current and past subsidiaries. The report is written by Philip Mattera, a corporate reporter. The report, released in July 2008, criticizes Anglo American for community, worker safety, public health, and environmental problems at their mining operations in South Africa, Zimbabwe, Ghana, Mali, Ireland, and the United States (Nevada) and notes the difference between Anglo's stated corporate goals and their actual corporate performance.[33]

See also

References

  1. ^ Forbes.com "New Mining Target: Anglo American"C.Noon.21 August 2006; Retrieved 27 May 2008.
  2. ^ Answers.com"Anglo American"
  3. ^ name="history">History Angola American PLC
  4. ^ Anglo American website "AGM 2008 Chief Executive Speech"15 April 2008
  5. ^ thisismoney.co.uk "Tarmac takeover cleared"1 March 2001. Retrieved 27 May 2009.
  6. ^ Asia Times Online "Shell to shed coal to Anglo American"2 June 2000. Retrieved 27 May 2009.
  7. ^ New York Times."$17.6 Billion Deal to Make De Beers Private Company"16 February 2001. Retrieved 27 May 2009.
  8. ^ South Africa.info"Key empowerment charters"29 October 2004. Retrieved 27 May 2009
  9. ^ BBC News "South African mines charter welcomed"10 October 2002. Retrieved 27 May 2009
  10. ^ Mining Weekly"Employment equity next big transformation challenge for Anglo American South Africa – Baum"8 July 2008. Retrieved 27 May 2009.
  11. ^ Dallas Business Journal"Exxon Mobil completes Chile copper business sale"13 November 2002. Retrieved 27 May 2009.
  12. ^ Beijing Review.com.cn "Getting Down to Business"26 April 2007. Retrieved 27 May 2009.
  13. ^ Business Report(South Africa)"Anglo's stake in Kumba is now 66.6%"9 December 2003. Retrieved 27 May 2009.
  14. ^ Telegraph.co.uk "Anglo appoints first female head"24 October 2006. Retrieved 27 May 2009.
  15. ^ Mondi demerger approved by Anglo American shareholders Packaging News, 26 June 2007
  16. ^ "Anglo American Plc keen on Indian tie-ups in mining"China Mining. 7 November 2008. Retrieved 27 May 2009.
  17. ^ "Anglo American's $5.5 Billion Spending Spree"Forbes.com 17 January 2008.Retrieved 27 May 2009.
  18. ^ "Queen Bee"Forbes.com 22 May 2008.Retrieved 27 May 2009.
  19. ^ Reuters (2009) Anglo American PLCAccesed 01 June 2009
  20. ^ Anglo American corporate website (2009)Anglo American Fact Book 2008/09Accessed 01 June 2009
  21. ^ Anglo American corporate website (2009)Anglo American Fact Book 2008/09Accessed 01 June 2009
  22. ^ Anglo American (2007)History, Corporate website [accessed 21 July 2007]
  23. ^ Anglo American Report to Society 2008 (2009)Anglo American Report to Society 2008Accessed 01 June 2009
  24. ^ Anglo American Annual Report and Accounts 2008 (2009) Exploration Accessed 01 June 2009
  25. ^ Anglo American corporate website (2009) What we do/explorationAccessed 01 June 2009
  26. ^ African Review of Business and Technology (2007)High definition exploration brings better prospects Accessed 01 June 2009
  27. ^ Advent International(2005)Advent to acquire Boart Longyear from Anglo American Accessed 01 June 2009
  28. ^ Funding Universe Boart Longyear Company Accessed 01 June 2009
  29. ^ Anglo American: The Alternative Report
  30. ^ "Response to Allegations Made in War on Want’s “Anglo American – The Alternative Report”9 September 2007. Retrived 25 August 2009
  31. ^ Anglo American corporate website (2007)Anglo American Annual Report 2007Accessed 25 August 2009
  32. ^ The Washington Post. "Alaskans Weigh the Cost of Gold". Retrieved 2007-12-27.
  33. ^ Anglo American's Track Record: Rhetoric or Reality?

Template:Companies portal

Retrieved from "https://en.wikipedia.org/w/index.php?title=Anglo_American_plc&oldid=309941791"