News Release
101-21.12.01shaftsinkers
21 December 2001
ANGLO AMERICAN CONTINUES ITS DISPOSAL OF NON-CORE BUSINESSES
Anglo American Corporation of SA Limited announced today that it has
disposed of its entire shareholding in Shaft Sinkers (Pty) Limited. The
purchaser is AMCO Investments Limited, a UK-based company with which Shaft
Sinkers has been associated over many years in Switzerland, Zambia, Botswana
and at Cleveland Potash in the UK.
Anglo American is confident that its association with AMCO and Shaft Sinkers
will continue as new shafts are designed and developed at various companies
within the group.
Chairman of AMCO, Stuart Gordon, said, "we are keen to retain top
operational management of Shaft Sinkers to ensure continuity and will also
be offering 20% of the shares acquired to selected employees. Furthermore,
we will make up to 30% of the shares available to suitable black empowerment
groups as and when these are identified and Anglo American will facilitate
this process."
Bill Nairn, chairman of Shaft Sinkers and an executive director of Anglo
American plc, added "I am delighted that we have been able to secure
offshore investment into a South African company such as Shaft Sinkers -
this will benefit both the company and the country at this time. We are
also pleased that there will be a black empowerment transaction and that
employees of Shaft Sinkers will be offered shares in the company."
The sale, valued at R38 million, will be completed when various conditions
precedent have been met, including the approval of the Competition
Commission.
For further information:
Anglo American - Johannesburg
Anne Dunn
+27 11 638 4730
NOTES TO EDITORS
Information about Shaft Sinkers
Shaft Sinkers was formed in 1961 by Anglo American as the Corporation faced
a growing expansion programme at its gold mines in the then Western
Transvaal and the Orange Free State, in South Africa. Numerous shaft
sinking records were set and the company today is a leader in the sinking of
vertical and incline shafts in South Africa and abroad. The Mets division
is internationally accepted in providing specialist technical expertise in
mining and engineering design and in procurement and construction
management.
Information about AMCO
AMCO controls two companies listed on the Alternative Investment Market of
the London Stock Exchange - AMCO Corporation PLC and Tolent PLC.
The predecessor company of AMCO Corporation was formed in 1970 to undertake
mining development work underground for The National Coal Board in Britain.
Since then it has sunk shafts and carried out major development work for the
British coal mining industry. It has an extensive inventory of shaft
sinking and underground equipment. Since 1970 the business has expanded
into mineral exploration drilling (including in Africa), structural steel
manufacture and erection, tunnelling machinery manufacture, rail
engineering, civil tunnelling and property development. Turnover per annum
is around GBP100 million (R1.96 billion).
Tolent PLC is a well established construction and office fit-out company.
It has a turnover per annum of around GBP150 million (R2.94 billion) and
works for many of the leading blue chip companies such as Goldman Sachs,
Rolls Royce, Du Pont and ICI.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
