Anglo American Comments On Sa Government Mining Ch
Anglo American Comments On Sa Government Mining Charter
Anglo American plc
(the "Company")
ISIN code: GB0004901517
Issuer code: ANAAL
Alpha code: AGL
ANGLO AMERICAN COMMENTS ON SA GOVERNMENT MINING CHARTER
Anglo American believes that the broad-based Socio-Economic Empowerment
Charter for the South African mining industry released yesterday by the
South African government is a practical approach to achieving
transformation in a way that marries the requirements of international
competitiveness and the interests of the existing investors in
companies, with the commitment by all stakeholders to promote a more
inclusive industry.
Anglo American supports the agreed vision of the charter which reads:
"All the actions and commitments.are in the pursuit of a shared vision
of a globally competitive mining industry that draws on the human and
financial resources of all South Africa`s people and offers real
benefits to all South Africans. The goal of the empowerment charter is
to create an industry that will proudly reflect the promise of a non-
racial South Africa."
Some of the ideas presented by Anglo American and the mining industry
participants in the intensive debate since the controversial first draft
of the charter was released have been incorporated in the agreed charter
announced yesterday. The concept of a scorecard to measure empowerment
progress is currently being considered. The proposed scorecard, which
is still the subject of ongoing consultation between the mining industry
and the SA government, is likely to incorporate both a broad range of
measures, such as performance in procurement, training, employment
equity, etc, as well as credit for past empowerment deals. Anglo
American believes that such a scorecard would be a suitably facilitative
instrument in achieving the 15% and 26% empowerment levels within five
and ten years respectively, subject to available finance. Anglo
American will continue to strive for an outcome that is both realistic
and achievable.
In commenting on the final draft charter, Tony Trahar, CEO, said, "Anglo
American has established a sound foundation of achievement within the
broad empowerment field and is making progress towards achieving the
five year target of 15%. Subject to the availability of finance, the
final ten year target of 26% HDSA ownership of the existing industry is
also potentially attainable. Anglo American has been associated with in
excess of $1.3bn of black economic empowerment deals in South Africa,
comprising over $1bn in empowerment transactions and over $300 million
on procurement from black-owned businesses."
In conclusion, Tony Trahar, stressed that it was vital for government
and industry to work together to complete work on the scorecard and the
important Money Bill in the near future in order to remove remaining
investor uncertainties. It was imperative also that the Minerals Bill,
the Charter, the Money Bill and the associated regulations all be
implemented in an efficient and transparent manner in order to help
rebuild investor confidence.
10 October 20022
Background information:
Anglo American`s Black Economic Empowerment Report was released
recently. Electronic and/or hard copies available on request:
sspencercrooks@angloamerican.co.za
For further information:
London
Investor Relations
Nick von Schirnding
Tel: +44 20 7698 8540
Media Relations
Kate Aindow
Tel: +44 20 7698 8619
Johannesburg
Investor Relations
Anne Dunn
Tel: +27 11 638 4730
Media Relations
Marion Dixon
Tel: +27 11 638 3001
Date: 10/10/2002 01:45:00 PM Produced by the JSE SENS Department
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