Anglo American plc ("Anglo American") responds to erroneous media report
ANGLO AMERICAN PLC
JSE Code: AGL
ISIN Code: GB0004901517
(The "Company")
Anglo American plc ("Anglo American") responds to erroneous media report
Anglo American wishes to correct an erroneous media report today relating to a
purported loan to the Zimbabwe government. The transaction outlined below was a
purely commercial currency transaction and in no way constituted a loan to the
Zimbabwe government or any other entity.
Anglo American Corporation Services Ltd, a subsidiary of Anglo American, acting
on behalf of a consortium of exporters (Mimosa Platinum Mines, Makwiro Platinum
Mines, ZIMASCO, Cotton Company of Zimbabwe, Ariston Holdings, Bindura Nickel
Corporation and Zimbabwe Alloys), entered into a US$35 million currency swap in
which the consortium received Zimbabwe dollars in exchange for US dollars
generated by export activity.
Exporters have been urgently seeking permission from the Zimbabwean authorities
to exchange export earnings at a more commercially viable rate than the official
exchange rate and as soon as permission had been received effected the
transaction in order to generate funds needed domestically to maintain existing
operations and the jobs supported by them.
Currency swaps have been common business transactions in Zimbabwe for the past
two and a half years in which fair value is exchanged by the parties involved.
Johannesburg
21 February 2003
Date: 21/02/2003 03:12:01 PM Supplied by www.sharenet.co.za
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