Cape Town - The government's threats to review mining
licences are "out of order", the incoming CEO of Anglo American
[JSE:AGL] said on Thursday, criticising comments made after the miner's
struggling platinum arm announced 14 000 job cuts.
"Threats to licences are out of order," Mark
Cutifani, who is currently chief executive of bullion producer AngloGold
Ashanti [JSE:ANG], told an African mining investment conference in Cape Town.
"We shouldn't be threatening licences when a company is
looking at preserving its life," he said.
Anglo Platinum [JSE:AMS] says its plan to mothball two mines
and slash up to 14 000 jobs is crucial to restoring profits after the company
suffered its first loss last year.
The ANC has attacked the restructuring and said it justified
a review of mining licences and President Jacob Zuma this week said threatening
mine closures was almost "blackmail."
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