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Anglo: Government threats out of order

Feb 07 2013 11:41 Reuters

The incoming CEO of global resources giant Anglo American, Mark Cutifani.

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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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