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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.

Company Data

Anglo American Plat Ltd [JSE:AMS]

Last traded 0
Change -0,09
% Change 0
Cumulative volume 253588
Market cap 101.06bn

Last Updated: 28-11-2014 at 04:36. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLOGOLD ASHANTI LIMITED [JSE:ANG]

Last traded 0
Change -7,61
% Change 0
Cumulative volume 898071
Market cap 39.77bn

Last Updated: 28-11-2014 at 04:36. Prices are delayed by 15 minutes. Source: McGregor BFA

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 0
Change -5,85
% Change 0
Cumulative volume 1128985
Market cap 322.06bn

Last Updated: 28-11-2014 at 04:36. Prices are delayed by 15 minutes. Source: McGregor BFA

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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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