Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Anglo American    AAL   GB00B1XZS820

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

Anglo American CEO Argues Against Higher S Africa Mining Taxes

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/07/2012 | 03:02pm CEST

By Alex MacDonald

The chief executive of South Africa's largest mining company, Anglo American PLC (>> Anglo American plc), has argued against a resource rent tax in South Africa, noting that such taxation runs the risk of making South Africa's mining sector internationally uncompetitive.

South Africa's most dynamic sub-Saharan economy is considering implementing a resource rent tax in order to extract more wealth from its minerals.

Cynthia Carroll said in a speech delivered to members of South Africa's government, labor unions, and mining industry that she wholeheartedly endorsed South Africa's Mining Minister Susan Shabangu's view that the current tax system was fair and competitive and working well.

"The existing royalty regime...combined with the existing system of taxation...already ensures a fair distribution of the benefits of mining," said Carroll in a speech delivered Wednesday. "Further changes to the fiscal regime would create a grave risk of making South Africa internationally uncompetitive."

In 2011, the mining industry generated 9.6% of South Africa's gross domestic product and 35% of its export revenue, Carroll said. More than 500,000 people are directly employed in the industry, while at least another 500,000 jobs are indirectly dependent on mining, she said.

-Write to Alex MacDonald at alex.macdonald@dowjones.com

Stocks mentioned in the article : Anglo American plc, Anglo American plc
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ANGLO AMERICAN
11:00a Strong results boost FTSE, Jimmy Choo soars on Michael Kors takeover
07/24 ANGLO AMERICAN : Platinum earnings reconciliation
07/21 FTSE, sheltered from euro strength, has best week since May
07/20DJAnglo American Upgrades Kumba Iron Ore's 2017 Production Guidance
07/20 ANGLO AMERICAN : Q2 Production Report 2017
07/19 ANGLO AMERICAN : Highlands Pacific Ltd - Star Mountains management to be transfe..
07/17 European shares steady after touching three-week high; Weir Group, Telenor le..
07/14 EXCLUSIVE - WASHINGTON COMPANIES IN : sources
07/14 FTSE falters, narrowing weekly gain; Carillion sees small bounce
07/11 FTSE down as defensives, Pearson and M&S fall; Carillion crumbles
More news
News from SeekingAlpha
07/20 South African minister threatens to restrict renewal of mining rights
07/11 ANGLO AMERICAN : Let It Grow
06/30 Iron ore surges into bull territory as China sentiment strengthens
06/26 South African miners ask High Court to block government charter
06/15 South Africa to require local mines be 30% black-owned
Financials ($)
Sales 2017 24 486 M
EBIT 2017 5 298 M
Net income 2017 2 853 M
Debt 2017 5 504 M
Yield 2017 3,90%
P/E ratio 2017 6,79
P/E ratio 2018 8,90
EV / Sales 2017 1,05x
EV / Sales 2018 1,05x
Capitalization 20 156 M
Chart ANGLO AMERICAN
Duration : Period :
Anglo American Technical Analysis Chart | AAL | GB00B1XZS820 | 4-Traders
Technical analysis trends ANGLO AMERICAN
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 16,6 $
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Mark Cutifani Chief Executive Officer & Executive Director
John Parker Non-Executive Chairman
Stephen Thomas Pearce Executive Director & Finance Director
Anthony Martin O'Neill Director & Technical Director
René Médori Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ANGLO AMERICAN-4.78%20 156
BHP BILLITON PLC-0.08%97 325
BHP BILLITON LIMITED-2.27%97 325
RIO TINTO LIMITED5.26%80 499
RIO TINTO5.24%80 499
GRUPO MEXICO S.A. DE C.V.-1.83%24 429