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

ANGLO AMERICAN (AAL)
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Anglo American CEO Argues Against Higher S Africa Mining Taxes

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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 [email protected]

Stocks mentioned in the article : Anglo American plc, Anglo American plc
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN -1.58% 1747.6 Delayed Quote.14.59%
ANGLO AMERICAN PLATINUM LTD 8.98% 349.81 End-of-day quote.-2.15%
KUMBA IRON ORE LTD. -0.59% 289.99 End-of-day quote.-23.69%
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Financials ($)
Sales 2018 27 698 M
EBIT 2018 6 467 M
Net income 2018 3 572 M
Debt 2018 2 623 M
Yield 2018 4,68%
P/E ratio 2018 9,35
P/E ratio 2019 11,85
EV / Sales 2018 1,35x
EV / Sales 2019 1,37x
Capitalization 34 763 M
Chart ANGLO AMERICAN
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Anglo American Technical Analysis Chart | AAL | GB00B1XZS820 | 4-Traders
Technical analysis trends ANGLO AMERICAN
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 25,9 $
Spread / Average Target 4,5%
EPS Revisions
Managers
NameTitle
Mark Cutifani Chief Executive Officer & Executive Director
Stuart John Chambers Chairman
Stephen Thomas Pearce Finance Director & Non-Executive Director
Anthony Martin O'Neill Technical Director & Director
Philip Roy Hampton Senior Independent Non-Executive Director
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