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

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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 alex.macdonald@dowjones.com

Stocks mentioned in the article : Anglo American plc, Anglo American plc
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Financials ($)
Sales 2016 19 674 M
EBIT 2016 2 113 M
Net income 2016 445 M
Debt 2016 10 745 M
Yield 2016 -
P/E ratio 2016 30,87
P/E ratio 2017 14,39
EV / Sales 2016 1,35x
EV / Sales 2017 1,26x
Capitalization 15 877 M
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Mean consensus HOLD
Number of Analysts 25
Average target price 10,2 $
Spread / Average Target -9,1%
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Managers
NameTitle
Mark Cutifani Chief Executive Officer & Executive Director
John Parker Non-Executive Chairman
René Médori Executive Director & Finance Director
Anthony Martin O'Neill Director & Technical Director
Philip Roy Hampton Senior Independent Non-Executive Director
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