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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 CET

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
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Financials ($)
Sales 2017 26 230 M
EBIT 2017 6 123 M
Net income 2017 3 196 M
Debt 2017 5 292 M
Yield 2017 4,21%
P/E ratio 2017 10,02
P/E ratio 2018 10,95
EV / Sales 2017 1,52x
EV / Sales 2018 1,46x
Capitalization 34 484 M
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Mean consensus HOLD
Number of Analysts 24
Average target price 23,2 $
Spread / Average Target -5,5%
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Managers
NameTitle
Mark Cutifani Chief Executive Officer & Executive Director
Stuart John Chambers Chairman
Anthony Martin O'Neill Director & Technical Director
Philip Roy Hampton Senior Independent Non-Executive Director
Jack Edward Thompson Independent Non-Executive Director
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