Anglo American: the Reality
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Anglo American AGM Transcript
ANGLO AMERICAN AGM 21st APRIL 2011 SIR JOHN PARKER: Well a very good morning ladies and gentlemen and welcome to the Anglo American AGM and especially to those of you who may have travelled some distance to be with us. Before we start the meeting properly, I need to give you some safety information. Please listen carefully to the following emergency instructions, look for your nearest marked fire exit now. In the unlikely event of an emergency during the AGM, a warning sign will be given and an announcement will be made over the public address system and if an immediate evacuation is necessary, trained staff in highly visible jackets, will be available to assist you. You should leave the building by the nearest available fire exit stairs, as in an emergency you will not be able to use the passenger lifts. Make your way to the assembly point which is across the road and near the column outside Westminster Abbey, opposite the front of this conference centre’s main entrance. Anyone requiring special evacuation assistance because of impaired mobility should make themselves known to one of the marshals if they haven’t already done so. Thank you. Notice of this meeting was sent to shareholders on the 21st March 2011 and a quorum is present and I therefore declare this meeting duly constituted. The Notice convening the meeting has been in your hands for the prescribed period and I propose that it be taken as read. Is this agreed? Thank you. In accordance with best practice, we’re going to hold a poll on each resolution and you should have been given a handset at registration for the purpose of voting your shares. -
Report on Anglo American's Track Record
By Philip Mattera For more information on Anglo American’s track record or the proposed Pebble mine, go to www.eyeonpebblemine.org. Cover photo: Iduapriem Mine Courtesy of Jamie Keen, Mining Watch Canada COMMUNITY, WORKER SAFETY, PUBLIC HEALTH, AND ENVIRONMENTAL PROBLEMS AT ANGLO AMERICAN MINING OPERATIONS By Philip Mattera July 2008 Philip Mattera is a veteran corporate researcher who works with a variety of public interest groups and labor unions. Earlier in his career he was a reporter-researcher for a major business magazine. He is the author of four books—including World Class Business: A Guide to the 100 Most Powerful Global Corporations—and is a member of the National Writers Union. He can be reached at: [email protected]. © 2008 Philip Mattera The following organizations - representing Alaska Native corporations, commercial fishing companies, sportsmen, conservation interests, and businesses - are committed to the protection of the Bristol Bay watershed and the tremendous salmon fishery that it sustains. This report was commissioned by these organizations to gain a better understanding of Anglo American’s corporate history and track record. While the organizations commissioned this research, they are not responsible for its content, which is the sole responsibility of the author. Nunamta Aulukestai (Caretakers of Our Land) Renewable Resources Coalition Table of Contents Executive Summary . 4 Introduction ............................................................................ 5 A Short History of Anglo American........................................................... 6 Key Financials . 7 Anglo American’s Record on Environmental Protection, Worker Safety, Community Impacts and Human Rights at Its Hardrock Mining Operations:........................................... 8 1. Sulfur dioxide emissions and spills at platinum mines in South Africa.................................. 8 2. -
Anglo American Agrees Acquisition of Oppenheimer Family's 40% Interest
CHL H OLDINGS LIMITED NEWS RELEASE 4 November 2011 Anglo American agrees acquisition of Oppenheimer family’s 40% interest in De Beers for US$ 5.1 billion Anglo American plc (“Anglo American”) and CHL Holdings Limited (“CHL”) announce their agreement for Anglo American to acquire an incremental interest in De Beers, increasing Anglo American’s current 45% shareholding in the world’s leading diamond company to up to 85%. Anglo American has entered into an agreement with CHL and Centhold International Limited (“CIL”), together representing the Oppenheimer family interests (“CHL Group”), to acquire their 40% interest in DB Investments and De Beers sa (“De Beers”) for a total cash consideration of US$5.1 billion, subject to adjustment as provided for in the agreement. Under the terms of the existing shareholders’ agreement between Anglo American, CHL and the Government of the Republic of Botswana (GRB), the GRB has pre-emption rights in respect of the CHL Group’s interest in De Beers, enabling it to participate in the transaction and to increase its interest in De Beers, on a pro rata basis, to up to 25%. In the event that the GRB exercises its pre- emption rights in full, Anglo American, under the proposed transaction, would acquire an incremental 30% interest in De Beers, taking its total interest to 75%, and the consideration payable by Anglo American to the CHL Group would be reduced proportionately. Anglo American has a deep knowledge and understanding of De Beers and an appreciation for the unique nature of diamonds, having been the company’s largest shareholder since De Beers became a private company in 2001 and as a longstanding shareholder in De Beers prior to that. -
NUM Throws Full Weight Behind Anglo Silicosis Claimants
NUM throws full weight behind Anglo silicosis claimants By: Martin Creamer 13th May 2011 South Africa’s National Union of Mineworkers (NUM) has thrown its full weight behind silicosis sufferers’ claims against diversified mining major Anglo American. While the NUM is again angered by a 27% increase in mine fatalities in the first three months of 2011, it says that the number of deaths from respiratory disease are even greater than those from mining accidents. Anglo American South Africa is the defendant in a litigation case brought by law firm Richard Meeran & Co against Anglo American plc on behalf of 18 former AngloGold employees. The NUM has resolved to support every mine-worker and ex-mine worker who is attempting to seek recourse against mining companies, including the effort of the AngloGold 18 against Anglo American, and it will do so on its own terms, and not necessarily on the terms of the lawyers representing the claimants. Thousands of South African miners have contracted silicosis and silicotuberculosis in the last 100 years of mining and the Mine Health and Safety Council has launched a series of roadshows to increase awareness of silicosis, an incurable occupational lung disease caused by the inhalation of crystalline silica dust, and marked by lesions in the upper lobes of the lungs. Both Anglo chair Sir John Parker and Anglo CEO Cynthia Carroll announced in their introductory remarks at last month’s annual general meeting in London that the company would assist former miners in South Africa who are ill with silicosis and silicotuberculosis and who are suing the company. -
A Review of Debswana‟S Performance Pre and Post the Acquisition of De Beers Shares by Anglo American Plc
A review of Debswana‟s performance pre and post the acquisition of De Beers shares by Anglo American plc. Khumo Mothulatshipi A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfillment of the requirements for the degree of Master of Science in Engineering. Johannesburg, 2015 Declaration I declare that this research report is my own unaided work. Where work of other authors has been used, it has been duly acknowledged. It is being submitted for the Master of Science in Mining Engineering to the University of the Witwatersrand, Johannesburg. It has not been submitted before for any degree or examination to any other university. ………………………………………………………………. Signature …………… day of ……………………year ………………………………….. i Abstract The minerals industry has in the last decade witnessed volatility, uncertainty, complexity and ambiguity (VUCA). The diamond industry has not been immune to these challenges. These challenges coincided with the decision of the diamond mining family in 2011 to opt out of De Beers after approximately a century of being in control by selling their 40 % stake to Anglo American plc (AA) which already had 45 % stake in De Beers. This transaction increased Anglo American plc‟s stake in De Beers to 85% thus joining venture with the Government of the Republic of Botswana (GRB) under an already existing entity called Debswana. Botswana has been hailed as a beacon of success and a model African state both politically and economically mainly due to its effective management of economic proceeds generated mainly through Debswana diamonds. Something that might be seen as a possible threat to this economic stability is the merger and acquisition (M&A) between the GRB and AA. -
Cynthia Carroll As a CEO and As an Independent Director
Cynthia Carroll as a CEO and as an independent director ⽥辺総合法律事務所 (公益社団法⼈)会社役員育成機構 BDTI 市川佐知子 1 The World’s Most Powerful Women 2 • Born in NJ, USA, in 1956. • Graduated from SKidmore College, geology in 1978. • Master in geology Univ. of Kansas in 1982. • Joined Amoco as a petroleum geologist. • Harvard MBA with honors in 1989. • Joined Alcan Inc., based in Montreal, Canada. – Started out as business analyst. – Promoted to VP and GM of Foil Products • A foil laminating plant in KentucKy. – The president of the Foil Products division was concerned about… 3 • Experienced the potential loss of a major customer, one that accounted for fully one-third of the division’s profit. • As the managing director of Alcan’s Aughinish Almina division in Ireland in 1996, the EU’s environmental regulation and tax rules threatened Alcan’s existence. • She recalled: “You can be influenced in all sorts of ways, but if you think it’s the right thing to do- and even if you are the only person with that view- in the end, that’s what you do.” 4 • Promoted to president of Bauxite, Almina & Specialty Chemicals Group in 1998. • Promoted to president of Primary Metal Group in 2002. – Integration of Pechiney’s primary metals business – In 2006, Alcan’s Primary Metal Group accounted for $12 billion , or 75% of Alcan’s total annual turnover. • Left Alcan, joined Anglo American plc. as its chief executive. • Also become a non-executive board director of BP. – Amoco (Carroll’s first company) had merged with BP in 1998. 5 • The world’s No. -
News Release
NEWS RELEASE 15 February 2013 Anglo American announces underlying EBITDA(1) of $8.7 billion and underlying operating profit(2) decrease to $6.2 billion Financial results driven lower by commodity prices in weak global economic conditions (2) • Group underlying operating profit of $6.2 billion, decreased by 44% (3) • Underlying earnings of $2.8 billion and underlying EPS of $2.26 • Following one-off impairments, loss attributable to equity shareholders of $1.5 billion (4) (5) • Net debt of $8.6 billion at 31 December 2012 (pro forma net debt of $9.3 billion) Safety • It is regrettable that 13 employees lost their lives in work related incidents – safety programmes continuing to drive for zero harm with 70% reduction in fatalities since 2006 • 48% improvement in lost time injury frequency rate since 2006 Disciplined capital allocation • Aiming to maintain a strong investment grade rating, with the Board’s commitment to sustain the rebased dividend and return surplus cash to shareholders • Final dividend increased by 15% to 53 US cents per share, bringing rebased total dividends for 2012 to 85 US cents per share, a 15% increase Impairments recorded and Platinum review proposals announced • Minas-Rio project cost and schedule review confirms FOOS end of 2014 and $8.8 billion expected capital expenditure (including $0.6 billion contingency) – $4.0 billion post-tax impairment • Platinum industry currently facing challenging economic conditions- $0.6 billion post tax impairment in 2012 on projects. Platinum proposed restructuring to create a -
Fact Book 2009/10 Fact Book 2009/10 Our Mission
Fact Book 2009/10 Fact Book 2009/10 Our mission Anglo American aims to be the leading global mining company – through world class assets in the most attractive commodities, operational excellence and a resolute commitment to safe and sustainable mining. Cover photo Albertus Hanekom (left), Shift Foreman, and Marius Strydom, Senior Production Geologist, at the new Kolomela mine discuss the waste removal programme in the newly created pit. Image courtesy of Kumba Iron Ore. This page Load haul trucks in the open pit at Los Bronces in Chile. The mine, which lies at 3,000-3,500 metres above sea level, and has extensive reserves, produced more than 238 kt of copper in 2009. 02 About Anglo American plc 02 Group overview American Anglo 04 The business – an overview 06 History and timeline 09 Selected major projects 10 Performance – Financial highlights About 11 Key financial data 13 Platinum 14 Financial highlights 15 Financial data 16 Business overview 18 Industry overview Platinum 19 Market information 20 Strategy and growth 26 Production data 31 Reserves and resources 35 Diamonds 36 Financial highlights 37 Financial data 38 Business overview Diamonds 40 Industry overview 41 Strategy and growth 42 Diamonds recovered 43 Copper 44 Financial highlights 45 Financial data 46 Business overview 48 Industry overview 49 Market information Copper 50 Strategy and growth 53 Production data 54 Reserves and resources 57 Nickel 58 Financial highlights 59 Financial data 60 Business overview 62 Industry overview 63 Market information Nickel 64 Strategy and growth -
Focused on Delivery
ANGLO AMERICAN PLC ANNUAL REPORT 2013 ANNUAL REPORT 2013 FOCUSED ON DELIVERY FOCUSED ON DELIVERY Other sources of information In a world where people want to build a better life for themselves and their families, but where resources are limited, Anglo American seeks to generate sustainable value from a country’s mineral resources for the You can find this report benefit of its people. and additional information about Anglo American on We will deliver an attractive and differentiated value our corporate website. proposition to our shareholders, business partners Although we have chosen not to produce and other stakeholders by having the right assets and an ‘integrated report’, technical expertise, the right people working with our we have included a comprehensive overview partners, and a commitment to responsible mining that of our non-financial performance in this report. will support us in delivering the products that make More detailed information our world work. on our sustainability performance is provided in our Sustainable We are focused on delivering our targeted returns to Development Report. shareholders while creating value for all our partners This can be found on and stakeholders. our corporate website. For more information, visit www.angloamerican.com/ reportingcentre PERFORMANCE HIGHLIGHTS CONTENTS FINANCIAL PERFORMANCE UNDERLYING Strategic report OPERATING PROFIT 02 Chairman’s statement 04 At a glance 2009 (2012: $6.3 bn) 06 Marketplace 0 0 08 Chief Executive’s statement 2010 12 Why mining matters 25 $6.6 bn 14 Our strategy -
Notice of BP Annual General Meeting 2013 Bp.Com/Agm
Notice of BP Annual General Meeting 2013 bp.com/agm Annual General Meeting 1 Chairman’s letter Thursday, 11 April 2013 11.30 a.m. 2 Notice of Meeting ExCeL London 2 Notice of Meeting and Resolutions to be proposed 4 Notes on Resolutions 14 Shareholder notes 14 Ordinary and Preference Shareholders 14 Corporate Representatives 15 ADS holders 15 Employee share plan participants 15 Indirect investors 16 The meeting at ExCeL London 17 How business is conducted at the meeting 18 Getting to the AGM 19 Key information and contacts This is an important document and requires your immediate attention If you are in any doubt about the action you should take, you should consult an appropriate independent financial adviser. If you have recently sold or transferred your shares in BP p.l.c. you should forward this document to your bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. The registered office of BP p.l.c. is 1 St James’s Square, London SW1Y 4PD, UK. Tel: +44 (0)20 7496 4000. Registered in England and Wales No. 102498 Large print If you require a large-print version of this Notice, please call our Registrar, Capita, on freephone 0800 701 107 (UK only) or +44 203 170 3678 from outside the UK. Copies are also available at the AGM from Registration, together with a large-print version of the poll card. Chairman’s letter Dear Shareholder 2012 was a year of milestones for BP. From addressing uncertainty in the To make things even simpler, register at mybpshares.com. -
Annual Report Is Once Again Dedicated
WitsAnnual FoundationReport 2012 Celebrating 90 years of excellence 1 2 CONTENTS The Wits Foundation Overview 5 Chairman’s Report 6 Foundation Board of Trustees and Governors 8 Message from the Deputy Vice-Chancellor: Advancement and Partnerships 10 Director’s Report 12 Working Together with our Trust and Foundation partners 14 Chancellor’s Annual Fund 16 Statement of Responsibility of The Foundation Board 18 Independent Auditors Report 19 Statement of Comprehensive Income 20 Statement of Financial Position 21 Statement of Changes In Foundation Funds 22 Statement of Cash Flows 23 Notes to the Annual Financial Statements 24 List of Donors 41 3 4 THE WITS FOUNDATION OVERVIEW The University of the Witwatersrand Foundation was established by a Deed of Trust in 1978 as a registered Public Benefit Organisation (PBO) to collect and administer donations for the benefit of the University. A Board of Governors and Trustees appointed by the University Council manage the Wits Foundation, which is recognised as a PBO in terms of Section 30 of the Income Tax Act No 58 of 1962, as amended, and operates exclusively for charitable and educational purposes. The Foundation has associated charitable entities in New York (registered as a Section 501 (c) company) and in London (Registered Charity No. 1087539) which enable donors in the USA and UK to receive tax benefits for their donations to the University. In January 2008, the fundraising component of the Wits Foundation separated to form the Development and Fundraising Office (DFO), which now operates as a University unit. While the Foundation continues to collect, administer and manage funds, the DFO focuses on professional development activities which include fundraising, database management, research and proposal writing, in line with the University’s Fundraising Policy. -
Diam Ond Intelligence Briefs Diam Ond
DIAMOND 22 August 2012 Vol.27 ♦ No.721 INTELLIGENCE By Chaim Even-Zohar August 16, 2012: Bye, Nicky; Hi, Cynthia The final check was for US$5.2 billion. With the money in the bank,Nicky Oppenheimer cleared his desk and moved out of his offices. With a final click on his e-mail’s “send” button, Nicky dispatched a quite compassionate “dear colleagues” farewell letter to the De Beers employees. (See full text of letter following this editorial.) It is a telling, historic document. “Moving forward, we will be out of the diamond business, but we will be keeping our eye on you,” he writes. Apparently, the Anglo American sales agreement contains a restraining clause – Nicky and Jonathan Oppenheimer must refrain from any involvement in the diamond business for one year. Any active partnership in the business needs to be resolved. Nicky won’t come back; what position could possibly be available for him? Having celebrated his 67th birthday on the eighth of June, retirement age for most of us, what could possibly beat going home with US$5.2 billion – some US$100 million more than initially announced? (Anglo American explains that the extra US$100 million comprises “a number of adjustments as provided for under the agreement.”) Nicky (l) and Jonathan Oppenheimer Jonathan’s Future BRIEFS Nicky’s son, Jonathan, is a different story. He will turn 43 in another three months. The best part of his professional life is still in front of him. I have always believed – and still do – that he will end up selling gem-quality synthetic diamonds.