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Anglo American and the Rise of Modern South Mrica I I I I Anglo American and the Rise of Modern South Mrica Duncan Innes (@ MONTHLY REVIEW PRESS NEW YORK For my father, and to the . memories ofmy mother and sUiter Copyright © 1984 by Duncan Innes All rights reserved Library ofCongress Cataloging in Publication Data Innes, Duncan. Anglo American and the rise of modern South Africa. Bihliography, p. Includes index. 1. Anglo American Corporation of.South Africa, Ltd.­ History. 2. South Africa-Economic conditions. 3. Mineral industries-South Africa-History. 4. South Africa-Industries_History. I. Title. HD9506. S74A534 1983 338.7'622342'0968 83-42523 ISBN 0-85345-628_3 ISBN 0-85345-629-1 (pbk.) Monthly Review Press 155 West 23rd Street New York, N. Y. l0011 Manufactured in the United States ofAmerica 10 9 8 7 6 5 4 3 2 1 APPENDIX 2 A Survey of the Anglo American Group of Companies INTRODUCTION This appendix lists and provides information on 656 companies in the Anglo American Croup. The list is not a fully comprehensive record, but is the most extensive public compilation of those companies involved with the Group up to the end of 1976. The appendix is divided info two parts. The first lists the most important 14 holding companies in the Group. isolating the 6 companies which form the core ofGroup structure. Information on the cross-holdings among these 6, and on some of the cross-holdings among the 14 companies, is also provided. A diagram is included. The second and major part of the appendix lists those companies which form the bulk of the Anglo American Group. Documentation is presented, for the sake of clarity, in four columns. 1 The first column provides the name of the company which forms a part of the Group. These names are presented in alphabetical categories, all the As, Bs, Cs, etc., being grouped together. The companies within each category-for example, within the As-are not placed in any order. 2 The second column provides the link with the Group: that is, the name of the holding company within the Anglo American Group, which holds An­ glo's interest in the company named in column 1. \Vhere more than one company is known to be involved the names are supplied. The holding arrangements within the Group structure are extremely complex and this column represents a somewhat simplified version (that is, intermediate holding companies have often been omitted). This has been done so as to be able to show as clearly as possible the links that exist between the companies mentioned in column 1 and those 14 companies which form the Group's inner circle. Thus column 2 provides the name of one of the 14 companies (regardless of whether it has a direct or indirect holding) or, if the holding is through an important holding company which is not included in the 14, then that company is named in column 2. But in this latter instance the derivation to the 14 can still be found by looking up in column 1 the name of the holding company mentioned in column 2, and thereby discovering its link with the 14. For instance, if in column 1 we have 'Barnato Bros Ltd', then column 2 will give us the name of the Anglo Group 271 Appendix 2 273 272 Appendix 2 holding company, in this case 'Jer. But 'JC~' is not 'part of the.inne~ circle well as in the other eight companies. Their holdings in the fourteen top of 14 companies and therefore in ?rder to discover Its conn~ch~~ with the companies are as follows: 14 (and thereby the connection of Barnato Bros) we look up JCI m column 1: column 2 at that point shows AAe, De Beers, Randsel-the three com­ I AAC holds iuterests in: De Beers, ANAMINT, AM GOLD, AMIC, AM­ panies in the inner core. Thus all companies presented in column 1 can COAL, AMAPROp, Charter, MINORCO, AMCAN, RHOAM, AUSTRAM ultimately be traced back to the inner 14. 2 De Beers holds interests in: AAC, Randsel, AMIC, AMAPROp, AMCAN, 3 Column 3 gives the size of the shares which the company named in colu~n RHOAM, AUSTRAM 2 holds in the company named in column 1. Sometimes, where the precise 3 Randse! holds interests in: AAC, De Beers, ANAMINT, AMGOLD, figure is not known, the terms 'Min[ority)' or 'Maj[orityr are used. Th,e AMIC, AMCOAL, AMAPROP, Charter, MINORCO, AMCAN, RHOAM, term 'majority' does not necessarily mean that an interest of 51 per cent IS AUSTRAM held, but can also imply that effective control is exercised through a hold­ 4 Charter holds interests in: AAC, ANAMINT, MINORCO, AM CAN, ing of less than 51 per cent. Where possible in these cases the means· RHOAM, AUSTRAM through which this control is exercised are given. 5 ANAMINT holds interest in: De Beers 4 Column 4 provides some information, where possible, on the nature of 6 MINORCO holds iuterests in: ZCI, RHOAM, AU STRAM activity of the company mentioned in column 1. These cross-holdings are represented in Figure 6. As can be seen, the big Finally, this survey was compiled from data relating mainly to Group activity four holding companies are the AAC, De Beers, Randsel and Charter, followed in 1976. While all information contained herein is known to have been accurate by ANAMINT and MINORCO and then the remaining eight. All the rest of then, a group the size ofAnglo American is constantly e~panding and changing the companies in which the Group participates throughout the world can, and the Appendix does not reflect these changes. For mstance, one company ultimately, be traced back to at least one ofthese fourteen holding companies. listed here in column 1, 'R. D. Development Ltd', has subsequently been Those remaining companies are listed below in alphabetical categories in placed in liquidation and its assets taken over by its hol~ing, companies, the column L A. A. C., Randsel and Charter (shown in column 2). Agam, Boart and Hard Metal Products' (shown in column 1 and in column 2 in various other places) has recently changed its name to 'Boart International Ltd'. Caution should therefore be exercised in using the data presented in this Appendix. THE ANGLO AMERICAN GROUP OF COMPANIES The main holding companies in the Anglo American Group are as follows: The Anglo American Corporation ofSouth African (AAe) De Beers Consolidated Mines (De Beers) I Charter Cousolidated (Charter) Rand Selection Corporation (Randsel) Anglo American Iuvestment Trust (ANA MINT) I Minerals and Resources Corporation (MINORCO) I Anglo American Gold Investment (AM GOLD) Anglo American Industrial Corporation (AMIC) Anglo American Coal Investment (AM COAL) Anglo American Properties (AMAPROP) Zambian Copper Investments (ZCI) Anglo American Corporation ofCauada (AMCAN) Anglo American Corporation Rhodesia (RHOAM) Australian Anglo American (AU STRAM) Of these fourteen companies the most important are the first six: AAC, De Beers, Charter, Randsel, ANAMINT and MINORCO. These six companies form the inner core of the Anglo Group. They have holdings in each other as 274 Appendix 2 Appendix 2 275 ;.. ", 0 ... Size of Nature ~ Z ~ ;.. ~ holding of ~ ~ ::: ~ 0 0> Anglo holding company (%) operation ~ 0> Name of company '"~ '" ~ Z -l Cl African & European AAC 100 Holds coal in- terests I' ~ Investments Ltd ".. Anseld Holdings Ltd AAC, Randsel 100 Holding co. ~ ~ ll, ~ Anglo American Prop- AAC 100 Holds property ""~ crty Leasing Ltd ~ Anmercosa Lands & AAC 100 Owns office w blocks used by ~ a=: Estates I, 00 ~ Group cos S- 50 Oil and gas :..'" Anmercosa Mozambi- AAC ~ que Oil Holdings prospecting '5- AAC (part of Gold Min. Supplies coal to :.. Apex Mines ~ ~ Fields Group) Highveld Steel I! '"~. Anglo American Corp. AAC 100 Holds mining 2 and industrial ~ of Central Africa [I ('l interests <l Anglo American Pros- AAC, Randsel, Over Prospecting I "" pecting (Rhodesia) RHOAM 50 00 Anglo American AAC, Randsel, Over Prospecting ,I Rhodesia Mineral Ex- RHOAM 50 ... ~ 0 ploration "0- "~ Anglo American Inter- AAC, Charter 50 Finance I '"0> w !?. ::: 0 national I r;: '"en Z Anglo Chemical Ore AAC, Charter 65 MineraI trading 00 Co. co. I Anrnercosa Sales AAC, Charter 100 Sells output of Group mines ...en ...w Anglo American Corp. AAC, Charter, Randsel Over Holding US in- 50 terests :::: of the US ~ Cl Sales channel Z Abrasive Grit Sales ANAMINT, De Beers, About 0 ~ ICI 33 t3 "'" "0 ~ Adamint Laboratories De Beers 100 Diamond re- O " search Apex Holdings Ltd De Beers (through De 50 Holds interests Beers Ind. Corp.) in chemical cos African Explosives & De Beers (through De 42.5 Manufactures lli] <'B Chemical Industries Beers Ind. Corp.) explosives, chemicals, fer- tilizers, etc. 276 Appendix 2 Appendix 2 277 Size of Nature Size of Nature holding of holding of Name ofcompany Anglo holding company (%) operation Name of company Anglo holding company (%) operation Associated Mines Charter 49 Anglo American Corp. AAC, AM GOLD Maj. Holding co. for (Malaysia) do Brasil Limitada Anglo's Brazil- ian interests Argus Printing & Pub- AAC, ICI and Charter About Newspaper lishing Ltd (through Barlow Rand) 40 group Anglo De Beers Forest De Beers Maj. Owns interests Services (Lesotho) Ltd in Lesotho Aluminum Investment AAC, Charter (through 10 Interests in Co. Barlow Rand) light metals Afrikander Lease Ltd AAC 12.2 Gold mine African Wire Ropes AMIC, AAC, Charter 6 Makes wire Anglo American Corp. New Rhodesia Invest- 100 Ltd (throngh Barlow Rand) rope Services ments Air & General Engi- AAC, Charter (through 50 Makes re- Anglo American New Rhodesia Invest- 100 neering Barlow Rand) frigerator and (Rhodesian Services) ments air conditioning Ltd equipment Appraised Securities New Rhodesia Invest- 100 Ainsworth (Ply) Ltd ICI Engineerin~ Ltd ments II co. African Eagle Life As- Randsel 75 Randsel ac- AndeoT ICI Over surance Society Ltd quired this in- I 1[1 50 surance co, when it took 1\, African Asbestos-Ce- jCl over Schlezin- ment Corp.
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