DOCSLIB.ORG

Download Full

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Download Full Financial Mail Page 1 -05/09/17 10:06:02 AM Financial Mail Page 2 -05/09/17 10:06:16 AM Financial Mail Page 3 -05/09/17 10:10:55 AM anglo corporate report american OVERVIEW A pioneer of change in the business world Post-democracy in SA, the control. Its influence stretches company embarked on huge beyond mining to touch nearly contents change to refocus on its core every part of South Africans’ l iv e s , expertise of mining from their shopping at OK super- markets, Edgars or CNA, to the fer- 3 Pioneer of change tilisers used by farmers or their 4-6 In it for the long haul ý Imagine, for a moment, down- pension investments, with Anglo 7 A journey through 100 town Johannesburg in June 1986. American companies’ shares yea rs The Carlton Centre and the accounting for half the dealings on 8 Leading the fight against neighbouring Carlton Hotel are the Johannesburg Stock Exchange. H I V/A i d s abuzz with well-heeled shoppers Writing in South Africa Inc. The 10 Boosting small businesses and visitors, business conversa- Oppenheimer Empire, David Pallis- 11 Allure of the new tions are dominated by talk of ter, Sarah Stewart and Ian Lepper millennials heightened sanctions against the try to explain the scale of Anglo 12 A new approach to mining apartheid government. American by using employees as a 14 Forever and beyond Around the country, the United b e nc h m a r k . Democratic Front campaigns for According to its 1986 estimates: “p e o p le’s power”. On June 12, gov- ● Anglo American employed about ernment declares another national 305,000 people in the gold mines; state of emergency. ● 25,000 in diamond mines; A few blocks down the road Sir Ernest Oppenheimer, founder of Anglo ● 100,000 in other mines — from the Anglo American-owned A m e r i ca n notably platinum and coal; Carlton Centre sits 44 Main Street, ● 150,000 in manufacturing; the head office of Anglo American, ● 140,000 in the food, beverage which was founded in 1917 by Restricted by sanctions and and retail industry; and Ernest Oppenheimer, to invest in exchange controls, Anglo American ● 50,000 in other businesses. the country’s gold minerals. has used its financial muscle over Fast-forward to 2017, the the years to expand its operations streamlined Anglo American, What it means: inside SA, and by 1986, it is by far though employing 87,000 people A century of innovation and the biggest and most influential today, is still a leader in SA’s busi- pioneering trends that continue company in the country with more ness sector. to sustain and grow the industry than 600 companies under its Years of change followed the fall Thursday September 7 2017 3 Financial Mail Page 4 -05/09/17 10:11:11 AM corporate report anglo american of apartheid to refocus the business 1917 to diamond trading during the on its core expertise of mining. Great Depression in the 1930s, we The Oppenheimers’ mo r e have often made tough choices and enlightened world view was persevered and adapted in the face demonstrated by Anglo American’s of enormous change around us.” strategies in the 1980s and early Anglo American may no longer 1990s around the empowerment of be the “dynamo of the SA econ- black entrepreneurs, granting o my ”, as it was described in So u t h workplace recognition to the Africa Inc. The Oppenheimer National Union of Mineworkers, Em p i r e , but many of the companies and a progressive workplace pol- historically in its stable remain icy programme to test and treat well-known names today, includ- HIV/Aids, long before legislation ing SA Breweries (now owned by required action on these fronts. AB InBev), Tongaat Hulett, Mondi Anglo American chief executive and Gold Fields. Mark Cutifani often speaks about Anglo American’s restructuring the need for mining companies to and empowerment efforts have keep striving for improvement and also led to the birth of a number of progress in a fast-changing world. new companies on the JSE, includ- “The common characteristic ing Exxaro Resources, African that resilient companies have is a Rainbow Minerals and Royal Bafo- relentless focus on innovation, keng Platinum. matched with a firm commitment Today, the Oppenheimers own Continuing the legacy: Harry Oppenheimer in his study to sustainability while investing less than 0.5% of Anglo American, with the future in mind, and there hasn’t been a family rep- even during tough resentative on the board since TRANSFORMATION t i me s ,” he told dele- Nicky Oppenheimer, Ernest’s gates at the Mining grandson, stepped down in 2011. Indaba in Cape Yet the philosophy for Anglo Town earlier this American, as established by In it for the year. “From estab- Ernest Oppenheimer in 1954, lishing the company in remains the same today. “Th e aims of this group are — long haul and will remain — to Anglo make profits for American chief our shareholders, A century later, a streamlined Anglo American believes SA still executive Mark but to do so in offers much opportunity for further growth and investment Cu t i fa n i such a way as to make a real and lasting contribu- ý One wonders what went strikes of 1920 and 1922 — b et t e r tion to the com- through Ernest Oppenheimer’s than some others, he wrote. One of munities in which mind as he went to the UK and US the struggling mining companies we operate,” s ay s during World War 1 to raise capital was De Beers, and with the sup- Cutifani x for a new mining investment com- port of foreign backers, Anglo pany in SA, an exploration hotspot American was able to acquire at the time following the discovery effective control of the diamond of diamonds and gold in the latter miner at the start of the Depression half of the 1800s. in 1929. A diamond trader by profession, The acquisition of De Beers was Oppenheimer, the scion of a rel- one of the early examples of atively wealthy German merchant Op p e n he i me r ’s genius when it family, already owned some gold came to spotting — and success- and coal properties, but — mu c h fully exploiting — opportunities, in like SA’s mining companies today – good times and bad. Using the needed offshore capital to develop financial muscle afforded to it by these resources. its mining operations, Anglo Amer- From the start, Anglo American ican invested in SA’s booming was a profitable venture, Duncan manufacturing sector in the 1930s; Innes wrote in his 1984 book the new gold fields on the West An g l o . Its rich mines allowed it to Rand and in the then Orange Free Where it all began: 44 Main Street, original head office of Anglo American ride out problems — including the State in the 1950s; and the rapidly 4 Thursday September 7 2017 Financial Mail Page 5 -05/09/17 10:11:26 AM growing industrial sector during number of joint ventures, such as the 1960s. Modikwa Platinum, a 50/50 joint At its roots, however, Anglo venture with ARM. Anglo Ameri- American remained a mining firm, can also concluded a number of and its offshore expansions, which empowerment transactions related started in the 1960s, focused large- to companies outside the mining ly on the mining sector. sector which have since been By the 1980s, Anglo American unbundled from the group, includ- was by far the biggest company in ing Tongaat Hulett, Mondi and the country, accounting for an esti- Hu l a m i n . mated 60% of the value of the JSE. As part of its latest restructur- Again, the company — by then led ing, when it streamlined its port- by Ernest’s son Harry Oppen- folio to focus on world-class, low- heimer — predicted the coming cost assets, a new series of winds of change. It became a pio- empowerment transactions are neer on many fronts, ranging from under way. The group is selling its its policies around HIV/Aids and Eskom-tied coal mines to empow- workplace recognition for trade erment group Seriti Resources, and unions to leading the way on its 85% stake in its Union platinum Support system: Anglo American also had a stake in Exxaro Resources as part of its BEE empowerment transactions and mine to black-controlled Siyanda. d ea l s supporting black entrepreneurs. In addition, Anglo American has concluded BEE transactions to the BEE pioneer value of more than R67bn over the ond mining charter, Anglo Amer- external help.” At the time, there were no BEE years, with subsequent dividends ican exceeded the target for black In order to attract investors, the regulations in place, and Anglo of more than R40bn accruing to ownership, after black sharehold- political rhetoric in the country American pioneered a number of the BEE shareholders. Ca p it a l ers acquired more than 26% of needs to be addressed. “I think the different types of transactions and growth for the BEE shareholders is Anglo American’s businesses in SA. political rhetoric is loud and very joint ventures. “We looked for estimated to be in the tens of bil- ne g at iv e . We need to think about opportunities that would be able to lions of rand. Investment climate the message we want to send to grow scale, step away and do As one of the first companies to The mining industry is often the world, and what we want to something on their own, like Royal offer shares to communities and accused of not doing enough on achieve.
Load more

Recommended publications
  • The Political Thought of Harry Oppenheimer, Under the Editorship of Kalim Rajab
    THE JOURNAL OF THE HELEN SUZMAN FOUNDATION | ISSUE 81 | DECEMBER 2017 BOOK REVIEW Gary Ralfe retired from active business life in 2006 after forty A Man Of Africa : The Political years of service firstly with Anglo American Corporation, and then Thought of Harry Oppenheimer with De Beers where he was Managing Director for eight Edited by Kalim Rajab years. In addition to My forty-year career with Anglo American and De Beers developed the HSF he chairs the Board of Governors under the benign shadow of Harry Oppenheimer (HFO). To generations of Michaelhouse, the of managers and staff in what used to be called the greater group HFO fund-raising arm of the Alexandra Education was more than a chairman and leader. He was a living icon. I was Committee, the fund- not the first or the last young man or woman to join Anglo American raising arm of Business Against Crime and the because it was a force for good in Southern Africa, the most important Beyond Foundation engine of economic growth, industrialisation, urbanization and a which does community work in rural areas. better life for all. I associated with the credo attributed to HFO’s father Sir Ernest Oppenheimer that “the purpose of large corporations such as Anglo American is to make profits for its shareholders, but to do so in such a way as to make a real and lasting contribution to the welfare of the communities where it operates”. It is surprising that seventeen years after HFO’s death there is still no biography. I know that the family wisely wanted time to elapse before commissioning one.
    [Show full text]
  • Emigration from England to South Africa
    Chapter 11: Emigration from England to South Africa When we landed at Harwich this time there was no trouble with Customs. Out of the dock area our first need was to fill up with petrol and when we did so Nigel was very intrigued and said to me quietly so as not to hurt anyone’s feelings ‘Daddy, They all speak English here!’ Of course, as they were often during the day in Utrecht in the care of a Dutch nanny (after her marriage, Kitty had been replaced by ‘Babs’), they heard a lot of Dutch spoken and understood quite a bit. When Babs took them to the Wilhelminapark (where it was forbidden to walk on the grass!), she would take them to see the ducks and they knew them as ‘eendtjes’ and a passing horse would be referred to as ‘een paard’. Only two days after we returned to England Stuart was being a little fractious when being taken for a walk in his push-chair, or stroller as it seems to be now called, and we attempted to distract his attention from whatever was worrying him by pointing out a passing horse and cart by saying ‘Kijk, Stuart, een paard!’ he replied crossly ‘It isn’t a paard, it’s a horse!’ Life in England was obviously not going to easy because we did not have a home, we only had the car for a few days until I would have to hand it over to Dr Johnson, my replacement for the job in Holland, and all I had to build a practice around was my appointment at the Middlesex which thanks to the introduction of the National Health Service was paid now, but not enough to keep a wife and family of three children.
    [Show full text]
  • The Diamond Cartel
    THE DIAMOND CARTEL Although the United States is the principal consumer of the world's dia- mond supply,' the diamond industry is so cartelized as to be virtually imper- vious to pressure by American users of diamonds. Within the past ten years industrial diamonds have become indispensable to various high-speed, pre- cision manufacturing operations.2 Since distribution of ninety-five percent of the world's diamond production is channelized through a single marketing combine, competitive forces within the industry have been short circuited.a Therefore consumer resistance has been impracticable and American efforts to obtain a better bargaining position have so far been ineffective. The cartel is completely foreign-controlled and operates entirely outside the United States,4 thus obviating effective action under the antitrust laws and making 1. Leslie, Diamonds as Tools Speed up Victory, DoMEsTIc CoxriRcE, Aug. 1945, p, 28. Today, the United States uses approximately 90% of the world's production of Indus- trial diamonds. § 29 Complaint, DeBeers Consolidated Mines Ltd. v. United States, 325 U.S. 212 (1945) [hereinafter referred to as Complaint]. This figure includes all cate- gories of industrial diamonds--ballas, boart and carbonado. For a description of the types of industrial diamonds, see Diamonds for Victory, FOREIGN COMMERCE, Jan. 17, 1942, p. 4; Industrial Diamonds,.FORTUNE, June 1935, p. 22. Carbonado is rare and almost entirely confined to Brazil and will not enter into the discussion hereafter. Post-war production should produce the following ratios of diamond types: out of every 10,000 carats 250 will be carbonado, 1,900 ballas, 1,975 gemstones, and 5,875 boart.
    [Show full text]
  • 2020 Interim Results
    2020 INTERIM RESULTS 30 July 2020 CAUTIONARY STATEMENT Disclaimer: This presentation has been prepared by Anglo American plc (“Anglo American”) and comprises the written materials/slides for a presentation concerning Anglo American. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability assumed, in each case in relation to the accuracy, completeness or reliability of the information contained herein. None of Anglo American or each of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise arising in connection with this material. Forward-looking statements and third party information This presentation includes forward-looking statements.
    [Show full text]
  • Directory of Organisations and Resources for People with Disabilities in South Africa
    DISABILITY ALL SORTS A DIRECTORY OF ORGANISATIONS AND RESOURCES FOR PEOPLE WITH DISABILITIES IN SOUTH AFRICA University of South Africa CONTENTS FOREWORD ADVOCACY — ALL DISABILITIES ADVOCACY — DISABILITY-SPECIFIC ACCOMMODATION (SUGGESTIONS FOR WORK AND EDUCATION) AIRLINES THAT ACCOMMODATE WHEELCHAIRS ARTS ASSISTANCE AND THERAPY DOGS ASSISTIVE DEVICES FOR HIRE ASSISTIVE DEVICES FOR PURCHASE ASSISTIVE DEVICES — MAIL ORDER ASSISTIVE DEVICES — REPAIRS ASSISTIVE DEVICES — RESOURCE AND INFORMATION CENTRE BACK SUPPORT BOOKS, DISABILITY GUIDES AND INFORMATION RESOURCES BRAILLE AND AUDIO PRODUCTION BREATHING SUPPORT BUILDING OF RAMPS BURSARIES CAREGIVERS AND NURSES CAREGIVERS AND NURSES — EASTERN CAPE CAREGIVERS AND NURSES — FREE STATE CAREGIVERS AND NURSES — GAUTENG CAREGIVERS AND NURSES — KWAZULU-NATAL CAREGIVERS AND NURSES — LIMPOPO CAREGIVERS AND NURSES — MPUMALANGA CAREGIVERS AND NURSES — NORTHERN CAPE CAREGIVERS AND NURSES — NORTH WEST CAREGIVERS AND NURSES — WESTERN CAPE CHARITY/GIFT SHOPS COMMUNITY SERVICE ORGANISATIONS COMPENSATION FOR WORKPLACE INJURIES COMPLEMENTARY THERAPIES CONVERSION OF VEHICLES COUNSELLING CRÈCHES DAY CARE CENTRES — EASTERN CAPE DAY CARE CENTRES — FREE STATE 1 DAY CARE CENTRES — GAUTENG DAY CARE CENTRES — KWAZULU-NATAL DAY CARE CENTRES — LIMPOPO DAY CARE CENTRES — MPUMALANGA DAY CARE CENTRES — WESTERN CAPE DISABILITY EQUITY CONSULTANTS DISABILITY MAGAZINES AND NEWSLETTERS DISABILITY MANAGEMENT DISABILITY SENSITISATION PROJECTS DISABILITY STUDIES DRIVING SCHOOLS E-LEARNING END-OF-LIFE DETERMINATION ENTREPRENEURIAL
    [Show full text]
  • The-Diamond-Empire-Transcript.Pdf
    1 MEDIA EDUCATION F O U N D A T I O N 60 Masonic St. Northampton, MA 01060 | TEL 800.897.0089 | [email protected] | www.mediaed.org The Diamond Empire Transcript Part 1 begins on pg. 1 Part 2 begins on pg. 15 PART 1: INTRODUCTION NARRATOR: On a hill above Johannesburg is the private estate of one of the wealthiest families on earth. They’ve made their fortune by manipulating markets and fixing prices. Their money has come from ordinary people all over the world who imagine they’re investing in something rare and valuable. But this is a family which deals in illusion. It presides over one of the last great cartels, an extraordinarily successful business empire worth $60 billion. This is the Oppenheimer family and their trade is diamonds. NARRATOR: The richest diamond jewelry market in the world is in New York. It’s a $10.8 billion business. Around 47th Street, there are twenty-five thousand people who buy, cut, polish and sell diamonds, from the most glamorous jewelry to the cheapest mail-order. It’s a highly secretive and risky business. The Oppenheimers themselves declined to help in any way in the making of this film. Bill Goldberg is one of the few top dealers who will talk openly about what he does. BILL GOLDBERG: It’s fascinating, it’s amazing that a lot of men that are ten years younger than I am can’t wait to retire and I can’t wait to get here in the morning at eight o’clock, to produce these beautiful works, these beautiful pieces of art from what looks like a pebble on the beach.
    [Show full text]
  • 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.
    [Show full text]
  • The Heart of the Matter
    THE HEART OF THE MATTER SIERRA LEONE, DIAMONDS & HUMAN SECURITY (COMPLETE REPORT) Ian Smillie Lansana Gberie Ralph Hazleton Partnership Africa Canada (PAC) is a coalition of Canadian and African organizations that work in partnership to promote sustainable human development policies that benefit African and Canadian societies. The Insights series seeks to deepen understanding of current issues affecting African development. The series is edited by Bernard Taylor. The Heart of the Matter: Sierra Leone, Diamonds and Human Security (Complete Report) Ian Smillie, Lansana Gberie, Ralph Hazleton ISBN 0-9686270-4-8 © Partnership Africa Canada, January 2000 Partnership Africa Canada 323 Chapel St., Ottawa, Ontario, Canada K1N 7Z2 [email protected] P.O. Box 60233, Addis Ababa, Ethiopia pac@ telecom.net.et ________________ The Authors Ian Smillie, an Ottawa-based consultant, has 30 years of international development experience, as manager, programmer, evaluator and writer. He was a founder of the Canadian NGO Inter Pares, and was Executive Director of CUSO from 1979 to 1983. His most recent publications include The Alms Bazaar: Altruism Under Fire; Non Profit Organizations and International Development (IT Publications, London, 1995) and Stakeholders: Government-NGO Partnerships for International Development (ed. With Henny Helmich, Earthscan, London, 1999). Since 1997 he has worked as an associate with the Thomas J. Watson Jr. Institute at Brown University on issues relating to humanitarianism and war. Ian Smillie started his international work in 1967 as a teacher in Koidu, the centre of Sierra Leone’s diamond mining area. Lansana Gberie is a doctoral student at the University of Toronto and research associate at the Laurier Centre for Military, Strategic and Disarmament Studies, Waterloo, Ontario.
    [Show full text]
  • 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.
    [Show full text]
  • Abstract This Paper Explores the Under-Appreciated Role of Business
    Business and the South African Transition Itumeleng Makgetla and Ian Shapiro Draft: February 20, 2016 Abstract This paper explores the under-appreciated role of business in negotiated transitions to democracy. Drawing on our interviews of key South African business leaders and political elites, we show how business played a vital role in enabling politicians to break out of the prisoners’ dilemma in which they had been trapped since the 1960s and move the country toward the democratic transition that took place in 1994. Business leaders were uniquely positioned to play this role, but it was not easy because they were internally divided and deeply implicated in Apartheid’s injustices. We explain how they overcame these challenges, how they facilitated negotiations, and how they helped keep them back on track when the going got rough. We also look at business in other transitional settings, drawing on South Africa’s experience to illuminate why business efforts to play a comparable role in the Israeli-Palestinian conflict have failed. We end by drawing out the implications of our findings for debates about democratic transitions and the role of business interests in them. Department of Political Science, P.O. Box 208301, New Haven, CT 06520-830. Phone:(203) 432-3415; Fax: (203): 432- 93-83. Email: [email protected] or [email protected] On March 21, 1960, police opened fire on a demonstration against South Africa’s pass laws in Sharpeville, fifty miles south of Johannesburg, killing 69 people. The callousness of the massacre – many victims were shot in the back while fleeing – triggered a major escalation in the conflict between the African National Congress (ANC) and the National Party (NP) government.
    [Show full text]
  • Harmony and Discord in South African Foreign Policy Making
    Composers, conductors and players: Harmony and discord in South African foreign policy making TIM HUGHES KONRAD-ADENAUER-STIFTUNG • OCCASIONAL PAPERS • JOHANNESBURG • SEPTEMBER 2004 © KAS, 2004 All rights reserved While copyright in this publication as a whole is vested in the Konrad-Adenauer- Stiftung, copyright in the text rests with the individual authors, and no paper may be reproduced in whole or part without the express permission, in writing, of both authors and the publisher. It should be noted that any opinions expressed are the responsibility of the individual authors and that the Konrad-Adenauer-Stiftung does not necessarily subscribe to the opinions of contributors. ISBN: 0-620-33027-9 Published by: Konrad-Adenauer-Stiftung 60 Hume Road Dunkeld 2196 Johannesburg Republic of South Africa PO Box 1383 Houghton 2041 Johannesburg Republic of South Africa Telephone: (+27 +11) 214-2900 Telefax: (+27 +11) 214-2913/4 E-mail: [email protected] www.kas.org.za Editing, DTP and production: Tyrus Text and Design Cover design: Heather Botha Reproduction: Rapid Repro Printing: Stups Printing Foreword The process of foreign policy making in South Africa during its decade of democracy has been subject to a complex interplay of competing forces. Policy shifts of the post-apartheid period not only necessitated new visions for the future but also new structures. The creation of a value-based new identity in foreign policy needed to be accompanied by a transformation of institutions relevant for the decision-making process in foreign policy. Looking at foreign policy in the era of President Mbeki, however, it becomes obvious that Max Weber’s observation that “in a modern state the actual ruler is necessarily and unavoidably the bureaucracy, since power is exercised neither through parliamentary speeches nor monarchical enumerations but through the routines of administration”,* no longer holds in the South African context.
    [Show full text]
  • 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.
    [Show full text]