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(Associated with the American Committee on Africa) 198 Broadway E New York, NY 10038 Anglo American Corporation of South Africa Ltd.: Investments in North America by Ruth Kaplan q (associated with the American Committee on Africa) 198 Broadway e New York, NY 10038 ,1 Anglo American Corporation of South Africa Ltd.: Investments in North America by Ruth Kaplan (associated with the American Committee on Africa) 198 Broadway * New York, NY 10038 V Copyright 1982 by The Africa Fund ISBN: 0-943428-03-3 Introduction In the last few years there has been a significant growth in foreign investment in the United States. Most of this investment has come from -western Europe, Canada, and more recently, Japan., Much publicity has been given to investment in the U. S. by the 13 members of OPEC, although this actually represents a small propor tion of overall foreign investment. It may come as a surprise then, that the current largest foreign investor in the United States is a South African company, Anglo American Corporation. The significance of U.S. and other foreign investment in South Africa has been the subject of other studies. This investment has taken with it capital and technological knowhow, contributing in a fundamental way to the stability and growth of the South African economy. In this way foreign investment has helped make possible the continued existence of white minority rule, and has increased U.S. commitment to an undemocratic political system. Many oppon ents of Ppartheid, internationally and in South Africa, favor a complete withdrawal of foreign investment, and s number of universities, churches, trade unions, 9nd stste and municipal governments have removed their funds from corporations and banks with investments in South Africa. In contrast, the implications of South African investment in the U. S. have not been examined. John Chettle, the U. S. Director of the South Africa Foundation, an organization of businesses in South Africa, is of the opinion that such investment can blunt the efforts to end American investment in South Africa. What will the effect of South African investment in the United States have on U.S. policy toward South Africa ? Will it pave the way for growing U.S. acceptance of South Africa, helping strengthen the already powerful lobby favoring closer relations with this economic powerhouse? This study is a first step in supplying the information needed to answer these questions. Anglo American Corporation Anglo American Corporation of South Africa Ltd. (Anglo American), the largest company in South Africa and a dominant influence in the economy of southern Africa in general, has become the largest foreign investor in the United States in 1980 and again in 1981. 1 In order to gain this financial position Anglo American displaced Royal Dutch Shell from first place into second; British Petroleum is in third place. This financial achievement culminates a publicly announced effort by Anglo American in 1975 "... to pursue a policy of seeking new business opportunities throughout the world. "2 This study examines the extent of Anglo American's holdings in North America and the role of its 100 plus investments in the U. S. and Canada. Anglo American, established in 1917, is the biggest single economic factor in South Africa and together with De Beers Consoli dated Mines exercises control over a group of subsidiary and affiliated companies known as the Anglo group. The Anglo group is the Western world's largest producer of gold, diamonds and platinum, In 1979, Anglo produced 38. 2% of South Africa's total gold production. De Beers, on the other hand, operates a monopoly in the diamond trade, marketing 80% of the world's diamonds, including the Soviet Union's, through its London-based Central Selling Organization. In November 1981, the Anglo group consolidated its industrial holdings in South Africa through the merger of Anglo American Industrial Corporation and De Beers Industrial Corporation, displacing Barlow Rand as the largest industrial group in South Africa. The development of the Anglo group from a dominant economic influence in southern Africa to a transnational corporation partially illustrates how it became the largest foreign investor in the U.S. Anglo American owns or controls gold mines with some of the lowest production costs in the world. This is partially due to the fact that they were established some 30 to 40 years ago when it was much less expensive to set up a mine than it is today. It is also due to the fact that Anglo American has paid and continues to pay African miners much less than white miners. For example, in 1979 Anglo American paid African miners an average of $175 per month while paying white miners $1, 056 per month. This inequitable wage system and high prices for gold and diamonds resulted in enormous cash flows for Anglo American starting in the late 1950's. Anglo American attempted to invest on a large scale outside of South Africa when it first became cash rich. However, strict exchange controls were instituted by the South African government in 1960 after the massacre at Sharpeville and the subsequent short term withdrawal of large amounts of foreign investment from South Africa. Although foreign investors quickly reinvested in South Africa, as a result of the exchange controls Anglo American was stopped from pursuing its international investment plans and was effectively forced to put its money back into non-mining sectors of the South African economy. As a result of this pressure Anglo American moved into insurance, automobiles, construction and real estate to name a few. Another attempt to invest abroad was made in 1965 when Anglo American combined thi ee London-based investment companies it effectively controlled to form Charter Consolidated, a mining finance house. In the mid-1960's, England imposed its own exchange controls which discouraged f reign investment from a U.K. base and Anglo American was again prevented from investing abroad on the scale it wanted to. Minorco The restructuring of Minerals and Resources Corporation (Minorco) in 1981, Anglo American's subsidiary in Bermuda, was its third and very successful attempt to set up an international investment arm for the Anglo group. The company was originally established by Anglo American in England in 1928 under the name Rhodesian Anglo American Ltd. Its function was mainly to provide financing for the development of a copper mining industry in what is now Zambia (formerly Northern Rhodesia). In 1954, the company's headquarters was moved from London to Zambia and its name was changed in 1964 to Zambian Anglo American Ltd. The name change was made to better reflect the company's involvement in all aspects of the mining and industrial sectors in Zambia. In 1970, at the same time the Zambian govern ment acquired a 51% interest in its copper mining industry, the company's headquarters were moved again, this time to Bermuda. The company's public rationale for the move was to pursue a " .. policy of seeking new business opportunities for the investment of capital funds released from Zambia.-"3 The capital funds Minorco envisioned continuing to come from Zambia were cut short in 1974 when the Zambian government, in furthering the nationalization of its mining industry, allowed the export of only two dividends a year instead of four. Zambian Anglo American's name was then changed to Minerals and Resources Cor poration and a new source of capital was then set up for Minorco to make it more independent of its Zambian operations. Anglo American transferred control of its 27% stake in Engelhard Minerals and Chemicals, which it had acquired in 1971, to Minorco as a cash source for future expansion. It took a number of reorganizations within the Anglo group to strengthen Minorco into an effective international base from which to expand. The most recent reorganization of March 1981 was intended to make Minorco a self-funding overseas investn'2nt arm. This was accomplished by transferring to Minorco other companies in the Anglo group that were rich in cash resources. The total assets transferred to the Bermuda company amounted to more than $800 million in exchange for stock in Minorco. The ex change of stock resulted in Anglo American increasing its direct control of Minorco to 43% while the Anglo group's control increased to 76%. The assets alone which were transferred to Minorco are enormous. They increased Minorco's net assets to a level of $2 billion in 1981 (Rl. 660 billion). The unconsolidated net assets of Anglo American Corporation of South Africa in 1981 were R2, 486 billion. Thus Minorco essentially became a third pillar in the Anglo group and financially should be considered one of the core companies within the group. It has the greatest wealth of any of Anglo American's overseas subsidiaries and though it can call on Anglo American for financial, technical and/or administrative assistance, it is expected to stand on its own and generate its own cash for investment purposes. The significance of the restructuring goes beyond the simple fact of establishing a self-sufficient investment arm outside of South Africa. The choice of Bermuda as Minorco's headquarters becomes all the more important because it is a tax haven for busi nesses and because of its perceived image as a neutral country or an English colony. The effect of the restructuring better positioned Minorco/Anglo American to continue piecing together a global empire starting in southern Africa and including holdings in the United States, Canada, Australia, South America and England. Minorco's primary holdings are in mining and natural resources, ".... the things Anglo and De Beers know most about. "4 As Harry Oppenheimer (the son of the founder of Anglo American and its current Chairman of the Board, President and Chief Executive Officer) was quoted as saying at the time of the reorganization of Minorco, "If you're going to do business for the greater part outside of South Africa, I don't think South Africa is the best place to do it from.
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