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Anglo American plc (NGLOY)

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11.77-0.64 (-5.17%)
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  • Bloomberg

    South Africa Stocks Rise With Risk-On Sentiment Boosting Anglo

    (Bloomberg) -- South Africa’s main stock index rose 0.8% as of 10:31 a.m. in Johannesburg, the biggest gain since Oct. 12, as increased appetite for riskier assets lifts miners. Diversified mining giant Anglo American Plc climbed 1.9% and was among the biggest contributors of index points to the benchmark.Friday’s gains extended the weekly advance in South African stocks to 0.5%. Investors remained finely tuned into developments around a U.S. stimulus package. While House speaker Nancy Pelosi signaled optimism on a deal with the administration, opposition remains in the Republican-controlled Senate, making a pact before the election less likely.An index of mining stocks rose 0.8%, with Exxaro Resourcecs Ltd. gaining 2.8%, while Glencore Plc was up 1.8%.NOTE: Citi Recommends Miners, Chinese Stocks to Play China’s RecoveryLuxury retailer and market heavyweight Richemont snapped two days of declines to rise 1.5%Food and drug sellers were up 1.7%, while general retailers gained 1.6%Clicks Group Ltd. +7.5%, Bid Corp Ltd. +1%, Dis-Chem Pharmacies Ltd. +2.6%, Spar Group Ltd. +0.4%Foschini Group Ltd +3.4%, Mr Price Group Ltd. +2.1%, Truworths International Ltd. +2.2%, Woolworths Holdings Ltd., Motus Holdings Ltd. +1.9%, Pepkor Holding Ltd. +1.4%, Massmart Holdings Ltd. +1.2%NOTE: Clicks of South Africa’s CEO Sees ‘Hockey Stick’ Online GrowthInsurers +2.5%Old Mutual Ltd. +4.5%, Sanlam Ltd. +2%, Discovery Ltd. +3.4%, Momentum Metropolitan Holdings +1.4%, Liberty Holdings Ltd. +1.9%Foreigners remained net sellers of South African stocks for a seventh consecutive session Thursday, disposing of 2.28 billion rand worth of shares, according to exchange operator JSE Ltd.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Anglo American’s Mining Output Bounces Back After Lockdowns

    Anglo American’s Mining Output Bounces Back After Lockdowns

    (Bloomberg) -- Anglo American Plc said its mining operations have continued to recover from the early impact of the coronavirus pandemic, with production of diamonds and platinum rising sharply.The diversified miner’s production jumped by almost a quarter in the three months ending Sept. 30 compared with the previous three months. Anglo’s operations were hit harder than many of its rivals earlier this year due to its reliance on South Africa, where the government imposed stringent lockdown measures. It’s also the world’s biggest producer of diamonds, which were among the hardest-hit commodities.Read: Anglo American Third Quarter Diamond Production 7.2 Mln CaratsThe company maintained most of its full-year production targets, although it slightly lowered thermal coal forecasts after a strike in Colombia. The goal for platinum and palladium was increased after operations were quickly restarted following an explosion at a plant earlier this year.“We are currently operating at about 95% of our normal capacity,” said Anglo Chief Executive Officer Mark Cutifani. “We have also seen encouraging improvement in demand for rough diamonds as we approach the holiday selling season.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    Anglo American Sued for Lead Poisoning in Zambia Mining Town

    (Bloomberg) -- A group of Zambian women and children filed a suit against Anglo American Plc in South Africa, alleging the company caused widespread lead poisoning from a mine it operated until 1974 in the northern city of Kabwe.The case, which is demanding compensation and a clean-up of the area, was filed in a Johannesburg court on Wednesday by 13 plaintiffs on behalf of an estimated 100,000 people, according to law firms Leigh Day and Mbuyisa Moleele. The firms plan to apply for a class-action suit. Anglo American will “defend its position,” the company said.“Generations of children have been poisoned by the operations of the Kabwe mine, originally known as Broken Hill, which caused widespread contamination of the soil, dust, water and vegetation,” the firms said in a statement. “The main sources of this poisonous lead were from the smelter, ore processing and tailings dumps.”The group lawsuit is the latest over Anglo American’s decades of mining in southern Africa. In 2018, it and five other companies paid about $390 million to settle a class action by former gold miners suffering from the respiratory disease silicosis.“Once the claim is received, the company will review the claims made by the firm and will take all necessary steps to vigorously defend its position,” Anglo said in an emailed response to questions. Anglo was never the majority owner of the Kabwe mine, it said, without giving more precise detail.Anglo held an interest in the mine, at one stage the world’s biggest lead operation, from 1925 to 1974, when it was nationalized by the government. While the operation about 100 kilometers (60 miles) north of the Zambian capital, Lusaka, was eventually shut in 1994, output during Anglo’s ownership accounted for about two-thirds of the lead that now contaminates the area, the law firms said.Brain Damage“Anglo was the parent company and the head office of the Anglo Group that operated, managed and advised the mine,” the legal firms said in the court filing. “Anglo knew, or ought reasonably to have known of the risks of lead pollution from the mine and the measures that were required to prevent and address this pollution.”Lead poisoning can cause health problems ranging from learning difficulties to infertility, brain damage and, in some cases, death. In a 2019 report, Human Rights Watch said that a third of the population of Kabwe, or more than 76,000 people, live in lead-contaminated areas.“It is the worst place I’ve seen and that is in terms of the sheer size and the number of people affected,” said Jack Caravanos, a professor at New York University, who studies lead and other toxic waste. “In terms of the number of people affected, Kabwe is the most dangerous place on the planet” in regards to lead pollution, he said.The lawsuit was filed in South Africa because at the time of the mine’s operation Anglo was headquartered in Johannesburg. The company is now based in London.(Updates with detail on Anglo’s role in seventh paragraph, toxin professor’s comment in penultimate)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.