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Sat May 23 12:16:59 SAST 2015

Anglo's Carroll pulls no punches

TJ STRYDOM | 06 February, 2013 00:19
Business Times
Cynthia Carroll

Outgoing Anglo American CEO Cynthia Carroll yesterday warned that South Africa would succeed only if it was attractive to investors. No country was an economic island, she said at the mining indaba in Cape Town.

Her remarks coincided with growing calls from investors at the weekend for mining companies to isolate their South African operations.

Billionaire John Paulson, whose hedge fund is the biggest shareholder in AngloGold Ashanti, claimed that the company's share price could appreciate by more than 60% if its South African mines were held separately from the rest of its assets.

"Based on our analysis, AngloGold's shares could increase in value by up to 68% if the company were to split its business into South African and non-South African businesses," a Bloomberg report quoted him as saying at the weekend.

On Monday, Gold Fields will list Sibanye Gold, a separate entity that will contain only South African mines.

Labour unrest hit the company's production hard last year and contributed to the move to split its operations.

There has also been pressure on Anglo American to reduce its exposure to South Africa.

But the Department of Mineral Resources was not aware of such plans by Anglo.

Carroll said: "A defining context for the relationship between Anglo American and its partners in the months ahead will clearly be the consultation process in relation to our platinum restructuring proposals."

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