Anglo has 'long-term view' on SA

Anglo American is not about to close shop in this country.

Every country has its risks and South Africa must be seen within that "broad perspective", said outgoing Anglo CEO Cynthia Carroll.

She did hint, though, that there was a lot of confusion.

Carroll presented the company's financial results in London on Friday. The past year was the worst of her six at the helm.

A loss of attributable earnings to shareholders of about R13.2-billion was announced, a sharp turnaround from a profit of nearly R55-billion a year ago.

A once-off impairment - R40-billion on its Minas Rio iron ore project in Brazil - made a big difference but the company's underlying profit also dipped by 44% as lower commodity prices and the "unprecedented" violent strikes at its South African operations took their toll.

Anglo Platinum, in which Anglo American holds a stake of more than 70%, produced 306000oz less because of the strikes and Kumba Iron Ore lost as much as 5million tons of production.

When asked about the future of Anglo's involvement in South Africa, Carroll said that the company was taking a "long-term" view.

Anglo American and Anglo Platinum were lambasted by Mineral Resources Minister Susan Shabangu last month when they announced plans to put four shafts on long-term care and maintenance, which would affect the jobs of 14000 employees.

Shabangu claimed that the announcement was made in bad faith, and complained that she and her department had not been consulted.

But Carroll and Anglo Platinum CEO Chris Griffith on Friday disputed this, saying that "extensive" talks with the department started long before the restructuring announcement last month.

Carroll said of the review: "We could not have been more comprehensive."

She said that the government "reacted in different ways" and that Anglo had "heard different voices" from the authorities.