Cape Town – Anglo American [JSE:AGL] CEO Mark Cutifani believes all stakeholders in the South African mining industry should work to better serve the needs of its core stakeholders.
Speaking at the Mining Indaba in Cape Town on Monday, Cutifani said the “natural resources that have been bestowed on South Africa provide an opportunity to develop so much potential”.
“It just needs us to all lift ourselves above our narrow individual interests – and work to better serve the needs of our core stakeholders,” he said.
Cutifani said he wanted various stakeholders to stop pointing fingers at each other.
“To unlock South Africa’s latent potential, different stakeholder groups - the mining industry, investors and host communities - each require something from our regulators, and government more broadly, in order for us to deliver on mining’s transformative promise.
“For investors, it goes without saying that regulatory certainty and the sanctity of private ownership under the constitution is paramount. They need to know that their capital is invested in a jurisdiction that has clear, fair and reasonable prescripts on the regulation of mining.
“For us, as mining companies, a business environment that promotes the ease of doing business over lengthy and complicated processes - which sometimes land up in the courts unnecessarily - could unlock more opportunities for us and our partners.”
He said Anglo American recognises that the only way that they will be able to maximise business success is if they help create thriving mining communities, continue to build on the positive impact of mining, reduce our environmental footprint and become more accountable partners, with our employees, communities, governments and NGOs.
Cutifani also warned against people who don’t see Anglo American as part of the economic transformation process.
Cutifani said “64% of the mines we operate and those we empowered are effectively owned by South Africans - through direct and indirect shareholdings”.
“If I assume 27% direct black ownership in our mines, and add to this the participation by black South Africans in pension funds and directly on the JSE, black South Africans own more than 45% of our South African operating assets.
“If people want to see transformation, let them come talk to us at Anglo American,” he said.
“While we are the first to acknowledge we still have a lot of work to do in this critical area – let no-one mislead the public on what our numbers are in this context.”Read Fin24's top stories trending on Twitter: Fin24’s top stories