Anglo American plc is a Britishmultinationalmining company with headquarters inLondon, England. It is the world's largest producer ofplatinum, with around 40% of world output, as well as being a major producer ofdiamonds,copper,nickel,iron ore,polyhalite and steelmakingcoal. The company has operations in Africa, Asia, Australia, Europe, North America and South America.^[6]

Anglo American plc

Company type	Public
Traded as	LSE: AAL JSE:AGL FTSE 100 Component
ISIN	GB00B1XZS820
Industry	Metals andmining
Founded	1917 (Johannesburg) (Anglo American Corporation) 1999 (London) (Anglo American plc)[1][2]
Founder	Ernest Oppenheimer
Headquarters	London, England, UK
Area served	Worldwide
Key people	Stuart Chambers (chairman of the board) Duncan Wanblad (chief executive)[3]
Products	Copper diamonds iron ore metallurgical coal nickel platinum thermal coal
Revenue	US$27.354 billion (2024)[4]
Operating income	US$5.012 billion (2024)[4]
Net income	US$(2.788) billion (2024)[4]
Number of employees	60,000 (2024)[5]
Subsidiaries	De Beers,Anglo American Platinum,Kumba Iron Ore
Website	angloamerican.com

Anglo American has a primary listing on theLondon Stock Exchange and is a constituent of theFTSE 100 Index. The company has a secondary listing on theJohannesburg Stock Exchange.^[7] In the 2020Forbes Global 2000, Anglo American was ranked as the 274th largest public company in the world.^[8]

Ernest Oppenheimer, a Jewish German émigré, founded the Anglo American Corporation (AAC) in 1917 in Johannesburg, South Africa, with financial backing from the American bankJ.P. Morgan & Co. and £1 million raised from UK and US sources to start the gold mining company; this fact is reflected in the company's name.^[9] The AAC became the majoritystakeholder in theDe Beers company in 1926, a company formerly controlled byAlfred Beit, also a Jewish German émigré.^[10]

In the late 1940s and 1950s, the AAC focused on the development of theFree State goldfields (seven major mines simultaneously) and theVaal Reefs mine.^[11] During 1945, the AAC moved into the coal industry by acquiring Coal Estates. Twelve years later, Oppenheimer died in Johannesburg and was succeeded as head of the company by his sonHarry, who also became chairman of De Beers.^[12]

In 1961, the AAC expanded outside of southern Africa for the first time and became a major investor in theHudson Bay Mining and Smelting Company in Canada. In 1967, the company moved into the steel industry by acquiring Scaw Metals. From 1967 to 1975, it continued to grow and established a number of ventures, including theMondi Group (timber, pulp and paper), Amgold (laterAngloGold Ashanti) and then Amcoal (through the consolidation of several of its mining operations in South Africa; later known as Anglo Coal and in 2010 changed to Anglo Thermal). In 1982, Harry Oppenheimer retired as chairman of the AAC and was succeeded byGavin Relly. Two years later, Oppenheimer retired from De Beers and passed the chairmanship toJulian Ogilvie Thompson,^[13] who in 1990 also became chairman and chief executive of the AAC.^[14]

On 24 May 1999, Anglo American Corporation merged withMinorco to form Anglo American plc, with its primary listing on theLondon Stock Exchange and a secondary listing on theJohannesburg Stock Exchange.^[15] Its gold mining operations were spun off into the separateAngloGold corporation, which in 2004 merged with theAshanti Goldfields Corporation to formAngloGold Ashanti. Anglo American reduced its stake in AngloGold Ashanti to 16.6% in 2008.^[16]

In 2000, Julian Ogilvie Thompson retired as chief executive of Anglo American and was succeeded byTony Trahar. Ogilvie Thompson also retired as chairman in 2002 and was replaced byMark Moody-Stuart. In the same year, Anglo American acquiredTarmac, a supplier of building materials,^[17] andShell Petroleum Company's Australian coal assets.^[18] In 2001, De Beers was privatised after being a listed company for more than 70 years.^[19]

In 2002, South Africa's Mining Charter was approved,^[20] and Anglo American and other mining companies with operations in the country were mandated to transfer a percentage of their South African production to historically disadvantaged South Africans.^[21] From 2002 to July 2008 Anglo American carried out black community economic empowerment transactions (across all businesses with operations in South Africa) totallingR26 billion.^[22] Also, in 2002, Anglo Base Metals acquired the Disputada copper operations in Chile fromExxonMobil^[23] and opened a representative office inBeijing, China.^[24] In 2003, Anglo American acquired a majority stake in iron ore producerKumba Resources.^[25]

In 2007,Cynthia Carroll succeeded Tony Trahar, becoming the first non-South African and first female chief executive of Anglo American.^[26] TheMondi Group, a paper and packaging business, was also spun out in 2007.^[27] During the next two years, Anglo American opened a representative office inNew Delhi, India,^[28] acquired control of the Michiquillay copper project in northernPeru and the MMXMinas-Rio and Amapa iron ore projects inBrazil,^[29] and later acquired stakes in the Pebble copper project inAlaska.^[30]

Anglo American was also accused in 2007 of damaging environmental practices: in order to complete its planned AlaskanPebble Mine in collaboration with Northern Dynasty Minerals, the company considered building a massive dam at theheadwaters of the world's largestsockeye salmon fishery, which it would risk obliterating.^[31] Opponents also pointed to the use ofcyanide,heavy metals, andacid mine drainage which can all have potentially devastating effects on the environment of theBristol Bay area. Opponents of the Pebble Mine created Ballot Measure 4 to impose additional water quality standards on new large-scale mines in the state. However, in August 2007, Alaskans voted against the initiative.^[32] As of September 2008, the Pebble Limited Partnership had not yet put forward a project proposal and was working to prepare a prefeasibility study for the project in the second half of 2009.^[33] The mine proposal would still need to undergo environmental studies and the permitting process, including being subject to state and federal water protections.^[34] In December 2013, Anglo American withdrew from the Pebble Limited Partnership.^[35]

In early November 2011, Anglo American entered into talks with theOppenheimer family to divest the latter's remaining shares of De Beers, whereby Anglo American acquired an additional 40% stake for $5.1 billion, increasing their overall stake to 85%. This came at a time of increased labour strikes and international attention to Oppenheimer's involvement inconflict diamonds.^[36][37] Anglo American then sold a 24.5% share in its Chilean copper unit, Anglo American Sur, to Japan'sMitsubishi Corporation for $5.39 billion, paid with a promissory note due on 10 November 2011. With this deal, the Anglo American Sur complex was valued at $22 billion.^[38]

In November 2012, Anglo American completed the sale of steel maker Scaw South Africa and its connected companies for a total of R3.4 billion in cash.^[39]

In July 2014, Anglo American said it was disposing of its 50% shareholding inLafarge Tarmac, a building materials joint venture, to cement maker Lafarge SA for a value of not less than £885 million ($1.5 billion);^[40] the sale was subsequently completed in July 2015 for $1.6 billion.^[41] In October 2014, Anglo American'sMinas-Rio iron ore project in Brazil began operating and shipping ore.^[42]

In July 2015, Anglo American announced that it would cut 53,000 jobs (35% of their workforce) and that in the first half of 2015, they had a financial loss of US$3 billion.^[43] In early December 2015, the company announced that, as part of arestructure, it would be cutting a further 85,000 mining jobs, nearly two-thirds of its work force of 135,000, worldwide. It also announced the consolidation of six of its divisions into three businesses, while dividend payouts to investors were also suspended for a year.^[44] The company also had its Dawson,Foxleigh andCallide coal mines in CentralQueensland, as well as its Dartbrook coal mine in theHunter Valley inNew South Wales, put up for sale as its shares dropped to a record low on theLondon Stock Exchange, falling by more than 12 per cent.^[45]

In March 2017, British Indian industrialistAnil Agarwal purchased 11% of the company through his family trust Volcan.^[46] In September, he took the holding to 20% through another purchase worth about $1.5 billion.^[47] In April 2017, the company sold itsEskom-linked thermal coal operations in South Africa for $166 million, marking an important step in the mining giant's strategic overhaul to sharpen its focus on three commodities.^[48]

In October 2019, Anglo American announced a partnership with French energy companyEngie^[49] and engineering firmFirst Mode to develop the world's largest hydrogen-poweredmine haul truck.^[50]

In January 2020, Anglo American made a 5.5p per share offer to buy apolyhalite fertiliser project (inNorth Yorkshire,England) fromSirius Minerals for £400m.^[51] In salvaging the financially troubled project, Anglo American envisages spending around £230m to keep construction going.^[52] The sale was approved by shareholders in March 2020.^[53]

In April 2021, Anglo American announced the demerger of Thungela Resources, which will own a series of significant South African thermal coal assets,^[54][55] in order to eliminate the risk of clean-up liabilities.^[56]

In May 2022, Anglo American and First Mode unveiled the world’s largesthydrogen poweredmine haul truck at Mogalakwena PGM Mine in northeast South Africa. The project, which is expected to be fully implemented by 2026, is a first step in making eight of the company’s minescarbon neutral by 2040.^[57] The company has set a target of getting all of its operations to that status by 2040.^[58] President of the Republic of South Africa,Cyril Ramaphosa was present at the launch and stated, "Developing the hydrogen economy is a strategic priority for our country."^[59]

BHP made an offer to acquire the company for £31 billion in April 2024; however, the offer was rejected by the company as "highly unattractive".^[60] In May 2024, a revised offer was made by BHP and subsequently rejected by Anglo American.^[61][62]

Anglo American focuses on natural resources with six core businesses: Kumba Iron Ore, Iron Ore Brazil, coal (thermal and metallurgical), base metals (copper, nickel, niobium and phosphates), platinum, and diamonds, throughDe Beers, in which it owns an 85% share.^[63][64] In 2008, the company had 105,000 permanent employees and 39,000 contract employees in its managed operations across 45 countries.^[65]

In 2008, Anglo American (excluding De Beers) spent $212 million on exploring 21 countries for resources including copper, nickel, niobium phosphates and zinc.^[66] The two main types of exploration for the company aregreenfield andbrownfield, with nearly 70% devoted to greenfield projects.^[67]

Anglo American, along with De Beers, backed the manufacturing of asuperconducting quantum interference device (SQUID) to help improve the sensitivity of exploration surveys.^[68] Anglo American established Boart Products South Africa Limited in 1936 (later named Boart International) to turn the company's stockpile ofboart, or low-grade natural diamonds, into drilling products.^[69] This initiative resulted in the development of the first mechanically set diamond drill bit and later led to additional research into cutting and abrasive tools.^[70]

In December 2010, following delays and high costs, Anglo American gained a key licence from the Brazilian government that would allow work to start on theMinas-Rio iron ore project.^[71][72] Production is initially expected to be 26.5 million tonnes per year; iron ore would be sent through a 525 kmslurry pipeline to thePort of Açu.^[73] As of October 2014, Minas-Rio is operational and shipping ore.^[42]

In July 2018, Anglo American announced that it would spend $5.3 billion on developing theQuellaveco copper mine inPeru, which the company acquired in 1992, with the Japanese conglomerateMitsubishi funding 40% of the total cost.^[74] As part of the project, Anglo American also committed 650 millionsoles ($195 million) towards local community developments projects inMoquegua, where the Quellaveco mine is located.^[75]

In October 2020, Anglo American was accused of being responsible for lead poisoning in possibly over 100,000 people nearKabwe mine, which the company operated from 1925 - 1974.^{[76][77][78][79]} Numerous studies since 1971 have shown that people around Kabwe mine have been poisoned by lead.^[78] A 2015 study found that 100% of children tested in the area had lead in their blood exceeding CDC guidelines.^[80]

Plaintiffs say that the lead originated from the lead mine and smelter, stating that “generations of children have been poisoned by the operations of the Kabwe mine...which caused widespread contamination of the soil, dust, water and vegetation.”^[81] Anglo American denies these allegations and has accused its successorZCCM, which operated the mine after its nationalization in 1974.^[81] Theclass action certification hearing was held in February 2023 at theHigh Court of South Africa's Johannesburg branch.^[78]

In 2013, the companies involved in theCerrejón coal mine inColombia, were accused of increasing illness in approximately 13,000 people living close to the mine.^[82] Anglo American was also accused of failing to compensate people who had been displaced by its expansion.^[82] In September 2020, aUN human rights expert advised that Colombia discontinue the mine citing environmental and human rights concerns.^[83] In January 2021, theOECD launched an investigation intoCerrejón over human rights and environmental concerns. In February 2021, Anglo American announced plans to divest the Cerrejon mine by 2024.^[84] In June 2021, Anglo sued the Colombian government for preventing the development of the La Puente coal pit.^[85]

For 2023, Anglo American reported Scope 1 and Scope 2emissions of 12.5 Mt CO2e.^[86]

The company has committed to carbon neutrality in Scope 1 and 2 emissions by 2040, and 50% reductions in the Scope 3 emissions relative to a 2020 baseline.^[97]

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