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Anglo down after ANC slams company

Johannesburg-listed shares of global mining giant Anglo American fall over 2 percent after a top official with ruling African National Congress (ANC) says the mining firm's plans to cut 14,000 jobs underscores the need for South Africa to take a “bigger interest and control” of the sector.

At 11:45 SA time, the company's shares in Johannesburg trade 2.16 percent lower at 263.00 rand.

African National Congress secretary general Gwede Mantashe. Credit: SAPA

Gwede Mantashe, the ANC's secretary general, also said in an interview with SAFM radio that Anglo had “stolen our money and listed in the London Stock Exchange and have become a British company. That company was built on the back of South African capital and labour.”

Anglo, which moved its primary listing to London from Johannesburg over a decade ago, says the job cuts and shaft closures are needed to restore profitability to its platinum arm, Anglo American Platinum or Amplats. Shares of that company are 1.9 percent lower. - Reuters

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