Business fighting poverty
Monday, June 18, 2012
For nearly 100 years, Africa has been a key driver of Anglo American’s business success. Almost 40% of our assets remain in South Africa. Three of our seven main business groups (platinum, iron ore and thermal coal) and two of our key associates (diamonds and manganese) operate out of South-ern Africa. These are all globally competitive businesses and we are investing in them: $20bn in capital expenditure in South Africa over the last 10 years, and a future growth pipeline of almost $15bn.
Africa will continue to be a vital region for us. With global resources becoming scarcer, Africa represents an opportunity that no global company can afford to ignore. Some estimate that it hosts about 30% of global mineral resources, and the continent produces more than 60 metal and mineral products, including gold, platinum group minerals, copper, nickel, diamonds, aluminium, uranium, manganese, chromium, bauxite and cobalt.
These are products that are central to the 21 century’s global economy, particularly if we are to make progress towards a green economy –whether this is copper for wind turbines and for hybrid and electric cars, or platinum for hydrogen fuel cells and catalytic converters).
Across other sectors too, business is positive about Africa. Growth forecasts – at 5% – are well above the global average. According to the World Bank’s 2012 Doing Business Report, 78% of economies in the region made regulatory reforms to make it easier for domestic firms to start up and operate.