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ANGLO AMERICAN PLC - Anglo American welcomes new system for capital flows in South Africa

Release Date: 27/02/2020 11:00
Code(s): AGL     PDF:  
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Anglo American welcomes new system for capital flows in South Africa

Anglo American plc (the “Company”)
Registered office: 20 Carlton House Terrace, London SW1Y 5AN
Registered number: 3564138 (incorporated in England and Wales)
Legal Entity Identifier: 549300S9XF92D1X8ME43
JSE Share Code: AGL
NSX Share Code: ANM

27 February 2020

Anglo American welcomes new system for capital flows in South Africa

Anglo American welcomes the announcement made by South Africa’s Minister of Finance, Tito
Mboweni, in the Budget Speech on 26 February 2020, in which he announced a number of
measures to facilitate cross-border financial transactions, in support of trade and investment.
The annexures to the Budget Review provide additional detail, including a shift from the current
policy of exchange controls to a risk-based capital flow management system that is in line with
international best practice.

The new system will provide companies in South Africa, including Anglo American, with increased
flexibility to manage cash resources to optimal effect. The adoption of a risk-based capital flow
management system supports South Africa’s economic growth and investment goals and is a
further positive step towards building South Africa’s attractiveness as a globally competitive
investment destination.

Anglo American Chief Executive, Mark Cutifani, commented: “We are encouraged by the
announcement from South Africa’s Minister of Finance of this new system for capital flows. We
believe in the clear benefits of the government continuing to implement effective policy measures
that are supportive of attracting investment to spur the economy for the benefit of all South

“Mining is a critical driver of economic growth, transformation and development across many
communities in South Africa and for the country as a whole. We see considerable opportunity for
South Africa to compete more effectively for global investment in its precious natural resources
which can then help deliver a more prosperous South Africa. Anglo American’s commitment to
South Africa stretches back more than 100 years and we will continue to play our role in making
South African mining safer, smarter and globally competitive – as both a leading global mining
company and one of the largest investors in the country.”

Anglo American notes that, as set out in Annexure E to the Budget Review, certain exchange
control conditions previously applicable to it will be aligned to the current foreign direct investment
criteria. In terms of the new system for capital flows that will align South Africa’s approach with
international best practice, Anglo American will engage with the South African Reserve Bank and
National Treasury in respect of how it will apply to its business in South Africa.

For further information, please contact:

Media                                                    Investors
UK                                                       UK
James Wyatt-Tilby                                        Paul Galloway            
Tel: +44 (0)20 7968 8759                                 Tel: +44 (0)20 7968 8718

Marcelo Esquivel                                         Robert Greenberg             
Tel: +44 (0)20 7968 8891                                 Tel: +44 (0)20 7968 2124

Katie Ryall                                              Emma Waterworth                  
Tel: +44 (0)20 7968 89                                   Tel: +44 (0)20 7968 8574

South Africa
Pranill Ramchander
Tel: +27 (0)11 638 2592

Sibusiso Tshabalala
Tel: +27 (0)11 638 2175

Notes to editors:

Anglo American’s investment commitment in South Africa

Anglo American has committed to investing $6 billion (c.R72 billion) between 2018 and 2022 on
sustaining and extending the lives its mining operations in South Africa.

This commitment includes the more than R30 billion Venetia Underground Project – the largest
single investment in South Africa’s diamond industry in decades – the Mogalakwena PGMs
complex, and Kumba's ongoing development of the Sishen and Kolomela mines. Through this
investment commitment, Anglo American is supporting 47,000 jobs at its operations in South
Africa while also stimulating the regional economies of Limpopo, North West, Mpumalanga and
the Northern Cape, where many of the company’s mining operations are located in South Africa.

In addition to the 47,000 people employed directly by the Company in South Africa, Anglo
American aims to create five jobs outside the mine for each job at the mine by 2030.

Anglo American is a leading global mining company, and our products are the essential
ingredients in almost every aspect of modern life. Our portfolio of world-class competitive mining
operations and undeveloped resources provides the metals and minerals that enable a cleaner,
greener, more sustainable world and that meet the fast growing consumer-driven demands of
the world’s developed and maturing economies. With our people at the heart of our business, we
use innovative practices and the latest technologies to discover new resources and mine, process,
move and market our products to our customers around the world – safely, responsibly and

As a responsible miner – of diamonds (through De Beers), copper, platinum group metals, iron
ore, coal and nickel – we are the custodians of what are precious natural resources. We work
together with our business partners and diverse stakeholders to unlock the sustainable value that
those resources represent for our shareholders, the communities and countries in which we
operate, and for society as a whole. Anglo American is re-imagining mining to improve people’s

The Company has a primary listing on the Main Market of the London Stock Exchange and
secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the
Namibia Stock Exchange and the SIX Swiss Exchange.

RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 27-02-2020 11:00:00
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