Today's Labour News

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MantasheFin24 reports that Mineral Resources and Energy Minister Gwede Mantashe has expressed antipathy to BHP's proposed takeover of Anglo American, as his previous experience with the global mining giant had been negative.

Mantashe told the Financial Times that SA’s experience with BHP was "not positive," although he added that he was not expressing an official government position on the matter. BHP's merger with SA miner Billiton in 2001 "never did much for South Africa", Mantashe told the UK financial publication, noting that the company ultimately divested from the country when it "dumped coal and then created a small company called South32, which is now marginal". The minister's comments came as BHP confirmed that it has proposed an all-share takeover offer of Anglo American. The non-binding proposal also envisages unbundling Anglo subsidiaries Anglo American Platinum and Kumba Iron Ore. While Anglo is also exposed to SA through the De Beer's Venetia Mine in Limpopo, there are reports that, in a separate process to that of the BHP offer, Anglo has been in talks with potential buyers for the diamond business.

  • Read the full original of the report in the above regard at Fin24
  • Read too, Gwede Mantashe vents his displeasure over BHP’s unsolicited mega merger offer to Anglo, at Daily Maverick


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