Anglo’s reversible vote of confidence
New investment can be cut short if climate darkens, says miner
Norman Mbazima, the head of Anglo American in SA, says the R71.5bn investment it announced last week was a vote of confidence in the direction of the country. "We've seen changes in the political situation that make us a lot more confident about investing," says Zambia-born Mbazima, who is Anglo SA's deputy chair and sits on the group management committee of Anglo American Plc in London. Anglo used the investment summit last week to announce that it would spend the money between 2018 and 2022 to sustain and extend the lives of its mines and save 72,000 jobs. The most important change is "the discourse", Mbazima says. "There's a new openness to investment in SA, a recognition of the importance of investment." But though "the right ethos is there, now it's the implementation and execution that needs to happen", he says. "We need to see the things we've been speaking about being implemented." In the policy and regulatory space, "the most important things for us are clarity, certainty a...