By now you surely will have heard of Anglo American, and quite rightly. A company with a reach as big this one is certainly hard to miss. But, while you have heard the name and seen its advertisements, how much do you really know about the company? If it’s not a great deal, then you’ve come to the right place. Here is everything you need to know about this multinational in a nutshell.
What is Anglo American?
Basically, it is a public limited company that deals in metals and mining. Founded in 1917 in Johannesburg, the company now operates out of South Africa and London, UK. Its shared headquarters do not, by any means, limit this company; it has a worldwide reach and is the largest producer of platinum on the globe, with an estimated 40 percent of global output.
The South African company is also an important producer of a variety of other metals, and of, course, diamonds. It derived its name from the funds acquired to launch the company in the early 1900s, which came from British and American sources.
A Brief History of Anglo American
In 1917, Sir Ernest Oppenheimer joined forces with US bank, J P Morgan, to found a mining corporation with a capital of 1 million UK pounds. The company experienced early growth, which included the appropriation of the controlling stake of De Beers in 1926, partly because of its ability to supply important resources at vital times. In 1945, for example, the company supplied the post-war nation with heat and power by shifting its focus to the supply of coal.
But, as the world recovered from the war and its needs became less fundamental, Anglo American began supplying gold mined from the Free State. The company’s gold mining efforts became AngloGold in 1999, which then became AngloGold Ashanti in 2004.
Following Sir Ernest’s death in 1957, his stake in the company became controlled by his family. But as increasing attention was being paid to conflict diamonds on a global scale, the Oppenheimer family sold their shares of De Beers back to its proprietor, leaving the running of the company to chairman, Sir John Parker, and CEO, Mark Cutifani.
The company has been involved with a great deal of mining operations as well as paper and cement productions, and various other operations, making it a major player in global industry. Facing new challenges in 2016, this multinational seems set for another phase of its existence. So, now you know more about this exceptional company, it gives you yet another reason to be a proud South African.
Image credit: http://www.mozambiqueminingjournal.com/anglo-american-closes-office-in-mozambique/