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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Anglo American plc    AAL   GB00B1XZS820

ANGLO AMERICAN PLC

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Anglo American CEO says not responsible for lead poisoning in Zambia

10/30/2020 | 11:20am EST

JOHANNESBURG (Reuters) - Anglo American Chief Executive Mark Cutifani said on Friday it was not responsible for lead poisoning at a Zambian lead mine it part-owned nearly 50 years ago and planned to defend itself after a class action was filed against the miner.

The class action suit was filed last week by South African law firm Mbuyisa Moleele and UK-based Leigh Day on behalf of what they say is estimated to be more than 100,000 individuals over allegations of negligence.

"We intend to defend our position as we don't believe Anglo American is responsible for the current situation," Cutifani said during the presentation of a company sustainability report.

The class action, which is seeking compensation for girls and women with lead poisoning who have or may become pregnant as well as clean-up and remediation of the area, alleges that Anglo American South Africa (AASA) is liable for the lead emissions.

The lawsuit says the company did not rectify design deficiencies which led to the lead emissions and failed to ensure clean-up of the contaminated land before the mine was taken over in 1974 by ZCCM, a state-owned company.

Cutifani said they were however concerned about the situation at the Kabwe mine, which lies 140 km (87 miles) north of Lusaka.

"Contamination is just not acceptable anywhere," said Cutifani.

Human Rights Watch, which last year released a report on Kabwe found that more than a third of people lived in lead-contaminated townships due to the mine's activities.

Exposure to high levels of lead, which children are particularly susceptible to, could impair growth, damage organs such as the liver and brain and increase the risk of miscarriage, the report said.

Leigh Day was one of the firms that represented thousands of miners who contracted silicosis and tuberculosis, potentially fatal lung diseases, in a 5-billion-rand ($309.36 million) class action settlement with gold mining companies including Anglo American.

(Reporting by Tanisha Heiberg; editing by Jason Neely and Jonathan Oatis)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC -0.98% 2605.5 Delayed Quote.8.37%
DOW JONES AFRICA TITANS 50 INDEX 0.46% 545.53 Delayed Quote.2.57%
DOW JONES SOUTH AFRICA(ZAR) 2.39% 1921.22 Delayed Quote.6.33%
S&P AFRICA 40 INDEX 0.51% 176.78 Delayed Quote.1.64%
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Financials (USD)
Sales 2020 27 824 M - -
Net income 2020 2 501 M - -
Net Debt 2020 6 642 M - -
P/E ratio 2020 18,2x
Yield 2020 2,46%
Capitalization 48 995 M 48 936 M -
EV / Sales 2020 2,00x
EV / Sales 2021 1,62x
Nbr of Employees 60 000
Free-Float 89,4%
Chart ANGLO AMERICAN PLC
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Technical analysis trends ANGLO AMERICAN PLC
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 39,14 $
Last Close Price 35,94 $
Spread / Highest target 32,7%
Spread / Average Target 8,90%
Spread / Lowest Target -33,1%
EPS Revisions
Managers and Directors
NameTitle
Mark Cutifani Chief Executive Officer & Executive Director
Stuart John Chambers Chairman
Stephen Thomas Pearce Finance Director & Executive Director
Anthony Martin O'Neill Executive Director & Group Technical Director
Anne L. Stevens Independent Non-Executive Director
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