Magazine article New African

Business Fighting Poverty

Magazine article New African

Business Fighting Poverty

Article excerpt

FOR NEARLY 100 YEARS, AFRICA HAS been a key driver of Anglo American's business success. Almost 4o% of our assets remain in South Africa. Three of our seven main business groups (platinum, iron ore and thermal coal) and two of our key associates (diamonds and manganese) operate out of Southern Africa. These are all globally competitive businesses and we are investing in them: $20bn in capital expenditure in South Africa over the last 10 years, and a future growth pipeline of almost $15bn.

Africa will continue to be a vital region for us. With global resources becoming scarcer, Africa represents an opportunity that no global company can afford to ignore. Some estimate that it hosts about 3o% of global mineral resources, and the continent produces more than 6o metal and mineral products, including gold, platinum group minerals, copper, nickel, diamonds, aluminium, uranium, manganese, chromium, bauxite and cobalt.

These are products that are central to the 21 century's global economy, particularly if we are to make progress towards a green economy -whether it is copper for wind turbines and for hybrid and electric cars, or platinum for hydrogen fuel cells and catalytic converters.

Across other sectors too, business is positive about Africa. Growth forecasts - at 5% - are well above the global average. According to the World Bank's 2012 Doing Business Report, 78% of economies in the region made regulatory reforms to make it easier for domestic firms to start up and operate.

Not only is Africa good for business, business is also good for Africa. There is a growing evidence base on the positive impact that businesses are having on development -not least by generating jobs, taxes and economic opportunities for suppliers and distributors. With the Business Fights Poverty initiative, we are pooling together the latest thinking on new tools for measuring impact, the results of the latest impact studies, and ideas of evolving business strategy to enhance development. …

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