South Africa accounted for 55% of Anglo American’s full-year earnings in 2020, a development that harks back to when the group’s Johannesburg headquarters was mothership to a business empire.
In those days, the group was enmeshed with the SA economy, sporting interests in things as seemingly disparate as engineering, beverages, and media.
The reason for the recent earnings bias – normally Anglo derives about 30% to 40% from its SA businesses – was the strong price performance (and cost controls) of Anglo American Platinum (Amplats) and Kumba Iron Ore, separately listed investments that still reflect the sprawling nature of the group’s past structure.
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