Anglo American wants to make a positive contribution to South Africa's efforts to reform land ownership and address racial sloping patterns, said Chief Executive Officer Mark Cutifani.
Anglo will announce this in December, he told reporters in Johannesburg on Wednesday. South Africa, where Anglo was founded more than a century ago, needs to find an inclusive and sustainable solution to land reform, said Cutifani. The economic push of the largest industry on the continent to encourage investment can be increased "if the government clearly articulates the advantages of what appears to be the land problem," he added.
"What seems like the final game in terms of diversifying land ownership and ensuring land productivity?" Cutifani said. "Answering this question will help investors understand how their investments might be affected and how they can help South Africa achieve the desired results."
South Africa sought to reverse the legacy of apartheid and colonial rule that had produced white people who owned almost three-quarters of agricultural land, although the number was less than 8% of the population. A panel of South African parliamentarians earlier this month decided that the constitution needed to be amended to make it easier to wrest land without paying it.
Land compensation must be marked by improvements in people's lives and "the need to promote greater investment for economic growth," Cutifani said.
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