Anglo American CEO Says South Africa Mine Tax Needs No Changes

June 6 (Bloomberg) -- Anglo American Plc Chief Executive Officer Cynthia Carroll opposes South African tax changes because the current system already ensures the fair distribution of the benefits of mining.

Carroll made the comments in reference to a report commissioned by South Africa’s ruling African National Congress recommending additional taxes.

The report “argues that the proposed new tax is necessary to ensure that the state benefits appropriately from the profits the mining industry earns,” Carroll said today in a speech in Johannesburg. “Yet the existing royalty regime was introduced for exactly this purpose.”

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