South African mining groups doing well in South America

South America is a continent whose richness in natural resources became legendary through myths such as El Dorado or the Emerald Mountain. Neither of these ever existed, of course, but today the continent produces antimony, bauxite, coal, cobalt, copper, gold, iron-ore, lead, manganese, molybdenum, nickel, phosphates, platinum, silver, tantalum, tin, titanium, tungsten, uranium, zinc and zirconium, plus oil and gas, as well as a wide range of precious and semiprecious stones.

The continent today comprises the countries of Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Surinam, Uruguay and Venezuela, as well as the French territory of Guiana. Often lumped together in the popular mind, these countries are actually very different from one another. True, Argentina, Bolivia, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay and Venezuela all speak Spanish, but they don’t pronounce the language in the same way and each is very distinct from the others.

With its riches, South America has, unsurprisingly, long attracted foreign investors seeking mining opportunities. These have included South Africans. Today, three major companies which are listed in whole or in significant part on the JSE are actively mining in Africa’s western neighbour continent. These are Anglo American, AngloGold Ashanti and Gold Fields.

Anglo (South) American

Of these, Anglo American has the biggest portfolio of assets in South America. “We have been in South America for more than 30 years,” points out Anglo American media relations head James Wyatt-Tilby. “We have a number of very significant and successful businesses there, in copper, iron-ore, nickel and coal. South America is a very large part of our global business and future prospects and we’re investing several billion dollars in new projects in Brazil, Chile and Peru.”

Indeed, in her address to the Brisbane Mining Club last month, Anglo American CEO Cynthia Carroll specifically highlighted three of the group’s projects in South America, saying that the “key Minas-Rio iron-ore and Barro Alto nickel developments in Brazil and the Los Bronces copper expansion in Chile are all well placed on their industry cost curves, have long resource lives and are on track to enter production from 2011 onwards in what is expected to be an environment of growing commodity demand”.

Anglo American is active in Brazil, Chile, Colombia, Peru and Venezuela.

In Brazil, it holds 100% of nickel producer Codemin, 100% of ferroniobium producer Catalão, 73% of phosphate and phosphoric acid producer Copebrás and 100% of Anglo Ferrous Brazil. Anglo Ferrous Brazil, in turn, owns 69,2% of the Amapá iron-ore-mining operation and 99,4% of the Minas-Rio iron-ore project. (However, in late October, the group announced it would divest from Catalão and Copebrás).

In Chile, Anglo American owns 44% of the Collahuasi copper operation, 100% of the Chagres copper smelter, 100% of each of the El Soldado, Mantos Blancos and Mantoverde copper mines, as well as 100% of the Los Bronces copper (primary product) and molybdenum (by-product) mine.

In Colombia, the group has a 33% share in the Cerrejón coal operation.

In Peru, it has two projects under development, with an 81,9% share in the Quellaveco copper project, and 100% of the Michiquillay polymetallic project, which would have copper as its primary product and gold, molybdenum and silver as the by-products.

In Venezuela, Anglo American holds 91,4% of the Loma de Niquel ferronickel operation and 25% of the Carbones del Guasare coal- mining company.

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