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Anglo American shares under pressure

Shares in diversified resources group Anglo American came under pressure on both the JSE Securities Exchange and the London's FTSE 100 index on Friday in the wake of news that lawyers, seeking reparations for apartheid victims, had filed a lawsuit against the company in the US.
Shares in diversified resources group Anglo American came under pressure on both the JSE Securities Exchange and the London's FTSE 100 index on Friday in the wake of news that lawyers, seeking reparations for apartheid victims, had filed a lawsuit against the company in the US.

At 16:16, Anglo shares were trading at R117.50 on the JSE Securities Exchange, down 2.89% or R3.50 from their previous close. They were down 2.78% in London at this time. The share had been trading at around R20.00 earlier in the afternoon.

Anglo said in an announcement to the market that it strongly rejected the efforts made by US lawyers and others to use US courts to resolve important issues for South Africa's future.

"Anglo American believes that the question of whether reparations to individuals is an appropriate or effective way to assist in the rebuilding of South Africa is a matter to be resolved through South Africa's democratic processes (including, if necessary, its courts), as part of South Africa's ongoing broad efforts to bring about reconciliation and reconstruction after apartheid."

It said while the company was participating fully in the ongoing debate and dialogue regarding the best means for rebuilding South Africa, this debate "must necessarily take place in South Africa by South Africans through their democratic institutions, not with lawyers purporting to seek resolution of such matters in foreign courts".

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