Anglo to run AGM on May 5 with minimum quorum owing to COVID-19 restrictions

ANGLO American is to convene its annual general meeting with the minimum quorum of two shareholders in the wake of government restrictions due to the COVID-19 virus, said Reuters citing the UK-listed mining company.

The company said shareholders can cast their votes on business to be taken up in the May 5 meeting through a proxy form that can be filed electronically.

Businesses globally have embarked on work from home conditions for employees as a means of slowing the spread of the virus. This has been extended to mines, especially in South Africa where a 21-day lockdown announced on March 27 has seen all but essential services idled.

Anglo said on Monday that it would continue to spend R2.4bn per week on the procurement of services and wages in South Africa as part of effort to sustain its business whilst the lockdown was underway, and to secure a rapid economic recovery when the COVID-19 virus was overcome.

“We are maintaining the security and integrity of our assets and the supply of essential raw materials to customers, preserving our ability to return operations to normal levels as swiftly as possible when appropriate,” said Anglo CEO, Mark Cutifani, in a statement.

Last month, Anglo reduced production guidance on its assets, including those in South Africa which it described as the heaviest hit by COVID-19 restrictions, including Kumba Iron Ore, which was expected to produce between two to three million tons less iron ore in the 2020 financial year after it reached agreement with the South African government to reduce the workforce by half during the lockdown.

Anglo’s thermal coal production from South Africa would be 1.5 to two million tons less for the year whilst production of refined platinum group metals from Anglo American Platinum  was on hold owing to a previously disclosed processing facility shutdown that would see it produce about 900,000 oz less PGMs in 2020.