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Anglo American details more than $25 billion tax and economic contribution in 2020

04.05.2021 21:04 | Anonymous

Anglo American Platinum (Amplats), the owners of Unki Platinum Mine located in Zimbabwe today released its seventh annual Tax and Economic Contribution Report, with a detailed breakdown of the company’s contributions across all its major operating jurisdictions, amounting to more than $25 billion in 2020.

In a year that was ravaged by COVID-19 induced lockdowns that crippled business activity, the contribution was down from the previous year, when Amplats made a total tax and economic contribution of $28.5 billion.

Amplats Chief Executive Officer Mark Cutifani said, “Our annual Tax and Economic Contribution Report helps our stakeholders more fully understand the breadth of our role in society.

“The enduring positive impact of a business can only be properly assessed when you consider the total footprint of its contributions. It is with this transparency that we seek to build trust as a corporate leader in our industry – a key pillar of our Sustainable Mining Plan.

“The positive contribution we bring to the countries where we operate extends far beyond the taxes and royalties we pay. The high quality of employment that we provide and the associated wages, the money we spend with local suppliers, our corporate social investment, and our capital investments all support the fabric of many economies.

“In 2020, our contribution amounted to more than $25 billion, demonstrating the extent to which we continued contributing to the communities and countries where we work – both economically and socially – staying true to our Purpose as a business.”

Zahira Quattrocchi, Group Head of Tax at Anglo American, adds:

“Paying taxes is a central responsibility for sustainable businesses. Transparency around those taxes is also critical and, for Anglo American, is a dialogue we aim to continue to lead.

“We see our Tax and Economic Contribution Report not only as an opportunity to provide the detail of what we contribute, but also as an opportunity to explain the principles and values that underpin our broader approach, how we govern that approach, and how we engage with our stakeholders.”

The breakdown of Anglo American’s total tax and economic contribution in 2020 is set out below:

 Total taxes borne and collected            $5.3 billion
 Wages and related payments                $3.6 billion
 Corporate social investment                  $0.1 billion
 Total procurement                                   $12.6 billion
 Capital investment                                   $4.1 billion
 Total                                                            $25.7 billion

The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss Exchange.

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