Review of Anglo American Corporation

The AAC played a major part in investing in some industrial concerns and thus, economic advancement of Southern Rhodesia. Most of its activities were during the Federation when it became directly involved in production, for example the take-over of Wankie Colliery in 1953 after the assent it had through the Rhoanglo Group Act of 1953 as well as the increased call by the Federal government to have foreign capital invest in the country. Prior to that, it only went as far as financing ongoing investments instead of a direct take-over of production, like it eventually did in 1953. This was the form of expansion of the Group within the region during that period. Such expansion was confirmed by the Group’s Chairman when he stated that, “the progress and prosperity of our group of companies, has indeed become even more closely identified with the economic welfare and development of both the Union and the Federation”. The entry of AAC into Rhodesia, in the early years, occurred at a time when the Southern Rhodesian government was implementing protectionist policies to safeguard the interests of its domestic capital. This attracted foreign capital and AAC used the link it had with the British South Africa Company (BSAC) to penetrate the Rhodesian market until it spread its tentacles in almost all the sectors of the country’s economy.Upon its entry into Southern Rhodesia, the Group became a major player in the country. It had and still has extensive interests which include coal, nickel and chrome mining, iron, steel, ferrochrome and allied engineering services, banking and finance, timber processing, agricultural estates as well as manufacturing industries.