Few people in the mining industry are as bullish on South Africa as Anil Agarwal, the enigmatic chairman of London-listed Vedanta Resources. The Indian mining tycoon, who has a more than 20% stake in Anglo American, is always effusive in his praise for the South African mining sector – almost to the point where one wonders if he inhabits some parallel universe.
Speaking to Reuters last year, Agarwal said he had convinced Anglo management not to sell off South African assets such as Kumba Iron Ore – which, incidentally, is now making money and rewarding its investors with rich dividends. In February, at the opening of Vedanta’s Gamsberg zinc operation in the Northern Cape, he said he liked doing business in South Africa, where he could get a mining licence “without taking someone to dinner.
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