Anglo American takes charge of US$101 million due to silicosis actionPublished by MAC on 2017-07-30
For earlier article, see: South African firms file plea against silicosis class actions
Anglo American takes a charge of US$101 million due to silicosis action
28 July 2017
Anglo American has set aside US$101M to settle legal action from a group that allegedly contracted silicosis or tuberculosis as a result of having worked for various gold mining companies including some in which Anglo American was either a shareholder or provided various technical and administrative services.
Anglo American is one of 32 respondents to the consolidated class certification.
About a year ago South Africa's high court ruled that mine workers could claim damages for contracting silicosis. The defendants are appealing the ruling with a hearing planned for March 2018.
Anglo and the other respondents are negotiating with the affected stakeholders. The charge of US$101 million represents the company's best guess as to the ultimate settlement.
Details of the charge are found on page 49 of the company's 2017 interim financial results