(Alliance News) - Anglo American PLC on Thursday said it signed a USD100 million loan agreement with the International Finance Corp for 10 years.
The diversified miner said the sustainability-linked loan is aimed at supporting rural communities and education in South Africa, including by promoting the creation of jobs as well as improving the quality of education for more than 73,000 students.
Anglo American Finance Director Stephen Pearce said: "Our sustainable mining plan has a set of ambitious global goals relating to delivering a healthy environment, creating thriving communities, and being recognised as a trusted corporate leader. We designed our goals to challenge us to lead and innovate in how we can best deliver meaningful and enduring value to society, and particularly to those nearest to where we operate."
Anglo American's sustainable mining plan includes targets to support schools in its communities near its mines to perform within the top 30% of state schools nationally and to create or support three offsite jobs for every onsite job at our operations by 2025.
Anglo American has committed to contributing additional funds to agreed social causes if it falls short of fully achieving its education and livelihood targets under the terms of the IFC loan.
Anglo American shares were down 1.5% at 3,948 pence each on Thursday morning in London.
By Xindi Wei; xindiwei@alliancenews.com
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