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Minorco

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The Minorco SA (Minerals and Resources Company) was a mining company based in Luxembourg. It was set up by the South African Anglo American Corporation in 1987 to hold its non-African, non-diamond mining operations. Although Minorco was quoted on the Luxembourg Stock Exchange the majority of its shares were controlled by the Oppenheimer family through the Anglo American Corporation and its then sister company De Beers.

History

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The origin of Minorco dates back to 1928 when the Anglo American Corporation founded the Rhodesian Anglo American Limited in London. In 1954 the company moved its headquarter to Zambia and ten years later it changed its name to Zambian Anglo American Limited. In 1970, it moved to Bermuda. In 1974, the name changed to Minerals and Resources Company (Minorco) and the company was turned into the international mining investment arm of Anglo American Corporation to avoid the impact of economic sanctions against Apartheid. In the same year Anglo American transferred its 27% stake in Engelhard, an American mining and commodities trading conglomerate, to Minorco to further strengthen its financial basis.[1]

In 1975 Minorco bought a 45% interest in Hudson Bay Mining and Smelting Company (Hudbay) followed in 1981 by the acquisition of substantial minority interests in the three natural resources companies Consolidated Gold Fields (29%), Newmont (22.4)[2] and Charter Consolidated (36%).[3][4] In the same year it entered the investment business via a 14% stake in the New York brokerage house Salomon Brothers.[5][6][7][8] Salomon bought back that stake in 1987.[9][10] In 1981, Minorco and Hudbay completed the acquisition of Engelhard for USD 152 million.[11] In 1987 Minorco was restructured, moved to Luxembourg and was named Minorco SA.[12] Its shares were quoted on the Luxembourg Stock Exchange, but the Oppenheimer family kept the majority of its shares directly and indirectly via Anglo American Corporation and its then sister company De Beers.

In 1988 Minorco started a hostile and ultimately unsuccessful take-over bid for the full control of Consolidated Gold Fields (ConsGold), a British firm and the world’s second-largest gold concern.[13][14] With an offering price of USD 5.65 billion, it was the largest attempted takeover in British corporate history.[15][16][17][18] In 1989 Minorco agreed to sell its minority stake in Consolidated Gold Fields to Hanson, which had made an alternative all-cash takeover offer for ConsGold worth £3.5 billion.[19][20][21]

With the end of the apartheid system in South Africa at the beginning of the 1990s and the growing threat of nationalizing its assets, the Anglo American Corporation increased its overseas investments and transferred assets outside South Africa it still directly owned into Luxembourg-based Minorco. Minorco expanded its North American mining operations by acquiring the American firm Freeport-McMoRan Gold Company from its parent Freeport-McMoRan in 1990[22] and took full control of the Canadian-based Hudson Bay Mining & Smelting in 1991 for USD 86.8 million.[23] In a 1993 $1.4 billion stock and asset swap, Minorco took over the South American, European, and Australian operations of both Anglo American Corporation and De Beers,[24] which meant that all of Anglo American's non-African, non-diamond assets were now consolidated within Minorco and out of the reach of nationalization.

In 1998 the Anglo American Corporation unveiled a merger with Minorco to create one of the world's biggest mining and natural resources companies with a stock market value of then $10 billion. The new company was called Anglo American plc and was based in London. Before Minorco had to unveil lower earnings for 1997 and a cut in its dividend because of a slump in world commodity prices. In connection with the merger Minorco announced it would sell its gold interests, mainly in North and South America, and its stakes in fertilizer maker Terra Industries, as well as its 31.8% stake in Engelhard. At the same time Anglo American Corporation said it would dispose of its interests in South Africa's Beverage and Consumer Industries Holdings and South African Breweries.[25]

References

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  1. ^ Ruth Kaplan: "Anglo American Corporation of South Africa Ltd.: Investments in North America", Publisher: Africa Fund, 1982 on JSTOR
  2. ^ Ruth Kaplan: "Anglo American Corporation of South Africa Ltd.: Investments in North America", Publisher: Africa Fund, 1982 on JSTOR
  3. ^ Independent, June 23, 1993
  4. ^ Cole, Robert J. (1989-05-31). "Market Place; Minorco Stance On Gold Fields (Published 1989)". The New York Times. Retrieved 2025-11-16.
  5. ^ Sterngold, James (1988-01-10). "TOO FAR, TOO FAST; Salomon Brothers' John Gutfreund". The New York Times Magazine. Retrieved 2025-11-16.
  6. ^ Bennett, Robert A. (1981-08-04). "SALOMON BROS. INVESTMENT HOUSE TO BE SOLD TO COMMODITY TRADER (Published 1981)". The New York Times. Retrieved 2025-11-16.
  7. ^ "A South African Empire Reaches to U.S." The Washington Post. 1982-04-11. ISSN 0190-8286. Retrieved 2025-11-16.
  8. ^ Leinster, Colin. "The man who seized the throne at Phibro-Salomon". Fortune. Retrieved 2025-11-16.
  9. ^ "Harry Oppenheimer's Empire: Going for the Gold" New York Times Magazine, March 19, 1989
  10. ^ Sterngold, James (1987-09-28). "Salomon To Sell 12% To Buffett". The New York Times. Retrieved 2025-11-16.
  11. ^ "Hudson Bay Joins Minorco in U.S. Bid (Published 1981)". 1981-05-20. Retrieved 2025-11-16.
  12. ^ "Wealthy dynasty built on SA gold", The Independent, October 23, 2011
  13. ^ Cole, Robert J. (1989-04-18). "Minorco's Gold Fields Bid Stalled (Published 1989)". The New York Times. Retrieved 2025-11-16.
  14. ^ Cole, Robert J. (1989-04-11). "Minorco Lifts Its Offer for Gold Fields (Published 1989)". Retrieved 2025-11-16.
  15. ^ "Judge Blocks Minorco's Bid for Consolidated Gold Fields (Published 1988)". The New York Times. 1988-10-25. Retrieved 2025-11-16.
  16. ^ Lohr, Steve (1989-02-21). "Minorco Lifts Bid for Gold Fields (Published 1989)". The New York Times. Retrieved 2025-11-16.
  17. ^ Cole, Robert J. (1989-05-17). "Minorco Admits Defeat on Gold Fields Bid (Published 1989)". The New York Times. Retrieved 2025-11-16.
  18. ^ Lohr, Steve (1989-02-03). "Britain Approves Minorco's Pursuit of Consolidated Gold (Published 1989)". The New York Times. Retrieved 2025-11-16.
  19. ^ Consolidated Gold Fields of Australia: The Rise and Decline of a British Mining House, 1926-1998, ANU Press Canberra 2020 pages 319-322
  20. ^ "Minorco Files Plea on Ruling (Published 1989)". 1989-05-19. Retrieved 2025-11-16.
  21. ^ "Court Rejects Minorco Plea (Published 1989)". The New York Times. 1989-04-25. Retrieved 2025-11-16.
  22. ^ The Kokomo Tribune, February 22, 1990, p.6
  23. ^ "COMPANY NEWS; Minorco in Offer For Mine Company". The New York Times. 1991-05-03. Retrieved 2025-11-16.
  24. ^ "South Africa Asset Shuffle (Published 1993)". 1993-09-29. Retrieved 2025-11-16.
  25. ^ Anglo merger with Minorco to create mining giant Journal of Commerce October 15, 1998
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