Financial Market

London listed mining giant Anglo American has today released news that it will be “reviewing all options surrounding the development” of it £202 million platinum mine in Zimbabwe amidst the growing political unrest in the region.

Anglo American mines precious metals, diamonds, base metals, coal and industrial minerals from mines across the world.

The recent decision to invest hundreds of millions of pounds in the Unki platinum mine in central Zimbabwe has however been revoked after it was met with heavy criticism by political opponents of Robert Mugabe who said that proposed operations would only support his regime.

After being intensely scrutinised by the media and pressured from politicians and shareholders, Anglo American has now said that it will review the project, but went on to say it would not abandon the 650 employees at the mine.

Originally Anglo had said of the proposed plans “The responsible development of the Unki mine will create a long-term viable business which will be important to the economic future of Zimbabwe for years to come,”

A company statement now said that “The company is monitoring the situation in Zimbabwe very closely and is reviewing all options surrounding the development of the project.”

Anglo has now been told by the Mugabe regime that if the proposed plans did not go ahead then the Mugabe administration would take control of it.

In addition to the companies review of it operations in Zimbabwe, Anglo American is also to be investigated by the foreign office to ensure that the investment made in the project did not breech imposed sanctions.

Prior to the announcement to review operations in the country, Anglo had bucked the trend of British businesses based in the region that have been closing down operations or suspending them until Mugabe is out of power.

Shares in Anglo American fell 3.2% to £33.14 during afternoon trading, with rival miner Rio Tinto also down 2.9%.