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Company Response

22 Mar 2011

Old Mutual

Old Mutual Response

We have come under international pressure to divest our business in Zimbabwe by those who believe that this will be of benefit to the Zimbabwean people. We cannot agree with this notion as we have policyholder and employer obligations to our employees, their families and dependents...Mbada Diamonds [joint venture Zimbabwe Mining Development & New Reclamation] holds a mining concession over less than 10% of the Chiadzwa diamond fields. Importantly, Old Mutual would like to point out that New Reclamation's engagement post-dated any reported wrongdoing in the mining area. As a result, Old Mutual is most certainly not associated with alleged activities which contravened the human rights of citizens. We have been given assurances that the company fully complies with all its legal and regulatory obligations and is part of a best practise commercialisation of the Marange field...Old Mutual believes that a stable country and a free society in Zimbabwe are in the interest of our customers, our policyholders, our shareholders and our company. [also refers to Natprint, Zimpapers]

Part of the following timelines

Anglo Platinum responds to opposition party's allegations of complicity with Zimbabwe's Govt.

Opposition politician Roy Bennett criticises company for allegedly profiting from killings at Marange diamond fields.