Bloomberg News

Rand Depreciation Bet Makes Coronation Buy Anglo American

June 28, 2011

June 28 (Bloomberg) -- The rand may tumble as much as 30 percent, boosting exporter profits and shares of miners, according to Coronation Fund Managers Ltd., whose Equity Fund was South Africa’s top performer over the past three years.

Coronation, which manages 231 billion rand ($33.6 billion) is buying Anglo American Plc, the diversified miner whose shares have slid 20 percent from a 2 ½-year peak on Feb. 24, said Chief Investment Officer Karl Leinberger in an interview in Cape Town.

To contact the reporter on this story: Robert Brand in Cape Town at rbrand9@bloomberg.net

To contact the editor responsible for this story: Robert Brand at rbrand9@bloomberg.net


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