Mining’s poster child of pain can talk about growth again after all the pain
London — Among the mining giants, perhaps none suffered more than Anglo American during the commodities crisis. After a year of overhauling the business, growth is now on the horizon. Anglo, which releases results later this month, is expected to report its first profit increase in five years on surging commodity prices and deep cost cuts. CEO Mark Cutifani says the company will probably pay a dividend next year, and may consider expanding through deals. "Make no mistake, we are not the company we were," he said at the Mining Indaba conference in Cape Town. Under Cutifani’s leadership during the downturn, Anglo paid down debt, sold assets and scrapped its dividend to become a leaner, more resilient company. And investors are buying the turnaround story with the shares rallying almost 300% in 2016. Anglo’s share price was 1.3% higher at R224.50 at 12:17pm on the JSE on Tuesday. Now that the company’s balance sheet has stabilised, and confidence is returning to the mining industry, Cu...
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