Anglo reverses asset sale strategy
The producer will keep its nickel and metallurgical coal mines, but pushes ahead with the sale of three collieries and New Largo project
Anglo American reversed its strategy of disposing of all but 16 of its mines in three commodities, opting to retain its nickel and metallurgical coal mines and, it would seem, Kumba Iron Ore and its export thermal coal mines in SA. In a major shift in strategy, Anglo CEO Mark Cutifani had to justify the 100-year-old diversified miner’s change in attitude towards its bulk commodity assets in response to repeated and pointed questions from analysts, during Tuesday’s full-year results presentation, wanting to kn ow what had informed the decision, particularly around its assets in SA. Jason Fairclough, an analyst at Bank of America Merrill Lynch, said this was the third strategy Anglo had unveiled in 15 months and wanted to know what investment case could be made for Anglo. If you are already a subscriber, please click on the link below to go to the full article. If you would like to subscribe to BusinessLIVE Premium to read the full story, please click here: Anglo changes strategy on p...
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