No question of Anglo 'cutting and running', Norman Mbazima vows
The producer is confident after doing the hard work of restructuring mines and getting assets to generate cash
There is no question of Anglo American "cutting and running" from SA in 2018, with the century-old company plotting its future in the country and developing a strategy for mines at which the hard work to return them to profit has largely been done, says Norman Mbazima, deputy chairman of Anglo American SA. Tasked with restructuring Anglo’s South African portfolio — which includes thermal coal mines for Eskom and export sales, iron ore, manganese, platinum group metals and diamonds — and defining the company’s identity in the country, Mbazima has overseen the R2.3bn sale to Seriti Resources of three coal mines that supply Eskom. The next sale is likely to be the undeveloped New Largo colliery, which will also supply the state-owned power utility. Fewer than five contenders are bidding for the mine, one of which is Seriti. One of the most critical conditions in completing the sale of the collieries to Seriti, which will become the second-largest source of coal for Eskom, is Eskom’s tr...
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