THE BIG READ
Anglo American refines down to core assets
Margins rise as miner focuses on leaner, healthier portfolio
It was 2012 and Anglo American was half a decade into a multibillion-rand bet on iron ore in Brazil. In SA the platinum sector, in which it controlled the largest producer, was looking increasingly unstable. Anglo was pushing deeper into the commodities that China's growing economy was demanding, notably iron ore. Specifically the Minas Rio project in Brazil, which soon turned into a story of cost overruns and delays. And it did not help that the 2008 financial crisis and the global recession that followed pulled the rug out from under commodity prices. The stage was set for a rejigging of the company. And that is what happened. At this year's AGM, chair Stuart Chambers said the company was radically different in shape, quality and performance. Also speaking at the AGM this week, Mark Cutifani, who took over in early 2013, called the company a fundamentally different business. PODCAST: The growing power of class action lawsuits Subscribe: iono.fm | Spotify | Apple Podcasts | Pocket ...