After the brickbats come the plaudits. Or is it better to describe the positive ripple in Anglo American’s share price this year as a case of absolution? In any case, the JSE bellwether registered a year-to-date high at the end of March, while its sector peers Rio Tinto and BHP crashed. Not that Anglo CEO Duncan Wanblad will take such short-term price movements too seriously. After all, the hard work has only just begun.

To deliver on his planned turnaround after last year’s production disappointments, Wanblad has to ensure the firm’s Quellaveco copper mine in Peru meets production guidance, and hope R10bn in cost-cutting at Anglo American Platinum (Amplats) is enough to offset poor prices for platinum group metals (PGMs)...

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