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A lot has changed since the days when 44 Main Street housed the beating heart of the SA economy. Anglo moved its HQ to London in 1999, and now its SA offices have gone to an anonymous box in Rosebank, leaving the iconic 1930s edifice to bear silent witness to an era of typing pools and staff canteens strictly delineated by pay grade. More heartening for shareholders, however, is the complete turnaround since the dark days of January 2016, when it looked like the share price was heading sharply into the ground.

Mark Cutifani has driven a huge turnaround from the mess he was bequeathed in 2013, and the never-tried-before experiment of sticking a mining engineer in to run a mining company has paid off handsomely. The money tap is gushing once more, with Anglo’s interims recording underlying earnings before interest, tax, depreciation and amortisation of $12.1bn as the global economy bounces back from Covid, boosted by stimulus measures across the major economies...

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