Anglo American sells Exxaro stake for $215m to reduce net debt
Diversified miner Anglo American will sell its 9.7% stake in South African miner Exxaro, and use the proceeds to reduce debt.
Diversified miner Anglo American will sell its 9.7% stake in South African miner Exxaro, and use the proceeds to reduce debt.
Anglo American, which is seeking to turnaround its business to withstand a collapse in commodity prices, says its first-half profit dropped 23 percent.
Eskom plans to transfer assets at coal mines it helped to pay for onto its own balance sheet, which will involve a “painful process” of discussions with companies including Anglo American.
Off the back of disastrous unemployment figures, where 4 000 jobs were shed in the country’s mining sector, Anthea Jeffery is calling for urgent resolution on the Mining Charter.
Mining companies are getting back into financial shape and have cut the sector’s pool of distressed bonds by at least $60 billion.
Philippe Mellier will step down as chief executive officer of De Beers, the world’s biggest diamond producer, with Bruce Cleaver taking over the position on July 1.
London’s best blue-chip stock is one most analysts spent this year telling investors to dump. Anglo American has more than doubled in value in 2016, outpacing all other FTSE-100 companies.
African Rainbow Minerals, the diversified mining company controlled by SouthAfrican billionaire Patrice Motsepe, said it may consider a bid for Kumba Iron Ore, the company that Anglo American wants to exit.
As Anglo American scales back its operations in South Africa, the government says this could encourage the emergence of “new black economic empowerment champions.”
South32 would be willing to acquire Anglo American’s stake in their manganese joint venture, the world’s biggest producer, if the price was right.