Mining is a dirty business, but Anglo American Plc Chief Executive Officer Mark Cutifani says it doesn’t have to be.
Anglo American PLC Mining News
Anglo said there was leakage of a mixture of iron ore and water to a local watershed.
The deal includes the New Vaal, New Denmark and Kriel mines, as well as various mine life extension projects.
Company became the latest top miner to report soaring profits, hefty dividends and lighter debt burden.
Anglo raised the possibility it could start buying assets in SA, the latest sign of how much has changed in two years, when the miner was focused on selling.
Last year, the miner sold other coal assets that exclusively supplied South Africa’s power utility Eskom, including New Vaal, New Denmark and Kriel collieries.
The company beat expectations on Thursday with a 5% increase in 2017 production.
The political shifts are good news for the likes of BHP Billiton Ltd., Rio Tinto Group, Glencore Plc and Anglo American Plc.
Profit margins are expected to end significantly higher this year, and this trend to continue over the next two years, a study by S&P Global Market Intelligence shows.
Stuart Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November.
The company had warned it would evaluate options for the mine, including walking away form it, if it didn’t receive the necessary permits.
Both iron ore and diamond output rose in the first quarter thanks to a continued ramping-up of the company's Minas Rio mine in Brazil and improvements in the gem market.
The world's number five diversified miner posted its first annual net profit in five years.
The miner reported broadly higher output in the fourth quarter across all divisions, except for copper, which suffered from lower grades and strikes.
While the miner is not longer being pressed to include its platinum assets in the divestment plan, the issue of how to package mines and which ones to include, remains a bone of contention.
Decision follows a fresh attack by hooded protesters who seized installations over the weekend.
About 100 hooded protesters have seized parts of the copper mine, Anglo American's biggest operation in Chile.
Anglo American is sounding out investors about a multi-billion pound spin-off of its South African operations in an attempt to pacifiy growing pressure from its biggest shareholder to consider a radical break-up.
Shares were up more than 5% after the firm posted higher output across all divisions, except for copper, and said market conditions for its diamond business had improved.
Los Bronces, Anglo American’s flagship operation, is expected to produce between 600,000 and 630,000 tonnes of copper this year.
Firms says the affected pipe only carries ground ore mixed with water.
One of the miner’s worst kept secret may be revealed as soon as Tuesday.
A month after Anglo completed the sale of Mantos Blancos and Mantoverde copper mines in northern Chile, analysts are calling into question the firm’s chance to unload two other assets.
The announcement comes only days after Anglo announced a $330m deal to sell lossmaking South African platinum mines to Sibanye Gold.
The price for the two assets could rise to $500m from $200m, depending on an eventual recovery of copper prices and the execution of an expansion plan for the Mantoverde mine.