Sumitomo’s move comes as Japanese trading companies have been grabbing assets and increasing their stakes on a few of them thanks higher commodities prices, which have boosted their profits.
Anglo American PLC Mining News
Anglo will sell a 21.9% stake in its Peruvian copper project to Mitsubishi, increasing the Japanese firm’s stake in the venture to 40%.
Quellaveco is one of the world’s largest untapped copper orebodies and Anglo’s board is set to decide later in the year whether or not to green-light development of the $5.5bn mine.
The announcement is the last of a string of difficulties Anglo has faced with the iron ore mine, which was expected to produce 16 million tonnes this year, but that will now generate just 3 million tonnes.
The mining tycoon wasn’t explicit about whether he wanted to assist Anglo with increasing sales to India or to start operating mines there.
Collahuasi, owned by Anglo American Plc and Glencore Plc, is located in northern Chile and is among the world's largest copper mines.
Anglo American Plc is moving towards a multibillion-dollar decision on building the world’s next major copper mine in Peru.
Mining is a dirty business, but Anglo American Plc Chief Executive Officer Mark Cutifani says it doesn’t have to be.
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.