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Anglo American Resources announces a major restructuring plan to spin off or divest its diamond, coal, and platinum businesses.
Release time:
14 May,2024
On Tuesday (May 14) local time, the British mining company Anglo American outlined a restructuring plan that includes the divestment or sale of its diamond, platinum, and coal businesses. This is one of the largest business adjustments in the company's 107-year history.
On Tuesday local time (May 14), the British mining company Anglo American outlined a restructuring plan that includes the divestment or sale of its diamond, platinum, and coal businesses. This is one of the largest business adjustments in the company's 107-year history.
As a global mining giant, Anglo American's current business covers copper, platinum group metals, steelmaking coal, and nickel, while also developing crop nutrient projects.
Anglo American stated on Tuesday that it will spin off its platinum company Anglo Platinum, divest or spin off its diamond division De Beers, and sell its coking coal assets. The company will also explore maintenance and care options for its nickel business before divesting.
Anglo American CEO Duncan Wanblad said, "We expect that a thoroughly simplified business model will bring sustainable incremental value creation through gradual improvements in operational performance and cost reductions."
The purpose of this restructuring is to shift Anglo American towards a so-called 100% future-focused portfolio, with assets that will support the global green energy transition. The company stated that copper, iron, and crop nutrients will remain its key businesses.
According to Anglo American, this restructuring will reduce costs by $1.7 billion.
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