- Write by:
-
Tuesday, August 4, 2020 - 12:23:18 PM
-
811 Visit
-
Print
Mining News Pro - Anglo American chief executive Mark Cutifani is mulling over the company’s exit from its South African thermal operations.
This will likely be done through a demerger in two to three years’ time and also include its Cerrejón operation in Colombia, which mine ownership is shared with BHP and Glencore.
Cutifani said the company had reduced its thermal coal footprint by 55 per cent and was well on the way to achieve its exit target.
The chief executive expects the South African exit to take place much more quickly than its departure from Cerrejón.
“…We are also being very respectful of our two partners in terms of our processes. We maintain a dialogue,” Cutifani, speaking in Anglo American’s 2020 interim results conference call, said.
“And at some point in the next two to three years, I think we will be gone from there as well. Again, I don’t want to be or can’t be too hard on the timing of that, because again, we’ve got two other partners in that asset and we’re making sure that we deal with that the right way.”
Cutifani said the company’s Crop Nutrients fertiliser business in the United Kingdom was “a pretty good swap” for its South African thermal coal business as the former had twice the potential to contribute to the business.
Anglo American’s thermal coal portfolio represents just five per cent of its profit (earnings before interest, tax, depreciation and amortisation) across the business and is expected to reduce over time due to an estimated price decline.
“… From our point of view, our cleaner, greener world products will make up 65 per cent of our portfolio over the next few years,” Cutifani said.
“Even with our contribution in bulks, we will have high quality, high efficient iron ore and met coal, which will make again another efficiency and cleaner contribution to the making of steel over the longer term.”
Short Link:
https://www.miningnews.ir/En/News/578497
![Whitehaven Coal sees higher prices on disruptions](/Incsys/Photo.aspx?image=/Uploads/News/20240723142535752.jpg&width=236&height=180)
Australia’s Whitehaven Coal said it expected higher prices for steelmaking coal in the near and medium term due to ...
![BHP posts second straight year of record iron ore production](/Incsys/Photo.aspx?image=/Uploads/News/20240723134042848.jpg&width=236&height=180)
BHP Group on Wednesday reported record annual iron ore production for a second consecutive year, helped by improved ...
![UK’s first coal mine in 30 years faces climate court test](/Incsys/Photo.aspx?image=/Uploads/News/20240723132524278.jpg&width=236&height=180)
Climate groups called a decision to open the UK’s first deep coal mine in more than three decades unlawful, claiming ...
![Polish miner found alive after more than 48 hours trapped underground](/Incsys/Photo.aspx?image=/Uploads/News/20240721173143295.jpg&width=236&height=180)
A Polish coal miner trapped underground since Thursday was found alive by rescuers on Saturday, local media reported.
![Botswana eyes new export route to exploit huge coal resource](/Incsys/Photo.aspx?image=/Uploads/News/20240721173044358.jpg&width=236&height=180)
Three southern African nations signed a deal to proceed with a rail and port project to help land-locked Botswana export ...
![China pauses new coal-based steelmaking for first time in years](/Incsys/Photo.aspx?image=/Uploads/News/20240721170703156.jpeg&width=236&height=180)
China didn’t permit any coal-based steelmaking projects in the first half of the year for the first time since ...
![Teck jumps on buyback, debt plan after coal sale to Glencore](/Incsys/Photo.aspx?image=/Uploads/News/20240716145228213.jpg&width=236&height=180)
Shares of Teck Resources Ltd. jumped the most since April on the company’s plans to cut debt and return cash to ...
![Australian coal stocks rally on Anglo American mine explosion](/Incsys/Photo.aspx?image=/Uploads/News/20240716144741266.jpg&width=236&height=180)
Australian coal stocks are headed for their best week in years after a fire shut down one of country’s major mines, with ...
![Canada approves Glencore takeover of Teck coal unit, with conditions](/Incsys/Photo.aspx?image=/Uploads/News/20240716144027311.jpg&width=236&height=180)
To secure the approval, Glencore has agreed to maintain Canadian headquarters for Elk Valley Resources (EVR) for at ...
No comments have been posted yet ...