Anglo American ditches more mining assets
Mining giant Anglo American has sold two steel processing plants for £589million as part of its strategy to ditch businesses that are not key to growth.
The deal announced late yesterday will see two plants, one based in Chile and the other in Canada, sold to Australian firm One Steel.
Both specialised in making metal discs used by digging machinery to crush rocks underground as part of the mining process – they also made steel rods.
The big sell-off
The sale marks another stage in the transformation of the company. Last year its chief executive, Cynthia Carroll, said the miner would sell its non-core assets after investors rejected a merger approach from rival Xstrata.
Sir John Parker, then the new chairman, promised a review of the company in return for Anglo remaining independent.
Anglo said it would create seven new business units and put non-core assets worth about 11 per cent of its earnings up for sale. Carroll said yesterday: ‘Following the $1.3billion divestment of our zinc portfolio in May, the sale of Moly-Cop and AltaSteel represents further progress as we continue to focus on our core businesses.’
To date she has raised £2billion from selling off non-essential parts of the business.
In May Indian mining group Vedanta agreed to pay £822million for zinc mines in South Africa, Namibia and Ireland and in July she found a buyer for a bundle of coal reserves in Australia.
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