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Anglo American eyes offloading steelmaking coal, nickel, diamonds

Anglo CEO Duncan Wanblad

Anglo CEO Duncan Wanblad

14th May 2024

By: Reuters

  

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LONDON - Anglo American laid out a strategy update on Tuesday that includes exploring options for its steelmaking coal, nickel and platinum businesses, in an effort to fend off a takeover bid from the world's largest miner BHP Group.

The announcement comes a day after the London-listed miner rejected a raised offer from BHP, saying it continued to significantly undervalue the company and was "highly unattractive" for its shareholders.

In a statement on Tuesday, Anglo said it was going to divest its steelmaking coal assets, demerge its troubled platinum unit in South Africa, explore options for its nickel mines, and divest or demerge diamonds business De Beers.

"We expect that a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction," Anglo CEO Duncan Wanblad said.

Edited by Reuters

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