“WE DO NOT NEED TO SELL AS­SETS TO AD­DRESS BAL­ANCE SHEET IS­SUES. IT’S DONE.”

Finweek English Edition - - IN BRIEF -

− An­glo Amer­i­can CEO Mark Cu­ti­fani said on 21 Fe­bru­ary that the group no longer needs to sell off as­sets af­ter it swung back to a profit in 2016 and re­duced its debt. The miner’s fi­nances were buoyed by cost-cut­ting at its op­er­a­tions and an un­ex­pected in­crease in com­mod­ity prices, ft.com re­ported. An­glo could now hold as­sets it pre­vi­ously deemed non-core and had ear­marked for dis­posal, in­clud­ing its ther­mal coal mines in SA and its stake in Kumba Iron Ore. As part of the re­struc­tur­ing, it planned to cut its op­er­at­ing mines to 16, from 68 in 2013, and mine only di­a­monds, cop­per and plat­inum.

Mark Cu­ti­fani CEO of An­glo Amer­i­can

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