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