The UK-listed mining giant has been hit by sharp falls in global commodity prices in recent monthsAnglo American has revealed plans to accelerate the sale of its iron ore,coal and nickel mines, in a sweeping overhaul after its annual profits more than halved and its bonds were downgraded to junk status.
The UK-listed global mining company said it was reviewing its options regarding its 70% stake in Kumba Iron Ore, or Africa’s biggest miner of steel’s key ingredient. The decision speeds up a plan to pull out of coal and iron ore to concentrate on materials that are in greater demand,such as its De Beers diamond operations, platinum and copper. Related: Anglo American credit rating pushed further into junk territory Related: stop of China's commodity boom spells pain for producers with no stop in sight Continue reading...
Source: theguardian.com