Anglo 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, 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.
Anglo American suspended its dividend in December and said it would sell or close more than half its mines in response to the plunging price of iron ore and other metals. The Kumba disposal is part of a plan to raise $4bn (£2.8bn) from asset sales, to cut net debt to less than $10bn this year.
The company also said it would review its options on the ill-fated Rio-Minas iron ore project in Brazil after three years. It said it would exit its entire coal operations in Australia, South Africa and Colombia, subject to offers.
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