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AngloAmerican Dumps Coal, Platinum and Diamonds to Focus on Core Business

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Platinum,Nickel,Diamonds

AngloAmerican plans to divest several non-core assets, including coking coal, platinum, nickel, and diamonds, to focus on its core copper, iron ore, and fertilizer businesses.

Via Metal Miner AngloAmerican plans to divest several assets under its plans to simplify its portfolio, including coking coal. The move follows the company’s 2023 asset review, but also serves to rebuff a takeover takeover bid from Australia’s BHP. “Each asset was assessed for competitiveness and performance optimization potential and for its role in the portfolio,” AngloAmerican said in a May 14 announcement.

Apparently, the two parties are currently finalizing agreements on the sales of rough diamonds and mining licenses. So far, possible scenarios include selling De Beers to Gulf-based interests or conducting an Initial Public Offering. The diamond sector continues to face pressure from synthetic diamonds as their production costs decline. One source told MetalMiner that there are also many environmental, social and governance issues around that sector.

 

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