Anglo American Plc has quietly become a commodities trader. In just five years, the century-old miner assembled marketing operations that now sell more metals than the company produces.
Yet the trading business gets barely a mention at presentations by Anglo executives or in analyst reports, taking a back seat to mines that produce everything from copper and platinum to diamonds.
Anglo’s move into trading goes against a long-standing industry maxim: miners don’t trade. For much of the last two decades, investors wanted producers’ shares to track soaring metals prices and resisted anything that might get in the way. Continue Reading →