Anglo American (LON: AAL) said on Tuesday it had begun producing copper concentrate as its $5.5 billion Quellaveco mine in Peru, which is expected to churn out between 100,000 and 150,000 tonnes this year.
The company, which has a 60% stake in the mine, earlier this year forecast the copper project to produce 100,000 to 150,000 tonnes this year, boosting the company’s overall copper production for 2022 to between 680,000 and 760,000 tonnes.
JOHANNESBURG (miningweekly.com) – The newly appointed group director of strategy and business development of diversified mining company Anglo American on Monday singled out mining’s green energy transition in commenting on her excitement at her new appointment.
Helena Nonka, who is currently executive VP of corporate development for Norsk Hydro, takes up her Anglo position from October 1, bringing with her more than two decades of international experience, primarily in the natural resources industry.
https://www.theglobeandmail.com/
Mark Cutifani stepped down as the chief executive officer of Anglo American last month a happy man, having saved one of the world’s biggest mining companies from almost certain destruction.
But his swift overhaul did more than rescue debt-ridden, accident-prone Anglo. The shakeup helped to position the company for a low-carbon future. The global mining industry was turned on its head in the past decade. The old formula – gouge great holes in the ground and damn the financial and environmental consequences – worked fine. Until it didn’t.
Anglo American (LON: AAL) said on Tuesday a Chilean environmental regulator had formally rejected the company’s application for a $3 billion expansion of its flagship Los Bronces copper mine.
The 377-page decision follows last week’s recommendation by the same office, the Environmental Assessment Service of Chile (SEA), to deny the permit due to lack of information on the potential risk to public health.
Anglo American (LON: ALL) has named head of strategy Duncan Wanblad as its next chief executive officer, succeeding Mark Cutifani, who will step down after nine years in the post.
The appointment of 54-year old Wanblad hints of a continuation in the line of management at the more than 100-year-old miner. The new boss has spent his whole career at Anglo American and has been key in many of the company’s recent moves, including its exit from thermal coal and its incursion into the fertilizers market with the acquisition of Sirius Minerals.
Diversified major Anglo American continues to take steps to usher in hydrogen-powered machinery, as well as to roll out renewable energy at its global operations as a means of improving its sustainability, CE Mark Cutifani said during a Financial Times Mining Summit on October 7.
He pointed out that the group would fully integrate renewable energy into all its South American operations by the end of 2022. “And we would hope that we achieved the same outcome in South Africa by the end of 2030 with our new strategies.”
https://www.morningstar.co.uk/
(Alliance News) – Glencore PLC on Monday said it has agreed to buy out its Cerrejon coal mine joint venture partners, Anglo American PLC and BHP Group PLC, for USD588 million.
For London-based Anglo American, the sale will mark the wide-ranging miner’s exit from thermal coal. Anglo will be selling its 33% stake in the Colombian mine for USD294 million.
“Today’s agreement marks the last stage of our transition from thermal coal operations,” said Anglo American Chief Executive Mark Cutifani.
AngloGold Ashanti has had a bad year, with the company’s lack of a permanent chief executive officer and a suspension of its Ghana mine operations weighing on the stock. But with shares now cheap compared with peers, analysts see potential for upside.
Shares of the world’s third-largest gold producer have dropped 30% in the past year, making it the worst-performing stock in the 113-company Bloomberg World Mining Index. It also trails peers on South Africa’s FTSE/JSE Precious Metals and Mining Index, which has gained 20% in the same period.
Investor sentiment began to sour three days after the company’s shares rose to a record on July 27. That’s when AngloGold’s CEO Kelvin Dushnisky shocked stakeholders by announcing his resignation.
Anglo American (LON: AAL) has been granted approvals to allow workers to re-enter the Grosvenor coal mine in Queensland, Australia, almost a year after an explosion seriously injured five workers.
The underground mine has been closed since the methane explosion in May last year, the second incident in the area in less than 15 months.
Workers belonging to the CFMEU Mining and Energy union did not welcome the news. They say the miner had kept its workers fully informed of its plans to restart the underground mine.
(Bloomberg) – Anglo American Plc outlined plans to separate its South African coal mines into a new business, hastening its retreat from mining thermal coal.
Anglo has been plotting an exit from the most-polluting fuel for more than a year and has always said separating its South African business was the most likely outcome.
Anglo will still own a coal mine in Colombia that it’s also planning to sell and coking coal mines in Australia, used to make steel rather than burned for power.
ANGLO American and Glencore were two of only seven companies that a study said were doing enough to meet Paris Agreement targets on climate control.
Transition Pathway Initiative (TPI) assessed 59 resources and energy companies finding the fossil fuel industry was failing on its environmental scorecard.
The TPI is a global program based at the London School of Economics, which assesses climate risks and companies’ preparedness for a low-carbon economy, said Bloomberg News which reported on the study.
LONDON, May 22 (Reuters) – Anglo American is still exploring a sale of its thermal coal assets in South Africa as an alternative to spinning off and listing the business, three sources familiar with the matter told Reuters.
Mining companies are under pressure to stop mining coal, the most polluting fossil fuel, from investors and governments keen to switch to cleaner fuels.
London-listed Anglo said earlier this month that it would spin off its last remaining coal assets in South Africa and list them in Johannesburg. Sources say an outright sale of Anglo American’s coal mines was still on the cards.
MELBOURNE (Reuters) – Australia’s Queensland on Monday ordered an independent enquiry into an explosion at a coal mine run by Anglo American in the state that last week critically injured five workers.
The accident took place 15 months after another Anglo American worker was killed at a nearby mining complex and comes just months after a review called for tighter regulation of the sector that has seen at least 48 deaths since 2000.
The probe will be led by a retired judge or Queens Counsel who will be able to conduct hearings, call witnesses and make broad inquiries relating to the blast, state mines minister Anthony Lynham said.
Anglo American (LON: AAL) is speeding up its exit from thermal coal as it announced on Thursday it planned to spin off its South African unit within the next three years.
Mounting pressure from investors, regulators and environmental organizations has pushed miners to either sell coal assets or to limit their exposure to the fossil fuel in recent years.
The diversified miner, which has consistently been offloading coal operations since 2014, said the possible demerger of the South African coal operations was its preferred option. Anglo American did not rule out other options, such as a trade sale.
(Bloomberg)- After spending almost $1 billion in buying back shares, Anglo American Plc is changing directions and leaning fully into growth.
The century-old mining company, which announced full-year earnings on Thursday, opted not to allocate more money to share buybacks. That’ll free up money for Anglo to spend on a $3 billion U.K. potash project and a $5 billion copper mine in Peru with help from a partner.
While other mining companies have focused on giving billions back to shareholders and shied away from blockbuster acquisitions, Anglo is charting out a different path. The company has staked its future on building mining operations around the world in a broad spectrum of different materials, rather than focusing on a single product.
