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Anglo American

OPINION: Anglo American’s departing CEO Mark Cutifani anticipated mining’s move to ESG principles – and saved his company along the way – by Eric Reguly (Globe and Mail – May 7, 2022)

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.

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Chile rejects Anglo American’s $3 billion Los Bronces expansion – by Cecilia Jamasmie (Mining.com – May 3, 2022)

https://www.mining.com/

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.

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Anglo American strategy boss replaces Cutifani as CEO – by Cecilia Jamasmie (Mining.com – November 3, 2021)

https://www.mining.com/

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.

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Anglo progressing with decarbonisation, sustainability endeavours – Cutifani – by Donna Slater (MiningWeekly.com – October 7, 2021)

https://www.miningweekly.com/

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.”

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Glencore to buy out Anglo American and BHP at coal mine – by Greg Roxburgh(Alliance News – June 28, 2021)

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.

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CEO vacuum at AngloGold turns it into world’s worst mining stock – by Adelaide Changole (Bloomberg News – June 17, 2021)

https://www.bnnbloomberg.ca/

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.

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Anglo American restarts Queensland coal mine amid union backlash – by Cecilia Jamasmie (Mining.com – April 23, 2021)

https://www.mining.com/

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.

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Anglo American to Spin Off South African Coal Mines in June – by Thomas Biesheuvel (Bloomberg News – April 8, 2021)

https://www.bnnbloomberg.ca/

(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.

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Anglo, Glencore among firms in study said to be meeting Paris Agreement targets – by David McKay (MiningMx.com – October 7, 2020)

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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.

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Anglo American explores sale of South Africa’s coal alongside spin-off -sources – by Clara Denina and Zandi Shabalala (Reuters U.S. – May 22, 2020)

https://www.reuters.com/

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.

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Australian state launches enquiry into Anglo coal mine blast (Reuters U.S. – May 11, 2020)

https://www.reuters.com/

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.

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Anglo American to spin off South African coal mines – by Cecilia Jamasmie (Mining.com – May 7, 2020)

https://www.mining.com/

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.

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Anglo American Pours Money Into Growth as Buybacks End – by Thomas Biesheuvel (Bloomberg News – February 20, 2020)

https://finance.yahoo.com/

(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.

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UPDATE 2-Anglo American Platinum CEO Griffith to step down, earnings soar – by Tanisha Heiberg (Reuters India – February 17, 2020)

https://in.reuters.com/

JOHANNESBURG, Feb 17 (Reuters) – Chief Executive Chris Griffith said on Monday he will step down in April from the helm of Anglo American Platinum (Amplats), which on Monday reported a doubling in annual earnings, driven by higher metals prices.

Amplats, a unit of global mining giant Anglo American , said Griffith’s successor was expected to be an internal candidate and would be announced soon.

“After more than seven years at the helm, and given all that we as a team have achieved, this is now the natural time for the next generation of leadership to take this business forward and deliver further value,” Griffith said.

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Anglo’s Cutifani stresses the need for sustainable mining – by Simone Liedtke (MiningWeekly.com – February 3, 2020)

http://www.miningweekly.com/

JOHANNESBURG (miningweekly.com) – Despite mining’s contribution to almost every aspect of modern life, the industry is still seen as an industry “that takes more than it gives”, Anglo American CEO Mark Cutifani lamented in his keynote address at this year’s Investing in African Mining Indaba, which is taking place in Cape Town, this week.

He highlighted that the mining industry – which contributes to, besides others, food production, construction materials, transport, clean energy and communication solutions – drives 45% of the world’s economic activity, whether directly or indirectly, while disturbing only a small fraction of the earth’s surface.

However, with criticism still being directed at the industry, Cutifani on Monday told delegates at the Indaba that the mining industry needed to face the challenge of finding “new, safer, more sustainable and cost-effective ways” to supply the essential raw materials needed for a rapidly growing and urbanising global population.

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