Anglo American concludes sale of three coal mines in South Africa

Anglo American (LON:AAL) has completed the sale of three Eskom-tied thermal coal operations in South Africa to Seriti Resources, a group of black-controlled companies for R2.3 billion (about $164 million). The deal includes the New Vaal, New Denmark and Kriel mines, as well as various mine life extension projects, which supply about 24 million tonnes[…]

Anglo American 'shows off' — doubles profits, halves debt, pays highest divvy in a decade

Global miner Anglo American (LON:AAL) was full of good news Thursday as it announced it had doubled its net profit in 2017, slashed debt and said it would pay its highest dividend in a decade, thanks mainly to rising commodity prices and lower costs. The company, the last of the world’s largest miners to report annual[…]

Miners rich in cash are aiming for fat dividends, debt payments

The mining industry is awash with cash, and so far it’s got two main uses — pay down debt and reward investors. Three of the big four London-listed miners have released earnings this month, and it’s clear the companies are doing what shareholders have demanded of them. Glencore Plc, which traditionally favored stuffing its war[…]

Anglo American exits South African coal with sale of New Largo mine

Anglo American (LON:AAL) has officially left the coal sector in South Africa with the sale of its New Largo mine to a group of black-controlled companies. Seriti Resources Pty Ltd., Coalzar Pty Ltd. and South Africa’s Industrial Development are paying Corp. are paying $71 million for the asset, Anglo said in the statement. Last year, Anglo[…]

These are some of the top mining assets on the block

Big mining companies, restored to health following the 2015-16 price crash, are seeking to rationalize their portfolios and acquire assets in line with heightened focus on the best quality minerals and anticipated demand for battery materials. Still, the mood remains cautious and the focus has been on smaller deals after the damage inflicted by steep[…]

Union at Colombia's Cerrejon to hear wage offer before possible strike vote

BOGOTA, Jan 19 (Reuters) – The largest union at Cerrejon, Colombia’s top thermal coal mine, was set to meet with the company on Friday to hear a new salary and benefits offer before deciding whether to hold a vote on a possible strike. A work stoppage at the Cerrejon mine, which belongs in equal parts[…]

CHARTS: Big mining's surge in value shames tech giants

Big cap diversified miners are riding a wave of optimism as global growth prospects – especially in manufacturing – continues to strengthen.  Global economic activity as measured by the JP Morgan global manufacturing and services index showed output rising at the fastest pace since March 2015. The manufacturing index has now signalled expansion for a record 82 months[…]

Kumba resumes divvy thanks to stronger iron ore prices in first half

Shares in Kumba Iron Ore (JSE:KIO) rallied Tuesday after the miner announced it would reinstate dividends after a two-year hiatus thanks to stronger prices for the steelmaking ingredient earlier this year. Delivering first-half results, the South Africa-based company noted that more efficient production helped boost earnings in the period earnings by 53%. The miner’s stock shot[…]

Anglo American appoints takeovers expert as new chairman

Anglo American (LON:AAL), the world’s fifth largest diversified miner, has appointed Stuart Chambers to succeed Sir John Parker as chairman of the group. Chambers, 61 and former chairman of UK chip designer Arm, will join Anglo as a non-executive director in September, replacing Parker in November. Stuart Chambers is known for his active participation in the sale of several[…]

Anglo’s sale of Drayton coal mine spooks horse breeders

Anglo American’s (LON:AAL) sale of its Drayton coal project in New South Wales has reignited debate about the co-existence of mining operations and horse studs in the Hunter Valley. The company, which abandoned the project last year as it failed to get the necessary permits, announced Thursday it had agreed to sell its 88.17% stake[…]