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[…]

South32 buys stake in Canada’s Arizona Mining for $81 million

Australia’s South32 (ASX, LON, JSE:S32) is investing some of its $1.5 billion of cash in a minority stake in Canada-listed Arizona Mining (TSX:AZ), which plans to develop a zinc-lead-silver project in Arizona. Deal comes only two weeks after South32 walked away from a $200 million planned acquisition of Peabody Energy’s coal mine in New South Wales. As part of[…]

Anglo American to sell Kumba despite iron ore rally — experts

Anglo American (LON:AAL), the world’s fifth largest diversified miner, will likely go ahead with its planned sale of its South Africa-based Kumba Iron Ore division, even though an ongoing rally in prices for the commodity has increased the asset’s appeal, experts say. According to BMI Research, while iron ore prices have climbed 90% in the[…]

Kumba Iron Ore settles tax dispute in South Africa

Kumba Iron Ore, one of the divisions Anglo American is trying to sell, has settled a long-standing tax dispute with the South African Revenue Service (SARS) by agreeing to pay R2.5 billion, considerably less than the original R6.5 billion it had been asked to cough up. The bone of contention was unpaid taxes, interest and penalties from[…]

South Africa blames AngloGod, Sibanye of refusing to comply with safety laws

The South African government has singled out two of the country’s biggest gold miners, Sibanye Gold (JSE:SGL) (NYSE:SBGL) and AngloGold Ashanti (JSE:ANG) (NYSE:AU), as responsible for risking workers lives by refusing to comply with mining laws. “If companies cannot mine safely, they should not be mining at all, and should allow other potential holders,” the Department of[…]

Copper takes some shine off Anglo American’s results

Anglo American (LON:AAL) reported Thursday higher output for most of the commodities it mines during the fourth quarter of last year, except for copper, which output declined a staggering 19% compared to the same period a year earlier. Anglo saw operational improvements across its portfolio, but copper output suffered from lower grades, bad weather and[…]

Anglo’s Kumba Iron Ore just got a lot more attractive to potential buyers

South Africa-based Kumba Iron Ore, one of the divisions Anglo American is trying to sell, expects profits to more than double this year on the back of higher iron ore prices, an outlook that makes it highly attractive to potential buyers. The firm, Africa’s largest iron ore producer, said headline earnings per share (EPS) for[…]

Anglo American about to make key decision on South African assets sale

Anglo American (LON:AAL) is facing increasing pressure to make a decision on its plans to sell or spin-off its iron ore, coal and manganese operations in South Africa next year. The world’s number five diversified miner has already held talks with its biggest investor, the country’s state-owned Public Investment Corp. (PIC), which was pressing Anglo[…]