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 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[…]

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[…]

US withdrawal from TTP to impact steel sector — Wood Mackenzie

US President Trump’s decision to leave the Trans-Pacific Partnership free-trade deal earlier this week will have little immediate impact on the country’s steel industry, though the long-term effects are likely to be significant, Wood Mackenzie is warning. Despite intense lobbying from Japan and other nations part of the deal, which never entered into force but[…]

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[…]

Teck Resources to buy Toronto’s AQM for $25 million

Shares of Teck Resources Ltd. (TSX:TCK.B) were up almost 3% as of press time after the company announced November 21 it has inked a $25 million all-cash deal to purchase AQM Copper Inc. (TSX-V:AQM), a Toronto-based junior miner with a 30% indirect interest in the Zafranal copper-gold project in Peru. Teck already owns a 50%[…]

Coal rally, cost cuts help Teck Resources swing to profit

Canada’s largest diversified miner, Teck Resources (TSX:TCK.B) (NYSE:TCK) logged Thursday better-then-expected quarterly revenue thanks mainly to a sustained rally in coking coal as well as the firm’s cost-cutting measures implemented in the three months to Sept. 30 The Vancouver-based company, the best-performing Canadian stock in seven years, swung to a profit of Cdn$234 million ($174.9 million), or[…]

Kumba becomes the sole owner of Sishen mine

South Africa-based Kumba Iron Ore, a division of Anglo American, has been granted rights to mine the steelmaking material at Sishen mine, the continent’s biggest operation, ending a seven-year dispute. Kumba Iron Ore had to accept some conditions, including a requirement to keep a supply agreement with ArcelorMittal South Africa, the continent’s biggest steel producer.[…]

China to reach target in cutting coal overcapacity by year-end

China’s effort to cut surplus capacity in the coal industry and, at the same time, manage pollution in most of its major cities, are paying off earlier than anticipated, with the world’s largest producer of the commodity anticipating it will reach its targets by year-end, which is earlier than planned. In an interview with Bloomberg, Xu Shaoshi,[…]