(RTTNews) – Anglo American (AAUKY.PK, AAL.L) said, following completion of the asset review initiated during 2023, the company plans to implement a number of major structural changes. This includes transformation of the portfolio to focus on world class assets in copper, premium iron ore and crop nutrients.
Anglo American has completed a comprehensive asset review. The company plans to divest its Steelmaking Coal business, with proceeds used to reset Anglo American’s balance sheet. Also, the company said, as a standalone business, Anglo American Platinum will be best positioned to set its own priorities to deliver its full potential, with Anglo American’s shareholders able to participate in full through the demerger. Anglo American is also exploring the full range of options to separate the De Beers. Anglo American noted that many of the intended portfolio and other changes may create uncertainty for the company’s workforce.
Anglo American said it is on track to achieve the previously announced run rate of $1 billion annual savings in operating expenditure in 2024. Also, a further $0.8 billion of cost out from the end of 2025 is targeted. The capital expenditure reduction of $1.6 billion over the next three years set out in December 2023 is also on track, the company said.
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