HomeBase MetalsAnglo sells US$2.4 billion of assets

Anglo sells US$2.4 billion of assets

Cynthia Carroll,
Anglo American
Cape Town, South Africa — MININGREVIEW.COM — 03 February 2010 – Anglo American Plc “’ one of the world’s largest diversified mining and natural resource groups “’ has revealed that it sold US$2.4 billion (R18 billion) of assets last year, and that it is on schedule to achieve US$2 billion (R15 billion) in savings in 2011.

Announcing these developments at the Mining Indaba conference here, Anglo CEO Cynthia Carroll said: “We continue to sell assets that we have determined are not part of our long-term strategic portfolio. There will be more this year as we continue to focus our portfolio on the most attractive commodities.”

Since her appointment as CEO in 2007, Carroll has continued with a sale of assets deemed non- core, which was started by her predecessor. London-based “Anglo has approved expansion projects worth US$16 billion (R120 billion), and US$44 billion (R330 billion) of additional projects are awaiting approval,” she said. Projects already under development will lift Anglo’s “organic” output by about a third by 2013.

“While there’s a growing consensus that an economic recovery is underway, that recovery won’t be entirely smooth,” Carroll added. “There’s strength in the underlying fundamentals of markets such as China, India and Brazil,” she continued.