Anglo CEO still sees future in Africa despite shrinking footprint
Afro-centric
Anglo American still considers Africa to be part of its future due to its critical mineral resources, despite the mining company\'s recent restructuring and disposal of assets there, CEO Duncan Wanblad said on Wednesday.
Anglo American has exited its coal and platinum operations in South Africa, the country where it was founded over a century ago, and is selling diamond miner De Beers, as it shifts its focus to copper, a vital metal in the clean energy transition.
Despite those exits, Wanblad said Anglo planned to use South Africa as a window into the broader African continent\'s vast, under-explored mineral resources.
"I look at what the world needs in terms of minerals, I think Africa is the place to be," Wanblad said at a mining conference in Johannesburg.
"Hopefully, we\'ll be as big as we were in Africa in a couple of years time," he said.
Africa is home to large deposits of copper, cobalt, lithium and rare earth elements, which are used in solar panels, batteries and electric vehicles.
After fending off a takeover bid by Australia\'s BHP, Anglo American last month announced an agreement to merge with Canada\'s Teck Resources to create a copper heavyweight.
Wanblad said the diamond market was starting to bounce back from a three-year price slump, and Anglo was seeing "some real strategic interest" from potential buyers of De Beers.
De Beers had by June attracted interest from at least six prospective investors, while Angola\'s state diamond company Endiama announced last month it had bid for a minority stake in the company.
"These are parties that know the industry, that know the assets, that love diamonds. And that\'s all very positive," Wanblad said.
-REUTERS
Anglo American has exited its coal and platinum operations in South Africa, the country where it was founded over a century ago, and is selling diamond miner De Beers, as it shifts its focus to copper, a vital metal in the clean energy transition.
Despite those exits, Wanblad said Anglo planned to use South Africa as a window into the broader African continent\'s vast, under-explored mineral resources.
"I look at what the world needs in terms of minerals, I think Africa is the place to be," Wanblad said at a mining conference in Johannesburg.
"Hopefully, we\'ll be as big as we were in Africa in a couple of years time," he said.
Africa is home to large deposits of copper, cobalt, lithium and rare earth elements, which are used in solar panels, batteries and electric vehicles.
After fending off a takeover bid by Australia\'s BHP, Anglo American last month announced an agreement to merge with Canada\'s Teck Resources to create a copper heavyweight.
Wanblad said the diamond market was starting to bounce back from a three-year price slump, and Anglo was seeing "some real strategic interest" from potential buyers of De Beers.
De Beers had by June attracted interest from at least six prospective investors, while Angola\'s state diamond company Endiama announced last month it had bid for a minority stake in the company.
"These are parties that know the industry, that know the assets, that love diamonds. And that\'s all very positive," Wanblad said.
-REUTERS
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