31st Oct 2016 06:51
LONDON (Alliance News) - Anglo American PLC is sounding out investors on a potential spin-off of its operations in South Africa, the Sunday Telegraph reported.
The FTSE 100-listed miner is considering packaging its non-core thermal coal and iron ore assets together to be spun-off as part of a second stage of its broad restructuring plan. This will leave the group focused on mining for diamonds, platinum and copper.
The divestment of the assets is expected to come into focus for Anglo in 2017 and should help to placate the Public Investment Corp, the South African public sector pensions fund which owns a 14% stake in Anglo, the newspaper reported. PIC has been pushing for a more radical restructuring of Anglo to return the group to health.
http://www.telegraph.co.uk/business/2016/10/29/anglo-american-plots-2bn-south-african-mines-spin-off/
By Sam Unsted; [email protected]; @SamUAtAlliance
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